The Tax Questions Blog

Archive for July, 2008

Question: on the suckosity scale....where does having to file a disability claim land?

Answer: For me it wouldn't have been as bad last week as it would now, My company just changed my status from Salary to Hourly because some A hole in Chicago complained that he was being overworked and was not eligible for overtime. That 1 person has screwed things up for hundreds of us across the country and all though our pay rate is the same our benefits have been reduced. My disability went from being employer paid at 100% salary to employee paid at 60% That my friend is pretty high on the suckosity scale.

The Veteran's Survival Guide: How to File and Collect on VA Claims $8.50 The Veteran Survival Guide with 270 pages - The most do-it-yourself handbook for veterans who wish to obtain federal benefits. 2.) Offers step-by-step instructions on how to prepare a well grounded claim for veteran's benefits. 3.) Provides an insider's perspective on VA's claims adjudication and appeal processes....

SOCIAL SECURITY: Apply for benefits no matter where you are

Q: My wife and I live in New Jersey, but plan to spend the winter in Florida. My wife will turn 62 while we are down south. Can she apply for benefits in Florida, or do we have to wait until we get back home to apply for retirement at our local Social Security office?

Money Management & Personal Finance : How to File for Social Security Disability

Question: Filing jointly--will I have to pay less?

I figured that I will owe over $1000 to state and federal combined. I have filed 1 married. My husband has made a lot less than me this year as he is now a student and recieved the GI bill and military settlement which is all non-taxable. Will this help me in any way to file with him if my income is substantially larger than his?

Answer: Welcome to the real world of taxes. To make this as easy as possible, just do this. Have him figure out his return, you figure out yours. Add it together. Then you file jointly, and add it together. Whichever is larger for you, take it. Note that there are many different things you can do. You can file as head of the house or even claim him as a dependent. So take a little time and plug in those different things and you might make a little extra cash.

Good Luck!!

Fitch Rates Oklahoma's $111MM GOs 'AA+'

NEW YORK----Fitch Ratings assigns an 'AA+' rating to the following State of Oklahoma general obligation bonds issued by the Oklahoma Building Bonds Commission:

Alex Jones Tv - Pelosi "Buy a $15,000 Policy or Go to Jail"

Tax Tips

Breaking News:  No Tax season is coming up, and here are some helpful answers to your personal filing questions from the Internal Revenue Service. read more

DynaTax Solutions

Question: whether TDS deducted salary from previous employer needs to be added to Taxable income with current employer?

I would like to know the INIDA INCOME TAX rules for my query.
I have received X amount of salary from my previous employer & TDS deducted was Y amount.
Current employer provide me H amount of salary. But while calculating TDS, they are adding the previous employer salary X amount to the current income H amount as X + H.
Then calculating INCOME TAX for the whole total amount as K amount of tax to be paid.
Already tax paid with previous employer Y amount has been deducted from K amount of tax to be paid as K - Y.
So I have to pay remaining K - Y amount of Tax for the current financial year.
I felt it strange as alread X amount from my previous employer has been considered for TAXATION & amount Y has been deducted as TDS.
Then why the hell to add the same X amount to new income amount H & getting a new amount X + H.
Doesn't it mean DOUBLE TAXATION for the same Salary X amount from previous employer????

Answer: Dear Mr. Aantharaj,

As per income tax and practice there is not to be need submit ur previous employers details. but for secure and plan to deduct the tax it is better to show ur previous employer's salary and TDS details. see there is not double taxation. previous employer's deducted ur tax on what ever amount u have earned from them. and current employer will deduct tax on such amount what ever u will earn or on ur salary package.
I would like to give on exmp.
Consider as ur previous employer's total earning was Rs. 110000. and TDS deducted Rs. 4000. now current employer's offer u Rs. 300000 pa gross salary. means ur total earning on March 2009 will be Rs. 410000. and current employer deduct Rs. 5000.
ut tax calculation ...
Total earning (current & previous emp, income) 410000
Tax on income 37000
Cess 1110
Total Tax payable 38110
Less - TDS (4000+5000) 9000
Tax payable 29110
means what ur tax calculating on different amount. one thing u can take exemption ur previous employer's PF amount what ever ur PF deducted by employer. So, don't worry, give ur all details and at last don't forget to take ur Form no. 16 from previous employer and file ur tax return. Best luck.....

Regard,

Hemantkumar

Is a Roth IRA Safe From Taxes?

As lawmakers wrestle with debts and deficits of epic proportions. wary taxpayers are trying to calculate the odds of making a move they will regret.

The TurboTax Rap (uncensored version)

Question: Income Tax allowances - UK?

Simple question about the tax bands,

Starting rate: 10% £0-£2,230
Basic rate: 22% £2,231-£34,600
Higher rate: 40% Over £34, 600

Does a person who earns say £40,000 pay 40% on all their taxable income or just the amount over the £34,600 band?

Thanks.

Answer: Chances are he wouldn't pay any at 40%
First you get a personal allowance which comes off your income, then the various bands apply. The rates you have quoted are for 2007/08 when the personal allowance was £5,225. So the man on £40,000 would have tax applied to £40,000 - £5225 = £34,775. He'd pay 10% tax on £2230 and 22% tax on £32,545.

Teresa Hunter: Shining example for Osborne as he wields axe

HAVE you ever been able to watch Jack Nicholson's film The Shining past the first ten or 15 minutes? Me neither, despite having tried more times than the madman wields the axe.