 Once my husband and I receive our income tax check do we both have to endorce the check in order to cash it? |
| We filed joint taxes. We didn't qualify for electronic deposits. He was out of town when the tax center recieved the check. So I picked it up without him.... |
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 I bought cigeretts from the Indian reservation in N>Y> and got a tax letter from the Pa revenue saying I owe |
| Pa tax of $13.56 on each carton that I got. Does anyone know anything about this or received a letter also?... |
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 If you got your tax refund by direct deposit,was the money available right away or 1 or more days later? |
| I was told that my refund would be direct deposited in the bank account I picked by tomorrow. Will the money actually be available for me to use(withdrawal,transfer,etc.)? How long does direct ... |
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 Is there a Income tax return form for unemployed people? |
| My friend has been required to file her taxes, even though she has no job. Her only source of income is a partial pension payment from her ex-husband from the military. She doesn't know how to ... |
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 Why do I owe the IRS this year? This is the first time I had to pay the IRS money. I'm single. What gives. |
| It's not fair that single people pay more taxes..ughh. Just finished filing and I see I owe money...for the first time. What can I do to avoid this next year.... |
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 I want to withdraw about $10,000 from my IRA. I'm not 59 yet. How much will be the tax liablity? I know it's |
10% tax which is $1000. But there is an additional taxable income. Does anybody know how much this amount is or how I can calculate this amount?
Additional Details
Sean1010, believe me I ... |
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 What is "quid"? How much? |
| I remember getting a royaIty cheque months Iater after the record was out and it was Iike 50 quid or something.... |
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 How can employee make employer stop taking too many taxes out and doesn't turn them in/deposit them to IRS? |
| VA Employer said they didn't have to turn anything in until Jan. and IRS says employee has nothing to do with anything that an employer does..but what happens if at the end of the year, the ... |
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 Anyone got the stimulus yet? |
Mine came this morning just like i said, this is the deposit entry for my DD from the IRS.....
Date Time Description Amount
05/09/2008 01:52:51 ADD FUNDS
... |
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 Has anyone received their "Stimulus Check" yet from the IRS. I am asking because I was reading online and |
| it says you should receive a letter prior to receiving your Stimulus check to let you know that you are receiving this. Has anyone received their letter yet? I have not thats why I am asking. BUT ... |
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 I am in receipt of mail from national uk lottery where in it was informed thai i won a prize of 85000gbp and i |
| insisting for making payment of 356 gbp infavour of alban chambers for getting an affidavit from the high court of uk.can i proceed with this or ... |
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 Where's My Stimulus Payment ... stop asking people READ THIS? |
I've seen several questions asking where is the website and when are you gettin get.
here is the IRS website.
www.irs.gov
~*~*~**~*~*~**~*~*~*~*~*~**~~*~*~*~**~...<... |
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haley01 | I am married and my husband and i both work? |
i do not want any taxes witheld from my check, but i am trying to see if i should adjust my w4 my husband is cliamimg 6 for federal and 3 for state and our combined income is 61,600 what should i do? can i claim like 10 so that i dont get alot taken out, especially since my husband is already taking out exemptions. please be specific with your answers thanks. |
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Navy Sailor - GAI
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SPECIFICALLY, you will get soooooo screwed if you do this. Claim whatever you should claim. One for yourself, one for your husband, one for each child you have. If you try to guess like this, you will get completely screwed when you do your taxes. I have seen people try to play this game and it has NEVER worked. You will owe the IRS a lot of money plus the interest and fines. Lots of people have duel income, but they both pay taxes from each check. Messing with the numbers will only hurt you. |
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TaxGurl
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Need a little more info to answer specifically. Are you homeowners? Do you have any big deductions or credits that you can claim?
A married couple with an income of $61,000 should NOT be claiming that many allowances unless they will be eligible for several big deductions.
Visit www.irs.gov and use their W-4 calculator. It's a neat little function that lets you enter your estimated income, deductions, and credits and will tell you how many allowances to claim on your W-4.
If you don't have enough withheld during the year, you will have a big tax bill the following spring AND will face penalties. The IRS does not just let you pay all of your taxes at tax time. If they don't get enough from you during the year, they tack on penalties.
Please keep in mind that your income is taxed together when you file your taxes. It's not like he gets the tax rate for $20,000 and you get the tax rate for $40,000. (or however your incomes are split between you) You get taxed on the combined $60,000 for the year. However, your employer won't know how much the other spouse makes so the payroll deductions will be based on each income individually. The taxes on a single income of $20,000 are MUCH different than the taxes on an income of $20,000 added to a spouse's income of $40,000 at tax filing time.
Generally, you should claim one allowance for yourself on each W-4 and one person should claim an additional allowance per child on ONE of the W-4s.
Bottom line is that it is up to you to determine how much tax you want withheld from your check. But be ready to write a big check in the spring if you claim too many allowances.
Good luck! |
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Mr. Taco
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It is a matter of preference, but I would just go ahead and let them take as much taxes out as I could handle. They are going to get their taxes one way or another. All that is going to happen if you claim a bunch of exemptions is that they will not take it out now, and you'll owe it ALL in April. It is MUCH easier to pay taxes a little at a time throughout the year than it is to cough it all up at once. If you are lucky, you might even get a refund if you have the taxes taken out now. But claim too many exceptions now, and it will come back to haunt you later. And if you are not eligible for all these tax exemptions, you could be charged with tax fraud. |
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Judy1
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If you have 14 kids, then that's fine - the two of you, plus the 14 kids would equal the 6 he claims and the 10 you're talking about claiming.
OK, you don't have 14 kids? Then go through the worksheets to see what you should claim between you. The worksheets will help you figure the total allowances for you to claim, then you can split them up between you. If you put down an artificially high number, you'll pay penalties if you end up owing tax when you file your return, which you probably would.
Allowances aren't just for dependents. If you have high deductions, or credits, then you can legally claim more W-4 allowances than you'll have exemptions on your return without a problem, and without owing. That's why you need to go through the W-4 worksheets. |
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Ronin
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You have to estimate what your tax liability will be for 2007. There are websites where you can do this. I think Yahoo finance has an estimated tax template you can use. After you determine what you will owe you have to see how much should be withheld each paycheck in order to meet the liability. That is the only way to get it right. Warning: If you don't withhold enough you can get hit with an underpayment penalty from the IRS so make sure you do the calculating. Don't guess- it can be expensive if you get lazy. |
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Hank Roitman, EA
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Taxgurl's answer is almost perfect. The only thing I would add is that a suggestion that you each withhold as single to offset ( or at least minimize) the increased tax the "stacking effect" that occurs when 2 incomes come together on 1 return with a single $10k Std. deduction.
If you both withhold as Married, you are each telling your employer that you expect to pay no tax on $10k, so $20K will be earned without paying it's own way. When your income goes onto the tax return you'll get only half of that tax free so you'll be underwithheld.
Also, if your combined taxable income is over about $60k, you'll be in the 25% bracket. If you withhold as married, again you'll each be telling your employer that none of your income
will be taxed at a rate higher than 15%, but when you "stack" them on the 1040 some will be taxed at the higher rate and AMBUSH!!
Don't do that to yourselves. Withhold correctly using the iRS software.
Hank Roitman, EA |
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♥Twinkle♥Toes
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The more you claim and the less that is taken out, the more you will owe when tax time rolls around. |
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K M
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Not without haveing the exemptions. you may try it and get away with it but you may not. Audits are something no one wants. I would not do anything that would trigger one. That may. You will still have to divie up on the 15th of april. |
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Body by BBQ
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You can claim exempt, or 99 exemptions if you want and no maney will be taken out (except medicaid and social security - not much you can do about those) - no one is going to stop you, but you may end up owing money come April 15th '08. |
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