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

Recent Withholding questions

Daughter's temporary employment during summer break and

daughter's temporary employment during summer break and paymentI am a sole-proprietor and I am going to hire my daughter, high school senior for me during summer break. I am going to pay minimum wage for her job.How can I pay for her, and after the payment, what kind of docs do I need to prepare for 2017 tax preparation, and how can I report it to IRS?In addition, there is a column that check if you had an employee when I renew business license. Should I report her as my employee, even if she works as a seasonal employee?

Read more

Robin D.

Vocational, Technical or Trade School

25,382 satisfied customers
I will start my job next month as medical resident and I am

I will start my job next month as medical resident and I am trying to calculate my net monthly income , can you please help me with that ?Gross annual income 61700 $ /year , and I have my wife and 3 kids and my parents too so my total dependent are 6 , and I am working in Brooklyn NY , so I want if I withhold how much I will get by month or every 2 weeks , and how much I will get as refund if I did not do any withhold .I am waiting for your response please .

Read more

Brian Michels

Partner

Bachelors of Business Administration

290 satisfied customers
I'm thinking of starting an amazon e-com business with a

I'm thinking of starting an amazon e-com business with a friend who is an UK citizen. I am an American expat without any domicile in any state. Which State is best to incorporate in, that will protect both parties the best? Nevada, Delaware, etc? The LLC structure will not fully protect a foreigner because its a pass through entity correct? Does that automatically disqualify setting up as an S corp as well? thanks

Read more

Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
Need to aska question regarding errors in the unemployment

need to aska question regarding errors in the unemployment sectorJA: What state are you in? It matters because laws vary by location.Customer: californiaJA: Has anything been filed or reported?Customer: we had an employee for a year.his w4 had " exempt" with 12 deductions when my bookkeeper assistant enter him in the system with ADP he exempt him all around. He was let go in April and I he just told me that he doid not get a W2 this week, as I was looking in the system is how I found out he was entered in such way. Now I have contacted ADP they are fixing and I am paying all the mandatory taxes and fees due so he can collect his unemployment. IO know he will not pay me back his portion which was never deducted, am I liable for anything else after correcting the error, he never looked or said anything about his check not having deductions, I never knew as my taxes for all employees are paid through ADP. I guess my question would be after fixing all of this can he sue my company?JA: Anything else you want the lawyer to know before I connect you?Customer: that's all I think

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
My uncle, who was from the UK, but took American

My uncle, who was from the UK, but took American citizenship, set up a trust when he died which provides the care of his wife, my aunt, who has severe dementia. The Trustee of the Trust, a US citizen, has died and the Trust documentation has named me, a UK citizen living in the UK, as Trustee. I am informed by the Trust's US lawyer that the trust is now a "foreign grantor trust" for tax purposes. Some (but not all) of the companies who manage the investments are withholding tax on dividends and sales. I have been asked to fill in W-8 BEN or W-8 BENE forms by different companies. What form(s) should i be completing to ensure I can recoup the withholding tax?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Yes - when my aunt dies, I and another (US) person are joint beneficiaries. Is there anything i can do in advance to ensure I minimise the amount of tax I might have to pay and also the amount of forms i have to fill in? Thanks.

Read more

Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
Household Employee - * A taxpayer and spouse has adjusted

Household Employee -* A taxpayer and spouse has adjusted gross income of $ 275K.* They have two children 2 and 4 years old.* They hired a Nanny - $ 33,900 per year.* Nanny was paid through a payroll service who handled all the taxes and forms.My questions are -1. Since they have a payroll service handling the household employee, are they required to prepare a Schedule H or any other tax documents?2. For child care credit, do I put the Nanny's personal information on the Form 2441 with her W2 amount as "amount paid"?3. Does taxpayer receive any other additional credit for paying the tax (FICA SS/Medi) for the household employee?Thanks,JW

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,146 satisfied customers
Would increasing my 401(k) contribution increase my tax

Would increasing my 401(k) contribution increase my tax credit next year and is there a formula/equation to determine by how much?

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,768 satisfied customers
I was self-employed (and still am) up until June of this

Hi! I was self-employed (and still am) up until June of this year. As of June 1st, I will be classified as an employee. I have always paid estimated taxes for the past 3 years on my 1099 income and typically pay about 36% of my 1099 income in estimated taxes and then get a small tax refund later. I am trying to fill in my W-4 now and I tried to use the IRS withholding calculator to verify that I don't need to withhold any additional taxes from my paychecks when I am officially employee status.I am single with no dependents. Is it likely enough for me to pay the estimated quarterly payments on my 1099 income at about 36% of that amount as I normally do and then file single claiming 0 on the W-4 or will I likely owe some additional taxes?Thank you for your help! I appreciate it.

Read more

Robin D.

Vocational, Technical or Trade School

25,382 satisfied customers
My LLC is Delaware based with principal place of business in

My LLC is Delaware based with principal place of business in San Francisco, CA. We'd like to hire someone to work from his home in Florida, doing social media work - does this constitute having a business connection (nexus) in Florida?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: noope

Read more

Mark Taylor

Certified Public Accountant

Masters

3,424 satisfied customers
View more Tax questions
In The News