Tagged Questions

for questions that relate to the laws, practices, and products for the state of California. California is a state within the 50 state union of the United States.

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-4
votes
2answers
74 views

Employer 1099 Pointing to the Old Address Instead of New Address [closed]

Maybe I did not explain the situation correctly. My wife was in TEXAS but the company used her old address (California) address in the 1099 forms. What can I do to remedy the situation?
3
votes
2answers
109 views

Does it make sense to look for medical plans outside “Obamacare”?

Does it make sense to look for medical plans outside of the ACA Exchanges (such as the https://calheers.ca.gov/ in California), or are those as good as it gets? If it's illegal for the insurer to ...
1
vote
1answer
38 views

How does AMT/state taxes work for stock options in California?

I'd like to know how to roughly calculate tax for stock options, for the following fictitious scenario: Suppose Little Susie joined a rare private company in California as a normal employee, and ...
6
votes
3answers
218 views

How high should I set my KickStarter funding goal in order to have $35,000 left over?

I'm creating a KickStarter to raise enough funds to take 3 months off from my full-time job and finish an iOS game that I've been working on for about 3 years now. Put simply, all I need is about ...
-1
votes
1answer
98 views

Renting or owning my home?

I have been renting a home now for about 4 yrs. The money just seems to go into the monthly rent and its gone. Would I be better off purchasing and owning my own home. I live off of Social Security ...
2
votes
2answers
107 views

renter's insurance for causing property damage

It seems that renter's insurance only covers the tenant's property and perhaps guests. I suspect that a far bigger financial risk for a tenant is in liability due to causing a fire, flood or other ...
0
votes
1answer
50 views

Does an employer pay payroll taxes on non-taxable wages like 401K matches? [duplicate]

In addition to what the employee would pay in income tax on taxable wages an employer also pays their own payroll taxes on all taxable wages like: FICA FUTA SDI SUI ETT Are these taxes due from ...
2
votes
1answer
31 views

California S Corp Net Income and Employee Compensation

I was looking into S-Corp structures. In California, S-Corps are taxed at a 1.5% rate on their net income. What I couldn't figure out is if this 1.5% rate applies to the income of the S-Corp after ...
8
votes
6answers
974 views

Pros/Cons of Buying Discounted Company Stock

For my company (large international software firm) I am allowed to buy company stock at a discounted price. To me all I see are pros such as: Being able to sell the stock right as I buy it, ...
2
votes
1answer
29 views

Reporting of amortization expenses to FTB California

I have registered a corporation in Californa. So far, there have only been start up costs and no income. I have lodged a Form 1120 with IRS and amortized the expenses over 60 months. Do I report the ...
2
votes
2answers
165 views

Live in California but work for Illinois-based company

At my office job (in Illinois), we've recently been offered the option of working from home. Many people have jumped at the chance, and the company has reported a great success rate in those who are ...
1
vote
3answers
138 views

How are part-year California resident income taxes calculated?

For the sake of simplicity, let's suppose that a person's total yearly income is $100,000, all as W2 wages from the same employer. That person lived in one state from January 1 - June 30, and then ...
5
votes
1answer
149 views

Is a non-cash prize form a work event in California taxable compensation?

I won a non-cash prize as part of my company's wellness competition. The nominal value is maybe $300-$400 (T-shirts, misc sports clothing). Now they told me after the fact that this is taxable ...
3
votes
1answer
234 views

Tax on graduate research assistant salary paycheck in California

I have been admitted to an University of California program. They are giving me $2209 graduate research assistantship salary per month. How much can I expect to make after taxes in California on the ...
6
votes
4answers
860 views

Why do I need an attorney to buy a house?

I thought my real estate agent would cover the whole thing. How does an attorney get involved? Why do I need to hire one on my side? I ask this because I have read about it in first-time buyer help ...
3
votes
1answer
168 views

Amend 540 to 540NR (California State Tax)

A few of my friends and I are on F1 Visa and had to file our 1040NR and 540NR tax return forms. We used the e-file option at https://www.ftb.ca.gov/ to file our state tax and it had generated a 540 ...
2
votes
2answers
185 views

Continuing group health benefits from old employer after resigning

I will be resigning from my current employer next week and moving to another company: the new employer is a much smaller fabrication company and does not have as good health insurance. For example, ...
2
votes
1answer
59 views

Insurance quote - Report Moving Violation

I am trying to get renters' insurance and move car insurance all to the same company for a multi-line discount. I live in CA, USA, and had a speeding ticket last year, but it was held confidential ...
1
vote
2answers
90 views

What sustains residential real estate prices in California when household incomes are low? [closed]

I have a question which assumes the accuracy of two links (here, for median income, and here, for median home price, both of which are in California). I'm going to make an erroneous assumption and ...
3
votes
1answer
147 views

Are U.S. salaries typically measured/reported before tax, or after tax?

On each of the two sites below, the average salary in California for C++ developers is reported. Would the average reported be before or after taxes? ...
6
votes
2answers
6k views

What is the “California SOS file number” and where do I find it?

My LLC's taxes are due soon and I want to pay the $800 annual tax here in California. I'm a little confused about something I'm supposed to write on the check: the "Calfirnia SOS file number". Google ...
0
votes
1answer
2k views

California state taxes on Health Savings Accounts

I recently started an HSA. For federal income taxes this is a great deal because I get to contribute pre-tax and take tax-free distributions for medical expenses, or after age 65 I can take ...
2
votes
1answer
217 views

Does California tax personal K-1 income from an out-of-state partnership?

As a resident of California, if I get a K-1 from Connecticut, do I have to pay income taxes on this income for my California return? Using Turbo Tax, the answer seems to be no, since there was no ...
12
votes
1answer
416 views

Can a gift be re-gifted before a Chapter 7 Bankruptcy?

About a month or so ago, I gave a family member $10k to purchase a car, because he needed a reliable car for his two hour commute. He's going through some financial trouble, and is now looking to ...
1
vote
2answers
508 views

Can a non-California resident have CA licence plates & driver's licence without risking being deemed a resident for tax purposes?

I'm a California resident and I'm moving out of state to the East Coast for a new job which is a 2-year contract. I'll most likely end up in California again after the said two years. Do I have to ...
2
votes
2answers
100 views

Do I owe state taxes for a temporary (4 month) residence in California?

During 2012, I spent the first 4 months living in California while in a startup accelerator program. I had a California apartment lease with my name on it during that time. I earned income during ...
0
votes
1answer
662 views

Question about F1 student filing California State Tax Return

I am currently holding F1 student (OPT status) visa and worked several months last year in a company, the salary on my W2 is somewhat around $30k. I am married and my wife has been in US since March ...
0
votes
2answers
58 views

Filling State taxes with different Wages in different states

I am international student and was working in two different states (CA, NJ). I want to fill out both state taxes. In forms they asked me about "Total Wages". Should I put only the wages I got form ...
2
votes
1answer
75 views

Reducing cost of emergency room visit

This is a follow-up to my previous question. I've received a relatively large bill from my health insurance provider for an emergency room visit a few months ago. While the bill isn't astronomical ...
6
votes
3answers
495 views

What are the ins/outs of writing equipment purchases off as business expenses in a home based business?

I'm currently self-employed doing computer programming work. As part of self-employment I'm learning about filing taxes quarterly (not fun) and also writing things off as business expenses ...
1
vote
1answer
3k views

How much can you write off on a car lease through a LLC?

If you lease a car over buying it, how much can you write off of the car lease for the LLC? Given that you can lease it through the business, is that a more wise decision than buying financially? ...
4
votes
5answers
252 views

How to calculate my real earnings from hourly temp-to-hire moving to salaried employee?

I live in California, U.S.A. I have been working in a company as a temp-to-hire position for a few months. However, the company needs me to set up my own company, so that I provide service for them. ...
2
votes
1answer
41 views

When a business entity moves out of a state, is it the final return?

For a general partnership that files US Tax form 1065, there is a check box for Final Return which is not checked due to the partnership continuing on to the next year. However, the California state ...
4
votes
2answers
98 views

Decline In Value appeal (California property tax)

I received a come-on letter from a lawyer who wants to represent me in an appeal of my residential property tax assessment under California's Proposition 8 (enacted in 1978, concerning temporary ...
4
votes
1answer
402 views

How can I save LLC fees when investing in Arizona real estate from California

My sister, brother and I (who live in California) want to invest our money in Arizona real estate. We would like to hold the property in an LLC for liability reasons, and we would really like that LLC ...
11
votes
3answers
456 views

How do people trade up from one house to another?

Newbie question here folks. My wife and I currently own our first (20% down on a condo in San Francisco in 2009; fixed 30-year loan). Obviously at some point (maybe 2-4 years from now) we would like ...
5
votes
3answers
473 views

Owning properties through an LLC - how to split the LLC expenses?

I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
2
votes
2answers
91 views

How to allocate Roth conversion income across states when moved during year?

In 2010, I converted a traditional IRA to a Roth IRA while a California resident and elected to take the income half in 2011 and half in 2012. During 2011, I moved to North Carolina in the middle of ...
1
vote
1answer
26 views

What is the filing address for partnership that changed its address?

I have a general partnership (Form 1065) that moved effective end of 12/31/11 so the 2011 tax year ended in the old state and 2012 will be in a new state. I presume I should use the new address for ...
2
votes
1answer
423 views

How to deduct taxes already paid from taxable income on 1040 and 540

I have the following income and taxes paid for 2011 AGI 10000 Fed 800 State 150 SS 80 Medicare 30 CA DIS/SDI 100 ASE-UAW: 25 (Academic Student Employee (ASE) http://www.uaw2865.org/) Neither ...
2
votes
1answer
1k views

Can CA SDI be added to state and local income taxes on 1040 NR Schedule A?

Can I add CA SDI to State and Local Income taxes on 1040 NR Schedule A? I understand a NRA has to file 1040 NR and has to itemize the deductions. I know that CA SDI can be added to State and local ...
1
vote
1answer
280 views

Can a single-member LLC have a fiscal year not as the calendar year?

Well, the title pretty much is the question. I'm in California, and its a disregarded entity. It matters for the LLC tax, and a positive answer will save me $800 cash. With references please, ...
3
votes
4answers
13k views

USA salaries: before/after taxes

I keep reading about software industry salaries in the US. 100k / year, 130k / year, etc. Are these numbers before or after taxes ? What is an estimate of the salary after taxes ? EDIT: I would ...
5
votes
1answer
87 views

How do secured loans get paid off when selling the asset?

I own a home in California (as tenants in common) with two siblings. My brother took out a loan using the house as collateral. When we sell the house, does the loan get repaid first, or do I get my ...
7
votes
4answers
229 views

do I have to wait for one year to negotiate my salary?

A few months ago, I had an interview and received 8 months contract position. I accepted it. After a month later, the company offered me permanent position. They offered me 68k and I accepted it. I ...
5
votes
1answer
2k views

Foreign national currently working in U.S. & investing in 401(k) plan: How will taxes apply?

I am a foreign national currently working in USA. I am considering contributing around 5K to a 401K plan (with no employer match). I intend to return to my country in a few years (when I am in my ...
4
votes
3answers
1k views

Does the state I get my license in affect my taxes, or how I file?

I'm visiting my old house in California and only drive when in CA. I am about to get my license renewed, but I work in NYC and spend most of my time there (95%). I never drive when in NYC. Will me ...
2
votes
1answer
661 views

Is sales tax charged on checked baggage fees?

When I buy airplane tickets online, I pay for associated taxes at the same time. But if I have luggage to check, that's a separate cost that gets added when I check in. Should I expect to pay ...
4
votes
1answer
217 views

Possible to remove remaining foreclosed mortgage debt off my credit report?

A little while ago, I asked a question where the consensus was that the bank won't be coming after me for the remainder of the money after the house was foreclosed on. Seeing how they can't come ...
5
votes
2answers
173 views

Foreclosure debt still on the credit report

I went through a pretty nasty divorce in which my ex-wife got to keep the house. Eventually the house was foreclosed on and she eventually got evicted. However, my name (along with hers) was still ...