 Are savings accounts taxed like normal income? |
| For example, if I have $500,000 US dollars and deposit it in an interest bearing account earning 5.0% per year, by the end of the year the interest paid into the account would be ~$25,000. If you ... |
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 Inland revenue charging me unfairly, what to do? |
| I have been sent a £100 bill by the IR, followed by another £100 bill and this is because they say I have not sent my tax return to them. I sent it by recorded delivery but they said they did'... |
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 My dad has not filed his w-2 forms in like 8 years, what does he have to do to fix this so he can file again? |
| Because i need to file my fafsa and i cannot do it because of this, and i dont have any credit to get loans for college, and its really hard to save money for colege when i have bills to pay, thank ... |
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 I give money to my mom on a monthly basis but she is in Mexico, can I claim her as a dependent eventhough...? |
| I give money to my mom on a monthly basis but she is in Mexico, can I claim her as a dependent eventhough she is not an american citizen?... |
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 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 ... |
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 Where can my mum find out her national insurance number? |
| She now needs it and has no record of where it could be. She has been a housewife for most of her life so it is not on any payslips or anything else- any suggestions would be great, ... |
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 Is working 30 hours a week classed as part time? |
| my mum seems to think so, i dont think it is.... |
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 What Law states the IRS has the right to collect taxes ? |
| I have not been able to find ONE simple statement from Congress that gave the IRS that right ! Besides, the IRS being an independent corporation -... |
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 Should homeless people fill tax income papers? |
| Legally speaking, not logically speaking, is it legal to be a homeless people and to beg for money like that? And if it is, are they legally supposed report any income and pay taxes on it? I know ... |
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 How good is turbo tax?? |
| are there any problems with it? is it fool-proof? we want to do our own taxes this year and were thinking about using it.... |
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 I asked a similar question yesterday, but...? |
| If I am already making payments to the IRS through payroll deduction, will I get either my STATE or FEDERAL income tax return?... |
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 First year not doing 1040EZ, What tax form do I need? |
This is my first year not filling out a 1040EZ form, and I do my own taxes.
Married Filing jointly, Spouse is stay at home parent.
1st Child born 2007
Under 50k a year
A... |
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 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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jBo | Why did I pay in $4500 in taxes, but only get a $250 refund? |
I guess I don't understand taxes ... I've read other questions & some have said that it's good to not get a refund because you had more of your own money throughout the year. But what confuses me is: how can someone I work with (also single, no kids, renter--just like me) get back about $2000? Are they b-sing me, or am I just missing something on my return?
I made about $39,000 in 2007 ... right at the bottom of the 25% tax bracket (grrrr).
Additional Details
Oh, and I claimed "0" |
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just wonderin
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get married and have 5 kids |
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omnisource
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Because a refund is only the difference between your calculated tax liability and your tax credits. If you've minimized your liability and maximized your credits properly, then apparently you incurred a tax on your annual income of $4250. |
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bostonianinmo
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Because your tax liability worked out to $4,250, that's why.
If a coworker in exactly the same tax situation as you received a $2,000 refund it only means that they gave the government an interest free loan of an extra $1,750 over what you did. You got more money in your paychecks (where it probably did you some real good) while they foolishly struggled by on less money.
YOU are the smart cookie in this situation! The dummy that overpaid his taxes to get that refund is NOT. |
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Birdman
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If they gave you all your money back, then you wouldn't be paying taxes. Tax money is what is used to run the Country-State. |
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Max B
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The government doesn't know how much money you'll earn for the year so they take out what they think is right. If they took out too much in our case 250 dollars too much they will refund this back to you. Remember when you were first hired you had to fill out a form claiming witholdings? It went something like "claim 1 for yourself, claim 1 if you are head of household' and so on? The more you claim the less they'll take out in taxes each pay check and most likely you will have then underpaid your taxes. At the end of the year when you file your taxes you will own more taxes and will have to send them a check. In your case you claimed something like "2" when you filled your witholdings. This means they took too much from you and refunded the 250 you overpaid.
Your friend who received 2,000 must have claimed "0" and in their case the government took 2,000 dollars too much from them throught the year. They then got this back.
It's like if you had a cell phone bill every month but didn't know how much to pay, you had to guess, and you had to estimate well, I talk a lot so I'll send them 200 dollars a month, at the end of the year the phone company looks at the entire year and sees that your bill adds up to 1,000. Well then you overpaid your bill right. The phone company would pay you back the extra you overpaid.
The government doesn't know how much money you'll going to make each year until the year is over, and nither do you. It's a guess.
Some people like to put their witholdings low so that they overpay and recieve a large refund each year. That extra amount that was overpaid could have been put into a savings account and have been gaining interest for you instead.
I stive to break even, nither overpaying nor underpaying. The extra money the government received sits and gains interest for them somethere. |
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Doctor Deth
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are you sure they make the same as you and file exactly the same as you? - without knowing all the details that go into both of your returns I can't give you an answer |
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indian307
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you didnt have enough deductions,,,keep all your work related reciepts for next year,,clothes,,fuel,,repairs,,to your car if you use,,,anyhting to do with work,, |
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llibretrac
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Your co-worker deducted everything. If you haven't sent it yet, I would look at something like TurboTax and its deduction finder. It will ask you questions. You can use your credit reciepts to prove the stuff that you bought for work. I would look into it and see if there is more out there that you can deduct. But what you say, sounds like you did the EZ form. You may need to revise it with the long form. |
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