Questions tagged [income-tax]

This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

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28 views

NYS Part-time return and Federal Foreign Earned Income Exclusion

I have a hard time to understand how to report the Foreign Earned Income Exclusion on New York State form IT-203 when filing as a part time resident. Specifically, I was living in NYC, accepted a job ...
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1answer
156 views

What are simplest examples of buying or spending money to reduce income taxes in Ontario?

What personal (not corporate) tax examples like the quote underneath appertain to Ontarians? Please focus on examples that can appertain to as many Ontarians as possible, thus don't focus on high ...
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NYC Tax Rates on Educational Software

I've received consumer subscriptions, and now sending an invoice to a school, for an educational technology piece of software (a web based video game, non-downloadable), and am curious about NYC tax ...
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1answer
43 views

Deduct business expenses on salary income tax as a married couple

So let's say that one spouse is working full time for simplicity let's say this spouse is making 100k/y and paying 30k/y in income tax. Then let's say the other spouse is running a sole proprietorship ...
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1answer
66 views

Self employed half the year unemployed the rest. Do I pay quarterly taxes?

I was unemployed from January-June and started becoming self-employed from June-December. Do I need to pay quarterly taxes? I will owe more than $1,000 in taxes for being self-employed half this ...
7
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1answer
503 views

If I pay my partner an allowance, does she need to pay tax?

My partner is about to take a career break. We've got a lot of things like direct debits set up in her name which would be an effort to move, and I want her to have some cash to hand, so I'm planning ...
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2answers
4k views

How does GST on PayPal payments work for Australian Taxation?

I am an Australian sole trader and I have recently started publishing eLearning videos to view online at a .com website that pays into my PayPal account. Purchases are in USD and my share is paid ...
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2answers
102 views

Wrong Calculation on Income tax & P60

Please assist me with this Income tax question. For the financial year 18-19, a company paid a starting salary of £ 41,671.80 and gave a pay rise of 9.2 percent from 1st Oct 2018 which makes it 45,452....
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2answers
5k views

What US tax laws apply to a 13 year old game developer?

I'm a thirteen year old game developer and I am wondering what the tax laws are as a minor in the US. I don't currently make any money off of my games but I'm thinking of selling on the Google play ...
2
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3answers
442 views

How to prove you are a resident of a particular state

I have 2 residences one in TX and the other in North eastern state. Our primary residence is in Texas where we spend more than 6 months. The NE state has asked us why we are not filing taxes in that ...
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2answers
146 views

Tax Rate for 16-Year-Old

What is the tax rate for a 16-year-old who works for $10 per hour? How much would be taken off of their paycheck?
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2answers
150 views

Sold wall map as fundraiser for a 501c3 non-profit. Need to report on tax returns? How?

In my spare time outside of my full time job, I produced a wall map for as a fundraiser for a 501c3-registered non-profit organization. I then sold the maps via FundRazr.com and money from sales was ...
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86 views

State Income tax when splitting a day between states (in the USA)

First of all, I realize that when traveling to another state for employment it is commonplace to owe taxes in that state for the work performed+sourced in that state. Example: you work/live in ...
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1answer
48 views

Do I pay tax in New Zealand or Australia as a resident of Bolivia but citizen of Australia?

I reside in Bolivia although I am an Australian citizen (but regarded as a non-resident of Australia for taxation purposes.) I was invited to teach a series of workshops in New Zealand over a 2-week ...
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4answers
606 views

When first incorporated, I created 100,000 company shares worth $1 each. What does this mean?

When first incorporated, I created 100,000 company shares worth $1 each. What does this mean? Does the value mean anything? Because I just started, no capital was paid. Do I also have to pay Capital ...
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0answers
39 views

One spouse in community property state, other spouse in non-community property state, filing taxes jointly

I am a resident of California, a community-property state, earning my income in California. My wife is a resident of Oregon, a non-community-property state, earning her income in Oregon. We file taxes ...
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1answer
60 views

CANADA: Can I deduct condo fees in business use-of-home deductions?

Info: the condo is a townhouse - not in a building. the condo fees are >$500/month ($6000/year) there are not many common areas the condo fees cover items such as ALL exterior maintenance (roof, ...
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2answers
48 views

Is it recommended to file joint tax return if married to a tax exempt person (UN employee with G4 visa)?

I am trying to figure out if it makes sense to file my taxes jointly with my wife if she is tax exempt. I haven't found much information on the web that deal with such situations but I heard from ...
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52 views

What are some legal ways to reduce income tax in Norway

Both myself and my wife work full time jobs in Norway. What are some ways Norwegians use to reduce their income tax ?
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1answer
53 views

Filed ITR-1 without clearing due tax - What are my options now?

So I filed my ITR-1 Form I had some 5k tax due that I had to pay but I thought of paying it after submitting ITR. As it turns out, I do not see any option in the above mentioned site to pay the due ...
2
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1answer
82 views

Does my tax bracket change per pay period? [duplicate]

I'm in tax bracket A. My employer takes out the appropriate taxes reach pay for my tax bracket. During a special pay period, my pay is much higher than normal. If my pay was ALWAYS what it is in ...
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2answers
288 views

Can owning a side business reduce the amount of taxes I pay from my full-time job in the US?

I'm a Canadian on TN status working in California. I've got a good paying job at a tech company and I'm looking for ways to reduce the amount of taxes that I will pay. I'd like to start a small ...
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1answer
40 views

W9 & Stipend Payment for Hosting International Exchange Student

my question has to do with tax compliance in the way of W9 & Direct Deposit in the way of a stipend that is paid monthly to host an international student. My husband is in the military and has ...
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1answer
63 views

UK Capital Gains tax and Income

If a UK resident makes a capital gain of £25000 and has a state pension of £6000 are they liable for any UK tax, given that there is a capital gains allowance and a tax allowance?
2
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1answer
379 views

Form W-8BEN income taxable in India/US

I have been living and working in US until middle of last year. I have since been in India but still working for my US employer from India. My employer decided to pay my salary in India after I submit ...
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3answers
140 views

Where to pay taxes?

I am a Croatian citizen residing in Spain. I got a job offer in Germany where I would be working from Mon - Thu, and rest of the days I would be back in Spain. I would be working with a company as a ...
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1answer
75 views

European Union Residence Tax

I always wondered how countries within EU (and Schengen zone) can prove to whom are you required to pay income taxes. All the countries I will mention are part of the EU-Schengen zone. Let's say I ...
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2answers
108 views

Payroll pension contributions- UK higher rate tax relief

In the UK, a higher rate taxpayer who contributes to a pension scheme is entitled to pension relief to recover the difference between basic rate and higher rate tax for pension contributions. (HM ...
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1answer
64 views

Higher-rate Tax rebate on Pensions (UK)

Suppose you are a higerh rate Tax earner, and you pay into a monthly pension. As per these questions: Payroll pension contributions- UK higher rate tax relief UK income tax relief on pension ...
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1answer
26 views

Should I write my stipend income while filing ITR 1 for TDS-2 (India)

I am new to income tax stuff. I worked as an intern in some company which deducted TDS (Tax Deducted at Source) on my stipend under section 194J (written on my Form 16A certificate). Now I want to ...
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1answer
345 views

What should I do if “Retirement Plan” is not checked on my W-2 but should be?

I received my W-2 from my employer recently and I noticed that the box "Retirement Plan" is not checked. This was checked for the previous years and I have made no changes to the retirement plan. I ...
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1answer
198 views

If your spouse passes away do you lose any tax credits (GST and Trillium Credit) owed to them before they died?

My husband passed away this pass on 17-July-2018. Until he passed away we hadn't filed our income tax for the years 2015, 2016 and 2017. I am wondering if and when I do decide to file our taxes; ...
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1answer
65 views

HSA contributions made between January 1st 2019 and April 15th 2019

Which year can they be claimed in? Some background: In Feb 2019 I made a deposit of about $2,000 to my HSA so I would max out the $3,450 HSA limit for 2018 (and reduce tax liability). Unfortunately I ...
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4answers
462 views

Mother wants me to “be a consultant” for her as way to save on income tax

My mother is self-employed and I am currently unemployed. She proposed an idea to me that I got a bit iffy about. She wants to pay me for "consulting services" -- this way she can essentially reduce ...
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2answers
551 views

Degiro Stocks & Shares Account for Minor

I am in the process of setting up an account with the stock broker 'Degiro'. In order to set up an account for a minor (currently 17 years old) they require it to be opened as a joint account, with ...
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3answers
72 views

Do under-withholding penalties apply to supplemental income?

I understand that while supplemental income is ultimately taxed the same as other kinds of income, it's withheld at a flat rate of 22%. If this causes a significant under-withholding, is the employee ...
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1answer
100 views

Optional vs Mandatory State and Federal Paycheck Taxes for NYS

I live in New York state (upstate; not NY City) and am wondering which of the following taxes I must pay out of my weekly paycheck: Income Tax Federal State Local FICA & State Taxes ...
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2answers
86 views

Is the Qualified Business Income (QBI) deduction computed with or without the Standard Deduction removed from business income?

I received a notice from the IRS this month: We changed the amount claimed as your Qualified Business Income Deduction because there was an error in the computation. The difference is in the ...
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1answer
60 views

How do I find out what are the min and max withholdings from each paycheque?

Gill, Madura. Personal Finance, 4th Canadian Edition 2019. p 86. Emboldenings are mine. Taxes Paid on Earned Income Your income is subject to personal income taxes, which are taxes imposed on ...
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0answers
63 views

Where can I see break-down of total federal and Ontario non-refundable tax credits?

Please see my 63 y.o. Ontarian dad's cash flow.. I screen-shot, but rounded the values from his 2018 Notice of Assessment. Where can I see tax credits broken down? I want see them so that I can ...
3
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1answer
87 views

US Citizen working in Japan for a Japanese company, and also remotely for a US company. What's my tax situation?

I've searched a few queries, but didn't find many people in a situation quite matching mine. Starting in October, I will work full-time for a company in Japan, and I will also put in some part-time ...
2
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1answer
50 views

Is Pension income a part of my Personal Tax Income

My parents retired, and they will be receiving monthly payments from pension and those things. We live in Ontario. Do these count towards their income tax brackets? Are there other taxes they should ...
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1answer
557 views

How to save tax in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know much about tax saving. What can I do save tax in India ? and Is PF/Pension and Gratuity in salary taxable in private company ...
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0answers
129 views

Can side startup cost to build an app offset my income for tax purpose?

I have a full-time job and am interested in forming an LLC paying a foreign company in China to build a website or app prototype for my side startup. Can I deduct this cost against my income from my ...
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1answer
244 views

Funds transferred to India after three years of leaving US

I was in the US for a few years and didn't close my savings and checking accounts in the US at the time of return. After three years of my return from US, I transferred some funds to my savings ...
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1answer
103 views

Can I transfer, in 2019, my tuition tax credits from 2009-2015 to my parents who paid all tuition?

From 2009-2015, I was studying in Ontario universities, and made no income. My parents paid all my tuition. I filed my taxes, but didn't know that I could claim tuition tax credits. u/pfc-toss ...
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1answer
154 views

Over-collection of FICA (social security and medicare) taxes

I have been non-resident alien in the last year 2018, and I have switched to a new employer in the last few months of last year. Last month, I discovered that my new employer was collecting FICA (...
3
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2answers
100 views

Married Mid-Year, Tax Liability Now Paid

I've paid my taxes as single all year, but now I'm married! With this new filing status, my tax liability has decreased, as my wife has both a lower income and a daughter. By my calculations, our tax ...
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1answer
57 views

What is the Income Tax treatment, if person A transfers more than fifty thousand Indian rupees electronically to Person B's saving account?

I wanted to know the income tax implications if A transfers more than fifty thousand Indian rupees to B's saving account electronically. The B is not a relative to A. Would B be taxed as he/she is a ...
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0answers
90 views

Maximize negative tax rate

I've been reading articles about people getting negative taxes, and am curious about how much someone can actually earn and still pay 0 or negative taxes. Suppose I have an LLC, and my wife and I are ...