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Recent tax questions

We spoke yesterday and I do have a new question for

Hi We spoke yesterday and I do have a new question for clarification

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
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

 
20,318 satisfied customers
I am researching a few topics of interest and am running

I am researching a few topics of interest and am running into a few roadblocks. Please answer each section in its entirety, clarify any misconceptions, and add any additional information that you feel useful (such as whether the topic/details would apply to other/all business entity structures.) Please note the letters for easy reference and feel free to ask any additional questions necessary. Your expertise, guidance and clarification is greatly/truly appreciated.For record keeping purposes, please also provide a reference to your resources used. Thank you very much,Kind regards.Corporation. (Non S.)A. Several long-term business assets were disposed of, some had gains, and others had losses. First things first, I realize that the gains and losses must be netted. Then, when determining the amount of recapture, is the recapture amount limited to the amount of depreciation taken only on the assets that had been disposed of at a gain or is the recapture limited to the total amount of the depreciation taken on all assets in that group that had been netted together??B. At the time of the disposition, business assets that have been held for the long term holding period, therefore qualify for the sec 1231 gain, assuming they have been depreciated under the SL method, are they exempt from recapture or does that only apply to sec 1250 assets?C. Although sec 1231 gain tax rates are generally favorable (lower) compared to regular (C, PSC, etc.) corporate tax rates, if in the final tax year (complete liquidation) it would be beneficial for the corporation to recognize the gain on the asset liquidation as ordinary income (to offset ordinary loss from operations) is there an option/election that allows such treatment?D. HRA. Medical Expense Reimbursement Plan. Whether it be a single participant plan (not subject to market reform rules since not a group plan) or plans considered integrated with coverage due to employees being covered under spouses' employers' (minimum essential coverage) health care plans, is it ever ok for an employer to reimburse an employee participating in a HRA/medical expense reimbursement plan for health insurance premiums their spouse paid for family health care coverage meeting ACA's minimum essential coverage requirements?

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BK-CPA

Bachelor's Degree

 
972 satisfied customers
I live in California. I have winnings of $1250. How much in

I live in California. I have winnings of $1250. How much in taxes will be taken out?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,542 satisfied customers
Customer: - wondering if you can help. I used to work for

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
How are you?

Hello how are you?

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Barbara

Enrolled Agent, Paralegal

 
4,702 satisfied customers
I have an opportunity to do some consulting work and would

I have an opportunity to do some consulting work and would like to know what my tax liabilities would be as a small business before I make a quote.I live in Colorado and would be working on a project in Quebec Canada.What would my state, federal and international tax burden be ?I would like to know what my tax liabilities would be before I quote a price for the consulting work in Quebec, Canada.Thank-you,Gary Malasky

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
Customer: non resident alien, are ira distribution effectively

Customer: For a non resident alien, are ira distribution effectively connected income ? JA: Thanks. Can you give me any more details about your issue? Customer: I am a non resident alien, and I worked in the US for a few years. I have a IRA there, and want to take distributions. Is that considered effectively connected income ? 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: sure 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.

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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

 
3,542 satisfied customers
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