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This is a frequent problem for anyone with a large amount of deductions, whether it is student loan interest, home mortgage interest, charitable contributions, or anything else. As an employee getting your tax withheld from your check, your options to reduce the amount withheld are limited. The HR department has no control over how much they withhold; the ...


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The IRS no longer requires that employers submit all W4 forms, but they can request a W4 for an employee at any time, and putting false information on your W4 is still a punishable offense. I agree that having a return is like giving the Treasury Department an interest-free loan for the year, but unfortunately paying the appropriate amount of withholding ...


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The purpose of the W-4 form is to allow you to adjust the withholding to meet your tax obligations. If you have outside non-wage income (money from tutoring) you will have to fill out the W-4 to have extra taxes withheld. If you have deductions (kids, mortgages, student loan interest) then you need to adjust the form to have less tax taken out. Now if yo ...


5

Assuming the United States. This is a loan and not an investment. You report this as income and will pay your tax rate on the 18% of the money that the borrower pays you (any money paid above what was originally lent) for the year in which it was received. You owe taxes on the income even if the borrower does not send you a Form 1099-INT showing the ...


6

If I get a prepaid debit card for the money I make do I have to report my earnings? How do I go about doing this? Yes you must report this. It doesn't matter if they put it in your bank account, or on a debit card, or cash under the table. You have to report the income. You can count on your employer reporting the income to the IRS. What is the limit I ...


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Adsense don't pay you daily. They pay you every month (as they have to calculate the final value). I'd say you only have to declare it when it hits your bank account. £60 actually isn't that much. It only took me a couple of months of just making a few quid, to making enough to get a monthly payment, and I only tot up what goes into my bank account. I've ...


1

Every bill you write counts as income (if the bill doesn't get paid, you would count that as an expense). In cases where you don't write bills, I think the payment you receive would count as income, but you might check that on the HMRC website. So to record your income, you can basically record the payments that you receive. Anything you pay out for your ...


2

As an NRI, you are still liable to pay taxes on certain incomes earned in India, like the interest on Savings accounts / rent received from property / capital gains on shares / etc. It is advisable to file a NIL return in India. The forms are same as one you fill for normal returns. You just have to declare the right source of income and show zero taxes[if ...


2

As a special case, if you are resident in the UK for less than 183 days in a tax year, you might be considered non-resident for tax purposes. That means you can pay zero UK tax. However residence also involves other criteria. You should check up on this, and plan your affairs accordingly. investing in a consulation with a tax accountant might well be ...


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The immigration issue is a red herring: stating the situation in the simplest terms, someone who earns 30k in a tax year will pay less tax than someone who earns 60k in a tax year.


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In Sri Lanka, this is the normal practice. We, employees are free from the burden of paying tax for the income we get as a salary. Because that part is been taken care of by the company/employer.


2

Yes, in the circumstances you describe, you would end up paying less tax per month in the first year than in future years. The allowance is allocated annually. However there is also National Insurance which is calculated weekly or monthly, so you wouldn't get any advantage for that.


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Many countries have employers report their employees' salaries and withhold some money for income tax purposes (it's called “pay as you earn”, “withholding taxes” or taxing “at the source”). Often the system is designed in such a way that most people actually pay too much and can get money back at the end of the year. In that case, the salary you receive can ...


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According to Wikipedia, this started out as a way to fund health insurance and unemployment insurance, and has gradually increased its scope to cover pensions. At least in part, what you can claim back from these systems is connected to what you paid into them - you can't just work one week and then claim 51 weeks of unemployment benefit, or a full pension - ...


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Just a real-world counterpoint, in the UK, we negotiate the "before tax" salary as some number of pounds per period of time. Out of this amount, income tax is typically deducted and this calculation is quoted on the payslip. (Like most of the rest of the world.) However, there's another grade of income tax called "Employer’s National Insurance". This is ...


1

In Canada, the majority of your taxes are remitted by the employer on your behalf after the employer deducts the calculated amount from your pay. Then when you file your income tax return you pay (or get reimbursed) the difference stemming from your particular social situation. Note that this is optional. The employer has to pay its own part of some ...


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If a country had a genuine completely flat income tax system, then it wouldn't matter who paid the tax since it doesn't depend on the employee's other income. Since not many countries run this, it doesn't really make sense for the employee to "take the burden" of the tax, as opposed to merely doing the administration and paying the (probable) amount of tax ...


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In Singapore, this is sufficiently common that the Singapore IRS has a page on their website dedicated to informing employers of how to properly pay this under Responsibilites of an Employer. Specifically, tax paid by employer is taxable income for the employee (as it's really the employee's responsibility), so they must pay tax for that tax. A ...


4

Everyone pays their personal income tax with funds from their employer; some of it through withholding, and the rest through the balance due at the time of filing. All that is happening here is that the company is calculating your personal tax return for you, and fiddling retroactively with the gross salary to yield a specific after-tax salary. One ...


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Log in to kotak securities demat account. THere, you can find statement of your sell purchase and dividend received.


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I would talk to your HMRC tax office they do have guidance on this issue here http://www.hmrc.gov.uk/working/intro/employed-selfemployed.htm


0

I will have to pay the tax to Indian-Govt. on ... Yes that is right, as the income is 2.4 lacs, there is no tax. Please note that the exact date when you go to US matters. For the financial year April 2014 to March 2015, if you spend less than 182 you would still be resident of India. The income you earn in US will also be taxable in India. There is ...


2

You were told wrong. Lifetime Learning Credit is not a refundable credit. I.e.: it reduces your tax liability, but you cannot get refund if it exceeds your tax liability. See the IRS pub 970 for more information: A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, ...


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To quote from the HMRC website: If you're employed you pay Class 1 National Insurance contributions. The rates are: if you earn more than £153 a week and up to £805 a week, you pay 12% of the amount you earn between £153 and £805 if you earn more than £805 a week, you also pay 2% of all your earnings over £805 You pay a lower rate if ...


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The transcript should appear shortly after your tax return was received and accepted by the IRS. You should check on the IRS page, I wrote about it here.


0

In general, all income is taxable, regardless of the source. If you living in the U.S. -- I don't think you said anywhere where you live -- then if you are donating this money to charity, you would have to declare the income, and then declare a deduction for the charitable contribution. At that point the two would cancel out and the net result is that you ...


4

It's income. It's almost certainly subject to income tax. As miscellaneous income, if nothing else. (That's what hobby income usually falls under.) If you kept careful records of the cost of developing the app, you might be able to offset those against the income... again, as with hobby income.



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