The Tax Preparation Blog

Archive for the ‘Tax Software’ Category

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Question: Why does the % of my paycheck withheld go up if I’m paid semimonthly versus monthly?

According to several online calculators, it looks like my tax withholding will be a larger percentage of my income if I’m paid semi-monthly as opposed to monthly. Why is this? I’m expecting to get most of my withheld tax back, so I don’t want to give the gov’t an interest-free loan if I don’t have to.

Answer: It shouldn’t if you have correctly entered the gross salary figure.

For instance, a $4000 per month salary equates to a semi-monthly of $2000.

If you enter the wrong numbers, you’ll get the wrong answer.

GIGO, in other words.

Online federal benefits calculators

– Federal retirement: http://www.opm.gov/retire/tools/calculators/ballpark/menu.asp Employment – United States – Government – Units of Measurement – Business

Tax Withholding Calculator | Liberty Tax Service

Question: How much tax will I pay / get back (canada)?

Sorry, I know this kind of thing is asked a hundred times, but all the calculators I’ve seen on the internet say different things when I feed them my info, so I just thought I’d ask some people who might actually know.

Okay, so I live in Ontario, I made 32158.29 from my job last year and paid 5145.12 in income tax and 419.10 in union dues.

I also recieved 3256.00 in EI benifits and paid 392.00 in income tax

Finally, I put 1000.01 into an RRSP.

Will I get a refund and, if so, how much will it be?
Thanks to the first poster.

No dependants, no… anything else really. All other info is normal. No deductions or expenses.

Answer: using the E+Y tax calculator located at http://www.ey.com/GLOBAL/content.nsf/Canada/Tax_-_Calculators_-_2007_Personal_Tax

Your income for tax purposes is: $33,995.18
(Employment Income + EI – Union Dues – RSP)

Which in ontario should be subject to $5,199 in taxes. Which should result in your getting a $338 return

Apocalypse

Question: I am self employed 1099 and my husband gets social security disability we paid taxes because of my self employ

We paid taxes because of my self employment but we ended up getting like 3900.00 back or 2900.00 back so basically I paid taxes because of my medicare and into social security on paper but never had taxes taken out of my income and actually got a refund my husbands income was tax free because it was disability and under a certain amount. Will I get 300.00 per person for the stimulus package or will we get 600.00 per adult? I think we grossed over 25K but didnt pay taxes like I said because we got the EIC because hubbys income wasnt earned just mine was.? I dont want you to give me the link to check how much we would get because I cant use the refund calculator because I dont know the exact amounts. My real question is if you made 25K but didnt pay any actual taxes out of your money because of EIC do you get the full 600 or the 300?

Thanks!

Answer: You should get $600 whether your husband’s SSDI was includedi n the return or not. This amount is the minimum rebate for a joint return.

TI reports financial results for 2Q10

Texas Instruments Incorporated today announced second-quarter revenue of $3.50 billion, net income of $769 million and earnings per share of 62 cents. Â

Senate Session 2010-03-26 (10:31:07-11:39:33)