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Recent State Tax Rates questions

My wife will be retiring in two weeks due to illness reasons

My wife will be retiring in two weeks due to illness reasons at 55 (March 2017). We want to pull 50K out of her 401K within 2 months.We understand she is exempt from the 10% penalty fee due to the "55" rule. We would like to know what is the actual federal tax rate and CA state tax rate. From what we have researched on the 50K withdrawal, it will be 15% federal and approximately 10% CA state. Are we correct? Thank you for your time

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,768 satisfied customers
I need the money from my IRA. if I withdraw the total amount

I need the money from my IRA. if I withdraw the total amount (a bit over 150k), how much tax will I pay, both state and fed, in Alabama. I am 60 years old - so no penalty - right?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to. The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no, thank you

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Mark Taylor

Certified Public Accountant

Masters

3,424 satisfied customers
Ok thanks! I have a few questions about my boyfriend's Roth

Hello Pearl!JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok thanks! I have a few questions about my boyfriend's Roth IRA.JA: Is there anything else important you think the Accountant should know?Customer: Yes, just a moment, I will type it up real quick.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
California c corp vs Texas s corp. How much will be the tax

California c corp vs Texas s corp. How much will be the tax difference. Owners will be with respective state only.. Calif c corp owner resides in California.Texas s Corp resides in texas only.Example each company generates a profit of 500,000.Give me classification in all the taxes.Next scenario is if Texas s Corp wants to start an office in California how it will what taxes or should pay but still 100% owner is Texas resident.

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R. Klein, EA

Tax Advisor

Master's Degree

4,670 satisfied customers
Megan, I am wondering what my tax obligations are: I am a

Hi Megan, I am wondering what my tax obligations are: I am a proprietary limited company based in Australia trading on Amazon US. My products are shipped from China directly to Fulfilled by Amazon warehouses in Tennessee and New Jersey before being shippeddirectly to US purchasers. It is a very small business with 80 units ( retailing at approx USD 12.99 each) sold so far - about half from each warehouse. I began trading on Amazon in December 2014 and have only recently realised I may need to pay tax on productsshipped from FBA warehouses. I would appreciate your advice. Best regards, Angela

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Barbara

Enrolled Agent, Paralegal

6,522 satisfied customers
I live in NY and was divorced in 2005. In 2012, I liquidated

Hi - I live in NY and was divorced in 2005.In 2012, I liquidated the entirety of the 401k at $16,133.$1,792 of Federal withholding was netted out at payout.As part of the divorce decree my ex owned 1/2 of my traditional 401k.I want to settle this outstanding debt with her and cut her a one-time check that takes into account penalties, fees, and taxes.I am taxed at the 28% level. What are the Federal and the New York State taxes that I should net out of the $7,170 portion that is hers?Thank you!-MDC

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
I had a question about a 401K distribution and the adoption

I had a question about a 401K distribution and the adoption tax credit. I adopted three children in 2012. I have not used the carryover adoption tax credit at all. So I have the maximum credit which is $37,950. I have an anticipated income of around $78,000. I also have a 401K from a previous employer worth around $48,000. If I elect to cash out my 401K will the adoption credit wipe out an federal tax liability other than the 10% early withdrawal penalty and the state tax(WV)?Thanks in advance.

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Robin D.

Vocational, Technical or Trade School

25,382 satisfied customers
I am a high income earner who has a residence and a job in

I am a high income earner who has a residence and a job in CT. I was offered a similar paying job in NYC just today. NY state taxes are higher than they are in CT (hard to believe) and there are NY City taxes to include in my calculus as well. I am interested to get a sense of what my total state tax liability might be is I decide to work in NYC instead of CT. Indeed, let's say the NY state tax rate is 8.5% and the CT rate is 6% and the NY City tax is 3.5%. Would my net tax rate increase be 6%?

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
If I sell a property in the UK and bring the profit in money

If I sell a property in the UK and bring the profit in money over to the US bank account would I be subject to capital gains tax?THis is my only property and I am an E2 visa holder

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
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