The Tax Preparation Blog

Posts Tagged ‘federal tax payment’

Question: form 1040 ES vouchers?

I’m trying to fill out the 2008 1040ES form given this info:
2007Federal AGI: 237,000
2007 Federal Income Tax Liability: 41,500
Anticipated 2009 withholding: 30,000

I’m given a list of estimated tax payments for 4/15/08, 9/15/08, and 1/15/09.
How would I fill out the first voucher that is due 4/15/09? How would I figure my amount of estimated tax I’m paying?
Okay, I mean the 2009 ES

Answer: The hard way involves estimating what the 2009 tax liability will be. If you know that amount, multiply by 90%, subtract $30,000 (the anticipated withholding), and divide the amount that is left by 4. If you do not know the 2009 tax liability, then take the 2008 tax liability, subtract $30,000 (the anticipated withholding), and divide the amount that is left by 4.

Small retailers join online shopping war

THE National Retail Association has added small retailers’ voices to the call for a GST on online sales as the retail sales war heats up.

Ron Paul on the Public School System

Question: 1. The Wyden Company paid a dividend of $1.28 per share last year. If the current selling price of the stock i?

1. The Wyden Company paid a dividend of $1.28 per share last year. If the current selling price of the stock is $37.63, what is the current yeild on the stock? Round your answer to the nearest tenth percent, and show all your work.

2. Jeanna want to buy a new boat for her family. She has two payment options. THe fist option is to pay a cash down payment of $7,2000. The second option is to finance the hoat with a three-year installment loan. The loan requires a 19% down payment an d36 equal monthly payments of $295. Accourding to this information, what would be the finance charge on the loan? Show all your work.

3. George owns a printing business and has an estimated annual income of $56,000. His Social Security tax is 12.3%, Medicare is 2.7%, and his estimated federal income tax rate is 18%. How much quarterly estimated tax must George send to the IRS for the first Quarter? Show all work.

Answer: Didn’t they cover this in class? How are you going to learn when someone else does your homework?

Food-service company to pay Columbus schools $1.7 million

The company that provides students’ meals will pay the Columbus City Schools $1.7million to cover operating losses in the district’s lunch and breakfast programs last school year, blowing past a prediction of a “worst-case scenario” $430,000 loss.

Tax Tips & Information : How to File Late Taxes

Question: federal income tax forms?

I am engaged to a man that owes back taxes, and I am curious if we get married can the IRS come after my assets to pay his back taxes. Or can they garnish our taxes we file together in the future.. Also I would like to see this get paid. What is the best way to work with the IRS on a payment plan?

Answer: They can and will keep any refund from a jointly filed return, you can file an Injured Spouse Claim to protect any portion of a refund that is attributed to your income, You would need to complete form 8379 and submit it with the return.

http://www.irs.gov/pub/irs-pdf/f8379.pdf

The IRS will set up payment arrangements with him. He will have to call and they can set up an agreement for him to make monthly payments. The IRS will not discuss his prior balance’s with you as they are not a joint liability.

He can call 1-800-829-1040 Mon – Fri 7 am to 10 pm

Former Mt. Pleasant lawyer faces tax fraud sentence

A former Mt. Pleasant attorney is scheduled to be sentenced in June after pleading guilty in an Oregon federal court to tax fraud.

Inflation? High Taxes? fairtax? There is an EASY SOLUTION

Question: Fed Tax Payment Question HELP?

Okay so heres the deal. I deposit the fed 940 and 941 payments thru our bank. I forgot to send along the coupon to go with just stating what its for and for backup its also written on the check that its for a fed 940 or 941 payment, the thing is, is our bank deducted 2 payments from our account and didnt apply the payments like they were supposed to be. and they depostiied one back into our account which i wrote a check for to balance it out so thats taken care of. But if they cashed the 2 other checks do they have to legally refund my account since I have proof they deducted the amounts but didnt pay the tax payments???????

Answer: I got lost attemtping to determine what happened here. I suggest you go to you bank and go through what happened step by step and see if they can untangle the mess.

The Pain Has To Go Somewhere, But Where?

By David Merkel. Roughly three months later than originally scheduled, the fiscal year 2009 Financial Report of the United States Government came out. I had predicted a few times (latest here) that the final total of debts and unfunded liabilities would be about 4x GDP. Well, I was close: Read more » »

1500 Health Insurance Voucher Plan