The Tax Preparation Blog

Archive for July, 2010

Motley Fool: Renting makes sense for the short term

Should I rent, and not buy, a house, if I plan to move within a few years? – P.G., Pueblo, Colo.

Question: What are the Federal and State Income Tax rates/slabs for the State of New Jersey?

I recently got my paycheck and there were a lot of tax deductions. Being on my OPT i dont have the Social Security or Medicare tax cut. But my Federal and State Income(NJ) tax deductions were huge. Please could anybody guide me so that I may be able to plan my finances accordingly.

Thanks to “laura” who help me in this. But I am sorry to say i am not able to figure out the exact amount. So here are the deductions i got in my paycheck.

Earnings per month : $ 4928
Federal Income (deduction) : $ 739.20
NJ State Income (deduction): $ 197.12

Please tell me if these deductions are correct.

This is for the state of New Jersey.

Thanks.

Answer: The best advice for you is to drop into a tax preparation office with your pay stub. I know H&R Block will do the calculations for you, to help you “so that I may be able to plan my finances accordingly.”

There are too many unknowns for me to calculate…
-# of pay periods…
-std deductions or Sch. A?
-# of dependants?
-Married…?

Good luck

Mortgage rates hit record low but offer little incentive to buyers

Mortgage rates haven’t been this low in more than five decades, but even with interest rates slipping below 4.6 percent for 30-year loans, not all consumers can be enticed to buy.

Tax Rates Would More Than Double to Close the Deficit

Agreement Reached on Big Wall Street Overhaul

Congressional negotiators today approved the most sweeping changes to U.S. financial regulation since the Great Depression

Will the Rich Give Up Capital Ownership – Molly Cheshire Asks Robert Ashford the Hard Questions…

Roundtable: Is Australia’s Super Tax Dead?

Experts debate the Australian RSPT and its effect on the mining industry.

no country for old men Tommy Lee Jones Woody Harrelson