 TAX HELP I owe but dont have the money to pay it yet. What do I do? |
| I owe over $3000. I dont have it. Can I file my taxes and pay this over time or can I send it in later? What are the laws on this? I need a few months to pay it.... |
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 Stimulus Checks .... Has anyone received their's yet? |
| Just wondering if anyone had received their "Stimulating money" from the IRS yet. This is what I call it. If so, was it direct deposit or paper?... |
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 How to know pan without acknowledgement number and coupon number? |
| Actually ours is Partnership Firm, we have PAN but PAN card we lost it. Now how to know pan from the Internet without entering Acknowledgment numbe and Coupon number please inform at the ... |
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| First person to tell me how much a 24 year old earning £24000 per year? |
and paying £2500 into his pension with £2000 net income from investments is taxed gets 10 points
Additional Details
you dont need any more information to work this out. if you cant ... |
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 Cash Donations - Deduction Question? |
| I'm doing my taxes now, and I've calculated i've donated almost $10,000 in cash to the homeless in 2007. Did I need a receipt, to be able to claim this? How would I get a receipt ... |
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 Economic Stimulus? |
| I did not receive any notices in the mail regarding my economic stimulus package and should be getting one. The IRS site has something where you can look "wheres my stimulus" about one week ... |
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 How to save income tax? Please help? |
Hello All,
I need to save income tax. I need to save the tax, so that i can draw the maximum salary in cash. Is there anyway.. Please help.. My ctc is 250000. Which is the best option and ... |
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 What is the maximum amount you can legally pay in pennies? |
Or nickels, dimes, etc.?
I have a five figure tax bill coming up and I'd love nothing more than to dump a truckload of pennies in the IRS lobby.... |
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 I have an unemployment question? |
| I was terminated from my last job for not punching out for one shift and for using the internet. They made me sign two written warnings for it, but when I asked for a copy they refused. Anyways I ... |
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 Should I provide the irs my bank statements for 2007? |
| I recently got a letter in the mail to be audited. I don't have all my receipts on the items that I claimed on my tax return due to moving and a lot of my forms got thrown away. I tried to ... |
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 Can I write off my $80,000 investment in my son as a loss on my tax return? |
| I invested at least $80,000 in his university education (tuition fees and living expenses in another city) in his 4-year education. Now, he told me that he does not like what he has studied at the ... |
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 How do you do your taxes? |
| I'm 18 and I have never actually done it before. I've had atleast two jobs in the past. My parents haven't even done there yet and i'm trying to file for financial aid, what ... |
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 I worked for a business that was raided by the FBI in November. No tax forms were issued yet.? |
| They seized everything! The company won't be issuing any 1099s or W-2s, so what should I do for my personal taxes? The FBI won't issue these documents, will they? I have no records for the ... |
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 My roomate wants me to claim 3 of her 5 kids, can i legally do this? |
Additional Details
Also, can I file head of household if she doesn't?... |
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| House rent being paid to my Father? |
Hello,
I am receiving House Rent Allowance or HRA of Rs.5000 p.m. I am paying this to my Father and providing the Rent Receipts to my company for tax Deduction purposes. My Father has taken a ... |
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rawrbitrary! | Is it true that a "full-time student" will get all of the taxes they pay back? |
I am 18 years old and am currently attending college with 14 credit hours per semester; I am also working around 20+ hours per week. My parents claimed me as a dependent for the 2007 tax year, but I will be filing for myself in 2008. My older sister, who handles my parents' taxes, told me that by being a full-time student and filing for myself (Single), I will get returns on all taxes that have been taken out of my paychecks for 2008. Is this true? |
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notaperviemusculargent
 |
Your sister forgot to tell you that it depends upon your income and how much taxes are withheld. Also, when you say "filing for myself", I assume you will claim yourself. However, generally if your parents provide over 50% of your support, they will be able to claim you legally in 2008, even if you make over 5450 gross income. Further, if your school defines you as a full-time student, your parents will have a stronger case to claim you as you will still be under age 24 as of December 31, 2008. {Don't know if you are attending school more than five months in 2008}.
If you find that little or no Federal is being withheld from you on your paychecks, send estimated tax to the IRS or go to Payroll and have a little more withheld from October on. In your situation, this happens a lot as payroll departments depend upon the computer and the computer makes a projection based upon what you earned the first week you worked there. |
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bud68
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Not necessarily. It depends on income, filing status and deductions. There is no "tax exempt" status from being a student. |
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chatsplas
 |
NOT necessarily
Depends on amount of income earned
depends on amount of withholding taken out
You file a tax return and receive a tax refund |
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rtfm
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It depends on how much you make. If you make less than the standard deduction, then you'll likely get back all that you had withheld. If you make more, then you'll have to let Uncle Sam keep some of what you paid in. |
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bostonianinmo
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No, it's not true. In fact as a dependent you may pay HIGHER taxes than someone who earns the same amount but is not a dependent. Students and dependents are subject to the tax laws just like everyone else is.
A dependent will start paying Federal income tax as soon as their income from wages exceeds $5,350 (in 2007, it will be a bit higher in 2008) while someone who isn't a dependent will start paying tax once their income exceeds $8,750. And a dependent will start paying tax on unearned income such as dividends or interest once it exceeds $850 if it's their only income or as little as $300 if they have other earned income. A non-dependent won't pay tax on unearned income if it's their only income until it exceeds $8,750.
For 2008, if your income from wages subject to withholding exceeds $5,450 you will NOT get all of your withheld taxes back. If you think that you might earn more than that -- very likely even at minimum wage working 20 hours a week -- make SURE that you claim 0 on your W-4 at your job or there's a strong likelihood that you will OWE when you file next year.
And just as a sidebar, your Sister needs to have a good close look at IRS Pub 501 and IRS Pub 17 if she's doing anyone else's taxes! The basics of filing requirements are "Taxes 101" if you will and she NEEDS to be very familiar with this! |
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Bill S
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Not automatically!
You have to file first, you get a reduced standard deduction (you will still be a dependent on your parents' return)... but if you make less than about $5,350, including iterest income, your tax will be zero. On the other hand if you made $7,000, you'll have a small tax bill due.
Student status doesn't count, it's income and dependent status.
I don't know if it's still true, but when I was in college I could get exempted from paying Social Security tax byt filing this on my W-4. |
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T Taylor
 |
Bud68 is right. What determines how much you will get back is your taxable income. As a single person, you have $8,750 in initial deductions and exemptions, meaning that the first $8,750 is tax exempt. If you made less than that, then any tax you paid during the year will be refunded to you. Anymore than that would be taxed at 10%. (It gets higher as your income increase - I think the next highest bracket is 28% in the high 20s) |
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HELP US
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More or less. It will depend on your total income, taxes you piad during the year and much more. |
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