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Individual Tax Questions

An Individual Tax is a tax levied on the income of an individual, while various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. Individual income taxes most generally tax the total income of the individual, while permitting some deductions. Below are some of the most commonly asked questions about Individual Taxes answered by the Experts below.

In the case where a couple is filing for a divorce should one spouse file a return and pay taxes on income where the other spouse has falsely reported income?

In most cases the spouse could file as married filing separately, and should not report the income that the other party lied and attributed to them. Also, the individual should not sign any joint return that is prepared. This will keep the spouse from being liable for anything the other party reports, and it will make it so that the Internal Revenue Service (IRS) will reject anything that the other party prepares other than a married filing separate return reporting their own income.

How would a company that has people working in several different states figure out the individual state tax rates in order to deduct the appropriate tax rate from their employees’ wages?

Typically the best way to determine the exact tax rate the company would have to go through each individual state tax website. http://www.taxsites.com/state.html could be a good place to start. Also the company might want to use one of the payroll software available on the market, in order to simplify their payroll transactions.

What expenses can be deducted to offset rental income and what tax form is this reported on?

Most generally rental income and expenses are reported on schedule E of a person’s personal tax return. Expenses may include any mortgage interest that is paid, property taxes, property insurance, any utilities provided by the landlord, costs for advertising the property for rent, legal fees, property management fees, minor repairs, mileage expenses and depreciation expense. The combination of all of these deductions would offset any income reported on the individual’s tax return.

What is the individual tax deduction allowed per person that is aged 67 years old, and is there a standard deduction for each person?

In most cases for a single person that is 67 years old, their standard deduction would be $7,100. Therefore unless their itemized deductions are greater than this amount it would not benefit them to itemize. However, no matter what the individual chooses they may still deduct $3,650 for a personal exemption.

How could a person find out how much Social Security paid them last year?

In most cases a person could simply go to this link and follow the on screen instructions: https://secure.ssa.gov/apps6z/i1099/main.html

Individual income taxes are often collected on a pay-as-you-earn basis, with corrections made after the end of the tax year. These corrections take on one of two forms: payments to the government by a taxpayer that did not pay enough during the tax year, and tax refunds from the government to those who overpaid. This subject often opens the door for many questions, and who better to get insight from regarding Individual Tax questions than the Experts.

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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 570
Experience:  10 years experience
16356563
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Recent Individual Tax Questions

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    I have a question about the taxibility of a housing allowance.
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