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Recent tax computation questions

I am a self-employed, if my net earnings are $5,200 and I

I am a self-employed, if my net earnings are $5,200 and I will need to pay $644.80 as social security tax and $150.80 as Medicare tax to earn my yearly maximum of 4 credits. If my net earnings are $10,000 than I will pay $1,240 as SST and $290 as Medicare tax. Is the correct?Thank you

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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I have recently been sent a Inheritance Tax Return analysis

Dear Sir or Madam:I have recently been sent a Inheritance Tax Return analysis from a NJ Tax attorney working on a draft of my Uncle's Estate. I reside outside of New Jersey and listed as a Non-Resident Decedent. My uncle left two small properties, one has a pending signed contract AS_IS ( with liens, mortgage, and back taxes owed) and another property ( liens, mortgage, back taxes owed) to be sold as is with a potential buyer ready to purchase. The amount owed to the state is outrageous especially on two inherited small properties at a rate of 15%. (*The numbers range from tax of $16,650,.$14,250, and a tax of $11,669*)The NJ Attorney says these are the options/ methods available:1) Simplified Tax Computation2)Ratio Tax Using Net Estate3)Ratio Tax Using Gross EstateQuestion:1) Are Non-Resident Inheritance Tax avoidable?2) What questions should I be asking this attorney before committing to any of the above 3 methods/options?3)Do you know of any other other approaches -that come to mind- that can be calculated for this Estate to lessen the cost?(Note, this attorney deals with "high-profile individuals" ...we don't meet this criteria, another story)Thanks for your reply.Al

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
I'm helping my daughter with her taxes. Her 11yo son had a

Hi Pearl, I'm helping my daughter with her taxes. Her 11yo son had a paper route this year and i'm looking up his business code, earned $766. Lives in OR. Not sure if he would file himself or on his own. Don't think he was responsible for collecting $., but did deliver the papers. Thank you,JA: 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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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
I am filling out an IRS Form 709 for 2016. I have all of it

I am filling out an IRS Form 709 for 2016. I have all of it done except for one thing: Schedule C. Line 4 of Schedule C relates to the applicable credit on amount in Line 3. Line 3 only relates to exclusions. What are they talking about?

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Robin D.

Vocational, Technical or Trade School

24,074 satisfied customers
FACTS: I have the following types of IRA's ROTH I know I do

FACTS:I have the following types of IRA'sROTH I know I do not have to pay any taxes on this accountBeneficiary Currently required to take a RMDSEP Contributions reduced my AGIRollover Never paid taxes on contributionsTraditional I have a Form 8606 (Non-deductible IRA's) which total $31,260So that total did not reduce my AGI over the years and taxes on that amount were paid.Balance of contributions reduced my AGIQuestion:How do I compute the amount of tax I owe on a non RMD distribution I take from my SEP, Traditional or Rollover IRA or any combination thereof?

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PDtax

Owner

Master's Degree

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I need help in filling out IRS Form 709 Gift Tax Return. My

I need help in filling out IRS Form 709 Gift Tax Return.My son bought a property from me and I gifted him the remaining equity in the property in the amount of $800,000.On Part 2 of Page One so far I have:Line 1: $800,000Line 2: 0Line 3: $800,000 (total of line 1 +2)Line 4: 267,800 (tax computed for line 3)Line 5: 0 (tax for line 2)Line 6: 267,800 (total of line 4+5)I am stuck as to what value I have to put for Line 7.Please help me fill out the remainder of the form.Thank You.

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Anne

Master Tax Preparer

3,276 satisfied customers
My accountant just sent me my tax return says i owe 85000

hi my accountant just sent me my tax return says i owe 85000 personal i have an s corp my business does around the number every year i asked her she said she eating dinner i wanted too throw up somethings not right and i dont fell like talking too her any more can i have someone else redo my returns they where electronicly filed already

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
I am completing a Form 709 and am uncertain as to what to put

I am completing a Form 709 and am uncertain as to what to put on Line 7 of Part 2-Tax computation

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Robin D.

Vocational, Technical or Trade School

24,074 satisfied customers
My husband had to repay 10k of this 2014 retirement which was

My husband had to repay 10k of this 2014 retirement which was received in error. Im completing the tax computation worksgeet, but unsure how much of the 10k gets reported on line 44 of the 1040.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: our taxable income is 108KJA: Is there anything else the Accountant should be aware of?Customer: Yes. he was also issued an amended 2014 1099-R and not sure if we need to amend 2014. or if it isn't necessary since we are taking the credit this year in 2015JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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R. Klein, EA

Tax Advisor

Master's Degree

4,670 satisfied customers
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