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 What are the tax filing requirements - life events?
Are there special tax filing requirements for a friend of mine who over the course of last year lost her husband and moved to another state? She had been listed as a dependent on her husband's ...


 Can I claim 2006 charity contributions in 2007?
I just realized that I significantly under reported my charitable contributions in 2006. Should I ammend my 2006 return or can I simply add the amount to my 2007 charitable giving?...


 I have not received my stimulus check,I filled in 01/08,chose direct deposit & last 2 digits are between 01-20
My girIfriend and I live in the same apartment and coincidently the last two #s of our social security are the same but we both filled single, and seperately. I filled way before her in Jan. 2008, I ...


 How much annual self employment tax on $215,000 of income?
...


 Can the IRS Keep your Stimulas Package?
If you owe the IRS Back Taxes for several years are they going to keep your stimulas package and apply it to your balance?...


 Income Tax?
Just read the following on the Yahoo New pages"The government will from next April cut the basic rate of income tax from 22 pence down to 20 pence. The lowest basic rate for 75 years."
...


 In the uk is it fraud for a pensioner to work fulltime and claim state pension i dont mean a private pension?
i mean a pension through the dhss i know it is not illegal to keep on working after 65 but i thought the goverment has allowed this to save on pension benefits this is for uk ...


 What is the best way to file my taxes this year?
I got married in the latter part of the year in 2007. My husband is paying on arrears for child support, and there for he says that his Tax refund will be intercepted. Well I have a child and I want ...


 It says my stimulus check was deposited but nothing has came through?
I had my dad use his friend to do our taxes and my dad used his bank account to get my refund direct deposited. Everything went through ok, but I did have to do a 1040x and have already received ...


 $$$$$$$$$$?
I've heard that if a minor makes over one thousand dollars in a year, they can get that money back from W2's. Is this true? if not, what is....


 Do I have to file taxes?
I'm 21, full-time college student and work full time at an NGO (I have to pay my taxes myself, they don't take it out of my check).
I make 10$ an hour and I started in January so by A...


 IRS..... Refund check stolen and cashed?
My husband and I just found out that our refund check for $1800.00 was stole from our mail box(we think) and cashed. After a 6 week investigation it resulted in finding out it was cashed 2 weeks ago. ...


 How are folks making minimum wage ($5.85/ hr.) suppose to afford the $3.87 a gallon gas price at the pumps?
Before long, an hour of work will pay for only one gallon of gas if you work at minimum wage!...


 Do I have to file taxes if I only worked the last three months in 2007 + made less than $3,000?
...


 Should I bother with tax deductions? What are they?
First, I need to explain that I've already heard the definition of a tax deduction- "A reduction of total income before the amount of income tax payable is calculated." (So please don&#...


 Fraud. Filing a tax return on a child they don't have.?
I have a friend who works, but gets food stamps through Welfare. She has a 3 year old child and has done taxes on him every year, except this year she went to do her taxes and the return got rejected ...


 Has anyone spoke to a live rep at the IRS regarding their check not being dd today?
...


 If I file an tax return, but my parents still claim me as a dependent, do I get an economoic stimulus check?
I am a college student and I file my own state and federal taxes, but my parents claim me as a dependent on their taxes. Do I still qualify for the $600 economic stimulus check? Thanks....


 How can the Salvation Army Thrift Stores charge sales tax when they don't pay taxes?
I understand that the money helps they poor and less fortunate, I guess I just want to know / understand from a legal point of veiw. It was my understanding that stores charge sales tax to help ...


 Can I claim my daughter if she graduated in May 07 but was married before 12/07?
I paid her spring tuition, but she got married before June 30th, can I still claim her for 07...



HONEST ANSWER ALWAYS...
I don't own my own business but I put a deal together and I make 2,000,000 how much do I take out for tax?
                     
 




Jim Kirby, CPA/PFS, CFP, CFS
Rating
It depends on your state. The top Federal tax is 35%. In California, the top rate is 10.3% (over $1,000,000). That's a total of 45% so to be conservative, you could set aside 45%. There are very legitimate ways to reduce that taxable income substantially (90%). Email me if you have questions.

Jim Kirby, CPA/PFS, CFP, CFS


Nathan
Rating
I think he is asking this hypothetically.


Someone under the rainbow PUPPYS
Rating
dont lie to us we all now the truth


richard t
depend on ;lots of stuff..........first where do you live...........different cities..different states,different taxes.............


kckid2
Rating
It depends... on all the data you did not provide... type of income, marital status, dependents, deductions, and more.

Without more info, I would estimate 40% is a safe set aside for taxes.


Pink B
Rating
Man if Wesley Snipes ever taught me anything its that you don't have to pay the man any tax.


momof3
Depends on the % and your dependents


MoB
If it was just an investment that paid off well, then you would put it on schedule D, just like you would a stock sale. Let's say that you invested 500,000 thousand and made 2 million. The difference would be 1.5 in capital gains. The amount of tax that you pay would depend on if it was a short term gain (less than 1 year) or long term gain(over a year) plus any other ordinary income that you have.


Ian M
Rating
Zero

But only if your smart enough to move the business "off-shore"

Ian M


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