may i know give or take a few taxes? especially types of taxes & related to VAT?
Question:concepts of Taxes & types of taxes with their brief description. discussion in the region of V A TAnswers:
To seriously know that you have to bring 'Students guide to income tax'... for income taxes and 'service tax' by any author for service tax. VAT stands for effectiveness added tax and it is charged on the efficacy created at each stage surrounded by the trade process. this means that if a mfg seller to another trader rs 100 article, rs 10 is tax ( i guess prevailing tax rate is 10% near 2% cess) then the salesperson will sell to another vendor at 150 his tax will be 15rs minus what he have already paid ie output tariff minus input tax so his liability will be rs 5. nearby are few different tax rates for VAT you want to confirm with an accountant or CA, or newly browse on G00GLE, there are so copious sites devoted to VAT
Other Answers:
i don't know.
Concept of VAT is to equalise the state levies so that business is not lost by one state to another. The consumer inevitability not bother about the export tax rates since under VAT near is uniformity in taxation when two states lower than VAT are compared
chandramouli
In CA when a spouse dies, do solitary l/2 if his assets win included contained by estate taxes due to community property ?
Question:Answers:
It depends.
If the estate passes to the spouse later no because there is not estate decrease if it passes directly to the spouse, however upon the demise of the second spouse, the entire amount is included in the spouse's estate.
If the estate may cross the maximum exemption amount for estate taxes, afterwards they couple should probably consider setting up a bypass trust so the first to die's assets, up to the maximum estate exemption, passes into the trust. The rest consequently passes to the surviving spouse (or their trust). That style upon the death of the first spouse their entire estate toll exemption is preserved.
Also in CA you can exempt from assets gains taxes $250K respectively upon the sale of the property. Again, if one spouse predeceases the other, it can slip away to the living spouse without a taxable event, however their $250K exemptin is effectively lost. Soooo..if the house have more than $500K in equity, it would be learned to get a trust set up so the first spouse's partially passes to the trust, so as to accumulate the taxes on the first $250K.
So in CA, where on earth real estate frequently does exceed that partly mil mark, it still may require the proper trusts to fully exclude the maximum amount from taxation.
See a advocate for details.
Other Answers:
NO. The entire 1/2 of his assets are taxed...I hope your spouse have a Trust than the assets can pass freely nearby than when you croak the taxes will be due on the entirety of whats left. Also depending on the amount his 1/2 is equal to it may be exempt any road so rest easy on this and consult an Estate Attorney or ask your CPA.
To answer your specific put somebody through the mill.
100% of the spouse's assets are taken into consideration when looking at his or her estates.
The question is, what are those assets? Since, as you influence, California is a community property state, both spouses own all the assets together, unless here were some special circumstances, close to inheritances, assets owned before marital, pre- or post-nuptial agreements.
Typically, 1/2 of everything the couple owns belongs to the dead spouse.
Now, near that in mind, read the more in-depth explanation provided by the financial advisor, above, give or take a few estate taxes.
Best wishes
Your TaxMama
TaxMama.com
Source(s):
About 3 decades of experience with taxation, preparing estate excise returns and counseling families - and answering question.
i hold a w4 request for information?
Question:i am single no kids and 17 what do i fill out on the w4 form?Answers:
single, no dependents. when you record your taxes next year, you will claim single, one dependent (youself). by doing this, you are assured of paying ample taxes and will most likely win a small refund.
Other Answers:
im sorry i dont know
Single - 0 or Single - 1, If you filch 0 a little more money respectively week will be deducted from your check.
Source(s):
Me
In reguards to what? You don't own any dependents so that would be zero, you can claim yourself, but they won't pocket as much out and you may own come next Apirl. (I wouldn't deduce so becouse you should get everything put a bet on in a settlement, so use taxes as a savings report so you get a largew amount for the summer months.) I hope this help.
Access this link http://www.irs.gov/individuals/page/0,,id=14806,00.html and try it. This intertwine is to a W-4 withholding calculator that you anyone can use on the IRS website. - HIH
Source(s):
IRS website
If I'm from the U.S., but live and work surrounded by another country, where on earth do I compensate taxes?
Question:And what do I tell the IRS?Answers:
You will settle up taxes in matching way you did contained by the U.S. However, depending on which country you work and live in in a minute and how many days you spend surrounded by that country, you may have to pay envelope local taxes as well. The amount of taxes you pay cheque in that country can be used as credits against your U.S. due liabilities.
Other Answers:
if you are still a citizen profile your income tax as past. But make sure they know you are a ex pat.
The toll booklet that they send you every year have some good answers on this one. Or you can even call upon them and let them know the situation and they will advocate your which route to go.
There's a pretty complete discussion of the tariff rules relating to US citizens living abroad on the IRS website:
http://www.irs.gov/businesses/small/international/article/0,,id=97324,00.html
Short Term Capital Gains Rate - Michigan?
Question:I just sold an investment property I held for 4 months. I enjoy to pay short occupancy capail gains. Can anyone speak about me what those rates are for Michingan. I beleive they are 28% for Federal. Also what forms must I fill out to compensate estimated taxes for this sale to both the Fed and Michigan. Thanks!Answers:
For Federal it is anything your normal tariff rate is, which depends on what other income and deductions you enjoy (but without know anything around your situation 28% is probably a decent amount to use if you a moment ago want to estimate how much you'll owe). For Michigan it is 3.9%, the same rate as for adjectives income - Michigan doesn't have a different rate for income gains, everything (wages, interest, funds gains, etc.) are adjectives taxed at matching rate.
I live contained by California and only just sold home I have lived within for 1 and1/2 years. Do I settle up wealth gain?
Question:The home sold for $359,000. The home was my primary residence and I am planning on building another home beside the proceeds as down payment/closing. I actually merely got out beside what I had put down on the house when I bought it. Is in attendance a time limit within which I must purchase a new house and/or since I lived contained by the home under two years do I owe wealth gains? I'm married file jointly.Answers:
The rule axiom that you need to buy another home be changed a number of years ago.
The broad rule is that you owe capital gain if you sell your house surrounded by less than 2 years AND HAVE A PROFIT.
To determine if you have a profit, we would need to know the purchase price of the house. Don't forget that you stipulation to take into story purchasing and selling costs when calculating the total profit/gain.
However, there are exceptions to the 2 year rule. There are too frequent to list here, and ideally you would work beside a CPA to see if you qualify, but they include some of the following:
* selling the house due to illness or other medical rationale
* moving at least 50 miles away for a topical job
* other unpredicted circumstances (especially significant changes within your financial status.)
If any of these exceptions apply, some, or all, of your profit may be excluded from income gains rates.
Hope this helps.
Other Answers:
shouldn't own to if you use it on home purchase within a year
I believe so, if you made a profit. There is a import tax deduction that applies after (I believe) 2 years of full time residence surrounded by the home, not 18 months.
it has to be your primary resident for two yrs
It will be prorated depending on why you sold/ are moving. ie for work etc.
You must own lived in the home for 2 years for it to be a property
gain. Therefore, any profits will be taxed as dull income.
However, did you make any improvements to the house?
If you did and you enjoy receipts you can add those improvements
to your purchase price. For example, Let's articulate you bought the
house for $275,000.00 put $25,000.00 in improvements and
compensated a Real Estate commission to sell it. Instead of paying taxes
on $84,000.00 within profit ($359,000 - $275,000) you could
pay taxes on let's enunciate $40,000.00 in lattice profits instead. Check
with an accountant.
For more great Real Estate and Money Ideas dance to:
www.realmoneyideas.com
Listen to btb! Apparently some people wallow in answering questions they know nought about, but btb's answer is correct.
Tax Exempt Items surrounded by Pennsylvania?
Question:is there a inventory of tax exempt items contained by Pennsylvania. specificaly is there rates on furniture?Answers:
Yes, there is levy on furniture. There no tax on clothes and food.
Other Answers:
i don't know sorry
I dunno nearly a list. I ponder necesseties are tax-exempt, like bread and milk and stuff. So, furniture might be, but I don't reckon so.
I enjoy incurred $3K this year traveling for my dad's med.purposes. He doesn't live beside me. Tax Deductible?
Question:He lives in TX and I am surrounded by OH. Is there any opening to deduct these expenses?Answers:
Are you working for him? If so after these are the expenses that it costs you to do business. First of all your Dad should proposal to reimburse you for them as it is a expense of the company but if he doesn't and you are working for him independently take them past its sell-by date your taxes.
Other Answers:
Not unless you take him as a dependent on your taxes.
The merely way that you will know how to deduct you travel expenses is if you are your father guardian or he is your dependent. It is great that you love your father
Source(s):
I am a licensed tax preparer (enrolled agent)
Do nonresident aliens wages federal taxes on interest/dividend from US treasury bonds/bills ? Thanks to adjectives?
Question:Answers:
Possibly. It depends on the person's country of residency. An income tax treaty may apply to mute the dividend and/or interest tax rate from the commonplace 30% down to as low as zero. If the entity was a nonresident alien but still physically present contained by the US for 183 days or more, they are also taxed at 30% on wherewithal gains from US assets.
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NO..im pretty sure they don't hold to pay ANY taxes at adjectives... and it's just not right!
Unfortunately they do own to in their own country.
Sorry but I ruminate you do have to at tiniest fill out a 1040NR to see if you do hold pay on your interest/dividends. It would be according to how much you earn.
Source(s):
A licensed tax preparer (Enrolled Agent)
No.
Taxes are for Citizens or Permanent Resident Aliens ONLY.
Top 4 Answerer within Business & Finance. (Vote for me, I only call for 100 more votes)
If excise not compulsory how may society we assume payment taxes?
Question:Answers:
Taxes are not optional. However, if they be, I'd think not severely many folks would still pay taxes. Our reduction would suffer terribly. There would be no establishment or gov. programs, etc... it would probably destroy free interprise....etc...not a moral idea.
Other Answers:
U expect if it were suggested? Some people would still salary taxes because it is a good investment to look forward to respectively year. I wouldnt but I am sure the gov't would find other ways to take money from me...
Tax is mandatory, not not compulsory.
If someone lives contained by duplicate household that you support but not officially a dependent,can you claim as one?
Question:My son's girlfriend says she can claim my son as a dependent because he is disabled and lives near her and she supports him, she also says she can claim her sisters son as long as not a soul else claims him. In other words she thinks that as long as not a soul else claims someone as a dependent if you have their social shelter number you can claim them on your taxes as a dependent as long as they live with you and you support them. Is this correct?Answers:
Probably correct, depending on circumstances.
If a character is not related to you in ways the IRS define as a "relative", they must live with you adjectives year. In that case, if you provide more than partially their support and they do not have gross income over a specified amount ($3200 for 2005) no business what they spend that income on or if they don't spend it, they can likely be claimed as a dependent..
If more than one entity claims the same dependent, they will expected be asked to prove that they provided more than half of the person's support. So claiming someone isn't a event of "nobody else claims them", it's a matter of in fact supporting them.
If the person is related by IRS rules (and the nephew is, if he's lower than 19 or under 24 and a full-time student or is totally disabled, later he does not necessarily have to hold lived with her the ENTIRE year, simply more than half the year, if adjectives other rules are met for claiming him.
There are some additional rules for claiming a dependent, but these are the key ones.
Other Answers:
i dont think so coz my brother is disable and my dad could not claim him
i conjecture they have to be a direct line member similar to a son or daughter mom or father of the person claiming them but your best bet is to ask a Tax being In order to claim a dependent, they cannot payment rent and you must pay more than 50% of their expenses. So if your son is living near his girlfriend for free, then yes, she can claim him.
The short answer is "No".
Source(s):
Go to IRS.gov pattern site and check for dependents.
Actually, I thinik it is!! Although beside her sisters kids I would think that they would in actual fact have to live near her and she would have to lift care of them!
But as far as your son go yes I think she can claim him as long as shes the primary effort taker then yes..I consider so :(
Sorry..It sounds like this chic is adjectives about the $$$ Maybe you should insist on your son of moving?
She cant claim him. the IRS has a document of people that are approved to be dependents and a boyfriend/girlfriend is not on that schedule
what are the benefits of mutual funds compared to other instruments similar to RBI bonds?
Question:I have to do research on this pl aid me. what are the benefits of mutual funds as compared to PPF, RBI bonds, PO savings, kisan vika and Company depositsAnswers:
See, as the entitle suggest , Mutual Funds are funds arranged by in a pool by everyday investors who may not have fluency of financial market .But every one wishes to increase wealth. So, a mutual fund company hires outstandingly knowledgeable investment negotiator and collect money from masses. The investment proprietor , invests these money in miscellaneous form of investments like-Equity, Govt bonds , other securities. This he does for maximising the gain.
The RBI Bonds , PPF are fixed types of investments where near is a fixed % of return is assured. So, generally speaking the likelihood of higher return is near Mutual Fund.
The second difference between Mutual Fund and RBI/PPF/etc is that the investment Mutual fund is riskier than investment in RBI/PPF etc because contained by case of PPF and RBI govt give guaranteed return.
The third difference is that generally the investment surrounded by RBI/PPF and other bonds are for fixed tenure whereas in Mutual fund you can return with out as soon as you want.
Fourth, RBI /PPF returns are totally tax free whereas the with the sole purpose dividend given by Mutual Fund is free and not the capital gain.
There are frequent other difference. You better search Indian sites on this topic.
Other Answers:
?
Source(s):
Id answer- if I know what you were chitchat about
mutual funds are investments offered that filch a collection of different stocks, bonds, cash and other holdings to present a way for an investor to buy into that form of investment near a minimum cash outlay. the other offerings that i see you chitchat about seem to be to be bonds, not stocks and are debt instruments that are offered to raise lolly.
How do I create clear stubs and W-2?
Question:I hired a live-in nanny for the summer. What computer program can I use to manage wages and import tax information?Answers:
A Fox News article covered this topic rather capably:
http://www.foxnews.com/business/personalfinance/tax/nanny/index.html
There are also companies that provide this service, such as:
http://www.nannytaxprep.com/
Best of success.
Other Answers:
Call the IRS!Although this expense can be claimed by you when you record.
quicken None of these answers doing it for you?
Sometimes none of the answers get it in recent times right. If so, pick "No Best Answer".
Voters DO NOT get any points for voting on the No Best Answer. You can achieve the forms from irs.gov. They have most forms and publications on that site. Some of the forms can be downloaded and bursting out through adobe or ms office. I reflect the 2006 W2s and W3s will be on the site soon. Don't forget that a W3 is a summation of all W2s. Also they are sent to Social deposit administration and not to IRS. A circular E which is something like wages would really help you
Source(s):
A licensed taxpreparer (Enrolled Agent)
Can someone buy a good bond within my given name in need me knowing?
Question:Answers:
Yes, but they have to know your social collateral number. If they don't have that, they could still purchase it as a 'joint' ownership bond between themself and you and detail their social security number.
Other Answers:
i can
if they enjoy your s.s.#. savings bonds are not surrounded by anyones name you simply go but them and trade them hindmost in 10 years, nearby not like a motor or something that needs to be given a title?
Its possible...the party buying the bond needs your social collateral number. They can ask your parent for the number without you knowing.
Source(s):
personal experience
Sure. People buy them for presents for nation all the time. They hold to buy them in their own SS#, though, if they don't enjoy yours. Of coarse they can
Yes you can, make great gifts, adjectives they need is your pet name and social security number.
I buy them for adjectives of my nieces and nephews every christmas. It is a way to invest surrounded by there adjectives and besides they love getting the mail and going to the ridge to put them in the safekeeping deposit box. It makes them be aware of grown up.
Does students also necessitate to settle up Income Tax?
Question:Answers:
Yes. However, most students don't make that much money, so they are usually given a full repayment (and if they qualify, they may receive more than a full refund).
Other Answers:
You need to cram Grammar!!
yes if you make over the minimum, but near are usually enough deduction for you to get it adjectives back.
No they do not contained by NY.
if they are earning and are providing more consequently 50 % for themselves, then as you would expect they have to
and its pious in a approach though, cuz you will get most of the money taken away from you subsidise, and if you are paying for your tuition then you will get hold of education credits as capably...
Every person, who touch certain criteria, is required to settle taxes, no matter how dated or young. The criteria simply human being how much income the person have in a singular year.
So, the fact that you are a student does not exempt you from paying taxes (US, that is). You are, however, entitled to several levy credits because of your student status. (education credit, hope and lifetime learning credit, student loan interest estimate, etc).
Since every taxpayer is entitled to a 'personal exemption' and a 'standard deduction', if your income is greater than these two deductions surrounded by a year, then you will own to file a toll return.
Only pertains to U.S. Federal Government employees as merely legal for them to use 1040 Form. American Citizens are exempt, as are non-resident aliens surrounded by relationship to the foreign corporation operating out of Washington, DC called the UNITED STATES OF AMERICA, INC. incorporated 1988 by the STATE OF DELAWARE as non-profit religious foundation. American Citizen and UNITED STATES citizens are foreign to each other. American Citizens can voluntarily impart up their Constitutional rights to voluntarily become U.S. citizens as Debtors to the shareholders of the FEDERAL RESERVE, because the government lost its sovereignty by going bust in 1933 by a preconcieved meeting in Zurich, Switzerland contained by 1930-31.
Source(s):
Federal Code and other reading. Join the yahoo group called wethepeople_united@yahoogroups...
A student would hold to pay taxes if they made over $400 contained by a year. If they are a college student, they would have to recompense taxes on scholarships and other award money explicitly designated for room and board because it's considered gross income (money for tuition and fees is not).
There are two tax credits you can hold: the HOPE credit and the Lifetime Learning Credit. The HOPE credit is 100% of the first $1000 and 50% of the next $1000 for a total of $1500 (remember, this is for tuition and fees only). This is virtuous for the first two years of college education.
The Lifetime Learning Credit is 20% of tuition and fees up to $10,000 ($2000 total credit). This applies to both cut time and full time students.
BE CAREFUL! If you make between $42k - $52k, the credits are phased out, which mode you have to do some calculation to see just how much you can claim. Also, if you are claimed as a dependent on someone else's return, you can't rob the credits - they can.
Source(s):
I'm an accounting student at Kent State and took a tax prep course for my associate's scope last dive.
I'm also wondering if you are referring to paying or filing. It make a difference if you are strictly a student or employed anywhere, if you are claimed as a dependent on your parents income tax return, what class of financial aid that you receive (Pell Grants and student loans are not subject to taxation).
If you have any authentic questions roughly speaking money received from school, the financial aid bureau should know if it is taxable or not (I would hope...they are handling federal dollars...I would hope someone in the bureau had SOME knowledge).