The Tax Preparation Blog

Question: some accounting question?

hey guys… need some help with an assignment…

Because of its complexity and susceptibility to errors, which step in the process do independent auditors (CPAs) examine most closely?

A) financial statement preparation

B) tax reports

C) deferred and accrued adjustments

D) closing entries

Answer: B) tax reports
————-
Tax reports for companies are very complex and the tax laws change every year, so that’s where a lot of errors can potentially be made.

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Question: How much money do I have left over if I make over 250k?

My roommates are hoping to become doctors in the next couple years and I am probably going to work my way into upper management of an engineering firm. If everything goes as planned and we make over 250k, what will be the nominal tax rate in the end?
Please show the breakdown of federal, state, social security, medicare & medicaid etc. We live in California and will probably be married and have property. But just in case, can you please show how much if we are single?
This will be after the Bush tax cuts expire. also please include any other taxes I may not have thought of. I remember when making money the government would already take a nice chunk out of my paycheck.
in 2011, I suppose

Answer: What kind of good trustworthy unbreakable crystal ball do you have available to you that you might be able to use to help you with all of the unknown the information that you are asking for in the above questions for the future years.
Why not just you and your friends play some some games for the current year 2010 and use the estimated tax calculators that are available and see what numbers you can come up with yourself for the present time or year and then print you a copy for history so that you will be able to look back and see how things may have changed in a few more years when you really start out in this hard cruel world and start making these over 250K salaries in the future.
If you would like to do some estimated tax calculations you would need to go to www.irs.gov and use the search box for 1040ES go to page 8 for the 2010 Tax Rate Schedules and page 7 for the worksheet.
You can try anyone of the online estimated tax calculators for some estimates to get an idea of what things may look like after using the correct IRS forms and compare the numbers
Use your search engine and type ESTIMATED TAX CALCULATORS and you will be able to find several of them that you can use for this purpose.

http://www.dinkytown.net/java/Tax1040.html

http://www.paycheckcity.com

Hope that you find the above enclosed information useful and good luck to you in your future life adventures.

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Question: Tax Help: Refund Question?

I just checked the status of my return on IRS.gov, and it gives the following info:
We are sorry, we cannot provide any information about your refund. For more information, please continue.

Please read the following information related to your tax situation:
Tax Topic 152 – Refund Information
If you have questions or need additional information, please have the following on hand when you call:
A copy of this page.
A copy of your tax return.
The Social Security Number, Filing Status, and refund amount claimed on your return.
The date you filed electronically.
Please mention reference number 8002 to the IRS Customer Service Representative
Does anyone know what ref 8002 means? I call the IRS and they said that it would take about 3 weeks to process the return and that the website was spitting out these ref numbers…could that be right…I just want to know if I am getting audited or something.

Answer: They generally tell you if you’re being audited. But they may have pulled your return for a quick examination. 3 weeks isn’t too bad, keep checking online. The fastest way to get your refund is e-file with direct deposit into your bank account. You can try calling again, see if different answer.

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