The Tax Preparation Blog

Posts Tagged ‘income tax return estimator’

Question: Is the amount taken out of my paycheck for FICA considered federal taxes?

I’m trying to guesstimate how much my federal income tax return might be. When using a tax estimator, it asks for the federal income tax amount withheld. Is FICA included in that?

Answer: FICA is a combination of the social security tax and medicare tax and totals about 7.65% of your gross pay.

FICA has absolutely nothing to do with your federal income tax rate. Your federal income tax rate is dependent on which tax bracket you fall into.

The following tax calculator may help.

Tax and Finance Apps for Cell Phone

Every year there is a new and easier way to prepare for tax season. Now most people file their taxes online and keep track of their finances on a computer, but there are some cell phone applications that may make keeping track of your income and expenses a little easier.

Income Tax Return

Question: Canadian Income tax return help..?

Anyone out there know of a website where I could get an estimate of how much money I will get back from my income tax return providing information from my T4 slip I got from work? I just want an estimate of how much I’ll get back.

Answer: Go to http://www.ey.com/GLOBAL/content.nsf/Canada/Tax_-_Calculators_-_2006_Personal_Tax and punch in your Gross income. It will tell you how much tax you should have paid. The difference is either a refund or a value owing.

If you have RRSP deductions, etc., this way doesn’t work.

Hope this helps.

Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value …

HOUSTON—-Kayne Anderson MLP Investment Company today provided a summary unaudited balance sheet and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 as of December 31, 2009.

Income Tax Truth Tom Cryer 1/3