Does child support have to be claimed as income on the tax return?
Answers: child support is never counted as income for the receiver nor a deduction for the payer.
Spousal support is almost always taxable for the receiver and a write off for the payer.
Truly does not seem fair to me that the person who pays it has to pay the taxes on it and almost never gets to claim the child.
NOPE>
Isn't that great?! If you're the recipient.
Nope and it's completely not right.If they don't have to claim it has income then it should be a deduction for the one paying it.Only seems fair.
HELP! A Nigerian Missionary and levy form 1099 misc.?
I have a Nigerian missionary living next to me. He worked in D.C. second year and recently received form 1099 misc. He is on an R1 visa and be doing missionary work. The form states $4,650 in box 7. Is he required to money taxes on that?Also, he showed me his pay stubs. On the wage stubs for the majority of the year the stubs said: Federal and State exemption: 99. The other part of the year they said exemption: 1. This doesn't net sense to me. Is this normal?
Answers: Yes, he must report the 1099-Misc. The merely question is whether or not he's considered a resident alien or not. Resident aliens rate SE tax, Non-Resident Aliens do not. He reports the 1099-Misc on agenda C.
Use the substantial presence test to fashion the determination of whether or not he met the test or not. If he meet the 183 day tryout over the last 3 years, he's resident and files a 1040. If he doesn't get together the test, he files a 1040NR.
The W-2 are cheats. He put down 99 exemptions to guarantee have had little or no withholding. Even as a non-resident his income be more than $3400--and it certainly be!--he was supposed to put single 0 or single 1 single. (His cutoff as a resident would be a mere $400 due to the SE income.)
Was allotted within July 1989 pursuant to Public issue, 100 shares of a Company at par at INR 10?
In Dec 2007 the Company offered & Bought Back each share at INR 835,What is the moral fibre of Tax Payable?
What Amount of Tax is payable & within what time?
Are within any method to avoid or minimize tax?
Answers: Well if its more than a year of pruchase , you do not have need of to pay any duty on your income from chares. BUt the usual brokerage and STT tax will be levid on this transaction.
What is the humour of Tax Payable?
It is treated as long term assets gains. If the shares are sold through stock exchanges, afterwards there will not be any due (Tax free). If the shares are sold other than through stock exchanges consequently there are two taxation methods.
Method-1 : 20% duty after indexation
Method-2 : 10% tax on direct income (Sale-purchase value).
The assessee is have the right to choise any option. In your suitcase 10% tax method is profitable for you.
What Amount of Tax is payable.?
Method-1
Tax Calculation as per indexation:
Sale significance on Dec.07= 835*100=83500
Cost of shares= 100*10=1000
89-90 Inflation Index= 172
07-08 Inflation Index= 551
Inflation cost of purchase:1000 x 551 /172 = Rs.3203
83,500 is the sale appeal
03,203 is inflation index cost (Instead of Rs.1000)
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80,297 is your long term means gains
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16,059 is export tax (a)20% on Rs.80,297
00,482 is Education cess on Rs.16,059
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16,541 Net tax payable within Method-1
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Method-2
Direct (sale-cost) 10% tax
83500-1000=82500
8,350Tax (a)10% on Rs.83500
0,251 Education cess (a) 3% on 8350
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8,601 Net levy payable in Method-2
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So, Method-2 Tax Rs.8,601 is your way out for payment of duty.
within what time?
This due is payable on or before 15th March 2008 lacking interest.
Are there any method to avoid or minimize excise?
No chance. But if your total income including this income & other income dose not exceed the "taxable income"*, consequently you need not earnings any tax.
* Taxable income ability:
1,10,000 for HUF or Male <65 years
1,45,000 for Women <65 years
1.95,000 for Seniour Citizen >65 years (male or female)