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Questions tagged [income]

Questions related to the earning of money (or other capital) within a specified time frame. Topics such as methods to increase income, account for it, track it, analyze it, or disclose it are all appropriate, but discussions of *income tax* should use that tag instead.

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1answer
73 views

Switching from W-4 to W-9. What should I be aware of?

I'm a welder in California. I recently talked with my employer and mentioned that since you can't deduct expenses as a W-4, I wondered what he thought of hiring me as a W-9 so that I could write ...
3
votes
1answer
98 views

Self-employed net income for affordable housing - valid to take from profit/loss?

I'm trying to understand net income from self-employment, when qualifying for an affordable housing program. I had always thought that net income was the cash (checks, wires, etc) coming in. However,...
0
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1answer
107 views

Best financial model to proportionally distribute the company's income to all employees? [closed]

I plan to start a project of something "innovative". And among some of the parts of the project that I'm thinking about, it's in the term of how money (profits) should be distributed. The truth is, I ...
5
votes
1answer
255 views

How stable is my retirement plan?

I am in Ontario, Canada as stated in previous posts. I am 23 and have $20 000 in investments after working at my first job for 10 months. My job pays me $42 000/year before taxes ($33 000/year after ...
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1answer
62 views

Investing in grandfathers name to save tax in India

I was looking for saving tax by investing/gifting to parents. My father/mother is paying tax, instead can I gift my money to grandfather to save tax ? Grandfather does earns so easily 20 lakh could ...
5
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1answer
228 views

Does a dependent 19 year old have to file taxes?

I'm a 19 yr old, and my parents file me as a dependent under their married-filing-jointly tax return. Lately, I've done a couple small mystery shopper task from 3 different companies. The total adds ...
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2answers
154 views

How to calculate someone's true net worth?

Is there a way I can look up or calculate another person's net worth through math? Is a person who is making credit card, car, house, etc payments owe more that what they have equal they are worth ...
3
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3answers
200 views

How is a non-resident Sole Trader in Australia taxed on freelance work?

I am considering doing remote freelance work for an Australian business as a Sole Trader with an Australia Business Number (ABN). I am a non-resident in Australia. My question is: do I pay taxes on ...
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1answer
243 views

What can I do to earn money, with the fleet of servers I own? [closed]

I own a lot of servers, Virtual Private Servers in specific. Those resources are being wasted. How do I put them to good use to earn a substantial amount of money? Please give me detailed ideas and ...
0
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1answer
38 views

Funds : Distribution Types

Funds can have cash dividends (like shares), but is there the possibility of not receiving the dividend on cash and receiving additional units of the fund : similar to a stock dividend on shares where ...
2
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0answers
48 views

How can I see if/what income/current account payment data is gathered by credit referencing agencies?

According to two Telegraph articles: Almost all of Britain's banks now record most current account customers' monthly incoming payments. This is distributed monthly to credit reference agencies [..] ...
3
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1answer
75 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
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1answer
79 views

Do GnuCash Income entries ever stop contributing to the Income Account's total?

I'm building a personal budget in GnuCash and after entering my starting equity, I've added my new paycheck in the Income section of my budget. I've entered it as transferred to my Checking Account ...
2
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1answer
55 views

Can I qualify for ACA subdisies if I don't have current employment income, but have interest/dividend income, other income and capital gains?

My understanding is that individuals with income < FPL don't qualify for ACA subsidies. I have made around 10-15k this year from a previous job, but currently don't have a job (by choice, but I ...
1
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3answers
471 views

Whats the best option to increase my net worth, now that I have an income and some money to save?

I am 25 years old software developer with no loans. Before my software developer work I rarely had more than enough money to live by and I was not thinking of savings and such since I didn't any spare ...
1
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1answer
32 views

Posting invoice in different currency

I've got all my transactions organized in CAD. Now I've got a new customer that'll pay me in USD. I can open USD bank accounts to handle this, that's not a problem but in GNUcash I created a new ...
3
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5answers
212 views

How to deal plan a budget with extremely variable income?

I am a full time master's student. My income comes exclusively in the form of irregular scholarships and grants, both in terms of time and amount. I have no regular income. For example, I might get ...
6
votes
8answers
842 views

Methods of generating additional income on top of full-time job

I am a resident of Europe. I currently work a full time job, which pays around 1.5k euro monthly. I have under 1k in savings. I just finished my 1st year of Computer Science in college. I am aiming ...
2
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0answers
76 views

Capital gains and income

When capital gains are not considered as an income (as per New Zealand Income Tax Law to be precise) then why capital gains/losses end up in an income statement to calculate net income? Does that look ...
1
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2answers
47 views

LTCG and income tax will significantly reduce returns?

If I bought set of equities today and sell them next year amounting to a capital gains say 1.5 lakhs. 1 lakh is exempted from LTCG and 0.5 lakh is charged with 10% LTCG tax. If my income salary ...
1
vote
3answers
191 views

Is there any income increase that would result in less net income due to taxes?

We have all probably heard people say "I received a raise at work, but it doesn't matter because I'll just be paying more in taxes." This comment is usually in reference to a small raise. Is there ...
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0answers
20 views

Are payments from LIC single premium money back policy taxable in US?

I have a single premium LIC money back policy, which pays money every 3 years. I have received the 1st payment. I wanted to know whether that amount is taxable in the US? I am in USA.
2
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0answers
300 views

tax identification number in W8-BEN - Canada specific question

I live in Canada and have done a contract job with a U.S. company, and they ask me to fill a W8-BEN form to pay me. I'm asked to note that on the W8-BEN Form either section 5 or section 6 must be ...
4
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2answers
337 views

Including all the ultra-wealthy, what's the average income in the US? [closed]

The ultra-wealthy typically receive fairly little of their income as wages. Larry Page, Sergei Brin, Steve Jobs, Larry Ellison, and Mark Zuckerberg all receive or received no more than $1 per year, ...
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1answer
311 views

I got a job in Saudi Arabia. What are my tax liabilities in India

I just received an offer from Saudi Arabia but I will be required to be in Saudi for only 4 month in the whole year. So what is the tax implications on the earning that I have in Saudi. What are the ...
2
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1answer
96 views

Calculation of different types of earnings per share

I'm confused about how to calculate diluted earnings per share. As far as I know, for any type of EPS, one must divide the earnings attributable to relevant shareholders by the weighted average number ...
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0answers
77 views

USA Tax: What do I do with 1042-s forms (copy b, c, & d)?

Do I attach 1042-S copy c to my federal tax documents and copy d to my state tax documents?
5
votes
6answers
880 views

How much capital is necessary to live on $5000 / mo.?

If I want to determine how much gross return I would need to live on $5000 / mo ($60,000 / yr) and I was to assume all return would come from an investment pool of capital in ETFs, stocks, etc, that ...
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0answers
13 views

Request two separate P21 Balancing Statements

I need to request tax back for two jobs in 2017. I currently only have a P60 from one of the employers. Is it possible to request a P21 from that side and then request another one when I get my ...
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0answers
191 views

What do I do with a T4A-NR?

I work as an IC for an American company and do most of my consulting work in the US; however, I did two days in Calgary in 2017. My "employer" has provided me with at T4A-NR and says I will "likelY" ...
1
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1answer
47 views

Receipt of Funds from Outside of India via International bank transfer - Purpose of Remittance

If I am receiving money from international bank in my Indian bank account for my work done . I have to give explanation about the remittance. What is the minimum amount of receiving fund from foreign ...
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2answers
138 views

Decreased Paycheck

My Feb. 2018 paycheck decreased, while it seems the rest of the nation is enjoying an increase. My boss said I must fall into that “10%”. I earn an average salary. Can someone help me understand the ...
4
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1answer
857 views

2017 state tax refunds and AMT

If my 2017 state tax deductions are reduced by alternative minimum tax, does the state tax refund become taxable income in 2018?
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1answer
320 views

Tax filing requirements for OPT period (F-1 VISA) in Pennsylvania

This past year I worked under the Optional Practical Training (OPT) program after I graduated. I started my employment period March 15th and worked until September 28th. During this time I got paid ...
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1answer
200 views

How much income tax should I expect to pay

I need help. My previous employer is confusing me and wont pay all my wages. I work at this retail job for one month, November 2017,and left after i was told i would be paid two weeks into december. ...
0
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1answer
38 views

Mutual fund investments in India to be reported in USA. What's the limit of amount to be reported?

While filing tax return in USA, the income earned in India, which months to be considered? After December will the gains earned in India be considered for next FY income? Means from December to March ...
5
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1answer
98 views

Tax requirements for an independent contractor in Oregon?

I currently work as a full-time employee for a company, but I recently learned that one of our clients wants to pick me up as an independent contractor. The transition will be well worth it: ...
3
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1answer
86 views

For the purposes of Obamacare, what really counts as income?

So, I need to raise my income slightly to hit the minimum income for the Obamacare premium tax credit. Do any of these count for income? I sell broken cell phones I bought off eBay (fixed, of course....
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2answers
356 views

Semantics of taxation for year-end money transferred by check

This is a follow up question to Income - Taxed on check date written or date deposited? I'm going to give a theoretical situation that has the possibly of becoming reality for me at the end of this ...
20
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1answer
3k views

Is income from a check taxed according to the date written or the date deposited?

Scenario Let's say I was given a check from an LLC on December 15 that was written to my LLC on that same day, and I cash it on January 15 the following year. Question Will I have to claim the ...
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0answers
37 views

I am in the UK, my supplier is in the US and I ship to the US, do I owe US tax?

I have an online store through which I sell t-shirts to folk in the states. My supplier is also based in America. I myself do not have a physical presence in the US, I buy products from my supplier ...
2
votes
2answers
2k views

Using 25% of income for rent - gross or net?

I always hear the advice that your rent should not be more than 25-30% of your income and I like that advice. But I've never been able to get a clear answer on whether this should be on your gross or ...
3
votes
2answers
255 views

Apartments are far more expensive in my area. Should I seek a house on limited income?

So, where I live: the cheapest apartments are within $150/mo of a two story house + basement. There are more modest lots available, and this more modest housing is my goal (maybe). Preliminary ...
3
votes
2answers
416 views

L1 Visa Tax for working more than 183 days in US

I am an engineer from Malaysia and I will be working in the US starting 1st of March 2018. I know that I need to pay tax for my March income but do I need to pay to IRS for my previous months income (...
38
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8answers
12k views

Do I have to explain the source of *all* income on my taxes?

I live in the US. A complete stranger knocked on my door, gave me a pallet of $20 bills (which in total amount to several hundred thousand dollars), and left without saying a word. As far as I can ...
5
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3answers
206 views

If my non-US cousin sends me money in the US to buy his car, will I be taxed?

I have a cousin living abroad, who wants to buy a car here in the US. He wants to send the money to my account so I can buy it for him. The car costs about $75,000, and he will pay my $500 to do the ...
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1answer
233 views

Can a high down-payment on a house offset the need for proof of income?

Say someone has a small business and is self-employed -- therefore, they don't have any proof of income in any way (assume such an example). This person, however, has 75% of the down-payment on a ...
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1answer
202 views

What to do with an old building to get money

My father owns a home, inherited from his parents--my grandparents. It's a very old building. He can't rebuild it because it is in town and in a difficult place. He replaced the roof because it was ...
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2answers
111 views

Making 401(k) and 529 contributions from other investments

My take home pay essentially covers my living expenses, but I am only contributing enough to my 401(k) to get the match from my employer and I am not contributing to a 529 plan for my son. In ...
3
votes
2answers
365 views

Paying monthly income from a lump sum

I live in the UK, and am just starting a 4-year PhD programme. My living expenses are funded by means of a tax-free stipend of £16,553 per year, paid in quarterly instalments of £4138.25. To help ...