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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1answer
193 views

Salary increased 25% and tax withholdings increased 300%? Help with my W4

I've filled out the W4 five times now and keep getting a high number. At my old job, about $344 was withheld in my biweekly paychecks and my new job is withholding 4 times as much. My new salary: ...
3
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2answers
110 views

Medical expense deduction when there is no income

If medical expenses exceed your income, is there a mechanism by which you can receive money back when you file your taxes? What impact would trying to claim the Earned Income Tax Credit have on this ...
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0answers
66 views

Forced to file W-9 even not passing Substantial Presence Test

I just moved to the US in September. Because I receive salary in the US, have a US address and US driver's license and everything, Fidelity, where I have a company stock plan account, my bank, and my ...
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2answers
177 views

Calculate T-Rex score step by step

I am having problem calculating T-REX Score which is given here https://larrybates.ca/t-rex-score/. I can calculate my T-REX Score by putting my data in the calculator given in that website. But I ...
4
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1answer
171 views

Tax implications of dividend vs salary

I'm recently self employed. My accountant advised the total amount of tax I'll pay (combined business and personal) is the same whether I pay myself 100% dividend or 100% salary and the only deciding ...
3
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0answers
108 views

Is there a way to transfer a cultural donation tax receipt? (Canada)

Canada specific question. My father is planning on making a cultural donation to a museum. He will receive a 100K tax receipt for the donation. My marginal tax rate is significantly higher than his, ...
4
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1answer
78 views

Employment travel expense tax deduction

I am currently located in Ontario, Canada. I work full time as a security guard and am required to regularly secure a client's building. According to the Canadian Revenue Agency link here, anyone ...
3
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0answers
99 views

Do you have to pay taxes on a Unison “investment”?

I keep getting these Unison solicitations in the mail. Another question discusses whether or not this is a good deal in general, but one thing I don't see mentioned is taxes. I have searched quite a ...
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1answer
507 views

ADP didn't withhold any county tax and I had to pay at the end of the year

Our state tax is 3.23% and our county tax is 2.9% Employees at hubby's company who were already working there when they signed up with ADP had county tax taken out. Anyone added later did not and now ...
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0answers
69 views

County tax credits for living and working in different states

I moved mid-year to Indiana, from Illinois. My employer remains in IL. For the entire year, my employer withheld IL state taxes. For the second half of the year, my employer also withheld local (...
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1answer
130 views

How do taxes work if I don't live in any country [duplicate]

Say I work remotely whilst traveling around the world for a year or two. During this time I will not have a home address. Would I have to pay income taxes during my travels? If so to which government?...
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4answers
11k views

Minimize taxes now that I earn more

Background I recently received a hefty promotion for $350k (plus stocks and bonuses) with the same company. Now that I can finally start to pay down my debt, I'm not so happy that suddenly 45% of my ...
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2answers
214 views

Avoid taxes after pay rise [closed]

Background: I received a substantial pay raise which puts me in the next tax bracket for income tax. After tax, I would still have more net income than before the raise (in fact, more than 80% of the ...
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0answers
31 views

Title of tax type

What is the title of the tax type that a small business pays when they submit a tax return? Is it the income tax? Also, there are some small corporations that do not sell anything but offer services. ...
2
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1answer
106 views

Forgot to use carried on capital loss - can I use it next year?

the tax accountant that prepared my 2018 US Federal taxes forgot to carry over the allocatable amount ($3000) of a capital loss that I incurred some years ago. In the previous years, I always carried ...
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0answers
36 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
158 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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0answers
16 views

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 ...
0
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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 ...
1
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1answer
68 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 ...
3
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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 ...
2
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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....
43
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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
506 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
147 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?
7
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2answers
155 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 ...
6
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0answers
88 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 ...
2
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1answer
50 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
616 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
40 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 ...
2
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1answer
67 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, ...
3
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2answers
50 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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0answers
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
54 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
92 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 ...
3
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2answers
309 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 ...
2
votes
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 ...
1
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1answer
68 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
384 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 ...
3
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3answers
143 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 ...
0
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1answer
79 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
112 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 ...
3
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1answer
68 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 ...
1
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1answer
30 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 ...
4
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1answer
359 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 ...
7
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1answer
212 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; ...
1
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1answer
68 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 ...
1
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4answers
469 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 ...
2
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2answers
588 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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