The Tax Questions Blog

Posts Tagged ‘taxes’

Question: What is the difference between self employment and misc. income?

What is the difference between self employment and misc. income? How would I know if I need to pay a self employment tax on some consistent side work that I'm doing? (Making under 10,000/year). I'm trying to figure out how much $ to set aside for this.

Thanks!

Answer: Misc income is income from something other than working, like prizes and gambling winnings, and sometimes for one-time things like jury duty. The income from your side job is self employment income. Figure tax of 15% plus whatever your income tax bracket is for the feds, plus whatever your state and local tax is. And you don't just set it aside, you need to make quarterly estimated payments.

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International Forecaster May 2011 (#1) - Gold, Silver, Economy + More

The following are some snippets from the most recent issue of the International Forecaster. For the full 34 page issue, please see subscription information below.

Self Employment Tax Tips : Tax Tips for Ministers

Question: Who do I write to about an inaccurate 1099 form?

I am an independant contractor who did not get paid for work completed. The contractee lied about earnigns made.

Answer: Does the 1099 state more, or less, than you actually got paid? Do you have any kind of proof that your reported earnings are correct and the 1099 isn't? You will be asked for that. If the contractee refuses to correct the 1099, notify them that you will be challenging it and file your return. Expect to be audited, so have your proof ready.

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Doug Casey: Precious Metals vs. the USD

Doug Casey: Precious Metals vs. the USD Source: Karen Roche of The Gold Report  04/29/2011 http://www.theaureport.com/pub/na/9420 One sure

Team 1099 in Atlanta-Blue Cheese Gets Bungieed!

Question: Are professional services taxable?

When having someone put in new windows on our house, we were charged sales tax on both the parts and installation labor. I thought only purchases are subject to sales tax. Is this a state law or federal?

Answer: State laws govern what's taxable and what's tax exempt. Check with your state's tax authority. See, for example, a quote from the California Board of Equalization web site:

"Retail sales of tangible personal property in California are generally subject to sales tax. Examples of tangible personal property include such items as furniture, giftware, toys, antiques, clothing, and so forth. In addition, some service and labor costs are subject to sales tax if they result in the creation of tangible personal property."

Gaugers' Weighing Manual, Embracing Regulations and Tables for Determining the Taxable Quantity of Distilled Spirits by Weighing $25.22 This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continu...

Gaugers weighing manual: embracing regulations and tables for determining the taxable quantity of distilled spirits by weighing ; November 1, 1900 $25.67 This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continu...

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 benef...

Millions in profits and a tax bill ($0) to envy

They are high-tech companies, financial players, and manufacturers. What they all have in common: They paid no federal income taxes last year, despite making millions of dollars in profits.

HST for physicians, doctors, dentists, and medical practitioners in Canada

Question: When someone asks a question about the rich getting tax breaks Why are they assumed to be poor?

The society I want to live in provides a good public education, good military defense, good roads and other public services. These things don't come cheap. I've gotten many benefits from this society why shouldn't I pay more? Why should the middle and working class be taxed beyond their means. This is what WILL happen if the rich and upper middle get more breaks.

Answer: Well what would make it fair would be major corporations stop getting tax breaks when they outsource jobs, If companies truly paid their fair share of taxes the burden would not be so great on the american people.

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Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens $16.78 A thrilling ride inside the world of tax havens and corporate mastermindsWhile the United States experiences recession and economic stagnation and European countries face bankruptcy, experts struggle to make sense of the crisis. Nicholas Shaxson, a former correspondent for the Financial Times and The Economist, argues that tax havens are a central cause of all these disasters.In this hard hitting ...

Tax on Speculation Could Be Blocked Under TPPA

Tax Justice supports the NZ Not For Sale campaign, which is opposing the National-led government’s behind-the-scenes negotiation of the Trans-Pacific Partnership Agreement (TPPA).

Ben Stein-Tax the Rich

Question: how do i determine the taxable amount on 1040a line 12a and 12b?

Answer: You have received a 1099-R from one or more retirement plans. The short of it is that you will see the gross in Box 1 and the taxable amount in Box 3. Very nearly always, there will be a number within Box 2. Usually it will be "7". That means that your IRA, pension or annuity withdrawal is fully taxable, unfortunately. Very rarely is there an exceptoin. If there's a "2", you can look in to it, but nearly always it is taxable. The 1099-R will show the taxable amount about 2/3 of the time. Usually, there will be no doubt. You should call the toll-free number if there is. Rarely, you will not be able to get an answer, so you could call the IRS number at 1-829-3676 or 1-800-829-1954.

The nitty gritty is that the taxable amount is usually 100% of the amount of the pension or annuity. The very nature of the beast means you will have to pay tax when you receive a 1099-R. You may get Federal income tax withheld if you choose. I would send in estimated tax: a little in April and June, then a little more in Sept and enough in Dec to make I'm covered and still have some money for the bills during the year.

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Table 4.B10--number of workers with Social Security (OASDI) taxable earnings, amount taxable, and contributions, by state or other area and type of ... An article from: Social Security Bulletin $9.95 This digital document is an article from Social Security Bulletin, published by Thomson Gale on January 1, 2006. The length of the article is 1324 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 DetailsTitle: Ta...

Table 4.B9--number of self-employed workers, by sex and amount of taxable earnings, 1992-2004 (in thousands).(4.B OASDI: Covered Workers)(Statistical table): An article from: Social Security Bulletin $9.95 This digital document is an article from Social Security Bulletin, published by Thomson Gale on January 1, 2006. The length of the article is 1006 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 DetailsTitle: Ta...

Irrevocability rule on the option to carry over excess income tax

Under Section 76 of the Tax Code, a taxable corporation whose total quarterly tax payments during the taxable year is not equal to the total tax due on the entire taxable income of that year, shall (1) pay the balance of tax still due, (2) carry-over the excess credit, or (3) be credited or refunded with the excess amount paid, as the case maybe.

Memphis attorney Vincent Perryman discusses Estate Planning on legalease with Bill Jones part 2