How much toll will i earnings on this income?
I care for a short time boy, and his parents have salaried me $14,000 this year (without taxes taken out). When I file, how much should I expect to payment for this?Answers: It depends. Assuming you are single and not supporting anyone, have no other income such as investment income, you would owe the Federal elected representatives approximately 525. If you sent no estimated tax to the IRS, you would possibly be subject to cost. If you are not disqualified from the earned income credit, you could own a small credit subtracted from your taxes, but it would be very little if you hold no dependents.
You will owe social security and medicare taxes also. If your State have income tax, and you sent no estimated charge in, you would owe your State income charge also.
Your employer [the boy's parents ] should have given you a W-4 to plague out and they should have withheld Federal, social financial guarantee, medicare and State taxes. They should have specified that they would be paying you more than 1500 for the year.
Do not go to nor use H&R ripoff. You can use taxact or turboTax.
Go to the H&R Block Tax calculator, enter your facts, and get a obedient estimate of your taxes.
If you are not having any taxes withheld, you may consider making estimated payments.
How is capital gains on shares treated ? is it added with income from salaries or treated seperately?
Answers: Capital gains on shares are treated under separate head "Income from Capital Gains". Because the capital gains income tax rate is different.
The tax on Salary will be taxes as per slab rates. At the same time you are allowed to invest in tax savings schemes u/s 80C and can save tax on salary income.
But on capital gains on shares you have to pay tax and you cannot save tax like in salary.
If you sell the shares after holding more than 12 months, then they are treated as Long Term Capital Gains and the tax on such gains are "Nil" (Exempted from tax).
If you sell the shares before 12 months period, then they are treated as short term capital gains and the tax on such gains are (a)10% flat rate. ( 10,000 gain= 1000 tax).
Capital gain on shares will be taxed seperately and not be added your salary income. If holding of your shares is 1 year or more then it will be long term capital gain and will be fully tax free but if your holding of share is less than 1 year it is short term capital gain and will be taxed (a) 10% flat plus applicable surcharge and cess. No deduction u/s 80C (i.e. investment in presbribed investments) will not be available to tax on short term capital gain.
Please find my status of my pan card application?
Answers: You have not given any details. So it is better you your self checkup the status of your PAN through the PAN application counter foil numbers which you have obtained at the time of PAN application. If the slip contains acknowledgment No. in 15 digit, it is a NSDL application. If it contains 9 digits application number and 9 digit coupon number, then it is a UTITSL application. If you have those numbers then try from the following websites.
NSDL for 15 digit number:
https://tin.tin.nsdl.com/tan/StatusTrack...
UTIISL for 9 digit numbers.
http://myutitsl.co.in/intra/web/pantrack...