The Tax Preparation Blog

Posts Tagged ‘estimator’

Question: Online calculator to optimize 2010 W4 withholdings?

My husband and I get back around $5,000 federal refund every year, and around $1,500 State, even though he already has a high number of exemptions (I have been home since having my baby last year and am only making a small amount doing childcare). Between tithe to church, interest on our condo, property taxes, 401K, insurance and other deductions, 40% of his income is gone before we touch it (another 25% to federal, state, etc. taxes).

I’m hoping to optimize his W4 at the beginning of 2010, so we can have that money on a monthly basis, rather than letting the government earn interest off of our money until they refund it. The IRS has one for the remainder of 2009, but I can’t find one I can use to estimate the right number of exemptions for next year. Does anyone know of a website where I could put in forecast numbers to get an idea of the number of exemptions he should put?

Answer: You can adjust your W-4 any time during the year, so go ahead and use the current IRS calculator. When they update the calculator, re-run the numbers and adjust if needed.

Bennett Environmental Inc. (“BEI”) Reports Fourth Quarter and 2010 Year End Results

OAKVILLE, ONTARIO–(Marketwire – 03/28/11) – Bennett Environmental Inc. (TSX: BEV – News ) (the “Company” or “BEI”) today announced its financial results for the year ended December 31, 2010 and the results for the fourth quarter 2010. Revenue for the year was $32.7 million, pre-tax income was $16.6 million, after-tax income was $14.4 million and earnings per share was $0.41 on a fully diluted …

Waste And Abuse: The Refuse Of The Federal Spending Binge (Part 2 of 2)

Question: How much federal tax will i owe?

I made w-2 $11,588 interest income $4,466

total income $16,054

30 years old, single, no dependants.

If possible can you provide me a link to a tax estimator or calculator?

Answer: your non taxable income is $9350, leaving $6704 as taxable and the lowest rate is 10%, which would be $670(could be slightly higher)
you also have Sch M. to help you ease the tax pain(a little)

Gillard reveals carbon price scheme

Julia Gillard is staking her political future on billions of dollars worth of compensation designed to help households offset the impact of the new carbon tax.

UIC Financial Aid Webinar Part One: Myths of Financial Aid

(My Income Online) Untouchable – Unbelievable

Question: Using HR Block’s tax estimator, when it asks for the amount of federal tax you’ve paid?

in 2008, should you type in the whole amount of federal taxes you’ve paid (social security, medicare, general withholding) or should you exclude the social security? It is making a big difference in the estimation of how much we should receive back. If we include the SS, it says we get back $5,000ish. If we don’t include it, it says we’ll get back $700ish.

Answer: Do not include SS, medicare, etc. Only direct income tax withholding by the Federal government should be put on that line (do not include state income tax).

San Leandro mayor facing five challengers

A councilmember and a school board trustee are among those hoping to oust Santos.

Alan Grayson on the War Is Making You Poor Act – HR 5353 – Part 1 (2010)

Question: How much penalty will I pay since I owe about $1800 in federal taxes this year?

My husband and I do not have any additional income other then our salaried jobs. He claims 0 while I claim 1. For some reason, there was an error throughout the year in the amount that should have been taken out from my paycheck for federal. Last year we owed 1181 and paid 14 dollars in underpayment penalties and we didn’t send in estimated tax payments throughout the year for 2009, since we figured we would be okay. What kind of penalty am I looking at?

Answer: It looks like the IRS charged you interest on your underpayment last year of about 1.2%. Basically they are saying that the money should have been with them instead of with you and they charged you a fee for that privilege.

I would think that the same fee would be applied to this year’s underpayment, or about $22 on the $1800 shortfall.

TurboTax Estimated Taxes Quarterly Income Tax Filer Win/Mac $8.63 Brand new Full Retail box…

Payments in Lieu of Taxes Act : report together with dissenting views (to accompany S. 455) (including cost estimate of the Congressional Budget Office) (SuDoc Y 1.1/8:103-838) …

Tax deductions: further estimates of taxpayers who may have overpaid federal taxes by not itemizing $14.13 Original publisher: Washington, D.C. : U.S. General Accounting Office, [2002] OCLC Number: (OCoLC)53404373 Subject: Income tax deductions — United States. Excerpt: … Appendix: Methodology for Estimating the Number of Returns on Which Taxpayers Overpaid Taxes by Not Itemizing Deductions income class and imputed this class average to each nonitemizer in the same income class in the SOI sample…

CS sales tax rebates rise

The latest sales tax rebates returned to the City of College Station shows a glimmer of hope that declining revenues are beginning to flatten out. According to the latest figures from the state, which represent May sales, College Station received …

161 Federal Tax Charges, 0 Convictions