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Tax Computation Questions

What is Tax Computation?

A tax computation is information that states adjustments that are made to taxes that figure out to accommodate the profits that add up to be the income that taxes can be charged to. Tax adjustments include expenses that are non-deductible, receipts that can’t be taxable and additional deductions that are often determined by a tax advisor or an account that is certified to handle taxes.

I need Schedule G for form 1041 and can’t find instructions on the Internal Revenue Service website for the form; is it a tax computation schedule?

You can locate Schedule G on page 2 of the 1041 form. On page 2 you will able to locate Schedule A, Schedule B, Schedule G, and any additional information that the you may be looking for.

Am I required to pay pre-payment penalty if I divide the retirement account during a divorce by using a relations order?

Case Details: I was told by one Certified Public Accountant (CPA) that I would be responsible for a 10% pre-payment penalty and another CPA said that I would not be responsible for prepayment tax.

If a person is distributed funds by the time that person is the age of 59 years old then only half is likely to have early penalties; a half of those distributions funds are in the penalty of 10% tax being enforced unless an exception applies. If the person is under the age of 59 years old then half of the distributions will be charged 10% penalties due to those distributions. If the funds that are transferred that is going to the alternative receiver then it will not be penalized at all; unless, there is a new person that is the owner that takes a distribution making that person the owner of whatever the penalty may be.

What is exempt from taxable income for the Medicare tax computation?

The person must go to the W3 form and refer to page 32 of the Special Rules for Various Types of Services and Payments. The total amount that is on the W3 form should be the total that is shown in the appropriate boxes of the W-2 forms.

What does it mean if a lawyer tells a client that there is a new tax computation regarding child support for 2005 in Monroe County, Pennsylvania?

Here is information that concerns child support guidelines and how it operates http://www.dpw.state.pa.us/Child/ChildSupport/003670308.htm. Also information is available that that focuses and determines what the legal code for child support in the state of Pennsylvania http://www.pacode.com/secure/data/231/chapter1910/chap1910toc.html.

Tax Computation play a huge role in figuring out taxes and putting them in the appropriate area that they are assigned at different levels at the State, Federal, and Local level. Taxes are assigned to control how financials are operated and controlled. What is Tax Computation? What is the Tax Computation Worksheet? Any questions s that may focus around Tax Computations, not covered here, can be answered by consulting with an Expert.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Computation Questions

  • Our CPA did not file an addendum with the California Franchise

    Our CPA did not file an addendum with the California Franchise Tax Board after we got audited. we owe back tax plus 4,000 in penalties and fees. I want to go to small claims to recover. we filed as a married couple. My husband has no interest in going to court. I do. can I go by myself even though the taxes are in both our names?
  • Have a client that will receive a $1,000.00 a month from her

    Have a client that will receive a $1,000.00 a month from her local church to host an foreign exchange student. I assume she will receive a 1099 Misc at year end. I read were a maximum deduction for hosting a student is $50.00 per month with no compensation as a charitable deduction. But in this case can we deduct all qualified expenses against this compensation and even if ends up in a loss? This would be reported on a schedule C and any net income subject to FICA?
  • Couple of questions: IRS requested an audit with one of

    Couple of questions:
    IRS requested an audit with one of my clients.
    Initial visit was the client himself (not my customer originally).
    He went unprepared and was all scared - so did not respond to IRS agent'questions properly and Agent was under impression that he did not have business (he even told the guy that you have no documentation and I doubt that you really have business).
    When the client came to us so we can represent him, we started to collect information. It came out that not only he actually had business, but he spent lot more than what originally was filed (however, in different areas - for example he paid Rent, but on his original Schedule C he did not had rent, but had supplies.
    The IRS agent we went to see was pretty rude and simply said that he is not going to allow any new expenses and he will only look into the original return. We showed an expense (supply expense) which was clearly on his bank statement - the agent goes that does not prove that it is for business and also bank statement is not enough I want a cancelled check. Another thing the agent said was 'if there is no income, there could be no business, so this entire business is not allowed'.
    Question: Should we continue with this IRS agent for our folow-up or should we talk with the supervisor and/or can we ask to change the IRS office.
    He told us that we are forging papers, just because a letter from Wells Fargo had a spelling mistake on it (accusing our office and the client for forging documents).
    What would you recommend that we do...
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