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QUESTION: For i 864, how do I calculate current individual

For JamesQUESTION: For i 864, how do I calculate current individual annual income. I have paystubs for 8mos starting January until Aug this year. I am full time receiving a salary of 20/hr for 80hrs bi-weekly, with incentives and bonus in between months. Should I get the YTD gross and divide by 8 then multiply by 12 mos?ANSWER: First, you should supply paystubs. Second, you should do exactly as you described - extrapolate your annual income based on what you've earned .Question: Should I calculate based on base pay the remaining Aug to Dec? then add the Gross YTD of $27,000 from Jan to July 2016? Do I need to put exact figures? I'm not sure if I will receive bonus or overtime pay for the remaining months of Aug to Dec.Would you kindly give me sample computation? Tnx

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
I was wondering how much money i can make on top of my SSD

I was wondering how much money i can make on top of my SSD monthly payments,i haven't worked for six months, that's why i'm wondering

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Dr. Fiona Chen

President

Ph.D.

250 satisfied customers
Section 179 automobile depreciation Tesla Model X - $110,000

section 179 automobile depreciationTesla Model X - $110,000SUV with gross weight about 6500 lb.Car used 50% business and 50% personalHow much I can claim for depreciation expense for the next 6 years, starting 2016?Can the car be bought under personal name or does it have to be under company name?In either case, can I still claim the $7500 federal Tax credit?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
I was approached by two taxpayers who filed their individual

I was approached by two taxpayers who filed their individual 2015 tax returns as single. However, they were married on 12/31/2015. Now they want to amend their returns as married. How do I do that? Amend each return from single to married filing separately?Thanks!Bill

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Robin D.

Vocational, Technical or Trade School

20,922 satisfied customers
California 501(c)(3) Federally Qualified Health Program

California 501(c)(3) Federally Qualified Health Program has a program for minors where we pay a stipend of $500. Are there any IRS/State reporting requirements? They are not employees; this is an incentive to attend the program.Is there an upper limit/boundary above which we would have to do reporting?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
My sister is moving to Israel permanently. I would like to

my sister is moving to Israel permanently. I would like to know what she should do with her assets. Also, what is the best way to convert the currency?The safest and most economical .Thanks.

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Christopher B, Esq.

Attorney

Juris Doctor

4,984 satisfied customers
If I leave a private, venture backed company and exercise vested

If I leave a private, venture backed company and exercise vested incentive options, are there any tax ramifications with respect to AMT (or anything else) at any point in time prior to selling the shares in the event of a liquidity event? Specifically, does the IRS consider there to be any income or gain based on any spread between exercise price and "fair market value" as determined from time to time?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
I am working on my 2014 return and have included my

I am working on my 2014 return and have included my daughters 1098T from her University. On the form, Box 2 states Qualified tuition and related expenses total $16,216.00 and Box 5: Scholarships and grants $24,859.00. She filed her own return but did not claim the exemption, since Im as a dependent on my return. when inputting this information in my tax software, I am then asked to do the following:Enter any Pell grants, scholarships, and fellowship grants used to pay for tuition, books, supplies, equipment, or fees during 2014.It states that this amount will reduce my education credit, currently $1000, which has resulted in me receiving a Federal Refund of $733.Why is the education credit effected?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
My small company offers medical insurance to employees. However,

My small company offers medical insurance to employees. However, some employees have a spouse who has family medical insurance through another employer. I would like to offer a financial incentive for employees to use another medical insurance plan instead of the one my company offers. I believe this can be done because I know that a local government agency offers employees about $2500 per year if they show that they are covered by another health insurance plan. Please tell me what can be done and what are the tax code numbers that permit this.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,194 satisfied customers
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