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Recent Social Security Contributions questions

I am not a US-citizen and I have a single-member

I am not a US-citizen and I have a single-member Delaware-based LLC. I am the sole owner. The LLC has a separate bank accounts, and all business expenses and income is kept separate from my personal finances. I keep the LLC finances in QuickBooks.I have two issues, related to getting money out of the LLC.- What is the proper way to get money out of the LLC to my personal bank account?- When do I pay the taxes on the LLC income - every time I make a money transfer from the LLC to myself (on the amount transferred), or once a year (on the total annual revenue of the LLC for that year)?

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Barbara

Enrolled Agent, Paralegal

4,992 satisfied customers
I am still working, but I will turn 70 in January 2016, and

I am still working, but I will turn 70 in January 2016, and I applied for my Social Security monthly payments to start that month. One of their employees called me and suggested that I also apply for spousal benefits, under my ex-wife's SSN, retroactive to July 2015 (when I became eligible for spousal benefits while still working.) I said yes, and was enrolled for spousal benefits - but they are also billing me for Medicare premiums under my ex's SSN , retroactive to January 2011 (five years!) even though my Medicare premiums under my own SSN (also since Januare 2011) were all paid and are up to date. How should I deal with this?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
I am 55, hold a Green Card and am a British citizen. My wife is a US Citizen, but we have

I am 55, hold a Green Card and am a British citizen. My wife is a US Citizen, but we have moved out of the US. If I give up my Green Card will I still be able to draw upon my 401K when I am 65?

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Robin D.

Vocational, Technical or Trade School

20,924 satisfied customers
Dear Sirs and Madams,I am working for Canadian Company

Dear Sirs and Madams,I am working for Canadian Company abroad for several years and Company paid "hypothetical" taxes behalf of me in Canada. I treated myself as “non-resident" from CRA point of view and had recent years Tax Return as "non-resident". Me and Company have "Tax Equalization Policy", where stated that I will be treated "no better no worse" for taxation purposes during assignment as I stayed in Canada. Company paid my taxes in full and now ask me to return "Tax Return" to Company. The Tax Return CRA checks were issued on my name in 2011-13. Should I return "tax Return" to Company and If "yes", does any time limit exist for such disputes (for years 2011, 2012 at least)?What kind of Canadian Law is applicable in this case?Best regards,Alex.

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Anne

Master Tax Preparer

3,138 satisfied customers
form rrb-1099-r is asking me to calculate the amount taxable

form rrb-1099-r is asking me to calculate the amount taxable for this form. How do I answer ?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
i am 70 years old. are my soc sec benefits taxable. i work

i am 70 years old. are my soc sec benefits taxable. i work part as r n. earnedNNN-NN-NNNN

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,220 satisfied customers
NON RESIDENT ALIEN, OFFICER OF A C-CORP This is a question

NON RESIDENT ALIEN, OFFICER OF A C-CORPThis is a question where my CPA reply me, no you can't receive any money for your daily work...(no wage, no salary) He didn't provide me any reference supporting his opinion, and since I read in IRS website different informations, I am looking for further opinion.- I am a non resident alien. I didn't visit U.S. from many years.- I am Officer, Director and Shareholder (100%) of a U.S. (Delaware) C-Corp- There isn't any real office in U.S., only an official legal address.- I perform my works as officer (emails, calls, contracts, payments...etc) for the corporation from my Country.1) Can I receive a reasonable compensation (as wage or salary) for my daily work (more than 40 hours per weeks).I suppose that this is possible. In this case considering that my work as employee is performed out of United States how the corporation can pay me, related with tax questions also? Based on general IRS informations I can read that for employee the source of income is where the service is performed (Out of United States, in my case).So this payment is not U.S. income tax, and also it is not subject to withholding?I have to report the total amount received under form 5472, it is correct?I Hope that expert cpa know the correct procedure and the correct way to receive a monthly compensation for my work behind the c-corp. If possible with some reference.

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Robin D.

Vocational, Technical or Trade School

20,924 satisfied customers
For a base salary of $2k per month, what is the additional

For a base salary of $2k per month, what is the additional amount and breakdown of taxes a company has to pay when person is on payroll?

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ShawnA

CEO

Bachelor's Degree

4,726 satisfied customers
Must she pay additional Soc security tax & medicare tax on

Must she pay additional Soc security tax & medicare tax on her 1099 ? (since my daughter's 1st employers W-2 shows $1335 income paid $83 in Soc security , Medicare $20, tax withed $42. her 2nd employer will send a 1099 , it may be about $2000 is a wild guess.

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Jax Tax

Senior Tax Attorney

Master's Degree

922 satisfied customers
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