 Tax question? |
| my 2 kids, who are minors inherrited some money from their grandma. they earn about $5000 each in interest on this money, do they have to file a tax return, and if not, at what point do they have to ... |
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 IRS taxes (Simple pay option) Deposit NOT yet in my account HELP!!!!? |
My e-file (IRS) tax application was accepted on the 11th but..
The IRS said they would be depositing the $$$$$ today the 25th (08') And the refund has yet to hit my account today the 25th<... |
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 Do I have to file taxes? |
| I am 20 years old (almost 21) and live with my parents (dont rub it in). I make roughly between $250-$320 a week ($9.50 an hour) do I have to file taxes? what is the minimum amount of money I have to ... |
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 Can I claim my soon to be born son who is in the womb? |
I was wondering if I could claim my son, who is yet to be born until march 09, he is happily in the womb and is under my care.
Is it possible?? I mean after all according to christians ... |
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 Do i have to pay tax on minimum wages? |
| i am working as an apprentice carpenter on the minimum wage, should i pay tax on ... |
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 Mimimum Wage Question? |
| Why do they tax the minimum wage? I mean its already minimum earnings. I belive govt. should have minimum wage which can be tax free (a sustainable standard of living) - and all earning above that ... |
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 Which tax filing status is best for my divorced parents? |
| My parents got divorced several years ago, primarily for the purpose of avoiding a lawsuit. My father suspected he would be sued, and his income is only $7K of social security per year with nothing ... |
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 Is there a way to find out if my X tried to claim my daughter again this yr? He was told by the judge "no"! |
| Last yr was supposedley an accident and he said he claimed her while we were in the middle of custody hearings. My daughter has lived with me since we moved out and he said that "they" did ... |
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 Tax refunds question? |
| i was wondering if anyone knows whether the tax refunds that are expected to be sent out by May are for the filing year of 2007,,or for the filing year of 2006? i've heard some say this past ... |
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 I need your comments please ! I have a 8 point programme for a Corruptionless India? |
1. Every citizen should be provided with a permanant account number
2. Cash transactions should be discouraged by printing money upto the denomination of Rs.100.00 only
3. All transactions ... |
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 Stimulus checks -- hearing all kind of different stories? |
| I filed the beginning of February and got my original check on February 19th. My grandfather did the same time and he asked already received his stimulus payment, which was $668. I know some checks ... |
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 Even after a huge home purchase, why is my tax refund SOOOOO sad? |
| My Wife and I just purchased a home, and the interest paid is well over 12,000 dollars. I've heard people talk (seemingly now, crap) about this huge refund........where is ours? We've ... |
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 Even though I'm a minor, will I have to pay taxes if I get a job? |
| I am 16 yars old and live in La Porte, Indiana. I am in DESPRATE NEED of money.I've gotton a few job aplications and My dad won't let me turn them in becouse he has the following excuses: I... |
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 What tax form do i use? |
| im 19 and this is my first year doing my taxes and i don't want some stranger doing something i can do myself. i just don't know how or what form to use. if im filing single...can i use ... |
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 How would I know if I owe the IRS?? |
| I'm 21 y/o and I never filed taxes before. The reason being is because people have told me it wasn't neccessary since I'm a student. I've worked plenty of jobs from the age of 16 ... |
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Kathleen L | Why did I get different amounts of tax taken from two seperate checks? |
I recieved 2 checks this period, one was my regular salary paycheck, and another was a slightly higher bonus check.
On the paycheck the federal government took out 6%, and the state took out 1%. On the bonus check the government took out 25% and the state took out 6%!! I was so dissapointed to see this bonus check, which was supposed to be a reward nearly cut in half! Why was the tax percentage on the bonus check so much higher than my regular paycheck? |
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dragonfly
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It sucks, but more money = more taxes they take out. Same thing happened to my husbands bonus check. |
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ninasgramma
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The larger deduction for the bonus check is because of the rules for withholding on a bonus. Employers can opt to take out a flat 25% rather than try to figure out each employee's withholding based on their W-4 information. |
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g-man
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The best answer would be a combination of ninasgram and Judy's earlier responses.
When a bonus check (called supplemental wages) is made as a seperate payment, an employer can opt for a more simple way of determining withholding by using a standard 25% rate. Withholding is normally determined using tax tables and/or projecting your income for the year. Bonuses kind of screw up these calculations, so it is just easier to withhold the 25%.
Remember that withholding is just an estimate of the taxes you will owe, so if you are in a lower tax bracket and your effective tax rate is lower than 25%, you will get the difference back as a refund when you file your taxes. When bonuses are made near the end of the year, it is not a long time to wait until you get your refund. |
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eccentricjules
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Look on the bright side. If there was truly too much taxes taken out of that check then the excess will just get added to your refund. The money taken out of your paycheck isn't really the "final decision" on how much taxes you pay. I'm a single mom so even though I pay over $3,000 a year in FITW I get it *all* back after everything is said and done. |
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smonical
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On the federal side, the IRS mandates rules for how much federal tax is withheld. For regular pay, there are tables that are designed to pay your federal tax over the course of the year. These work by assuming that you earn the same amount each pay period. For "supplemental" wages, such as your bonus, the federal rules mandate a flat 25% withholding, because the IRS hasn't devised a better system. These wages are on top of your normal wages, so they don't give you the advantage of exemptions and lower brackets.
When you file your tax returns, if your marginal tax bracket is less than 25%, you'll get some of your bonus back as a refund.
Most states follow the federal system, so I suspect your state rate was also controlled by government mandate. |
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Judy1
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Higher deductions can be made from the bonus checks rather than doing an actual calculation of taxes due. But if the withholding is too high, you'll get the extra back when you file your taxes. If the bonus check was just a little higher than your regular check, that's what happened - you'll get the extra back with your refund. In the end, it doesn't really get taxed higher. |
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bashfulpapi
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i know its a ripoff, i guess cause you didnt actually work for it. |
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~*BS~MRA~Girl*~
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If I understand how taxes work, your bonus check is kinda like working over time. It automatically puts you in a higher tax bracket. Also, it is not regular pay. |
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Michael C
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It's all based on tax-brackets. The Government tries to estimate how much money you will owe at the end of the year. The more you make, the more you are taxed. Simple as that. |
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