The Tax Preparation Blog

Posts Tagged ‘calculator’

Time really is money

When it comes to financing college, “know the deadlines and don’t miss them.” That was the most important financial aid advice Helen Nunn said she had for the parents of college-bound Mifflinburg Area High School students who gathered Monday night for a primer on how to get those needed funds.

Mortgage Watchdog Interest Calculator Saves You Bank Rip Off

Question: How will inland revenue find out that i dont pay taxes on salary from abroad?

say i work for a company in Holland, but live and work in UK, where this company has no offices. i get gross salary transfered to my account and should pay taxes myself in UK. if i dont, what is the way it can be detected?

Answer: When the inland revenue receives the tax you pay on your bank account they will realise you have more income than you are admitting to. This happened to my brother in law who did a private job for £12,000 eighteen months later he got the fine of £20,000. Its up to you if you want to take the risk – even the small fish get fried.

Wife of disgraced Irish banker OKs sale of Chatham property

Water views, a brand-new privacy fence and a big back story are among the features of David Drumm’s home on Stage Neck Road.

Tax Accounting Manager

Question: claiming Zero on taxes?

I claimed 0 last year on my taxes. I work two seperate jobs. one job i made 36,000 and the federal witholdings were 3750. My other job I made 23,000 and federal witholdings were 3400. I have to owe quite a bit like over 2 grand when using the tax calculator. I thought claiming 0 would take the most taxes out. could this be because I am working two seperate jobs, what can I do to minimize my total? I live in california and am unmarried.

Answer: Withholding tables are set up assuming that there is only 1 job. In most cases, the first $ 8,000 or so of income will be tax-free due to the personal exemption and standard deduction. When you work multiple jobs, each job’s withholding table assumes they are the only job. The result is under-withholding.

You need to revise your w-4 and ask that an additional amount be withheld every paycheck for federal taxes, OR you must make quarterly estimated tax payments to the IRS throughout the year to “keep current”.

Fell free to call if you have any more questions.

Kim Normand
Normand Foster Tax Service
214-250-0575

Illinois’s Plan To ‘Balance’ The Budget: Borrow $15 Billion And Ignore $185 Billion Hole

The state of Illinois elected a Keynesian nutcase of epic magnitude in Governor Quinn. Quinn’s latest brainstorm is to borrow $15 billion to “stabilize things”.

Bankruptcy Lawyers Riverside CA Travis Law Firm

Question: Will I get penalized come tax time in 2010?

At my job in 2009 my income was about 2400…my hobby this year I made about 33500 in which I made estimated taxes so far of about 3500. I do plan to make an estimated payment in January. I recently visited the irs.gov website and put my numbers in a withholding calculator. I don’t know if I’m doing it right because I have done it a total of 3 times and have gotten different things each time. However, each time it says I am underpaying…if you can help me please do. With the numbers I have given (oh by the way my job fed withholding is $119), do you think this is correct? I tried to get an accountant’s help back in April but they all ignored me. lol…HELLLLPPPP!!!!!!!!!!!!!!!

Answer: That ‘Hobby’ income must be reported as self-employment. You are going to owe a significant amount. Not only that, but if you have waited to make a payment in the fourth quarter, you may also have an underpayment penalty. Best to see a professional and find out how to lessen the mess you are in.

Crude estimates of NBA tax savings

This is where accounting meets alchemy. I theorized earlier today that NBA players and owners would be saving no small amount of money from the likely deal to sustain the Bush tax cuts. How much? There’s no great way to know, but TrueHoop reader Alex Arndt, a C.P.A. from North Carolina (and, he points out, a long suffering fan of the Hornets and then Bobcats) is a gamer, and engaged in some very …

New Federal Tax Breaks for 2010, 2011

IRA contributions: Am I eligible?

IRA contributions are open to anyone, but Roth IRA contributions can’t exceed $5,000 or your annual income, whichever is lower (Question 6).