 What are the advantages and disadvantages of having a flat tax? |
It seems like a good idea to me, but as an economic centrist, I prefer to weigh all the options before deciding what I like.
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That was TAX, not CAR.... |
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 How can I find out how much taxes I will owe if I withdraw from my IRA of $70,000? |
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I am 68, with low income which is less than $17,000 per year. No state taxes.... |
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 My husband is self-employed and "hires" a few guys to help him but he doesnt take taxes out of their checks.? |
| They get a 1099 at the end of the year. Is there any paperwork or anything they need to fill out to claim responsibility for their own taxes? Or is the 1099 enough?... |
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 Can two people who live with the same child claim that child? |
| My boyfriend and I live together, but we aren't married, our daughter lives with us. Can we both claim her since the person who she lives with 50 percent could claim her? Since she spends all ... |
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 What is the penalty for over withdrawl on an IRA? |
| I'm retired and rolled over my 401K to an IRA, but I've had to take out over $100,000 in a year. What will be my penalty?... |
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 Hom much is petrol in the area of the uk you live in?? |
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It's £1.009 a litre,at Welwyn Garden City Today!... |
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| Do i need to pay tax if i am selling used items on eBay? |
| I am In the UK England And am selling 10-20 things a ... |
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 I owe federal tax, why? |
| My sister earn a little more than I did and she's getting back little over $1000, and I owe the federal $439 dollars! WTF!!!! I bought a brand new car in 2006 and I included it on the 2007 taxes,... |
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 Why do I owe SO MUCH money? |
| I make $37,000 yr with a taxable interest income of $1,033. In previous years, I earned slightly more but got a refund. This year, I owe the Fed $214 and State $600+! What am I doing wrong???... |
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| Can a 17-year-old move out of their house legally before turning 18 in NC? |
| I am a 17-year-old girl living in NC and I wanted to know if i can legally move out if I only have 5 months till I turn 18. I am not only moving out to just have freedom, my home life is terrible. My ... |
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 When emmigrating to another country do you lose your entitlement to uk state pension? |
Ive been woking for a while and have paid a fair old whack of national insurance and tax in my working life.
If i was to emmigrate to another country would i lose my basic uk pension. (Can i ... |
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 Well I have got to pay my road tax on my car today £99. My question is? |
| What could I have bought for the £99 if I did not have to tax my poxy car with it.... |
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 Can I file head of household & claim my fiance as dependent on 2007 tax return ? |
| in 2007, He has bought and sold some stock & made $1700 in his traditional ira, earn $1007 interest on certificate deposit in his traditional ira, he cashed in US saving bonds & earn $1245.60 ... |
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 I have a tax question.......? |
| I filed my taxes last week and everything was fine until I got my return and it was only half of what if was supposed to be. It turns out that the student loan I have been paying off for a year and ... |
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 When are taxes due? |
| And what happens if I mail it in a couple days late?!... |
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House M.D. | W4 - tax form? |
I can't figure these things out. ... I'm single with no dependents. Shouldn't I be claiming zero? Why am I reporting 2?
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There's nothing else to consider either... I'm just a single guy who owns nothing. |
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PepsiLime
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I don't know, you tell me why you are reporting 2 on your W-4. If anything you should be reporting 1 (you can claim yourself!). |
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Judy1
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Unless you are still a dependent of your parents, you can claim one allowance for yourself. Then the way the withholding tables work, if you just have one job you can claim a second allowance.
When you file your return at the end of the year, you'll claim one exemption, for yourself. If you have claimed two allowances, you should come pretty close to breaking even. If you just claim one, then you'd likely get a refund - if you claim zero, you'd get a bigger refund. But remember, that would just be your money, the excess that was deducted from, your paychecks. |
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skipper
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Claim 1 (yourself).
One withholding allowance equates to a reduction in taxable income of $3,400 a year ($65.38 weekly, 130.77 biweekly, 141.67 semimonthly, etc.)
Assume you get paid biweekly and claim one withholding allowance. If your gross pay is $695, your employer will calculate your withholding tax based on an income of $695-$130.77 or $564.23. He will withhold $54.98 federal tax in addition to the other withheld amounts (social security/medicare of $53.17, state income tax, health care, etc.) |
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Dana Mulder
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Get an accountant and save yourself the trouble. It's terribly difficult to figure those things out. |
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Mikey Action
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It makes no sense to claim 2 if you are single. If you read the W-4 it says to enter 1 for yourself, then one for everyone else you can claim as dependent. So at the very most, you should be at 1. But as it's been said, claim 0 and you will probably get a tax refund next year |
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domenic x
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I am sorry that I can't give you an answer about your question since I am not a resident in the U.S. but from an island in the Mediterranean Sea. We have different forms of taxpaying. |
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wartz
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Take your regular gross pay and multiply it by the number of paydays in the year and do the same thing with tax withheld. Then complete Form 1040ES (as in estimate) to determine how close you are going to be at the end of the year. If you come up short, drop an allowance. If you're OK, leave it along. If you are short by less than $1,000 IRS will not get excited as long as you send a check with your return. |
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DDC_Rocks
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The more you claim, the less you are taxed, and the more likely you will owe the government come April 15. Believe it or not, however, this is a good thing. You want to be paid each week/bi-weekly, or whatever, as much as possible up front. You then have to be wise with your money... Invest it! Then when it comes time to pay, the money you would have paid in taxes each week, was earning you money in an inestment. Of course those earnnings are taxed too, but you still come out ahead.
You could claim S00 on your W-4 (Single and zero dependents) and have the government tax the heck out of your check each week, and then get a return come April, but then you basically loaned your money to the government interest-free. |
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redwine
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you get to claim a deduction for yourself, but if you make it 0, you will likely get a refund in april. You should definately not be claiming 2, you will likely owe money in April. |
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