The Tax Preparation Blog

Posts Tagged ‘calculator’

Question: Income Tax allowances – UK?

Simple question about the tax bands,

Starting rate: 10% £0-£2,230
Basic rate: 22% £2,231-£34,600
Higher rate: 40% Over £34, 600

Does a person who earns say £40,000 pay 40% on all their taxable income or just the amount over the £34,600 band?

Thanks.

Answer: Chances are he wouldn’t pay any at 40%
First you get a personal allowance which comes off your income, then the various bands apply. The rates you have quoted are for 2007/08 when the personal allowance was £5,225. So the man on £40,000 would have tax applied to £40,000 – £5225 = £34,775. He’d pay 10% tax on £2230 and 22% tax on £32,545.

Bank of England leaves UK rates unchanged, policy steady

By David Milliken

U.S. Job Openings, Hirings Slip in October

Question: Is there an easy way to figure out my Federal Tax Withholdings.?

I just need an easy way because my boss keeps messing it up and the past 2 years Ive had to pay bad!. I am married now so I need to figure it out for filing jointly and Id also like to see what I would need to withhold filing single/married separate (just so I can see where I went wrong last year. I used the IRS withholding calculator but it is down right now.. anyone know of an easy method or a good online calculator!

Answer: Go here for some handy estimators. They are extremely quick and easy to use. http://www.paycheckcity.com

Spring cleaning for your personal finances

Even personal finance columnists occasionally put off tasks on their financial to-do lists. But tax time provides an excellent opportunity to get back on track.

Question: Free Income Tax Calculation Software.?

I am a Central Government employee and an Indian income tax payer. I am required to submit annual IT statement every year during Oct/Nov. Can anyone tell me if there is any website or free software which is regularly updated and with which I can calculate my own IT. To be precise I would be filling in my Basic Pay, Dearness Allowance and other earnings for twelve months and the software would automatically compute my IT taking into consideration that particular year’s rate of standard deduction etc. I would be grateful if someone who is well acquainted and proficient in the field of IT calculation/computation can help me.

Answer: You can download software from the income tax site.
Read http://mytaxes.in/index.php?topic=94.0

MOSAID Reports Results for Fourth Quarter and Year-End Fiscal 2010 and Dividend

OTTAWA, ONTARIO–(Marketwire – 06/10/10) – Editors note: A link to a video is provided for this press release. Please go to: http://investorchannel.mosaid.com MOSAID Technologies Incorporated (TSX: MSD – News ) today announced financial results for the fourth quarter and fiscal year ended April 30, 2010. Q4 Fiscal 2010 Results — Q4 revenues of $19.9 million exceeded …

Congratulations 44th President of the United States, our new Commander in Chief, BARACK OBAMA

Question: Please suggest me sites to find an income tax calculator based on indian income tax rates?

Answer: visit http://incometaxindia.gov.in/ you will get all details…you have income tax calculator also

Swing into savings in the New Year

Phew. Another tough financial year for many Americans is behind us, but there’s only a brief reprieve — a week, maybe? — before the credit card bills fill your mailbox and friendly reminders from your accountant about looming tax deadlines overwhelm your inbox.

More income, better income

Question: Do I owe any income tax at all?

If I’m self-employed and I only made 5000 dollars last year and the standard deduction is 5300 does that mean I won’t have to pay any income tax at all? I try using all these calculators but they all say that I’ll be getting 300 back and that cant be right.
Let me add some more details here.
I do videography work, it has all been for the same company and they will be sending in a 1099.
I’m 25 years old, unmarried, no dependents.
what form will I have to fill out? a 1040?

Answer: If you’re self employed, you have to pay self-employment taxes. Usually, your employer covers half and takes the other half out of your paycheck. These taxes are non-refundable- you don’t get them back in your refund.

Individuals who are self-employed face different tax situations than those earning wages or drawing a pension, for instance. One of the differences is that you have to file taxes due to the medicare, social security, etc. that you owe if you make anything more than $400.

Hope that helps. :0)

2009 tax law changes provide saving opportunities

In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.

3 Income Types Work and Travel