Income Taxes Help - Taxable Income Knowledge Base

Taxable Income Knowledge Base

taxable income? was wondering in a state that has state income tax, is interest from a savings account taxable as state income tax?

Taxable income? Help! A single parent with three dependent children and qualifies as head of household in 2007. How do I determine taxable income if she has salary income of $71,000 and interest income of $1,500.

Taxable Income? When receiving a settlement for injuries sustained in an automobile accident I am aware that initially it is not taxed.Does that sum at a later time ever become income and taxed.

Taxable income down to a few hundred since I was able to find some more deductions? All of which I have receipts and documentation for. My income this year was $29K. I also have some back taxes that I owe the IRS. Just out of curiosity since my taxable income is almost nothing now -- what are the chances of an audit even before they mail me my tax refund check? Is that even a possibility? In other words, I file my income tax return -- then the IRS asks for my receipts and proof of all my deductions? Please Help!

the difference between taxable income and income before tax? What is the difference between taxable income and income before tax? are they the same or not? if not, what is the difference between them? thank you.

Is income from stock market gain taxable when your regular income is not taxable and below taxable limit? I am a research student and get Rs9000 p/m as stipend which is not considered as taxable income. Will my income from stock investments be taxable? If it is taxable what will be limit above which I have to pay tax? And how much I have to pay tax on certain income?

If my taxable income is less than my mortgage interest can the remaining amount dedcuted in the next tax year? part of my income this year is tax free. But from next year all my income will be taxable.

How do you figure taxable income from your Adjusteed Income,when you do your tax returns? My taxable income was $23,409 Less than my Adjusted Gross Income. There was $10,460 For total tax and credits. My question is how do I find out where the $12,949, that was taken from the Adjusted Gross Income? Does this have something to do with the taxes I payed on my mortgage loan on my house?

Is taxable income the same as income tax paid? I'm filling out an application for financial aid and they want my income tax paid for the year. They say its on line 35 but line 35 says 0, is that right or did they give me the wrong line by mistake? There is another line, 27, that says its my taxable income thats 11000, would that be it?

How do I figure my taxable income? I hope this question isn't redundant, but I am a recent graduate and how taxes are taken out is way beyond my head. I am filing as single and have 2 deductions, my salary is 36,200. How do I figure out how much is taxable income? Basically I am trying to figure out how much will be coming out of my check due to taxes (a good guesstimate). I already have FICA and benefits already figured out. Thanks for anyone who can help!

How do you find the taxable income? Ok I have this problem I need help with and I can't get the taxable income. Can someone please help. Heres the problem: 2007 Cost of goods sold $3,419 Interest 187 Dividends 370 Depreciation 892 Change in retained earnings 228 Tax Rate 35% What is the taxable income for 2007?

How do I get reimbursed from non-taxable income that was taxed? My employer is taxing me on my per diems that I believe should not be taxed. I'm working and living 300+ miles from home temporarily and my allowances are in the taxable income portion of my paystub. I worked with another company and none of these allowances were taxed. I approached my company and they said they can't change it. How do I get reimbursed from the taxes that I never should have paid?

What are the things, to calculate taxable income(India), will be reduced from the Gross Income? If I purchase some property like Land or Gold, or if I invest in Share Market, Mutual Fund, Commodity Exchange, will it reduce my taxable income? What difference if I invest here for short & long terms?

What is tax liability of a person not having taxable income and receving cash gifts from any person? My wife has received Rs 60,000/- from her father and invested in a 5 year term deposit.She is unemployed and has not any taxable income.Are there any tax implications on her after receiving this amount?

Taxable income? How much do you have to make in a year for it to be "taxable income"? I only worked a month cuz I have a baby, and her father said I didnt have to work, but this summer I did just for a month cuz I was allowed to bring my daughter with me and I only made $580...turbo tax said it wasnt a taxable income? How much to you have to make to file taxes? My baby's dad and I are not married, and I cant file HOH cuz he's HOH, he made the money...

What are some ways to reduce my taxable income other than contributing to a 401k, IRA, and Roth? I don't want to participate in my companies 401k, however I still want to make regular contributions towards and investment for my future as well as reduce my taxable income. Each year I contribute my maximum contributions into my Roth and IRA and will continue. I need an alternative for my 401k contributions. I want more control and transparency.

Is the federal poverty guideline determined by taxable income or by gross income? Hi, I am asking the question above because my wife is in the process of immigrating to the US. I sent my tax return for last year to the consulate where she lives and they said that I don't meet the poverty guidelines because my taxable income in less than the rate for 2 in a household. I was dumbfounded to say the least because I always thought that income was determined by gross not taxable income. Someone please help me, a reference site would be helpful if anyone knows of one. Thank

How much does someone have in the bank if their total taxable interest income is around 30k? On the Schedule B of the tax return, if someone has about 30k of taxable income, how much do you think they have in the bank? Let's say the rate is 3%

Does superannuation payout get called your taxable income. There was no other money earned during the year.? My husband had to retire from work due to disability. He receives no payments from Centrelink or any other concessions. When he gave up work he was paid out his superannuation (he was 55). Does this superannuation now become his taxable income for the next tax year?

Do I need to show as taxable income in New Jersey state returns for 1099-G refund from last year? I received in the mail a 1099-G form from New Jersey stating my $590.00 refund from tax last year in 2007. I know for the federal tax returns, I need to show as taxable income. Do I need to show as my state refund from last year as taxable income when filing my taxes for New State this year? Please let me know.

Some have said to qualify for the tax rebate you need to have $3000 of taxable income? I don't think so. To have $3000 dollars of taxable income, you'd need to make about $11,875 dollars? The $3000 to get a rebate of $300 has to be "gross" income, right?

In California, Is the interest paid to x spouse for arrearages on child support considered taxable income? I understand child support is not deductable or taxable. However, it seems that this additional income would be considered earned income. I have not been treated well in this whole process, even if she had no tax liability, I would feel somewhat better if I was allowed an interest deduction.

Is interest income included in Pennsylvania taxable income? I'm filing my tax return and I'm wondering if my interest income is included in taxable income.

How to determine 2006 Taxable Income from CSA 1099R? How to determine 2006 Taxable Income amount from CSA 1099R? Keep in mine a portion of the Gross Annuity Amount on the 1099R was use to pay back Federal Workers’ Compensation because that person is now receiving OPM (Office of Personnel Management) Federal Disability Pension.

Is foreign mortgage interest paid 100% deductable against all US taxable income? Property purchased in Ireland earning rental income. Is Irish mortgage interest 100% deductable from total taxable USA income (federral and state)?

Why do I have to pay self-employment taxes when my taxable income is 0? My adjusted gross income is about $6000. With the standard deductions, my taxable income is zero. Turbo Tax says I owe over $1500 in taxes. If this were W-2 income and not self-employment wages (1099), I wouldn't owe any taxes for this year so why do I still have to pay so much?

How much tax in dollars is due on a taxable income of $5,800? If your taxable income is from $4,000-$7,499,your tax is 5% of any amount above $4,500.

Can anyone tell Is the Income from Fixed Deposits is Taxable? If i do some Fixed Deposit i will be making some money will that come under Taxable Income or the bank itself will give the returns after ax deduction?

taxable income? i made 30000 in the year of 2007. After adjusted income and deductions. My taxable income is around 3400. Is this normal? Is that saying i only made 3400 dollars last year? is it normal to only have that much taxable income though? That puts me in like the 2.9% tax rate. Will this throw up a red flag? I havent cheated in anyway. The big part of my deduction comes from my work truck. My standard deductions is like 9000 on it alone. My total deductions is 13000. No the standard deduction im talking about is the standard deduction for mileage on my truck

Do we need to consider surcharge while calculating Div Dist tax even if Taxable income is less than 1 crore? As per new Finance bill 2008, there is no surcharge on the tax if the taxable income is less than Rs. 1 crore. In this scenario, do we need to consider surcharge while calculating Dividend Distribution tax even if Taxable income is less than 1 crore?

Is elementary school tuition abroad a taxable income? I am working abroad for a one of US gov private contractors (financial consulting). My employer pays tuition for my child's private elementary school so she can continue her education in English while we residing abroad. My employer didn't report that amount in my W2. I qualify for a foreign income exclusion. I am making more then that exclusion. Is the tuition payment considered to be my taxable income? If yes where should I report it and how it is taxed? I do my taxes myself, but this tuition benefit is new to me. This benefit is included in the contract and is paid by my employer directly to the school.

Do you get auto tax credit even if you dont have taxable income? I am wondering if I can still get the credit if my income is non taxable. Which form would I use? Please explain. Thank you. i have income but it is not taxable i thought i was clear on that.

If you itemize your deductions and your total taxable income is zero,? If you itemize all your deductions and your taxable income is zero, would you get back everything that was taken out of your paychecks for federal and state?

Can we exclude the expenses of rent from taxable income in usa? I am paying rent, bought a car, can these expenses be excluded from the taxable income in usa?

Can I deduct a charitable contribution if I have an NOL after all the adjs have been made to taxable income? The adjustments I am referring to are not using previous years NOLs, deducting the contribution, etc. Basically a net operating loss exists so there is no taxable income.

Does the IRS allow companies to deduct imputed interest expense received by an employee as taxable income? The IRS taxes imputed interest received by employees. Does IRS allow the company that provides the benefit, a deduction for the imputed interest, and lower the company's taxable income? What law guides this?

Are gift cards received from a bank as rewards considered taxable income? Hello! Throughout 2008, my hubby and I have built up points through a rewards program with our bank, we then used these points to receive gift cards for restaurants that we frequent. Will we need to report these rewards as miscellaneous taxable income? Will we get a 1099 from the bank? (as we can not figure out how many we received or how much they were throughout the entire year.) Thank you in advance.

I have to pay taxes on a short sale. Does it help if I start contributing to my 401k to reduce taxable income? I short-sale my property in 2008. I'll receive a 1099 from lender with "gains" for $60,000. I don't know what to do to minimize my tax exposure. I was thinking about start contributing as much as possible to my 401k plan during this year to reduce my taxable income. Is this a good idea? What else can I do?

Does anyone know if an inheritance would be classed as taxable income? I know someone whose parents died, leaving them a fairly large sum of money (around AU$60 000). Their ex-spouse is trying to claim a portion of it as child maintenance/support, but I was under the impression that it isn't classed as taxabe income as it is a "gift" and Child Support is supposed to be based upon taxable income...?. Does anyone know about this or had it happen to them?

Can I deduct my business expenses from business started outside US from the taxable income I earned in US? I started a new e-commerce business in 2007 outside the US. However it is not generating any income yet and there were significant costs including inventory associated with it. Can I deduct my expenses from this business from the taxable income I earned in the US from another job? If yes, what additional documentation and forms do I need to present to the IRS. Are there special rules surrounding this that I should be aware of? thanks, Sam

For nri is it possible to ask for TDS refund on share profits if his Indian income is below taxable limit? I am an nri. I invest in share markets. TDS is deduted at source on the profits earned if the investment is for less than an year. Is it possible to ask for a refund if my total indian income during that financial year is below the taxable income.

what is the tax on the taxable income due to the dividend? suppose an individual subject to a 42 per cent marginal rate income tax has 1000 shares in a company that is paying a fully-franked dividend of 21 cents per share. if the company tax rate is 30 per cent:calculate the individual's taxable income due to the dividend?

How much money can you give a person and can you deduct it from your taxable income? I know you can give your children several thousand dollars per year, my question is how mich, can you deduct it from your taxable income and do they have to pay taxes on it?

Is the check we are getting from the Gov. going to be taxable income? I heard that we will have to claim this as taxable income when we file next year. Is this true? I think this is going to end up costing me money. It is going to put me in a higher tax bracket and the Dumrats plan on upping the taxes for these brackets.

Is the new tax rebate based on total gross income or Taxable income? In the new Tax rebate that is proposed, I read that it is for individuals that make under $75,000 and less than $150,000 per couple. my questions are if the wife makes $90,000 and the husband makes $20,000 then would they only qualify for the husband's share of the $600? Also, if they have write-ofs (like property tax and mortgage interest) and the taxable income was then only $70,000 for the wife would she qualify for the full refund?

How can I be taxed when my taxable income is around $2,000!? I just went to file my taxes and when I got done with my Federal portion, they said that I owed $32. My taxable income after the standard deduction was around $2,000. This is so asinine!! Last year I made more money, and I still had a decent refund. This year I make less and they decide to slap me with a $32 tax?! Help! Keep in mind my withholding's are minimal too. Over all last year I made $7,750 total.. I used TaxAct, and it did the work. When the stimulus package was introduced I was not only a minor, but I was also claimed as a dependent, which I currently am still! Which also adds to my suspicion about why I would owe!

If a roommate contributes toward my mortgage in my primary residence, is this taxable income for me? I'm buying a house that will be completely in my name, but both myself and my fiance will live in it. I bought the house with the intention of my then girlfriend (now fiance) helping pay part of the monthly living expenses (mortage, utilities, etc.). The house will be the primary (only) residence for both of us. Since I'm the owner, I'll be writing the checks to the bank for the mortgage and she'll be giving me a check every month. Is her payment to me considered taxable income for me? Is there a special tax-free provison for shared living expenses? I know it won't matter after we get married, but that won't be until early 2008. Do I have to report every penny that she pays me for the mortgage in 2007?

A question about Taxes: Do I put all student loans, grants, and scholarships as taxable income? Aside from the money that I made at my job in 2007, do I factor in all of my student loans,grants,and scholarships? Are those taxable income? I have my 1098T form. Im just sooo confused. HELP!

Filnig Income Tax return in India who does not have taxable income? My wife has a pan card, she is a house wife cum free lance writer. Her earnings and return on investments does not fall into the taxable income bracket. Shuld she file income tax return, is it mandatory in India;/ What is best for her to do.

Are disability checks a taxable income? I went on full disability last year, for 3 month and then I was on partial disability for the rest of the year. Is this income taxable?

How do i calculate taxable income? How do i calculate a taxable income with balance sheet, income statement, and statement of cash flows?

Are reimbursed respite care funds taxable income? My son has special health care needs and our family is eligible for $80 month in respite care. We pay a provider, submit documentation monthly and are reimbursed. Is this "income" taxable?

Tax return needed if you have no taxable income? Should I still file a tax return if during the year 2006, I had no taxable refund? Does this mean I qualify for child income credits and things, despite no income during this year?

I am a military retiree who has a question about reporting taxable income on my income tax return.? Under the new concurrent receipt rule, I receive my regular pension and disability income. On my form 1099-R, these two amounts are lumped together as Gross income and taxable income. My question....do I have to pay tax on the disability portion?

Are death benefits for surviving children considered taxable income? My ex-husband died in Dec. 6, 2005 and our children receive death benefits from the Soc. Sec. Department. I am not sure if the benefits count as taxable income or not.

Does my inheritance count as taxable income? My mom passed in July. I know that after all the probate process, I am going to receive about 26,000. Is this a "taxable"income in the US and Massachusetts? I've looked around on the net, and it seems like I don't. I am also in the process of applying for SS benefits. What will this do to that?

I refinanced my house--is the money in the bank taxable income? Since it is a loan and we pay interest on it I figured it would not create a tax problem, but as the end of the year approaches I'm getting nervous. Am I right it is not considered income? I understand the interest it earns IS taxable. The amount is $60,000. Thanks!

Does the new Tax-free savings account lower your taxable income? Does the new Tax-free savings account lower your taxable income? Or does it just protect you from paying tax on interest?

If she had to pay 15% of her taxable income in federal income tax, what was her total tax payment? Mallory's total income last year was $24,000, but she could deduct $12,000 for various reasons. If she had to pay 15% of her taxable income in federal income tax, what was her total tax payment?

My employer paid my tuition reimbursement in excess of $8950 which is all taxable income, what do I need to do? My employer paid my tuition reimbursement in excess of $8950 which is ALL taxable(overage of the $5250 non taxable allotment). If I use Turbo Tax to do my own taxes, how do I guarantee that I will do this properly? Even though I never technically was given this money as extra income, can I still claim this as tuition I paid? I think it's called the Hope Credit.

If my uncle in the UK wires money to my bank acct in the US for me to give to my dad is it taxable income 4me? My uncle manages my dad's pension money in the UK and wires me the money for his expenses (my dad is severly disabled). I deposit this money in my mom's account in Costa Rica (that's where they retired) and since she takes care of my dad. The reason for this is everybody involved is terrible with wire transfers and any change causes major trauma, lost money and a few months delay to get the money straight. I always end up having to pay my parents' expenses for a while when this happens (don't always get paid back), so I just set it up so I can handle it to make it easier. My question is, is this money considered taxable income for me since I'm in the US?

In india 10% surcharge is levied if taxable income exceed Rs10lacs. This refers to GROSS OR NET TAXABLE INCOM? In india 10% surcharge is levied if taxable income exceed Rs10lacs. This 10 lacs limit refers to GROSS OR NET TAXABLE INCOME?

Does changes in state income tax due affect your Federal Taxable Income? If the State (exp) North Carolina changes your income tax due, or taxable income, does this change affect your Federal Taxable Income and amounts owed?

Maximum taxable income for social security -- per person or household? I understand the max. taxable income for soc. security this year is $97,500. Is that per person if you're married filing jointly, or total household income?

If I have $695 of taxable income per week with 1 exemption and being married, the Fed is witholding $66....... If I have $695 of taxable income per week with 1 exemption and being married, the Fed is witholding $66. How much will be withheld per week if I change my exemption to 0?

Do you pay tax on your AGI or your Taxable Income? We used Turbo Tax for the first time and our AGI is $10,000 and the Taxable is $8,000. The program has us paying on the AGI, but I thought you were supposed to pay on the Taxable Income....?

Is a Federal Income Tax Refund taxable? Does the Fed. Income tax Refund need to be included in taxable income?

Is the federal income tax return considered taxable income? It's hard to believe i have a check here for $500 and I don't have to pay any taxes on it. Are there any states where a state/federal tax return is considered taxable income? What about when Hillary is president, will this change?

Is the gov. $600 rebate check taxable income? So, I have no debt and I already invest in my company IRA and a Roth IRA each year. But I rarely have enough $ to go on vacation. I am thinking that if I take my $600 rebate check and can convince my boyfriend to do the same, we can take a vacation together. My question is: Is the money taxable income? Because if it is, I don't want to spend it just to find out I only got $400 instead of $600. Thanks in advance

My Taxable Income? In my economics class, i was assigned to receive a yearly income of $70,000.00. With that money im suppose to make decisions about my housing transportation insurance, food, etc. However I first need to figure out what tax bracket affects me. She said the tax deduction shouldnt be any more than 33%. Do you have an idead of my taxable income?

Tax rebate - Is it based on gross income/adjusted gross income or taxable income? The announced limit to receive rebates is $75,000 for individuals and $150,000 for working couples. Makes a big difference if that amount is gross/adjusted gross income or taxable income.

Housing loan is on my name. My income does not come under taxable income, can my husband get tax benifit on it I am employed and my income doesnot come under taxable income. My husband is not a coapplicant to the loan. As he is a taxpayer can he utilise the house loan repayment by me for tax deduction

Questions on mileage and taxable income? My employer does not pay mileage but instead calculates the mileage rate X the miles, and gives this portion of our pay tax free. He deducts this amount from the gross wages until taxes are taken out. Is this legal? What is my taxable income? My paystubs don't balance. Can I claim mileage since I wasn't truly paid mileage separate from wages?

difference in taxable income? I am a non-resident, who worked in the USA in 2004, 2005 and 2006 for 4 months. For 2004 and 2005 I used the services of an intermediary agency for preparing my ax return. For 2006 I changed my agency and used another one. My gross income for 2004 is $5,110 and my taxable income is $1,887 so that the tax I have paid is $189. For 2006, however my gross income is $6,070 and my taxable income is $0 so that my tax is also $0. I have not changed my marital status (single), nor my filing status during those two years. More or less nothing has changed about me. Was there any change in tax laws in 2006, which would justify this? How would you explain this difference?

calculate the taxable income if the entity is a C-corporation and S-corporation.-? Operations-92.000 Tax-exempt interest income-19,000 Long term capital gain-60,000 AAA-S-corporation has earnings and profit of 90,000 at the beginning of the year. Adistribution of 200,000 is made to the owners -calculate the taxable income if the entity is a C-corporation and S-corporation.- -Determine the effect of the distribution on the shareholders if the entity is a C-corporation and S-corporation.

please compute taxable income? Hi, help me please Morgan and Maggie are married and have two dependent children. They also fully support Mary's mother who lives with them and has no income. Their 2006 tax and other related information is as follows: Total salaries $110,000 Bank account interest income 3,500 Municipal bond interest income 1,500 Value of employer provided medical insurance 3,500 Value of premiums for $50,000 of group term life insurance provided by employer $500 Dividend income from ABC stock $2,000 Loan from Morgan's parents $5,000 Gift from Morgan's parents $15,000 Gain from the sale of qualified small business stock held more than 5 years $15,000 Total itemized deduction $16,000 compute Morgan and Maggie's taxable income

Taxable income? I received a rebate from my water company to defray the expense of removing my lawn and converting to desert landscaping. A clerk at my bank said the rebate check was "taxable income". I know that if I file the long form next year it will be offset. However, my disability income is low enough for me not to be required to file. Will this check change that? I spent the money on materials and some casual laborers to do the job.

A question about taxable income.? What is considered taxable income? How much earned income does one have to earn to be considered taxable income? And what does this have to due with claiming the child tax credit. i have read and read on the internet but can not make any since of it. i have went to the irs website and although they have alot of info none of it make since to me. If any one has any info i would be grateful. The reason I am asking is because i thought i was going to be able to bring back that credit but I'm told I'm not and that i will recieve only 68 dollars of the additional tax credit. (I do understand the additional tax credit). Thanks!

Is there a minimum taxable income limit for ROTH IRA? I am a foreigner with J1 who had a taxable income of $42,000 for 2007 (I just found out it is taxable since I changed to J1 from F1 student visa, which make me ineligible for the tax treaty). My wife, a H1 visa holder, had a taxable income of $2000 in 2007 (she had a non-taxable fellowship when she was a F1 visa holder in most time of 2007). My question here is: Can each of us contributes $4000 separately for 2007 ROTH IRAs ?

For rental properties, Is principal taxable income? I am in Canada and I have some rental properties. I want to ask if principal in mortgage payment should be counted as net-income or taxable income? I always think the principal part of mortgage payment is tax free income. I should only pay tax if I have positive cash flow. But my accountant told me that even my property break even with 0 cash-flow after mortgage payment. I still have principal as income, because only Interest is expense. So my principal become net-income and it is taxable. I can only claim depreciation to defer the tax. Is it true? It is against my knowledge that equity & principal is tax free income. Please clarify. Thanks Jordan

what about 41ok taxable income? i have only income from a 41ok and drew out a amount is that taxable income

SUBSTANTIALLY reducing taxable income? I am in 25% tax bracket due to some land I sold for short term gain. I would like to reduce my taxable income by 50K? What are some creative legal ways to reduce taxable income by 50K. This would be for 2008 taxes so I have time.

Legally Lower Taxable Income? What are some legal ways to lower my taxable income if I own a rental property that I'm losing money on and earn a decent salary

the taxable income of mr dutta ? mr dutta a partner of xyz enterprise, has earned Rs.96000 as a salary, Rs10000 as commission and Rs20000 as a share of profit. the taxable income of mr dutta is....... ? following answer a)Rs.96000 b)Rs.106000 c)Rs.726000 d)Rs.20000

Lowering taxable income? I am subject to the ATM and want to lower my taxable income to avoid it. I am very very new to the working world, so forgive my ignorance. I max my 401k and have minimal taxed investments in mutual funds, but otherwise, I have no assets. I have no plan to buy an apartment or house for 3 years. Any other ways to lower my tax bill or drop a bracket (or avoid the ATM) other than real estate purchases? Thanks! I greatly appreciate your feedback. Correction - AMT (i.e., Alternative Minimum Tax). Not ATM.

Computation of Taxable Income? Could someone let me know from where I can download an excel template for "Computation of Taxable Income" that is filed with ITR forms these days. The tax-return is that of an individual, with income ONLY from bank interests. Thanks in advance.

Tuition Fees Exemption from Taxable Income? I am doing a correspondence course from Indira Gandhi National Open University. It's a Masters Degree course. The fees for which is Rs 12500 per year which I have already paid. Can I deduct this amount from my taxable income according to current tax laws? If not, then kindly explain which all expenses are applicable for deduction under "Tuition Fees"?

Is my Social security disabiity taxable to my STATE if my STATE income is not taxable? I receive a pension as a former state employee which is NOT taxable to my state---(do not have to file a State return).. but IS taxable to the Feds... This year I also started getting social security disability.. I know that 1/2 of those disability payments is subject to FEDERAL TAX because my retirement income is over $25,000... HOWEVER, since I actually have NO TAXABLE INCOME from my state, would I therefore have to pay taxes on ANY of the social security money to my State as the retirement money I receive is NOT TAXABLE to my state? State is NY vp... The only reason my Social security IS taxable to the FEDS is that I have OTHER TAXABLE INCOME which is over $25,000... Social security law says if you have combined income, interest, etc of over $25,000, then in MY case, 1/2 of the Social security benefits is taxable to the FEDERAL IRS... However, for New york State purposes, I do not FILE a return because i HAVE no taxable income EXCEPT the social security which, if my INCOME is not taxable to NY, why then would my SSD be taxable----as my total taxable NY income is 0???

min. amount of taxable income for a full refund of fed. taxes, single? I promises to help my boyfriend do his taxes on turbo tax right after I did mine for myself and my company. I have finished mine so now I have to do his. I know after speaking with my mother that there is a way that he can ge a full refund for all the federal income taxes he paid if he makes under a certain amount or has a taxable income, after deductions lower then a certain amount. Can anyone tell me what that amount is? he filed as single. Thank you in advance!

IRA Allotments and Taxable Income? I have not drawn from my IRA at this point and I will be required to do so this year. I do not need this money at this time and do not wish to claim it as income and have to pay taxes on it. Am I allowed to have those federal mandatory IRA distrubitions roled over into some other type of account so that I don't have to claim it as income? If so, what type of account do I need to setup? Can my bank that has my IRA set this up for me and make it automatically direct those proceeds to the new non-taxable account?

What is taxable income for the year? Amanda who is single ownn a vacation cottage on the lake. During the year, she rented it for $2000 for 14 days, lived in it for 56 days, and left it vacant the remainder of the year. The year's expenses amounted to $5000 interest expense, $800 propetry taxes, $1500 utilities and maintainance, and $2400 depriciation. Using the IRS method of allocating expense and assuming that Amanda has other itemized deductions of $9000 after appropriate limits and AGI of $100,000, What is Amanda's taxable income for the year? a) $87,700 b) $81,900 c) 83,900 d) 85,000 ( IRS METHOD)

if your taxable income is form $4,000 - $7,499, your tax is $100 plus 5% of any amount above $4,500.? How much tax in dollars is due on a taxable income of $5,800 ? a.130 b.200 c.165 d.170 e.1,000

Are LLC member units received in lieu of cash salary considered taxable income? I work for a start-up company which has no income whatsoever. Instead of a cash salary, I am paid with member units from the LLC's treasury. I work for the equivalent of $50 per hour which is converted to member units at the current value as payment for my services on behalf of the company. The units have a value based upon how much these units sell for to investors. This LLC is based in Kansas and I am not a resident of this state. I have received member shares with the approximately of $50,000 as salary in 2007. My question is - Is this federal taxable income to me? I have not sold the shares, I hold them. I have not received any cash for my work, only member units in the LLC. Thank you in advance for your assistance with this question. I receive no income from these member units. This start-up company doesn't have any income and as a result doesn't pay distributions. And, I'd like to get serious answers to this question. No guesses please. zornundo - This question is about how the member units are treated for tax purposes when issue in lieu of a salary only. And how are FICA taxes treated?

If a single taxpayers taxable income was $35,450 how much tax did he owe federal government in 2003? The 2003 Tax rate schedule X for single with taxpayers states that a taxpayer who is single with taxable income greater than $28,400 but less than $68,800 should pay $3910 plus 25% of the amopunt over $28,400.

If your [jointly filed] taxable income does not reach $8000 or so, is there any benefit in filing jointly? (Because up until that point single or married you owe the same) So by filing jointly am I screwing myself? If I filed us both married but filing separately we wouldn't have hardly any taxable income on our own.... Or am I mistaken and there is some benefit I am not realizing? Oh, I just realized I asked this question for no reason. God I hate myself when I get confused about my taxes. Thank you all for helping me to see the light! lol

If you make below the taxable income line, does your employer still take the tax off, then you get it back...? In Canada. If you make below the taxable income line, does your employer still take the tax off, then you get it back when you file your income tax return?

Is the NJ Homestead Rebate considered as taxable income on a NY IT-203 Non-Resident Return? I understand that the NJ Homestead Rebate is considered to be taxable income on the Federal 1040 (reported as Miscellaneous Income) since it is a propery "Recovery" per IRS Publication 525. However, I am a full-year NJ resident and work full-time in NY state. When filing my NY return, do I need to report this NJ Homestead Rebate as income in NY? If so, is it derived from a NY source and needs to be allocated as such?

Do we need to add Dependent Care Benifits (DCB) to Gross Taxable Income? We have Gross Income for ~100K (married, filing jointly). No other income, no stocks etc etc. My W2 form says ~50K. My spouse's W2 says ~50K + 5K as Dependent care benifits (box 10 of W2 form). We already got 5K after submitting daycare bills to flexible account guy. Now, the Gross Income (taxable) from the above should be 100K (right?) But the Tax software (TurboTax and also others) shows my Gross Income as 105K. It is adding 5K (of Dependent Care Benifits) PS: I filled Form 2441. I am getting $0 to be added to 1040. Infact, I imagine everyone will get $0 since everyone's salary will be more than $5000..right? Please correct me if I need to add that 5K (DCB) as part of Gross Taxable income or not on Form 1040? Thanks inadvance...

Visual Basic 2005: Write a program that requests taxable income and calculates federal income tax.? Write a program that requests taxable income and calculates federal income tax. Use a Sub procedure for the input and a Function procedure to calculate the tax. $0 - $7,150 Tax payable=10% $7,151 - $29,050 Tax payable=$715.00 + 15% $29,051 - $70,350 Tax payable= $4,000.00 + 25% $70,351 - $146,750 Tax payable=$14,325.00 + 28% $146,751 - $319,100 Tax payable=$35,717.00 + 33% Over $319,101 Tax payable=$92,592.50 + 35%

School project on understating your taxable income help.? I am doing a project on 6 physicians that understated their taxable income by $50,000.-$75,000. I am trying to find the actual tax law that states what will happen to you for doing this. i.e.- penalties,fines, prison time, criminal violation and etc. I have to write 2 papers for and against these physicians being sent to prison and really need this information to put in my paper but am having a hard time finding the correct code/law on the IRS website. If you can help it would be greatly appreciated. Thanks!

Is my Microsoft class action antitrust settlement considered taxable income? Greetings, I received a small settlement ($100) in a state class action antitrust lawsiut against Microsoft. Is this small settlement ($100) considered taxable income for income tax purposes? I do not see why it would be taxable, but not much makes sense anymore. Thank you

Can a Minor have a credit card, if they earn a taxable income? Can a Minor have a credit card, if they earn a taxable income? My minor child has a significant taxable income,as a working actor. Since we try to keep the household income ( my and my husbands)and expenses separate from her business we would also like to keep any credit related expenses separate. She is required to "function" like an adult in terms of her business, such as paying for flights, hotels and various expenditures related to her business. In light of those facts is it possible for her to have a credit card in her name ( poss. with a co'signature of a parent)? The main reason for the credit card would be to keep an accurate accounting and to even possibly build credit for her. Yes,Her income is large enough to cover any credit card payments in a timely manner. As with any business there is the occassional need to have a credit card. Please be advised this is for a 12 year old. Thanks, The 12 year old will NOT be using the credit card at "will" , it will be for business only. She already has a debit card with a limit, to use at the mall etc.... This is an serious question, she earns 6 figures and I'm trying to make sound decisions so please answer with a "real' answer not just an opinion.

Can a Minor have a credit card, if they earn a taxable income? Can a Minor have a credit card, if they earn a taxable income? My minor child has a significant taxable income,as a working actor. Since we try to keep the household income ( my and my husbands)and expenses separate from her business we would also like to keep any credit related expenses separate. She is required to "function" like an adult in terms of her business, such as paying for flights, hotels and various expenditures related to her business. In light of those facts is it possible for her to have a credit card in her name ( poss. with a co'signature of a parent)? The main reason for the credit card would be to keep an accurate accounting and to even possibly build credit for her. Yes,Her income is large enough to cover any credit card payments in a timely manner. As with any business there is the occassional need to have a credit card. Please be advised this is for a 12 year old. Thanks, * 6 minutes ago * - 3 days left to answer. Additional Details 3 minutes ago

is a care management agreement considered taxable income? a care management agreement is a contract by which the Medicaid applicant agrees to pay a certain sum of money to a child and the child agrees to provide care management services to the parent. is this money considered taxable income to the child?

Overbooked flight... is my "free" flight voucher taxable income? Hi. I recently volunteered on an overbooked Northwest flight to be compensated by a free roundtrip ticket credit voucher, good for one year. Didn't think about the following questions until I started filling out my taxes! My questions are these. A) Is this credit voucher taxable income? B) So, am I supposed to report it to IRS on my 1040? C) Do I have to report it even if I don't use it? And, D) What dollar value would be assigned to the ticket since it's good for any value roundtrip? Thanks!

Will the tax rebate be taxable income for next years taxes? A co-worker of mine was telling me that this check that the IRS is going to be sending everyone will be taxable income. Why is it taxabel income?

To reduce the taxable income, Help? A married couple with income about 70K, have no dependents, hardly any adjustments and credits. What legitmate steps can be done to reduce the taxable income besides cash donations and/or IRA contributions? Would appreciate any suggestions. Thank you.

When filing jointly is the personal exemption added to the standard deduction for taxable income? I used an online tax calculator and I noticed that as filing jointly as a married couple we receive a $10,700 deduction in addition to another personal exemption of $6,800. Is that how it works? is the personal exemption added to the $10,700 and deducted from the gross income leaving taxable income? If we both earned $50,000 for the year will our taxable income be $50,000 - $10,700 - $6,800 = $32,500???? Thanks for any help in advance.

Income tax question........ Compute the income and taxable income of Don? Don income year ended on june 30 2004... Following are the details 1) salaries Rs. 20,000 per month in the pay scale Rs.10,000-500-25000 2) house rent 50% of basic salary 3) conveyance Rs 1,000 per month 4) receipted medical expence Rs 8000 5)utity allowence Rs 600 per month 6) Cost of living allowence 10% of basic pay per month 7) spent Rs 2000 on entertainment 8) travelling allowence Rs 10,000 9) share of profit from registered firm Rs 15,000 10) recived a sum of Rs 20,000 for delivering lecture 11) agricultural income Rs 50,000 12) he recived cash award of Rs 20,000 to boost up the sales of his firm 13) zakat was deducted Rs 10,000

Percent on taxable income and percent on income made to pay for taxes? I want to be left with $5K after taxes. 33% is the total tax rate. 33% tax on $5K is $1.5K. But, If I wanted to be left with $5K, to say that I'd have to make a total of $6.5K to pay the taxes doesn't calculate correctly because if I made 6.5K, the tax rate of 33% would apply to that total, which leaves me with $4,355. So, the 1.K seems to shortchange the taxes, I'd otherwise pay. I calculate I'd have to make $7,426.69 to be left with $5K. 33% of the 7K figure is roughly 5K. Yet, it seems when I read about taking tax breaks that would mean I wouldn't have to pay tax on $5K, third-parties just seem to say I'd save $1.5K. Is this just laziness or ignorance on their part, or am I wrong by trying to take into account what I want to be left with not just what I'd pay on the amount. And is there an economic term that accounts for this? If there is, why do business/finance writers just say you'd save 1.5K on 5K of income, not that you'd save 2.5K to be left with 5K? To bostonianinmo: Yes, I entered the wrong number in the question. I had been editing the question to try to make in the 1000 character limit and I edited out the correct 33% tax on 5K, which is 1.65 K. At one point I was using 30%, which would make the tax 1.5K on 5K. So, you are correct that I had the wrong number. In any case, the rest of the question remains. The business writers and such will say that the tax savings is 1.65K, which is true, but they never say the larger number, which you would need to make in order to HAVE 5K. This was all in regard to an FSA, a health care tax break. If you have 5K in the FSA and spend it, and that expense would be there FSA or no, than you would actually be saving appx. 2.5K. But, they always count the 1.65K only. Also, if there is an economic term for the compounding effect as shown in the 2.5K tax figure, what is it? So, apart from the math error, or at the least edit error, the rest of the question remains unanswered. Thanks.

Why is a tax refund from last year considered taxable income this year? So, I'm not looking for specific tax advice because I've already filed my 2006 taxes. But I'm still left with wondering what the answer is to this question. We received a refund in 2006 from our 2005 taxes. Now, when filing our 2006 taxes, we're supposed to declare the refund as taxable income. Why is that? It seems like it's double taxation. (I realize that double taxation happens all the time...look at the death tax!) But still, can anyone explain this to me? Please cite your sources. Thank you.

what are all taxable income? i am an employee and i want to know what are alltaxable and non taxable amount in our salary. salary has BASIC, HRA, CONVEYANCE ALLOWANCE, SPECIAL ALLOWANCE, MEDICAL REIMBURSEMENT, P.F, MEDICLAIM INSURANCE out of all this whic are taxable and non taxable. thank you in advance

how much tax in dollars is due on a taxable income of $5800?"? if your taxable income is from $4000-$7499 and your tax is $100 plus 5% of any amount above $4500.

what is the tax liability for a single individual with taxable income of $85,000? if taxable income is over 70,350 but not over 146,750 then the tax is $14,325 plus 28% and a 70,350 of the excess over. Please tell me how you get it.

Registered Partner in Ohio, Work pays for her health insurance amount they pay is added to my taxable income.. Okay so I finally got a new job that is willing to accept my registered partner as my "wife" as far as legally possible. I have insurance for her through them. The total amount that they pay out for her to have insurance is added to my taxable income for the year even though I don't actually make the extra. I do not mind paying the tax on it at all but I calculated how much I will be making next year if I just worked my regular 40hrs a week plus the extra that they pay per year for her insurance. That extra 4800 a year that they pay just barly bumps me up into a higher tax bracket. I do not know what I should do. In the long run I cannot tell if it is worth it or not. Should I just pay for her own insurance not from my job? Is it really worth it to have to pay an extra 10% in taxes?

Does anyone know if I should report claim checks that I received from AFLAC as taxable income on my tax return I currently have a short term disability policy with AFLAC and my monthly premiums are automatically drafted from my bank account. I have had this plan for at least five years and have never deducted any of my premiums on my tax returns. Therefore, I am wondering if I need to report claim checks that I received in 2006 (due to a maternity claim) as taxable income on my 2006 income tax return. Can anyone help me with this answer?

I have a package of 2.80 Lacs. May i know what would be my taxable income for whic i would have to make inves? I have a package of 2.80 Lacs. May i know what would be my taxable income for whic i would have to make investment to void taxes. HRA - 3000 CONVEYANCE - 1500 N PAYING RENT 5000 RUPPEES / M ALSO PLZ SUGGEST ME IF ANY GOOD INVESTMENT PLANS WHICH CAN SAVE TAX N PROVIDE GOOD RETURNS AS WELL '

Is income from Ebay taxable..? Hi ...I am a small time trader on Ebay... I sell mostly used stuff..and make some money out of it. Is my income taxable..? If yes..how can I reduce or save money off such taxes...

Non-taxable retirement income in CA still non-taxable in other states? If a person is receiving a non-taxable retirement income in California, will it still be non-taxable in other states, such as Tennessee or Mississippi in regards to state taxes?

If I was given a car as a tax-free gift (paid $1), is the profit from a future sale taxable (as income)? Basically, I was given a car worth $15,000, which is not taxable because it is joint property of my parents (they are allowed to give just over $20k per year of shared, physical property to a child, tax-free). I will count the sale price on the title transfer as $1. If I sell it next year, say for a $13k profit, will this add $13k to my taxable income?

Non-taxable income becoming taxable-income through RRSP? For example, if I won a lotter with the amount of $1000 (non-taxable) but for some reason I decide to contribute it into RRSP account. A month later, due to the financial need I try to withdraw the $1000 I put into RRSP. Does this money become taxable now?

Taxable income from sale of home? My grandmother recently passed and she deeded her home to the grandchildren. We took possesion of the home, this wasn't inheritance by the way, and we have sold it. From what I understand I will have to claim this money as Income for 2007. I usually just use the 1040ez form because I don't own property and I have no deductions or anything that would make me use the long form. My first question is can I still use the EZ form with this type of income? Secondly, will I get something in the mail to document these earning? I don't think the attorney is making us fill out w9's, so I'm not sure how to report this. Will this be considered as capital gains? I've heard they tax capital gains more significantly than earnings from employment. Any advice would be great. Thanks.