The Tax Questions Blog

Posts Tagged ‘Taxable Income’

Question: Has anybody filled California Schedule S - other state tax credit?

I must have made some mistake filling this tax credit bcoz I'm getting a tax credit of 40 $ when I paid over 2500$ tax to the other state. I had two employers- one in Ca and back salary from an employer in Missouri. Could anybody tell me what adjusted gross income taxable by other state means(Line 9 schedule-s)?
Is it possible that california gives such less tax credit......

Answer: When you have income from several different states, they're treated differently, either as "out of state" income or as "non-resident" income, depending on where you lived and what your situation was.

You're probably getting your refund because you counted all of your income as taxable when it wasn't.

An Analysis of the Buffett Rule $0.99 Warren Buffett, the chairman of Berkshire Hathaway, noted that he paid 17.4% of his taxable income in income and payroll taxes-"a lower percentage than was paid by any of the other 20 people" in his office. He stated that "the mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes." Within a month, the Obama Administration unveiled...

Social Security: Raising or Eliminating the Taxable Earnings Base $0.99 Social Security taxes are levied on covered earnings up to a maximum level set each year. In 2010, this maximum-or what is referred to as the taxable earnings base-is $106,800. The taxable earnings base serves as both a cap on contributions and a cap on benefits. As a contribution base, it establishes the maximum amount of each worker's earnings that is subject to the payroll tax. As a benefit bas...

The tax effect on taxable income from privately held businesses.: An article from: Southern Economic Journal $5.95 This digital document is an article from Southern Economic Journal, published by Southern Economic Association on April 1, 2005. The length of the article is 13528 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...

Hercules Technology Growth Capital Announces Its Twenty-First Consecutive Quarterly Dividend of $0.20 per Share

Hercules Technology Growth Capital, Inc. , the leading specialty finance company devoted to addressing the capital needs of venture capital and private equity-backed companies in the technology, clean technology, and life science industries at all stages of development, with over $2.0 billion in commitments since its founding, announced today that its Board of Directors has declared a fourth ...

No One Owes Taxes

Question: The only income I recieve is a fellowship, like a scholarship. Do I qualify for the Economic Stimulus rebate?

I get 16,000/yr and it's taxable income.

Answer: If this was wages paid for teaching, for example, it is qualifying income for the rebate.

You would receive a rebate if you meet the other qualifications such as citizenship and nondependency.

Help a grandchild pay for college - but don't sacrifice your retirement

GORDON STUDER/Special to DMNRemember that your grandchild can always apply for student loans to pay for college, but you can't borrow your way to a secure retirement. But once you've got that squared away, there are several options to help with education.

How to Complete a 1040A Tax Form : Do You Need a 1040A Tax Form?

Question: How do you calculate a marginal tax rate if all you get are these stats:?

Taxable Income Tax
10000 1000
15000 1750
20000 2750
25000 5000

Really appreciate it if you could show examples of how to get the marginal percentages...

Answer: Go to the www.irs.gov website and use the search box for 1040ES go to page 8 for the 2010 Tax Rate Schedules

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

Schedule X—Use if your 2010 filing status is Single

Why do nonprofits have taxable subsidiaries?: An article from: National Tax Journal $9.95 This digital document is an article from National Tax Journal, published by National Tax Association on December 1, 2008. The length of the article is 12812 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.From the author: Nonprofit organizations operat...

Deferral and spreading of Roth conversion income not always best.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA's on July 1, 2010. The length of the article is 833 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Deferral and spreading of R...

Feasibility of adjusting for price level changes in computing taxable income: A study ...

Changes Possible for SC Personal Income Tax

The Tax and Realignment Commission approved the personal state income tax Friday to reduce tax breaks for some South Carolinians.

Christopher Hitchens on a Flat Tax, Immigration and Defense Contractors (1994 Part 6)

Question: I invested in a restaurant business to collect taxable income or dividend from it. Can i deduct those expenses

Answer: If you invested in a business, no you can't deduct the cost of the investment. If it's your business and you bought items for the business, you probably can.

Amend Internal Revenue Code of 1986 to increase maximum taxable income for 15% rate bracket, provide partial exclusion from gross income for dividends ... deduction, increase IRA contribution limit. $9.56 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover...

5 Preferred Stocks With Outsized Yields

Citigroup, MetLife and three other preferred stocks are worth the risk for their high yields, a money manager says.

How to Complete a 1040EZ Tax Form : How to File a Joint Income 1040EZ Tax Form

Question: taxable income for a corporation?

on the draft of the tax return for XYZ corporation, taxable income for the calendar year was 29,182. an examination developed the following questionable items:

a. salary paid to the sole shareholder was 800,000. a reasonable salary would be 250,000

b. 100 percent deduction taken on 25,500 of business meal expenses (which is subject to the 50-percent limitation)

c. 2,500 deduction taken on country club dues.

d. mortgage interest of 12,500 paid on a hunting lodge used exclusively by the sole shareholder.

what is the correct amount of taxable income that should be reported for XYZ corporation?

Answer: The Taxable Income should have been:

. . 29,182 . . . Starting Point
+ 550,000 . . . Add $550,000 since the differential between the amount paid and the reasonable salary would be considered a deemed dividend, not a wage/salary expense.
+. .12,750 . . . Add back one-half of the disallowed portion of the business meal expense.
+. . .2,500 . . . Add back the country club dues as they are not considered a business expense (IRC 274(a)(3)).
+. .12,500 . . . Add back the mortgage interest paid on behalf of the shareholder because it's not a company business expense.

Total Taxable Income = $606,932.

Federal Income Taxation of Corporations and Stockholders in a Nutshell (Nutshell Series) $27.00 Succinct expert summary provides an overview of the fundamental issues underlying the taxation of corporations and stockholders. The text focuses on the corporation as a taxable entity and tracks the corporate life cycle from incorporation through complete liquidation. Includes discussion on nonliquidating distributions, redemptions, and stock dividends. Also addresses advanced problems in corpora...

Why do nonprofits have taxable subsidiaries?: An article from: National Tax Journal $9.95 This digital document is an article from National Tax Journal, published by National Tax Association on December 1, 2008. The length of the article is 12812 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.From the author: Nonprofit organizations operat...

Taxable and Tax Free Corporate Mergers, Acquisitions, and Lbo's (American Casebooks) $49.00 This book provides an introductory discussion of the basic tax factors involved followed by problems that require students to read closely the relevant sections of the Internal Revenue Code of 1986 and Treasury Regulations. Presents cases, rulings, notes, and problems that deal with esoteric issues. Contains many of the most significant cases and rulings on each major topic. In many instances, a ...

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We need to look at better ways of providing government services

Lecture Federal Tax Law