Join the 9 million people who found a smarter way to get Expert help

Recent Personal Exemptions questions

I'm married and I am self-employed. My wife makes around

Hi, I'm married and I am self-employed. My wife makes around $17k per year. No kids. We pay a mortgage of around $525 per month.I'm looking at buying a new car, but I want to make sure it's in my budget, so I'm trying to determine two things...1. My self-employment tax2. My federal income tax rate.I'd like to ballpark how much I need to be paying EACH month roughly to cover both #1 and #2 above.I'd guess I make around $2400 a month after business expenses.Is there a way to determine this?I find it very hard to understand and to figure out how to figure them separately.Thank youDayne

Read more

Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
If I am trying to figure our my tax rate, do I include FICA?

If I am trying to figure our my tax rate, do I include FICA?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am trying to figure out the tax rate on a lump sum amount paid at retirement and I am not sure if I need to include the FICA and Medicare taxes....The amount is at the 39.6% so do I need to include the additional money for medicare which makes the amount 41.35JA: Is there anything else important you think the Accountant should know?Customer: No, I am trying to figure out how your service works, do I pay for this

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
My wife will be taking 97K out of her 401K on a "hardship"

My wife will be taking 97K out of her 401K on a "hardship" in order for us purchase a new retirement home. How much of that money should we either set aside or have automatically taken out for federal & state income taxes?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
FOR LANE ONLY". I am responding to the questions you asked

quot;FOR LANE ONLY". I am responding to the questions you asked on my original question page. There was a technical problem with the site. Therefore, I have received administrative approval from Maureen, Senior Customer Support Specialist , to post a response to your questions on a new question page.I am widowed so I do have to file single status. I draw SS, a U.S. Treasury pension from my first deceased husband and 3 small IRA pensions.Thanks much for your response.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I live in Illinois and am looking at accepting a position as

Hi ! I live in Illinois and am looking at accepting a position as an independent contractor. I'd love to know what I need to make if I want to clear 80,000/ yearly.Can you show me your calculations?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I will stop working later this year and my partner will

Hello, I will stop working later this year and my partner will continue working. His salary will pay for our living expenses. Can he claim me as a dependent? If he does, do we have to file taxes jointly? I ask because I'm on the income based repayment plan for student loans, and I need to keep filing separately to lower the monthly payments.

Read more

Robin D.

Vocational, Technical or Trade School

20,924 satisfied customers
I live abroad in the UAE and haven't filed in 4 years now.

Hello there, I live abroad in the UAE and haven't filed for taxes in 4 years now. Do I need to pay tax if I earn less than $30k? Are there any penalties that I should be worried about? I can obtain most of my pay stubs to document my earnings.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
My husband is 60 and is retiring in a few months and we plan

My husband is 60 and is retiring in a few months and we plan on moving out of the area. We have found a house and we are contemplating using part of our IRA to purchase the home with cash. We would like to know what percentage of income tax we would get hit with. Yearly income right now for him is about 110,000., 130,000. If including bonuses. So if we cash out a portion of his IRA, it would be about 400,000 for this year's income. Can you tell me approximately what amount of tax we are looking at?

Read more

Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
I have a client who has a couple tax liens in her name. They

I have a client who has a couple tax liens in her name. They derive from a corp she owned with her now ex husband, who also has liens..Payroll tax is from the last quarter of 2007 and 1st quarter of 2008, there is a total owed of about 90K for payroll taxes with penatlies and fines and interest.. She ceased to be a principal of company in 2010. Her husband in divorce agreement was supposed to handle these debts, but did not. The debts were later put in uncollectible status.Now, If the IRS statue of limitations is running, when do there fall off?? Does the 2007 debt fall off April 15 2018? And the 2008 debt fall off April 15 2019? This would assume they filed their annual payroll forms then. Or do the quarterly payments count as filing dates? Also, is the SOL something IRS can ignore on payroll taxes? Is this likely?Now, the client is worried IRS might come after her for the money as she is now making enough money she should be collectible. She also moved since filling her 2014 taxes, and has not filed 2015 yet --she has an extension. But the IRS might not have her current address.If the IRS decides she is collectible, will they send her a notice?. What if they decide to garnish? Do they have to send her a warning? If so, how much warning does she get before levy or garnishment? Also, she owns by divorce decree a second house still in her 2nd ex-husband's name. If this levy-able? Is it at all likely IRS will find it? What is the limitation on garnishment--she is a sales person and now makes a 6 figure annual income. What is the limit they can garnish?

Read more

Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
View more tax questions
In The News