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Recent Flat Tax questions

I am typically taxed at around a 25% rate -weekly

I am typically taxed at around a 25% rate for my bi-weekly pay. I just received my severance payout (one month after the end of employment and after my final payback). The payout contained partial bonus and partial severance. The total payout was taxed close to 50%. This seems very high. I was not expecting so much to be withheld. Will this be accounted for during tax season next year?

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
Wondering if you can help. I used to work organization in L1

Customer: Hi - wondering if you can help. I used to work for an organization in L1 status and changed jobs in February 2014. When I left I got my 401k put into a traditional IRA. I am now in G4 status and want to find out if it would be possible to put this money towards a home purchase and if so what is the best way to do this and avoid penalties and minimize any taxes. My understanding from the last time I filed taxes was that I had until the end of this year to get the most out of that money since I only had to file taxable income for two months in 2014. JA: Thanks. Can you give me any more details about your issue? Customer: What more details would you like? The total amount is $27k if that helps It is currently in a traditional IRA JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit? Customer: How long will I need to wait? JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you. Customer: Ok

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I am an employer in NYS and want to pay severance to my

I am an employer in NYS and want to pay severance to my employee of 30 years. Do I give a lump sum based on years of service with no withholding taxes? Or do I withhold state and federal taxes in the sum?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,954 satisfied customers
Barbara My tax client is a US citizen and pays alimony

Hi BarbaraMy tax client is a US citizen and pays alimony to his wife in Japan. She is not a US citizen. Can he take the alimony deduction on his taxes?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I received $250,000. in a age discrimination case, How can

I received $250,000. in a age discrimination case, How can I not pay the $50,000 in federal taxes?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,954 satisfied customers
If a required minimum distribution is sent to a trust account

If a required minimum distribution is sent to a trust account from an inherited IRA, located in California, and amount to be 80,000 what would the tax rate be

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I am a Realtor in NY state and am about to be 67. I retired

I am a Realtor in NY state and am about to be 67. I retired from a state job at 65.5 and have been doing the RE for 6 years and plan to continue. Inam collecting NYS pension and Federal pensions. I am having a closing soon and would like to gift my commission to two people. My question is, I would like to retain as much as I would need to cover any taxes that I might owe. In that scenario a percentage of the commission would be ok.Thank you

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I have dividend income of 54K in 2014 and a sole proprietorship

I have dividend income of 54K in 2014 and a sole proprietorship operating at a loss. I understand the flat tax rate on dividend income is 15%? Can I reduce this income using the expenses I had with my business? If so, then what taxes and/or tax rate would I apply and to which amounts?

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USTaxAdvising

Partner

Bachelor's Degree

1,662 satisfied customers
Ed! I am considering a job offer on Deerfield, IL and

Hello Ed! I am considering a job offer on Deerfield, IL and this will be as a 1099 (professional services) employee. My question is in order to calculate the rate, how much is the tax rate for that area???

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,954 satisfied customers
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