 How long does it take for a tax refund check to arrive after it was mailed? |
| According to IRS, my refund check was mailed to me on Feb. 29. Now, a week later, I still do not have it. How long does it really take?... |
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 Why no taxes taken out? |
| i have been at my current job for over a year and just recently got my w-2 and noticed on there that they did not take any federal or state taxes out so i called the district office where i work and ... |
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 No NI contributions deducted? |
| Hi, i have got 3 part time jobs and i don't pay any NI contributions. Is it right? What shall i do?... |
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 Earned Income credit $2941 in interest income, no credit? |
| Filing my 2007 return. I only earned $15,300 this year. Have $100,000 in savings that earned me $2941 in interest income. Worked the EIC worksheet and it said I do not qualify for the credit!! Had I ... |
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 Is it better to pay the high fees for H&R Block, or file free with the IRS? |
| I know you probably won't get as much in deductions from the IRS, but in the end which is the better option?... |
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 Change on dates for tax stimulus refund?? |
Has anyone heard that the dates were changed and moved to a sooner date as to when the refund checks would be mailed?
Can you provide a link if you have one??
thanks!
Additional D... |
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 Why are bonus checks taxed at a straight 42%? |
Whenever I get a bonus check it is taxed at a straight 42%,does everyone get taxed this amount on bonus checks and why?I believe the IRS gets 25% while the rest goes to state,city and ss.
A... |
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 Taxes: I spend alot of money on gas. Is there a way to get some money back? |
I saved a bunch of receipts...
i drive 110+ miles a day to work, spend about 300-400 dollars a month.
can i get money back???... |
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 Employer does not withhold anything. Is she supposed to? |
| I am starting at a new hair salon in ohio. she is keeping 50 % of my services, plus $10 for maintaining equipment. She is not, however, withholding any taxes, social security, or anything. If she ... |
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 Does child have to claim social security survivor benefits? |
| My teenage son gets survivor benefits from his mom's death. The benefits are attached to his social security number. He worked part time this year, so it will be his first time filing an income ... |
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 Tax return question? |
I am a 19 year old student, i made $7800 last year.
447 withheld in federal income tax
482 withheld in social security tax
112 withheld in Medicare tax
how much am i ... |
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| Does anyone know what time the stimulus will deposit Friday? |
| Our small local bank processes electronic deposits first thing in the morning so if the IRS is depositing Friday afternoon it will be Monday before it is credited to our ... |
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 Question about direct deposit tax refund? |
| Hi. I mailed my taxes in about a month ago. I didnt do them electronically. I checked the "Wheres my refund?" website yesterday and it said they have received my forms and are processing ... |
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 Can I deduct milage on my income tax return? |
| I am new to the field of merchandising. I travel to various stores within a 50-100 mile radius, stocking and servicing different products. I travel anywhere between 30 and 200 miles per day. Can I ... |
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 Labours tax fiasco. Will there decision to scrap the 10 per cent rate cost them the election.? |
The cleaner who i see briefly in the morning said she would be 30 pounds a month worse off.
I said funny that i am white male and single and earn 30k a year and will be 30 a month better off ... |
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 Can I claim my 2 kids on my taxes even though I don't work?? |
| I am a stay-at-home mommy of 2 and was wondering if I can claim my 2 children even though I do not have an income. My boyfriend that lives with us works, but he owes the state ALOT of money so he ... |
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rougejoline | Im self employed how much can i earn a year before i am liable to pay tax or do i have to pay tax on everythin |
is thire a limit to what i can earn before im liable for tax or do i have to pay tax on all my earnings. |
 |
 
suerye
|
Ansel is almost correct, everyone else is guessing.
You only pay tax on your assessable profit, after deduction of your tax free amount which is £5225. The next £2150 is charged at 10% and then you go to 22% and 40% if your taxable profit is above £34k.
You also pay class 4 NIC if your profit is above £5225. |
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Ansel W
 |
You are taxed on your profits at the end of the tax year.Profits being the excess of income over expenditure.Your annual allowance(depending on your tax code) i.e. 5035 is deducted from profits what is left is taxed in the following way.
There are various tax rates(percentages) depending on the band of(or level of) profits.
(Class 2)National Insurance is charged at 8% of profits
You will have to also pay Class 4 NI at around £2.10 per week.
If you are a Sole trader You Dont need an accountant.However you may need one to explain to you any adjustments that would need to be made regarding usage of personal/business vehicle and capital allowances(% of cost deductable from taxable profit)that can be claimed with fixed assets introduced into the business during the year.
It may be beneficial to take a bookkeeping course.
Drawings(money you have taken out of the business for your personal needs are irrelevant)
Of course if you make a loss or your profits equal your yearly allowance e.g. 5035 then there's no tax to pay. |
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trendy111
 |
Sorry wrong country... |
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trynhelp
 |
you are given a tax code and that is what you canearn before tax after that you pay tax but look at it this way no matter what the limit is we all pay tax on everything we get if be clothes,food water,heating fuel etc,etc but the thing is we have already paid tax so we get hit with more tax even if we put money away we get taxed on money we have already been taxed on so no matter what everything goes in tax |
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Cheryl H
 |
Im self employed childminder and I have to earn at least 4500 before I am taxed, fortunately I can write off some against electricity, heating, wear&tear etc. |
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Steve J
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Hi there.
You get the same allowances as everybody else, less business expenses. Go and get a good accountant, he will more than pay for himself with his advice - if you try to do it all yourself, prepare for a world of trouble from the revenue.
Good luck, Steve. |
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mark_2005_london
 |
both employed and self employed have the same tax free allowance. How much tax you pay as a self employed person will depend on what your net earnings are [i.e. after allowable expenses]. If you got yourself a good accountant then you wont pay as much tax as an employed person....but to answer your question, clearly you dont pay tax on all your earnings on the basis that nobody does |
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dan c
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If you earn over £40,000 you have to pay nearly 40% |
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