The Tax Preparation Blog

Posts Tagged ‘budget’

Question: I need help with tax calculations?

I need help figuring out if our family is going to owe taxes or have to pay them. I am looking for someone who is fluent in taxes. My husbands YTD income was 38,382.00. My unemployment income was 9.300 and I chose not to have taxes taken out, so I am sure I will owe that at least. We have 1 dependent under the age of 18.

His:

Federal witholding: 3,838.00
Social Security: 2,262.00
Medicare: 529.00
State:1,441.00

We bought a house in 2010 and the interest we have paid on it is 2,535.00
Also we bought a car which we paid 6% sales tax, the car was 9,740.00

Can anyone try to plug in some numbers to help me out. Times are tough and I am really worried about our taxes. Thanks and God Bless.

Answer: MFJ both over the age of 25 and under the age of 65 1 QC dependent under the age of 18 so that would mean that he is 17 and was NOT under age 17 at the end of 2010, is that correct?
If the QC was under the age of 17 at the end of the tax year 2010 you would qualify for the child tax credit amount of 1000.
Your taxes are estimated at $2,162.
This is 4.53% of your total income of $47,682. Your total tax payments and refundable credits for the year were $3,838. Your tax refund is estimated at $1,676. Your income puts you in the 15.00% tax bracket.
You should be able to use your state website and find a estimated tax calculator for your use.

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

Hope that you find the above enclosed information useful

U.S. wants states to reveal more about pension funding

A federal board will soon propose that U.S. states disclose more about their pension funding as worries grow whether states and municipalities can pay for their employees’ pensions.

Federal Withholding Tax 2010, 2011 Increase

Question: If you have received your tax refund for 2009, did you receive it by the date the IRS stated on WMR?

….or did the ‘tax refund chart’ show to be accurate?
The reason I ask is b/c the IRS website says 2/9, but the famous ‘chart’ says 2/5…I’m just trying to figure it out!

Answer: The Refund Cycle Chart and WMR site has both been unreliable. You could get it earlier or much later. At this point there is no guarantee when you will get your refund. If the date you are expected to get your refund has passed then I would recommend you call the IRS directly. Call 1-800-829-0922.

GE Reports 4Q ’10 EPS of $0.36, up 33%; FY ’10 EPS of $1.15, up 15%; Revenues Total $41.4B for Quarter; $150.2B for …

GE [NYSE: GE ] announced today strong fourth-quarter 2010 earnings from continuing operations of $3.9 billion, or $0.36 per share, up 33% from the fourth quarter of 2009. Revenues grew to $41.4 billion for the quarter, the company’s first positive growth in nine quarters.

The one chart that blew your mind..

Question: If Obamacare is so wonderful why arent Dems promoting it in their home districts during their recess?

http://www.alertnet.org/thenews/newsdesk/N31244813.htm
“Representative Dan Lungren, a California Republican running for re-election in a district carried by Obama in 2008, planned to tell his constituents that healthcare reform is important, but Obama’s overhaul was not the way to fix the ailing system.

“Too much costs, too much taxes, too much government, too much debt,” Lungren told Reuters. “It’s another typical over-promise by the federal government. It’s not going to go away and its not going to be the sole issue in the election but it’s the best example of the direction this president wants to take the country.”

Answer: bottom lines is because they are true believers of Progressive Liberal Socialism as described in Rules for Radicals by Saul Alinsky,

it is obvious from the votes that the Progressive Liberal Socialist Democrats either 1) took an immediate payoff or bribe 2) were blackmailed for former bad acts or votes 3) received promise for future payoff aka Stupak 11 with $15 Billion earmarks the week after, 4) Socialist true believer in the “greater good” of “wealth distribution” (no kidding a few said those words) 5) really incredibly stupid

which means basically there are NO Pro-Life Democrats, there are NO-conservative Democrats, the are NO Democrats that love the U.S. Constitution which means for all intents and purposes a Progressive = Liberal = Socialist = Democrat just as Freddy Engels and Karl Marx predicted.

New GOP Wave Pushes Business Lobbyist’s Wish List

What’s Your Reaction?

Gray Davis Discusses Need for Tax Overhaul in California: Video

Government/Regulations: Related News

9/22/2010 – Despite CSA 2010 Deadline, Relatively Few Carriers Have Checked Data A new era in truck safety enforcement is going to begin in December, but so far relatively few carriers have taken an active interest in what the new regime will mean to them….

Western CPE- Sharon Kreider & Vern Hoven Tax Consequences in the New Health Care Reform

Question: Amending Taxes..Please HELP!!?

I filed my husband and my taxes earlier this year via Turbotax.com. A week or two after I filed we received a W2 in the mail for my husband. It was for a few days of work for the township, about $190. Do I still need to claim this work? When we put it in online it shows that our tax refund is $100 less..so we were reluctant to amend them. Also, if I need to amend them, how long to I have to file? Thanks!!!

Answer: hello, you must file form 1040x, amend your return. The irs gets a copy of all w2’s and matches them against your return. fix it now for free, pay a penalty later. I wish you luck

China tempers justice with mercy by amending Criminal Law

The top legislature of China on Monday began the first reading of an amendment to the Criminal Law, which proposes reducing the number of crimes subject to the death penalty and creating tougher punishment for those involved in organized crime.

How to Amend a Federal and State Tax Return in TurboTax Online