The Tax Preparation Blog

Posts Tagged ‘tax’

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Question: How much money do I have left over if I make over 250k?

My roommates are hoping to become doctors in the next couple years and I am probably going to work my way into upper management of an engineering firm. If everything goes as planned and we make over 250k, what will be the nominal tax rate in the end?
Please show the breakdown of federal, state, social security, medicare & medicaid etc. We live in California and will probably be married and have property. But just in case, can you please show how much if we are single?
This will be after the Bush tax cuts expire. also please include any other taxes I may not have thought of. I remember when making money the government would already take a nice chunk out of my paycheck.
in 2011, I suppose

Answer: What kind of good trustworthy unbreakable crystal ball do you have available to you that you might be able to use to help you with all of the unknown the information that you are asking for in the above questions for the future years.
Why not just you and your friends play some some games for the current year 2010 and use the estimated tax calculators that are available and see what numbers you can come up with yourself for the present time or year and then print you a copy for history so that you will be able to look back and see how things may have changed in a few more years when you really start out in this hard cruel world and start making these over 250K salaries in the future.
If you would like to do some estimated tax calculations you would need to go to www.irs.gov and use the search box for 1040ES go to page 8 for the 2010 Tax Rate Schedules and page 7 for the worksheet.
You can try anyone of the online estimated tax calculators for some estimates to get an idea of what things may look like after using the correct IRS forms and compare the numbers
Use your search engine and type ESTIMATED TAX CALCULATORS and you will be able to find several of them that you can use for this purpose.

http://www.dinkytown.net/java/Tax1040.html

http://www.paycheckcity.com

Hope that you find the above enclosed information useful and good luck to you in your future life adventures.

Americans Confident in Recovery of Real Estate Market

RISMEDIA, March 14, 2011—The majority of America’s potential homebuyers and sellers—68 percent—believe that the real estate market and property values will recover in the next year or two, according to a survey released recently by Prudential Real Estate and Relocation…

Leslie Eastman on Fox Business News, June 4, 2009 Southern California Tax Revolt Coalition – Part 1

As Tax Day Approaches, More Seek Accountants Online

The month of April begins tomorrow and for businesses and individuals in the United States, that means there’s only two more weeks until the deadline for filing your federal tax returns. As the deadline approaches, a growing number of businesses are turning to the Web to not only do their filing, but also to find accountants. The demand for online accountants has risen by 90% over last year …

Micah and Marc-Mihai answer questions.

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Early mortgage payment an option for households without other debt.

Recovery: Making Work Pay – Married (ASL, Captions & Voice Over)

Question: Tax Help: Refund Question?

I just checked the status of my return on IRS.gov, and it gives the following info:
We are sorry, we cannot provide any information about your refund. For more information, please continue.

Please read the following information related to your tax situation:
Tax Topic 152 – Refund Information
If you have questions or need additional information, please have the following on hand when you call:
A copy of this page.
A copy of your tax return.
The Social Security Number, Filing Status, and refund amount claimed on your return.
The date you filed electronically.
Please mention reference number 8002 to the IRS Customer Service Representative
Does anyone know what ref 8002 means? I call the IRS and they said that it would take about 3 weeks to process the return and that the website was spitting out these ref numbers…could that be right…I just want to know if I am getting audited or something.

Answer: They generally tell you if you’re being audited. But they may have pulled your return for a quick examination. 3 weeks isn’t too bad, keep checking online. The fastest way to get your refund is e-file with direct deposit into your bank account. You can try calling again, see if different answer.

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The Main Street America Group Promotes Four to Executive Positions, Appoints Four New Officers

The Main Street America Group announced today that its board of directors has approved the officer-level promotions of Mike Lancashire to senior vice president, claims and integrated customer solutions; Tom Frazier to vice president, chief investment officer; Dick Schultz to vice president, chief accounting officer; and Cathy Parrish to assistant vice president, director, compensation and …

Liberty Tax Commercial

Question: CPA or CPA candidates help! Advanced accounting? or Auditing (Financial)?

Hi. I have a bachelor’s degree (not accounting or business-related major). Although I don’t have accounting major degree I took lots of accounting and business-related classes at Junior College and University after transfer.
I did look at my college transcripts and found out that I only have 3 units left to meet educational requirements (accounting 24 units, business-related 24 units). And I’m thinking about to take “Advanced accounting” or “Auditing (Financial)” class at an accredited education institute.

I took “Principle of accounting 1 and 2″, “Intermediate accounting”, “Federal Income tax”, “Cost Accounting”. And I’m eligible to take both Advanced accounting and Auditing class.
But I only want to take one of them due to money issue.

And then from next year I want to start review courses either Becker or Wiley.

Which class do you recommend me to take? Advanced accounting or Auditing?

Thanks

Answer: Auditing. It would help you in your CPA board exam. Take note that it involves both theory and practice. Also you need to have extensive knowledge in Financial Accounting. Auditing is purely analytical whereas Advance Accouting is more procedural.
I took both since I finished BS Accountancy. Auditing is one of the most difficult subject areas in my undergraduate years and also during board exam. But it’s worth it because I get to work in an Accounting firm years ago. Now I’m into Forensic Accounting. Much more interesting.

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