The Tax Questions Blog

Archive for August, 2008

Question: I need a software program that is user friendly that will calculate fed, state employer taxes for a small bus.?

Very small company but I need a program that will calculate monthly and quarterly employer taxes. Any ideas??

Answer: Check out Pensoft.com

Supervisors Eye Tax Hikes On Aircraft, Hybrids; State Cuts Could Hit Deputies, Courts Quickly

While continuing to assess the scale of service and personnel cuts that could be required as part of the FY11 budget deliberations, many supervisors are focusing on revenue-whether to increase some of the local taxes to offset real property tax declines and what impact the state's budget troubles will have on relied-upon money for localities.

How to Operate an Accounting Calculator : How to Calculate Sales Tax

A 2010 agenda

In many respects 2009 was the worst year of the worst decade in memory for North Carolinians. It was especially brutal in Charlotte, a city that once thought itself immune to financial reversals.

John McCain On Taxing Rich People

Question: (economics) The dollar wage adjusted for inflation ?

1- The dollar wage adjusted for inflation is a _______ variable.
A. stated C. nominal
B. real D. monetary

2-Which of the following statements is correct?
A. Deposits are assets of banks and reserves are liabilities of banks.
B. Deposits are assets of banks and reserves are assets of banks.
C. Deposits are liabilities of banks and reserves are liabilities of banks.
D. Deposits are liabilities of banks and reserves are assets of banks.

3-According to current tax laws, which of the following must be reported as taxable income?
A. Nominal interest earnings C. Real interest rates
B. Real interest earnings D. Inflation

4-To increase the money supply, the Fed would
A. sell government bonds. C. increase the discount rate.
B. increase the reserve requirement. D. decrease the discount rate

Answer: 1 - (b), it is the definition of real ____ in economics (ie real GDP, adjusted for inflation, et cetera)

2- (D), b/c deposits must be maintained by balanced crediting by the bank (citigroup needs to learn this) and reserves are not lent- therefore it is an asset

3- (A)-- file a tax return you'll see this, though they don't call it nominal thats what it is.

4- (D) therby making money 'cheaper'-- lowering the cost of money

Closed-End Funds Avoid Customary Year-End Sell-Off

As if municipal bond closed-end funds needed any more help, the year-end tax selling that customarily plagues the industry every December took the year off in 2009.

Veteran bond fund manager evaluates the markets

Question: Do I need to amend my 2005 return?

I received misc. non-taxable compensation on my 2006 return for an education reimbursement. I took the actual payment of the tuition (MBA Program, $12,000) as a deduction in 2005. Do I need to amend my 2005 return or can/should I simply declare the reimbursement as taxable on my 2006 return? If so, how/where do I do this on the 1040?

Thanks.

Answer: Since you received reimbursement in 2006, you must claim as income in 2006 an amount equal to the amount of the deduction taken in 2005.

List it on the Other Income line and write "Tuition Deduction Reimbursement from 2005" next to the entry.

CNN Student News: Financial Glossary

Introduction: Use this CNN Student News financial glossary to help students understand concepts about today's U.S. economy that are currently in the news.

Question: my ex husband went on disability and my children receive a social security check each month, is it taxable?

My children receive this instead of child support and I can't find a straight answer if i have to claim this as income, the checks are made out in the childrens name. Would I need to file a return in there names ?

Answer: Because it's the children's benefit, you are not be taxable. Your children would have to claim it. Unless your children had other income or they received over $50,000 in Social Security, it would not be taxable. (For each child, take one-half the Social Security amount and add it to their other income for the year. If it is not over $25,000 then they do not owe taxes on their benefit.)

The Odds of a Disability Are Themselves Odd

The disability insurance industry would love for you to buy a policy and has the scary numbers to sway you.