How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

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...
characters left:
3 Tax Professionals are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Income Tax Liability Questions

Tax laws are regulated by the Internal Revenue Service (IRS) in the United States. A Federal Income Tax Liability is the amount of tax owed to the government based on income sources. These liabilities can be adjusted by individuals through various means such as deductions and exemptions. Listed below are some of the most commonly asked questions about income tax liability that have been answered by the Experts.

How would a person with no income tax liability get back all that was withheld from their paycheck for the year?

Typically, a new W-4 form from the IRS stating that the person is exempt or claiming enough exemptions so that there is no federal income tax withheld should be given to the employer to prevent them from withholding from future paychecks. To go to the IRS Form W-4, visit: http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3

If a person made $45,000 on their business in Florida, how much would their income tax liability be for the year?

Typically, when an individual has a net business income of $45,000, after all their business expenses have been deducted, their Adjusted Gross Income (AGI) would be $41,821. Also, if the individual is single and doesn’t itemize but only uses standard deduction, the amount would be $5,700. The individual’s personal exemptions would total up to an amount of $3,700, their taxable income would be $32,471 and their federal income tax liability would be $4,453. These amounts are just an estimated amount. Often, the individual would still be required to pay 15.3% of their self employment tax on their business income which would amount to a total of $6,358. The total estimated tax liability here would be $10,811. Finally, if the individual has qualified for any deductible expenses, their business income would be lowered along with their tax liability.

If a person rented an apartment in a large city but primarily lived in a house in the country, would they be required to pay income tax to the city?

In most cases, a person’s main home is ordinarily the one that they live in most of the time. And that is the place that the IRS would consider for taxation purposes. However, the person would need to be ready to offer a detailed explanation should the IRS need one with regard to this.

When a person filed bankruptcy, included in their discharge debt was an unsecured credit card in the amount of $4,256. Four years later, the IRS told them that the money was not reported in that year’s tax return although the credit card company filed a 1099 reporting the discharged debt as income. What can the person do?

The person should make the IRS aware of the fact that this debt was discharged through a bankruptcy proceeding and provide documentation of the discharge. Typically this should take care of the tax liability in this matter.

Could you explain the tax liability of a 17 year old individual who has earned a $4,600 income from child care? Would they be considered self employed or a household employee?

In most cases, if the individual works solely in one household, they would likely be deemed a household employee. This would most likely require the employer to file Schedule H and pay all related taxes accordingly. However if the individual has no other earned income and it is less than $5,250 and their unearned income is less than $800, the individual should not have any tax liability. If this individual works for multiple people they would likely be considered self-employed, making them responsible for paying self-employment tax and filing tax form Schedule C as well as Schedule SE.

Failure to follow defined federal government tax laws with regard to paying a tax liability can have severe consequences. While the questions above may have addressed some of your concerns on tax liability, there could be other queries that are specific to your own case. Put these questions to Experts now who can offer useful insights and information to deal with your case.

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...
characters left:
3 Tax Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

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 Income Tax Liability Questions

< Last | Next >
View More Tax Questions