Louisville BusinessDaily - Income Knowledge Base

Income Knowledge Base

Income .......... ++++++++++? Which income numbers better predict future profits?

How is income separated between business income and S-Corp income? My friend is a professional snowboarder who set up an S Corp last year at his accountant's insistence. He has parted ways with the accountant and wants to file on his own, but on the "Income tax summary" he received from his accountant last year, there is "Business income" and "Rent, royalty, partnership, SCorp, Trust" income and he has amounts in both areas. My question is how the accounant determined which amounts belonged in which areas--his income comes directly from his sponsors and he gets 1099 forms from them, and the only other income he has is from contest wins. He is the only owner/employee of the SCorp and does not have any complex accounting issues. I pretty much just want to know if income needs to be separated (onto Schedules C and E) and how this is done. Thanks!

Transfer of Rental income to spouse and interest earned from such income - Is it taxable on transferor? I am planning to transfer the rental income from my house to my wife account for her personal expenses. I will club the rental income in my total income and accordingly paying the tax. Is any interest earned in my wife's account (from the rental income) to be clubbed in my total income?

What are the firms income tax liability and its after tax income? What are the company's marginal and average The Tally Corporation had a taxable income of $365,000 from operations after all operating costs but before (1) interest changes of $50,000, (2) dividends received of $15,000 (3) dividends paid of $25,000 and (4) income taxes. What are the firms income tax liability and its after tax income? What are the company's marginal and average tax rates on taxable income?

What is the annual income I should write on the form I-864, Total income or adjusted gross income? I'm self employed, and, in my tax return my total income is enough to be a sponsor, but after "self employed taxes", my adjusted gross income falls a little behind the line. They ask to write my adjusted gross income for the last three yeas, I understand that, but I don't know what to write on line 23 where they ask my "individual annual income". Any help? Thanks Ok, just to be sure, so it's not adjusted gross income?

How mucy should I put aside to pay income tax in Illinois? Hi, I am a Illinois resident and currently doing an internship in Florida. I will be here only for 13 weeks and my expected income from this internship is $9880. I also have other sources of income from Illinois, so my expected total income for this year will be around 45~50K. I heard that when I file an income tax report in Illinois, I will have to pay state income tax to Illinois for the Florida income portion, since Florida does not collect income tax. Out of the income of $9880, how much should I put aside? Thank you in advance for your answers.

Is Rental Income considered in the calculation of the business income limitation for Section 179 expense? Under what conditions would rental income be considered an active trade or business income for determining the business income limitation for section 179 expense? I cannot seem to find any concrete evidence either way on this.

What is the difference between an income tax and a payroll tax? What is the difference between an income tax and a payroll tax? A. Income taxes reduce the demand for harmful goods while payroll taxes don't affect this demand. B. Income taxes are collected based on income while payroll taxes are collected based on wealth. C. Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs. D. Income taxes increase the purchasing power of the government while payroll taxes increase the purchasing power of workers.

What income level families can afford computers? I'm doing research on Peterborough, Ontario and families affordability when it comes to computers. (But this can be looked at from an North American family POV) As the age of technology is advancing, some technology is become cheaper. What the bottom line is, I would like to know what class of family can afford computers. Where is the affordability line drawn? Which of the following options below would you say is the minimum for the ability for a family to afford the cost of a computer? (I know some figure below are obvious that those types of families can afford a computer, but I want to know WHERE does the get drawn?) What is the exact, absolute minimum income of a family to be able to afford a computer. I suppose that this question could be asked on any global scale, but at least in North America. What do you think personally? What do you know through a research? (if you do find a helpful site for me, please post it!) Persons with income under $5,000 Persons with income of $5,000 and over Persons with income of $10,000 and over Persons with income of $15,000 and over Persons with income of $20,000 and over Persons with income of $25,000 and over Persons with income of $35,000 and over Persons with income of $50,000 and over Persons with income of $75,000 and over Persons with income of $100,000 and over Persons with income of $150,000 and over Persons with income of $200,000 and over Persons with income of $250,000 and over Thanks in advance to all who'll state their input.

What is income Tax expense a percetage of? I have an adjusting journal entry that says Income Tax Expense is .32 with no extraordinary or unusual items to consider in this calculation. What is this a percentage of? What is the calculation? I have the entry as a debt to Income Tax Expense and a Credit to Income Tax Payable.

Will US income grow if illegal immigrants start paying taxes to US government? If all the illegal immigrants start paying income tax ( not all of them pay income taxes) will it help US economy from debt over the years? Also if they do get legal what could happen to the economy. because they already have jobs, illegally. So making them legal to work in US could or could not help the Government by more income ? let me know what you may think.

How net income and gross profit are likely to be affected after adding a new product line? hey guys I have a question about net income and gross profit. How gross income and net income are likely to be affected when a company add a new line beside their traditional line? thanks hey guys I have a question about net income and gross profit. How gross income and net income are likely to be affected when a company add a new line beside their traditional line? if a cereal company adds a new line that is related to its previous line ( new cereal and food and grain-based products ) but outside their traditional line, what will happen to their net income and gross profit? thanks if a cereal company adds a new line that is related to its previous line ( new cereal and food and grain-based products ) but outside their traditional line, what will happen to their net income and gross profit? thanks

How is Income verified when you do a document income loan? How do they verify your income? If you do a documented income loan for a home refi?

How much income tax do savings cost? I've heard that you only have to pay income tax on savings accounts if you take out money. Is that true? If you do take out money how much do you have to pay. What if you took out money to pay for classes, will you have to pay less income tax; how much less? What other things can you buy that will cost you less or no income tax? Can you give me an example?

What is the maximum income I can make and not be required to file income taxes? I have been on SSA the past 7 years and have not filed income taxes. I am a full-time student. Last year, I did work some to supplement my income but it was under $9,000 for the full year, do i need to file income taxes? I claimed exempt all year so did not pay in anything.

Are state income taxes based on the address of the employer or the employee? I worked in New York over the summer, but I'm a California resident, and I used my California address for all the paperwork, so that's the address listed on my W-2 (and also where all my paychecks were sent). I have to file tax returns for both states either way, but I'm not sure whether to list my summer pay as NY or CA income. Is what state my income was earned in determined by my employer's address, or by my address as listed on my W-2? If it's considered NY income, then do I file my CA tax return as a part-year resident, or will I have to CA tax on it as well?

How is income from the sale of my equity share of a business taxed? Last year I worked for a startup as an independent contractor. I was paid in cash and also given equity shares. The company sold a few weeks ago and I received cash from the buyer in exchange for my shares. I know I'm going to have to pay taxes on it but I wonder if it is investment income or wage income? I read the IRS publication on income (#525) but that seemed to focus on 'stock options' which i believe is something different. I would love some help and advise from your experience. Thanks, Yoink!

What is the procedure to submit income tax? I am employed in an UGC recognized state govt aided college. This is the first time I am subjected to income tax deduction and I would like to get my doubts clarified regarding it. First, is it compulsory for the college authority to deduct the income tax considering all kinds of income (salary, fixed deposit, bank interest) or can I submit the income tax through my personal tax consultant? What if I make mistake in calculating my income tax (more or less than the actual amount)? Second, when is form no. 16 required in the process?

How do I retroactively transfer personal income to my new business? I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet. I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax. Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done? The income was received within the 2006 tax year, so I'm assuming i may need to start the LLC within 2006 as well?

How do state income taxes work when working in MI and living in TN? I recently moved from Michigan to Tennessee, and am continuing to work remotely for the same company. I understand that under normal circumstances, the two states would do some sort of weird mathematical equation behind the scenes to figure who gets how much tax on my income. How does this work in Tennessee, which has no state income tax on wages? Have I chosen poorly by moving to a state where sales tax is higher to help compensate for the lack of income tax, or will I get some sort of credit next year?

What income threshold is there for private high school financial aid? Our son is applying to private high schools in our city, which has a very high cost of living. The private school that he attends now has families who appear to be pretty well off who are receiving financial aid. Is there an income level above which you just shouldn't bother applying? The whole process is mystifying, but with high school tuition here nearing $30k per year, we feel like we need help even with our relatively high income.

Can my fiances income be combined with mine on a home loan to increase what we can be approved for? My fiance who is younger, has almost no credit history, but does have a good job with nice income, and no debt. We are planning a marriage soon, and are looking at homes together. I have been doing everything myself, but was wondering if we could go-in together so that we have more income per month, and a much better income-debt ratio? Would this allow us to be approved for more?? Thanks for your feedback!

what is the income you have to be below in order not to file taxes? my mom gets her social security check plus 2 others. her and my dad never had to file income taxes cause their income was too low. i just need to reck hers and make sure she doesnt need to file income tax. my dad died last year.

How does rental income on a 1st mortgage affect mortgage affordability on a second home? For example if my 1st mortgage is $1000 per month and i charge a rental income of $1000 per month, is it a wash? Or do i get the $1000 rental income added to my gross monthly income and have the $1000 mortgage payment added to my monthly liabilities?

Is income earned through the federal work study program taxable? We recieved a w-2 for the income, but the job is provided through the financial aid program, so i didnt expect it to be taxed. plus, no taxes of any kind were taken out on the w-2. I am assuming that i should probably include it with the rest of our income. does anybody elsehave any experience with this? Thanks, and please don't answer unless you happen to know what you're talking about.

Do we pay income tax to the state we live in or the one we work in? I've never really thought of it because I've always lived in the state I worked in. I know someone looking to move to Portland,OR (where they have a huge income tax but no sales tax). Vancouver, WA is only a 15 minute drive away, so she's thinking of moving there (where there is no income tax and a huge sales tax). Will she pay income tax to Oregon because she'll work there or will she be spared because she'll live in Washington?

What amount of income is considered a middle class income for a single person? What amount of income do people consider to be "A middle class income" for a single person with no children? Does it start at $40,000, $50,000, or $60,000? I want to hear opinions.

What is the minumum income in order to report and pay taxes? What is the minumum annual income for reporting your income to the IRS? What is the minumum annual income for paying taxes to the IRS?

What is considered to be a sales income for bank? I am finding out profit margin on sales ratio but I am confused what can be considered as a sale income for bank since they do not sell any products. I looked at the annual report and all i can find is Interest income and other operating income. Please let me know if int income or other operating income can be considered as sale?

How much Income do I need to have in order for me to be considered a legal independent person? How much Income do I need to have in order for me to be considered a legal independent person? I am over 18, and I need to be independent, how much income do I need to earn?

How much income is needed to be able to file income tax in IL? I made close to $4,000 last year and I have two dependents and I was wondering is it enough to file income tax and if so, what is the estimated amount I may get back? Thanks.

What proportion of your income should be spent on car payments ? I was wondering what proportion of your income should be spent on car payments. If you should only spend no more than 25% and of your income on rent to be safe financially, I am assuming that no more than 10% of your income should be spent on car payments. Is this a good estimate of how much money I should spend on my next new car yearly?

Foreclosure: What income determines what type of loan modification program you qualify for? My relative is in foreclosure. He's been in contact with the lender and is trying to work out a modification. They ask about income, rental property, all expenses, etc, then determine what type of program you qualify for. What determines which plan? They have said that he may not qualify for any based on his income. Is there a certain calculator they use or a certain percentage?

What are all the Income tax deductions in a Payroll from Philadelphia PA? My husband is getting paid $12/hr this payroll gross was $918. The deductions are $278.40 (child support) and all the other taxes deductions. I see everything in order but they started also holding Philadelphia local Income tax for $88.04. I did know about Federal Income tax and PA income tax but this Philadelphia taxes I never herd of them and the withold amount is almost 3 times higher than the PA one. So he is only receiving $ $344.28 this payroll. Is this right?

What annual income is needed to buy a $325,000 house? I am planning to purchase my first home in the next 6 months. Just wondering what is the average yearly income requirements are for a mortgage loan of this amount? My annual income is just over $90,000 will I qualify?

How much Income do I need to have in order for me to be considered a financially independent person? How much Income do I need to have in order for me to be considered a financially independent person? I am over 18, and I need to be financially independent, how much income do I need to earn?

What percentage of your income should you spend on a mortgage? I dont want to overextend my budget? Im 25, I am in shock when i see my friends (same age, same entry level income) go out and buy 250k-300k houses like its nothing. They dont have 20 bucks to fill up the gas tank but they can afford 250k house??? I dont want to be in their position where 90% of their income goes to mortgage, without having any savings on hand. what is a proper mortgage payment/income ratio?

When filing income taxes, what to do if the loss is greater then the total annual income? Can you still write off the loss, if it exceeds the total annual income? The loss was due to a bad real estate investment. Vacant land that i had to sale for only 1/3 my purchase price, due to declined market. That loss is greater then my annual income.

What is the Amount of Income Required To File a Tax Return? Hi, (1) Can somebody please tell me what amount of income requires you to file a federal & state & social security taxes for each of the year since 1990 ? ( I mean filing Requirement for an unmarried single Person ) I need to know for each of those years.I am single unmarried individual. (2) If my income is below the filing requirement amount, am I still suppose to file for a state tax return ? If yes where can I get the tax rate table & forms for all those years ? (3) If income is below the filing requirement amount, am I suppose to file for social security tax ? If yes, where can I get the tax rate tables & forms for all those years ? (4) Where can I find the tax rate schedules for each of those years for all 3 Federal, state & Social security taxes ? (5) If the filing requirement amount was say $10,000.00, is that amount after the standard deduction of $3600.00 for an individual or how does it work ? I would really appreciate all the help. Thank You.

How can we divide tax income and expenses? My boyfriend and I are planning to start selling things on eBay. We want to split the income. Obviously the account will need to be set up through just one of us for now as we begin and see if it is something worth doing. I know the basics of how taxes work with sole proprietorships in terms of paying tax on income and keeping records of expenses, but how can I "pay" him, vise versa or divide the income? We don't want to combine our taxes in any other way.

How will my loss of income affect the child support I receive? When filing for child support, I had an income to report in the case. I just began receiving child support checks, but I no longer have an income. Do I need to report the fact that I no longer have an income? Will that have an affect on the case, or change the amount I receive?

What is a solid Residual Income Opportunity that will teach me to make extra income from home? Hi I am a strong believer in personal development and am looking for residual income business opportunity that will allow me to make extra income from home. Any ideas along that line? I hate lotion/potion companies (as do my friends and family) so, any ideas/suggestions along the lines of internet marketing?

How do I have to report sweepstakes income if I sell the prize? I won a prize back in August 2006 worth almost as much as a car (about $9000). I still have it, but have never used it, and was just waiting for winter to end so I could decide if I want to keep it or sell it. I already paid sales tax on it. But, for income tax purposes, I am assuming I have to report the entire value as 2006 income. That's fine, but what if I sell the item in 2007 for less than it's worth (say $7500)??? Can I then declare my sweepstakes income for 2006 as $7500, or do I have to report the whole thing? it's going to be hard enough to pay federal + state income tax on an extra $7500 let alone the full $9000. Thanks I finally received the prize in December, when I couldn't use it or sell it. I'm still waiting for a 1099, but since I know the exact value that's what I was expecting to have to claim on my taxes.

What is my responsibility to income taxes as a professional poker player? I have been playing poker professionally for the past few months and semi professional for awhile before that. I'm wondering what my responsibility is going to be to income taxes? Obviously the government is going to wonder how my house payment is being paid every month when I'm not showing any taxable income. What am I going to have to do come next tax season? Would it be a good idea to somehow launder my income by opening up a front business? Any advice will be appreciated. Thanks in advance!!

How is NJ and Federal Estate and Income Tax handled for annuities and life insurance? Serving as executor - both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate on the income tax - assuming there is a income tax liability.

When you received social security income, do you have to report it to the IRS? For a married couple that are 68 & 64 years old and have received 24K in Social Security benefits, 3k in pension distributions, and 2K in interest income, is it required for them to file their taxes? It was my understanding that SS income was not taxable, but im not too sure about the pension and interest income. Can you please note where you got this information from? there were no federal tax withheld from the 1099R.

How do I report internationl income for my California based LLC? I just want to know how I would report international income on my IRS tax return. We own a service business and now have international partners who generate income for our company. The money is deposited in our international bank accounts then transferred to our business bank in the USA. How do we report this income to make sure we are in full compliance with existing law?

Can I exclude my foreign income when filing jointly with my husband whose tax status is a resident alien? I was internally transfered (within the same company) from Singapore to CA in June 2007 and are now working permanently at US. I do have incomes earned when working at Singapore, which is not covered on my w-2 form. If I file jointly with my husband as a resident alien, do I have to treat my singapore income as part of my income?

How does a rental mortgage and rental income affect your debt ratio? For instance: Is it $1500 rental income - $1000 rental mortgage = $500 added to your income only or Is $1500 of rental income added to your total income and $1000 added to your total debt and they are considered separate of each other in the ratio?

What percent of your current income is needed for retirement? My retirement income will be approx 60% of my current income. I will not have social security income. My 401K and other savings will add about another 20 to 25. It this realistic?

What is the amount of income that will be allocated to each partner using the details below? A and B are partners. at the beginning of the current year, A's capital account is $30000, and B's is $50000. A and B decided to allocate income with 10% interest on capital balances at the beginning of the period and divide the balance equally. Net income for the current year is $80000. Each partner withdrew $150000 for personal use during the year. What is the amount of income that will be allocated to each partner?

How do I predict the income of a planned website ? How do I predict the income of a planned website based on income from ads when I dont know how many visitors there will be at any given month/week/day and also I dont know the how much i'll get paid for every click made? (planning to use google adsense or yahoo ads) any ideas? how would I build a business plan for such a website? Can you recommend me of any companies that help you calculate your predicted income? How do big websites predict their income? they dont just shot and wish for luck, I guess.

Can income earned from foreign embassies or consulates be treated as foreign income for tax purposes? I have been working in a foreign embassy since 2007 and now that its time to file the taxes I am just wondering if my income can be treated as a foreign income(non-taxable) since i'm paid by a foreign government(for whose embassy i work). Also if it cannot be treated as a foreign income, where should i report it? I receive my salary by check, and since its an embassy they don't give me a W-2 or a 1099.

How do I file state income tax for two different states? I lived in two different states during the 2009 tax year. On my federal tax, my 2 incomes are obviously combined. For the state forms, they ask you to enter information entered on the federal return. However, shouldn't I only report the income I earned in that particular state for which state withholding tax was withdrawn? If so, how to I make adjustments when it asks for my federal adjusted gross income?

Income..............? If you have 5 children, what should your households income be per year?

How does an assessee prove to ITO the income reported was all they had received? My wife filed a return of income with taxable income below taxation limits. Source of income tutions and rental. Tution income was received in cash. ITO says the onus is on her to prove that her income was not more than what was reported. How does one do this?

What readings do you suggest about why income tax was introduced? So many of our founding fathers strongly oppose income tax. Federal income tax and other income taxes wasn't introduced until the mid to late 1800's and in 1913. This is after all our founding fathers are gone or dead. Any readings you recommend to find out why income tax was introduced?

Ways to reduce income tax when you began making IRA withdrawals? Any ideas to save on income tax before one has to start making withdrawals from IRA? I thought one way would be if you're 67 years old and you know you will have major medical expenses in these next 2 years, should you withdraw some out of your IRA since you will be able to deduct the medical expenses from your taxes? Otherwise, if you wait till 70 1/2, then you will not have the deduction benefit. Any other ways to save income tax when you start making IRA withdrawals? great answers so far. The medical expenses are for procedures to be done this year and the next year, afterwards the amount spent on medical expenses will be less than the 7.5% of income required (no more procedures needed- otherwise healthy person).

What % of yearly income to deduct health care from taxes? How much of your salary do you have to pay in health care premiums and out of pocket expenses (like clinic bills) to be able to itemize them and use them as a deduction on your federal taxes? I've added it all up, premiums and out-of-pocket expenses, and co-pays at clinics and dental offices and it's about 17% of our yearly income.(somewhere around 7-8 grand) Is this enough of our income to qualify to do this? And how much of that amount do you usually get back? Thanks And how much of what you deduct do you get back?!

Is the tax rate higher for income or capital gains? I've already accumulated about $45,000 in short term capital gains this year. I need to liquidate another $40,000 in stocks or sell part of an inherited IRA which, as I understand, will be taxed as income. Is the tax hit going to be the same either way? Last year I had taxable income of about $53,000 with next to no capital gains. This year I expect about the same taxable income plus the capital gains.

Can your state income tax be a deduction on your federal taxes? I am doing my taxes by myself for the first time, and I heard somewhere that your state income taxes can be a write off on your federal income tax. Is that true?

What is the income requirement for renting an apt in Atlanta? I'm looking to get a place with my girlfriend. Does anyone know if the income requirement is based on both of our income together or individually? Thanks.

What is the difference between the Foreign Earned Income Exclusion and the Foreign Tax Credit? I am a US Citizens living abroad. I am in the process of filing tax return for 2008 for foreign earned income based on IRS' publication 54. Our earned income has already been taxed once by the country we live in. I see that there are two ways to avoid double taxation on your income -the foreign earned income exclusion and the foreign tax credit. Can somebody please explain the difference between the two and point out advantages to use one over another?

Why do low income families in the US receive a bigger tax check from the government at the end of the year? I need to know why, and how the income distribution works, and where the money returned to these low income families come from. Serious answers please. I know the money comes from the Gov't, but where is the Gov't getting this money to spend?

What is the income limit before you have to pay taxes? We are a family of five, me, my husband, an eight, four, and two year old kids. We always file a joint return and I don't work. This year our income was $27,758. This year my husband got a raise and I am scared that we might have to pay taxes back to the IRS. I have heard that as long as your yearly income doesn't exceed $30,000 you don't have to pay back taxes.we live in the state of south carolina.

What percentage of my after tax income should I save every month? My after tax income (including bonus and interest income) is approximately US$325K per month. I am a professional and my job is relatively steady (been with the same company for more than 5 years). What percentage of my after tax income should I be saving (either for retirement or a rainy day)? Obviously, it is better to save as much as possible. But I guess I want to know what percentage is a prudent guideline. Thanks

What is an income-restricted rental/housing community and how is a property determined to be such a community? There is an apartment complex near where I work, and it is an "income-restricted" housing community where in order to be a tenant, your income cannot *EXCEED* a certain (i.e. there is a maximum to how much your income can be). I am not sure I understand the purpose of having such a community, especially when the rental rates are as high as, or higher than, rental rates in comparable properties nearby - as is the case for this place. What is the purpose of having an income-restricted rental property like this one, who decides that a property is income-restriced (and what is taken into account to do this) and who is benefiting from them?

How should unearned income be shown on a balance sheet and income statement? Suppose that during a given year, I receive payments of $50,000. During this year, $30,000 of these payments have not yet been earned. Should the $50k go as revenue on my income statement? Should the $30k go as a liability on my balance sheet? How should I represent all of this in the liability section of my balance sheet? Thanks in advance.

What is the income guidelines for a habitat for humanity house? I didn't see it on the website. Is there an income guideline for number of people living in the house compaired to the income, if so what is it (where can I find it)? Thanks!~ NO! And I don't appreciate your answer! We just happen to live within our means is all. You shouldn't be allowed to make such mean jestures. FOR EVERYONE ELSE: Nevermind, we qualify for a home loan elsewhere so we aren't approved in our county. Thank you for your time.

What type of income is group term life insurance, when doing an income tax return? There are so many types of income, but under which one does it go?

On fixed income investements are the monthly dividend payouts taxed at the 15% dividend rate or is it income? Are the monthly dividends considered straight income ot be added to your yearly income or are these texed at 15% rate. I am talking about taxable fixed income investments.

What percentage of your income goes towards your mortgage payments? If you don't mind my asking, I'm trying to figure out what a reasonable percent of my income is to be going towards a mortgage payment. My partner and I make around $6500 gross monthly, and I'm wondering what percent of that we could reasonably spend on a mortgage without getting in over our heads. We have no other debt, but have normal bills like utilities and car insurance. If you don't mind could you please give me an idea of what you earn and what you put towards your mortgage? Or what percent of your gross income goes towards your mortgage payments? Thanks so much!

Foreign earned income exclusion and Traditional IRA to Roth IRA conversion taxes/ capital gains? I qualify for foreign earned income exclusion. This shows as a negative on income on the tax form. If I convert a traditional IRA to a Roth IRA, the IRS will withhold some taxes. Since my income is negative, can I get these taxes back at the end of the year? Alternatively, can my negative income offset capital gain taxes? Using the Turbotax program, it takes the value from form 2555, and places it as a negative number in form 1040. Reading the instructions from form 2555, it says to place the value in parenthesis which indicates a negative, correct?

What is a fair income and capital gains tax rate for the rich to pay? In 2006 the top 2% paid 60% of all income taxes but earned only 30% of the income. Shouldn't we lower their tax rate to make it more fair?

What is the minimum income one would have to earn before paying income taxes in Utah as of 2007? I found an awnser to this question but it is 10 months old, so the information to the question is outdated. If say, for example you made money on music lessons for 15$ per lesson and you have 10-20 clients depending on the month. And each client has once a week lessons. Let's see for example, you make $1000-1500/month. Would you pay Income Taxes? Or would you just file paperwork for the IRS to pay Social Security? I can research this question on the official internal revenue service but it might take a few hours before I find my awnser. But anyway if you can find the awnser before I do it would be nice.

How will my current income be effected if I register an ABN and begin running a small business on the side? (Australia) I work a full-time job as an employee. I want to hold CM craft workshops on the side to help me pay off some debts. I believe I will need to register an ABN so I can purchase and make sales of goods. How will the income (though not very sizeable) effect my current income - will I be taxed more for earning more, or might the costs and running fees of the business offset the tax. Yep, I need to see an accountant - but just looking for basic advice here first so I can get a basic understanding.

How do I report income from a privately owned business? Two friends and I co-own a very small S-corp business that generates about $5000 a year in total revenue. This year, we each received $500 in income from this business. What forms should we use to report this income?

What is the minimum income one earns for one to fill out an income tax form? I worked over the summer and my salary was 2500. However, they already took taxes out and I only got 2100. I already filled out a W4 form before I started work. Would I still have to file an income tax form with a salary like this? Also, will I be getting some of that 400 dollars back during tax return time? I'm 22 yrs old. So would I be given my full 400 back?

What ways can an artist build residuals, passive income, reoccuring income off of an album on the Internet? I want to release an album online, and I want to know all the different ways I can continue to make money off of the album after its initial release. I want to turn this album into a hands-off income stream that generates residuals, passive income, etc, using the Internet primarily, and I want to know what are the ways I can accomplish this. For instance, ringtone sales, iTunes, I'm looking for a list of possible ways to get paid. Thanks in advance.

Whats the minimum amount of income a single parent with a child to file for a tax return? I'm a single mom with one child and would like to know what is the minimum amount of income I would need to make in order to qualify for earned income credit on that child?

How many people pay federal income tax in the United States? I'm not asking how many people file income tax returns. I'm trying to find out how many people there are who can be considered taxpayers in terms of federal income tax.

How do you find an income based apartment? I have heard of income based apartments where your rent is based off of how much you make each month. Does anyone know anything about these and how I go about finding one in my area? I live in Indianapolis Indiana close to Fishers and was hoping there is something close by to move into. I googled "income based apartments" and didn't come up with much. Please help!

Is there a correlation between income and number of children per household? I have noticed from my experience that families with lower incomes seem to have more kids than those with seemingly more income. Has anyone else thought this? Is there a connection?

Do I need to pay US income tax for foreign earned income? Do I need to pay US income tax on foreign (UK) earned income? I'm a US citizen and live in US. If I work for a UK based company from US, would I need to pay tax on my foreign earned income. I would not be living in UK to do the work but would do so remotely in US and get paid by the UK based company to my US bank account. My home tax country is US. Do I need to pay US income tax for foreign earned income? If so, which form I would need to use? Your response is appreciated. Thanks!

What low income programs will help care for my stroke victim father, in my home, during the hours that I work? One year ago my father had a stroke, and has been in a nursing/rehab facility ever since. He is miserable there, and I want to bring him home to live with me. He has a feeding tube, minimal ability to speak, a catheter, and is paralyzed down his entire right side. I have worked as a nurse's aid and I cared for my ailing mother until she passed, so I know I can care for him while I am home. But I have to work full-time and I cannot afford to pay someone else's wages to come to my home and sit with him ( I am considered low income). Does anyone know of any programs that will help me considering that he is a Pennsylvania resident and I live in Illinois?

What is the difference between nominal and real income? Let's say you're income is 10 dollars. A pack of gum cost 1 dollar. Later, the pack of hum now cost 2 dollars. What is your nominal income and what is your real income?

How do you determine net income using a stockholder's equity statment? I need to determine a company's net income for 2009. I have 2008 and 2009's stockholder's equity statement. How do I determine net income?

What are the income tax advantages that come with owning a home? My husband and I just closed on our house in September and I've been hearing all this stuff about how owning a home gives you a break on income taxes. We had rented up until then, claimed 0 allowances, and still ended up getting hardly any refund or actually paying. Homeowner friends of mine were getting thousands back and were in the same situation as us (no children, claiming 0). Can someone tell me what kind of credit we get for owning property? A Tax Professional's opinion would be GREAT!

What does this tax question mean? If you paid state & local income taxes in 2007 for a prior year? "If you paid state and local income taxes in 2007 for a prior year (such as taxes paid in 2007 as a balance due on your 2006 state income tax return), include this amount as other state and local income taxes paid. Other state and local income taxes: $____" While filing online, I got an alert here. I did not enter anything in. What exactly is the question asking?

What will the income limits be for a person who files head of household for the 2008 tax rebate? How will people filing head of household be handled? What will the income limits be? Will they receive the extra $300 per child?

Is social security income subject to any government or other deductions? Once you reach retirement age and receive social security, assuming you get the typical medicare packages, is the income subject to deductions?

What sort of income could i earn playing bass in jazz bars? When i'm a student, to ease my financial problems i plan on plying my trade (bass) in jazz bars. What sort of income do you think this would generate. How much could i get for one set. Well i'm in the U.K and i don't know which part of the country i'll be going to uni in yet. Probably London I don't play upright Bass i play electric Bass and i don't mean i want to earn a living off it i just mean to earn a bit of extra cash. I'm at a decent standard now but i'm two years away from starting university and according to my tutor i'm not far off becoming great, apparently i'm better than most of the guys on the scene in my area (north east England) at 16. Although i do currently play rock and funk rather than jazz. But jazz is always something that has fascinated me and i want to get into it, luckily jazz is what my tutor plays so i should get into the swing of things pretty soon.

For the Foreign Income Exclusion, do any days of the physical presence test need to be within the tax year? I am living in Argentina for an undetermined period of time. 1. For the Foreign Income Exclusion, do any days of the physical presence test need to be within the tax year? 2. If not, can I reuse the same physical presence 12 month period over and over (from year to year) as long as I live in Argentina?

How much income do I need to make in order to rent an apartment? I live in Calgary, Alberta Canada and I'm planning to rent an apartment. what would my monthly income would i need to make to pay rent and buy groceries? I want things to be stable.

What is the difference between business income and salary? Greetings! I'm going to file my Articles of Incorporation soon. I plan on creating a Class S corporation. However, the tax portions still seem to baffle me. I understand how Class S corporations are tax transparent so no corporate taxes are required due to the fact that all profits are sent directly to the shareholders and marked on their personal income tax returns. Despite this, the literature I have read seems to distinguish between marking business income and salary on personal tax returns. I've had little experience with taxes, especially when it comes to taxes on corporate profits. Can anyone give me the distinction?

What's the average income you'd make from owning a production company? My boyfriend and I are considering opening a production house/company to edit and produce video. He's working for someone else in a production house and wants to open his own. What is the average income someone would make off owning a production house? Also, what type of liscensing is required? Thanks!

what is the joint income threshold for married couples to be eligible for working tax credits? we have a rough joint income of £18,000. I am self employed and work around 15 hours a week, my husband works around 40-42 hours a week. According to their website we are eligible but according to the snotty man on the phone we are not! Does anybody have an idea? Thanks.

Should partnership Guaranteed income be included in partnership distribution? Schedule K-1. A musician Partner receives payment for services as a musician. Using Turbo tax this amount is input on line 14 as a Guaranteed Payment. This amount is also included in the Partnership income and this is part of the amount on the line 19 as part the partnership Distribution. This appears to tax the partner twice for the same income as he must report both the Guaranteed Income and Distribution.

How to file if income is in one state and city tax in another state? I live in Michigan. I work in Ohio. My paychecks come form a Michigan company. I also paid income tax for Toledo, OH. 1. Do I need to file an Ohio return 2. Can I recoup the payments made to Toledo? How can I do this?

What is the average income spent on food? How much should a family of six spend on food every month? There are two teenagers {boy and girl}, two middle schoolers {boy and girl}, and both parents. How much should this family spend on food every month? What is the average, and what percentage of their monthly/yearly income should they spend on food.