The Tax Preparation Blog

Posts Tagged ‘tax’

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Question: Generally what percentage of federal taxes are taken out of your paycheck if you are an hourly employee?

Answer: state withholding depends on your state, federal withholding depends on income, marital status, number of exemptions claimed on W-4. Social security is always 6.2% and medicare is always 1.45%.

I’ve attached a link to a paycheck calculator website, www.paycheckcity.com, that can help give you the info you are looking for.

Bracing for a possible federal shutdown

Marylanders keep wary eye on federal budget talks Marylanders keep wary eye on federal budget talks

Payroll Tax Cut in 2011

Question: What is the best website to learn how to prepare your own Income Tax In Canada?

Is there some good websites out there to help with Canadian income tax preparation?

Answer: Yes, the CRA tutorial is excellent. Thank you for trying to learn.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/lrn-tx/menu-eng.html

TurboTax Premier Federal + E-file + State 2011 for PC [Download] $45.43 TurboTax Premier: Extra guidance for investments & rental property income…

Quicken Premier 2011 – [Old Version] $31.99 The Intuit Quicken 2011 Premier Software organizes all your accounts – bank, credit card, investments, loans, retirement accounts – in one place. Intuit Quicken 2011 Premier Software helps you simplify and organize your finances so you can save more,, maximize investments and grow your net worth….

Quicken Rental Property Manager 2011 – [Old Version] $59.96 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant….

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Inter Pipeline Fund Announces April 2011 Cash Distribution

CALGARY, ALBERTA–(Marketwire – April 6, 2011) – Inter Pipeline Fund (“Inter Pipeline”) (TSX:IPL.UN) announced today the declaration of a cash distribution of $0.08 per unit for April 2011. This distribution will be paid on or about May 16 th , 2011 to unitholders of record on April 25 th , 2011.

Pay No Income Tax & Claim ALL withheld back

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Quicken Premier 2011 – [Old Version] $31.99 The Intuit Quicken 2011 Premier Software organizes all your accounts – bank, credit card, investments, loans, retirement accounts – in one place. Intuit Quicken 2011 Premier Software helps you simplify and organize your finances so you can save more,, maximize investments and grow your net worth….

Quicken Rental Property Manager 2011 – [Old Version] $59.96 Quicken Rental Property Manager 2011 includes all of the features found in Quicken Home & Business, plus smart tools for managing your rental properties. Always know how your home-based business is doing. Helps maximize deductions and simplify your taxes. Manage Your Personal, Business, and Rental Property Finances in One Place Organizes Your Finances All in One Plac…

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Enova Systems, Inc. – Enova FY 2010 Annual Financial Report

Enova Systems, Inc. – Enova FY 2010 Annual Financial Report

Spreadbetting for Beginners UK’s No 1

Question: I need help with tax calculations?

I need help figuring out if our family is going to owe taxes or have to pay them. I am looking for someone who is fluent in taxes. My husbands YTD income was 38,382.00. My unemployment income was 9.300 and I chose not to have taxes taken out, so I am sure I will owe that at least. We have 1 dependent under the age of 18.

His:

Federal witholding: 3,838.00
Social Security: 2,262.00
Medicare: 529.00
State:1,441.00

We bought a house in 2010 and the interest we have paid on it is 2,535.00
Also we bought a car which we paid 6% sales tax, the car was 9,740.00

Can anyone try to plug in some numbers to help me out. Times are tough and I am really worried about our taxes. Thanks and God Bless.

Answer: MFJ both over the age of 25 and under the age of 65 1 QC dependent under the age of 18 so that would mean that he is 17 and was NOT under age 17 at the end of 2010, is that correct?
If the QC was under the age of 17 at the end of the tax year 2010 you would qualify for the child tax credit amount of 1000.
Your taxes are estimated at $2,162.
This is 4.53% of your total income of $47,682. Your total tax payments and refundable credits for the year were $3,838. Your tax refund is estimated at $1,676. Your income puts you in the 15.00% tax bracket.
You should be able to use your state website and find a estimated tax calculator for your use.

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

Hope that you find the above enclosed information useful

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper….

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U.S. wants states to reveal more about pension funding

A federal board will soon propose that U.S. states disclose more about their pension funding as worries grow whether states and municipalities can pay for their employees’ pensions.

Federal Withholding Tax 2010, 2011 Increase

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.

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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)