2
votes
1answer
27 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 ...
2
votes
1answer
22 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
115 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 ...
5
votes
1answer
140 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
212 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 ...
3
votes
1answer
132 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 ...
3
votes
1answer
129 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? ...
2
votes
2answers
92 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
562 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
55 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 ...
6
votes
3answers
456 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? ...
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 ...
5
votes
3answers
424 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
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
264 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, ...
2
votes
4answers
12k 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
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
989 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 ...