The Tax Questions Blog

Archive for the ‘Is This Taxable’ Category

Question: payroll tax what is included?

are all of these included in payroll tax
-ordinary wages and salaries
-Taxable Value of fringe benefit and
-employer superannuation contributions

Answer: For Victoria and NSW – yes.
Other states and territories I can’t say – but I’m guessing yes – those three are the common ones.
Check out the SRO for each state and each territories.

Older volunteers deserve to pass super work test

There is a lack of interest from both sides of politics when it comes to the work test for people aged 65 and older.

Question: if someone wants to roll overtheir 401k into a roth ira?

if someone wants to rollover their 401k into a roth ira their pretaxed 401k money will have to be turned into after taxed money durring the rollover to the roth ira. Is this money going to be taxed at the normal income tax rate for the individual so if you are in a 15% tax bracket would it be taxed at 15%. Or is it going to be claimed as ordinary income at the end of the year and taxed accordingly, in which case would be 50,000 salary plus 120,000 rollover would equal a Taxable Income of 170,000 which would equal a 35% tax bracket.

The money needs to be put in a roth ira because the preffered tax deffered retirement vehicle is a matching 401k so a traditional ira is not a option as the 401k will be kept to receive the employer contribution

Answer: You’ll get better access to people who can answer this question if you put in in the Taxes category.

Your 401(k): A vested interest

Question: My company’s 401(k) vesting period is longer than I plan to stay at my job. Should I still invest in my 401(k) knowing that I will not receive any employer matching? – Andrew, West Palm Beach, Florida Answer: The short one is, Yes, you should still contribute to your 401(k) account even if there’s [...]

“Gold Plated Health Care” Tax Glenn Beck’s Employees get screwed by the government

Question: are cash gifts received taxable?

Answer: gifts are not taxable

Gifts, Gafts, Gefts – What Constitutes a Gift and a Principled Tax Policy Justification…

Economists: Extending Tax Cuts Will Aid Recovery

Many Economists Think Letting the Bush Tax Cuts Expire Will Harm the Fragile Economy