 How many tax exemptions should I have? |
| I work full time, no kids, no mortgage, no school, no car payment, etc... I dont know what else exempts you from paying taxes. I heard the lower the number the more taxes they take out, but you will ... |
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 Who can claim my grandson? |
| my son and his gf had a baby he is 8 months old. my son would like to claim him as he does take him often on overnights and gives her money all the time to help support him.the gf don't work,but ... |
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 My sister loaned me of money over the years. When i give it back to her does she have to pay taxeson it again |
| I'm about to recieve a settement and am able to pay her back some of what she has given to me. She is in a 46% tax bracket. Sne would have to give half of it to gov. She paid income tax when she ... |
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 Medical tax deduction for hot tub? |
My husband has rheumatoid arthritis and we were looking at hot tubs
for him to relieve the pain and aid with circulation. The salesperson
told us we could get a medical deduction credit ... |
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 I need to file my old taxes for 2005 and I need to do it before April 15th? |
| I still need to file taxes for 2005. I was hoping to file eletronically online in order to make the April 15th deadline. Do you have any suggestions? I was hoping to do it myself I don't want to ... |
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 Is my student loan interest deductible? |
| student loan interest is taken as an adjustment to taxable income on the first page of 1040....but phased out at higher incomes. Is it then deductible somewhere else, like schedule A?? Or do you ... |
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 Is it feasible to claim my NI tax money back? |
| I'm currently a permanent employee but was working as a casual worker during my studies. I was wondering if it's possible to claim my tax money back. I've heard that if you've ... |
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 Anyone have experience with tax returns? |
| I have a 1099 misc from one of my employers with no taxes taken out. When trying to complete my return, my adjusted gross income is correct, but my Earned Income Credit is not. The EIC is not ... |
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 If the goverment owe's a person income taxes like the person is getting money back and that person does not |
| file taxes can he or she get in trouble for not filing taxes even though they don't owe anything to the gov.... |
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 I have just been reassessed by the CSA and they have left me the equivalant of an unemployed persons allowance |
to pay my utility bills which includes my council tax and food.Unemployed people as far as i am aware do not pay council tax..Has anyone else had this kind of problem and had a successful outcome?
... |
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 Do I need a Tax ID number? I'm SELF EMPLOYED, HELP!!!? |
| I'm starting my web design business, but don't know how to get a tax id number or what forms to fill out or anything. I am the only person working, no employees or anything, just me! Does ... |
|
 What are the COOLEST cell phones? |
| my friends and i always talk about the newest and coolest cell phones. but i no NON of them. so if you could please help me find out about the phones. thank ... |
|
 REBATE STIMULUS!!!! I am confused!!!!? |
| hI,i have a question, according to the calculator, i will get a rebate of $600(i used the info to calculate according to my 1040ez) and i checked the status of my rebate and when will i get my money, ... |
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 Help!The IRS froze my bank accounts!? |
They froze our bank accounts because of an issue on our taxes from 2005. They said if not paid in full in 21 days they will take the money from our accounts. I have some questions.
1. How ... |
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 Stimulus payment... Has anyone been given a date of 5/7 or 5/9 by the "Where's my Stimulus Payment" tool? |
| Just curious about this. I'm still not able to get any info. Last two digits are 49, "supposed" to have the payment by this Friday. I was just wondering if anyone was seeing those ... |
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 What if you were out of work for 1-2 yrs and did not collect unemployment, do you still have to pay taxes?? |
| At one point, one of my friends had lost a job in Jun of 2006, that he worked at for a long time. He reported his income to irs the next tax year in april 2007, as usual through the proper forms. Got ... |
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thamamasboy | Quarterly Tax Payments? |
I'm a student who is working a few jobs (2 of which use 1099's). Last year (2006 tax year) I brought in about a $17 tax refund.
I'm planning on paying quarterly tax payments but won't start the new jobs until next week. Are you able to start making quarterly tax payments anytime and is there a penalty for starting late?
I was thinking that the IRS wouldn't care as long as they received their money prior to/on tax time. I'm completely open to any recommendations or suggestions you may have. Thanks in advance for your help you can provide! |
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PepsiLime
 |
Normally quarterly tax payments would be due 4/15, 6/15, 9/15, and 1/15 of the following year. Since you won't be starting the new jobs until next week, you don't have to worry about the 4/15 payment. Also, what the IRS says for quarterly payments is that they have to be either 100% of your prior year tax (110% if your income was high enough) or 90% of the current year tax (awfully hard to figure out since you don't know how much you will make until the year is over). If the tax liability you have for the year is less than $1,000 than you can pay the entire amount by 4/15 with no penalties. |
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STEVEN F
 |
Am I correct in reading that you have at least one job that pays W-2 type income? If you do, you can have that job withhold extra to cover the amount that you would sent as quarterly payments. If you do, you don't have to send quarterly payments as such.
As others have said, if you did not have income for which quarterly payments should have been made during the 1st quarter (Jan-Mar), you don't need to worry about a first quarter payment. |
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Judy1
 |
If you're working on 1099's and have more than $400 income on those, you'll owe 15.3% on the net from them for self-employment tax.
As far as quarterly payments, the first quarter deadline is past, so just pick up with the second quarter - it will say that on the 1040ES coupon you include with your payment. If you send a first quarter coupon, but it's late, there would be some chance they'd try to charge you a penalty - better to just forget about the Q1 coupon and start with Q2. |
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bostonianinmo
 |
Taxes are due when the income is earned. Since you have not yet started the job(s), no tax is currently due. Start making the estimated payments once you start working. Making the June 15 payment your first payment for the year will be fine in your case. |
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hin368
 |
Hi
the first thing to do is to think how much of your income is income then go to the IRS website look over pub 17 and if you have not made the income nothing to report next you have to understand the quarters this is mostly for those with a business who do quartley taxes you should use estimated taxes becaues that give you an idea of what you may have to pay on self employment tax and you still can estimate what you may make so at the end of the year you have already sent in some of the taxes you think you may have to pay if it is less at the end of the year then you will get a refund but quartly taxes is not for you go to www.irs.gov look up estimated taxes for individual and you will see the work sheet then you fill that form out and send it to IRS then every 4 mths you take a payment to the bank with the payment voucher take a look you will be glad you did |
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Mathew
|
My friend, based on your two questions, you really should go see a tax professional before you start sending money to the IRS or anybody. |
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Auntie Mame
|
Your employer is required to withhold for taxes based on your W4 form. If you don't have any other income and you fill out the form, as required by law, correctly then the withheld amount should be close to your actual tax liability. There is no option to have your employer not withhold for taxes.
If you have additional income, or something very unusual, such that additional taxes will be due then you can REDUCE your number of exemptions on your W4 so that additional taxes will be withheld.
Another option, for this additional income, is to make quarterly payments via form 1040ES. If the payments are not the same all year, file form 2210 with your 1040 to show that your tax payments for each quarter were in line with your income for that quarter. If you don't file 2210 they might charge you a penalty for not paying taxes in the earlier quarters. |
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