The Tax Questions Blog

Archive for November, 2008

Question: How much do I take home after tax in Virginia?

Hi.

In Virginia, how much can a person making $85,000 per year take home after social security/healthcare tax/federal/state incomes taxes?

Thank you.

Answer: Dear GC: Federal income tax = $14,900 Soc Sec & Medicare = $5950 VA = $3400 (est)

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more Errol Quinn Enrolled Agent

Keurig Platinum Gourmet Single Cup Coffee & Tea Brewing System 60 K-Cups & My K-Cup Reusable Filter $176.55 Deliciously simple® in less than 60 seconds! Everyone's taste in coffee is different. You love dark roast while your spouse prefers light roast. Your best friend drinks decaf, your next-door neighbor drinks tea and the kids want hot cocoa. With over 200 varieties of coffee, tea and hot cocoa to choose from, Keurig® makes it possible for everyone to brew their own perfect cup in less than a minu...

This Is Elvis (Two-Disc Special Edition) $10.48 Originally released in 1981, Andrew Solt and Malcolm Leo's This Is Elvis was one of the first in-depth examinations of the life and work of Elvis Presley. Issued here in a two-disc set that pairs the theatrical version with a 1983 re-edit that adds some 40 minutes to the original, it combines newsreel footage, home movies, television and movie clips, and extensive re-enactments in an absorbing bio...

Revolver $10.99 Revolver wouldn't remain the Beatles' most ambitious LP for long, but many fans--including this one--remember it as their best. An object lesson in fitting great songwriting into experimental production and genre play, this is also a record whose influence extends far beyond mere they-was-the-greatest cheerleading. Putting McCartney's more traditionally melodic "Here, There and Everywhere" and "Fo...

How Mich. gov candidates would handle business tax

A look at how the 2010 gubernatorial candidates say they would deal with business taxes:

How To: Check Your 2009 Tax Withholding September 2009

Question: Wages earned by a worker at a casual fast-food restaurant are taxable nontaxable?

13: Wages earned by a worker at a casual fast-food restaurant are
A. Taxable
B. Nontaxable
--
--

14: Tips earned by a server in a fashionable restaurant are
A. Taxable
B. Nontaxable
--
--

15: Overtime pay earned by a construction worker for working extra hours to complete a project on time is
A. Taxable
B. Nontaxable
--
--

16: Bonus given to a salesperson for making the most sales during the month is
A. Taxable
B. Nontaxable
--
--

17: Free lawn care service for a month for a mailroom employee who developed a handbook for new employees is
A. Taxable
B. Nontaxable
--
--

18: Interest income is earned on all of the following except
A. U.S Saving Bonds.
B. rental properties.
C. deposits in savings accounts
D. deposits in credit union accounts.

Answer: All income, from whatever source derived is taxable. Thus, in questions 13 through 16, the income would be taxable.

In question 17, I am assuming that the lawn care was somehow given in exchange for the rights to the handbook. If this is the case, then the value of the services would also be taxable.

In question 18, all yield interest income except B, rental properties, which would yield rental income. However, the interest income on a US savings bond can be tax free under certain circumstances.

Target stock acquired in anticipation of merger counts toward the continuity-of-interest requirement for subsequent nontaxable reorganization.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA's on January 1, 1996. The length of the article is 493 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: T...

Bill Baker: Spoof Predictions for 2010 and Beyond

With each New Year, predictions thought out to be sagacious and sometimes offbeat are advanced by the gurus of Wall Street. The consensus this year...

Cash-strapped cities, state cracking down with tax audits, some say

Cash-strapped municipalities and the state are getting more aggressive in their tax audits, according to tax accountants, lawyers and some businesses whose books are under review.

author Paul Roberts and the end of food

Question: is the amount of council tax i pay dependent on the duration of my tennancy or per annum ?

i.e. my brother and me have recieved a council tax bill for about £1200 for the year but our tenancy agreement is for only 8 months- do we have to pay a whole years council tax?

Answer: You have to pay it all (instalment arrangements are usually available over a ten month period), but you will then be able to claim it back once you move out.

Springfield weighs how to cover jail costs.(Government)(A poll shows a majority of voters rejecting plans to increase taxes to pay for operations): An article from: The Register-Guard (Eugene, OR) $5.95 This digital document is an article from The Register-Guard (Eugene, OR), published by Thomson Gale on November 15, 2005. The length of the article is 676 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsT...

Hesperia OKs tax hike survey

HESPERIA • In the near future, Hesperians will be asked how they feel about the city raising taxes to pay for more police and fire service. On a 3-2 vote at Tuesday night’s meeting, the Hesperia City Council approved paying up to $40,000 to...

The struggle to pay council tax

Question: Want to form an LLC in Arizona, but I need tons of help.?

So here's the deal, I'm a 19 year old in a band in Phoenix and we are going on a big tour this summer. A friend mentioned to me something about forming an LLC to protect ourselves incase we get in any kind of accident, at which point I looked into it further. The more I look into it, the better it sounds. But I don't have the slightest idea where to start. I would think we would be taxed as a sole proprietorship, under my name, but how would our taxes work if our only source of income is from selling t shirts, and that occurs in a different state every night? Our profit from that usually ends up being anywhere from $500-1000 / night, is that all taxable? And if so, would our high list of expenses be deductible from that? And then, how do we prove any sort transaction, since we don't print recepts with each sale? The only real records we keep are handwritten tally's each night. Thanks!

Answer: All very good questions. I think in your particular situation, it would not be a bad idea to talk with an attorney and/or a CPA. In Arizona (and just about any other state as well), the forming of a corporation or LLC is pretty easy. You can go to the Arizona Corporations Commission site and register your name, fill out the easy forms and have it filed. However, if you intend on forming a corporation or LLC because you intend on having that entity shelter you from high taxation's, you better know what is the correct entity to have. That is where your CPA and/or attorney would come in. It might cost you a couple of hundred bucks, but if you are serious about what you are doing, it will save you thousands in the long run.

Good luck, and happy touring.

Ballast Nedam Half-Year Figures 2010: Results on Target, Forecast for 2010 Upheld

Higher Operating Profit for 1st Half-Year: EUR 6 Million (1st Half-Year