Hot answers tagged

25

Many payroll systems calculate tax withholding based on the period (in isolation), as if what you earned that period is what you will earn every period for the year. They basically say, this period's income x number of periods in year puts you in this tax bracket, so we'll withhold based on that. So working a partial period will mean they might withhold at ...


22

Its not a scam. The car dealership does not care how you pay for the car, just that you pay. If you come to them for a loan they will try and service you. If you come with cash, they will sell you a car. If you come with a check from another bank, they will accept it. I would try to work with Equifax or a local credit union to figure out what is going ...


17

There is no Federal law that mandates that they must re-open a closed account. They can either refuse the transfer / return the money, or they can optionally re-open your account so they get money (makes more sense for them). It is, however, in one of your agreements that they reserve the right to re-open a closed account in order to receive the deposit. At ...


15

By law, your wife can get her full Equifax credit report (sans-FICO score) instantly (once every 12 months) via https://www.annualcreditreport.com She can even get her FICO score with a 7-day free trial of Equifax Complete Premier.


13

I actually had a similar situation when I tried to buy my house. I paid off all my loans and was proud of my "debt free" status. I had no car note, no student loans... absolutely no debt, but I did have a bank-issued credit card. (USAA, not Chase, but I assume the same may apply). When I tried to get a home loan they told me I had "absolutely no ...


12

You say Also I have been the only one with an income in our household for last 15 years, so for most of our marriage any debts have been in my name. She has a credit card (opened in 1999) that she has not used for years and she is also a secondary card holder on an American Express card and a MasterCard that are both in my name (she has not used the ...


9

You're not going to like this answer. You might be able to get out of the car. You probably won't be able to get out of the loan. Option #1 - Sell the car privately (you'll get more in a private sale) and get a private loan for the difference between the sale price and what you owe. Option #2 - If you go to a dealership that advertises that they will ...


8

Keep in mind that tax withholdings will be reconciled when you file, so if you "get more" today, that may results in a larger tax bill when you file, and vice-versa. Your total tax paid for the year will be calculated based on your gross pay, so how much is withheld only determines the amount of your tax bill (or refund) when you file. That said, ...


8

Yes, as a Virginia resident you must pay income tax on income earned outside Virginia. If you pay income tax in another state, you can claim a credit in Virginia. However, because Florida has no state income tax you will not have to file in Florida and you will not claim the credit in Virginia. From the VA form 760 instructions: As a Virginia resident, ...


7

I had a similar problem -just the reverse- and had to go down to the DMV office to straighten everything out. They should be able to tell you what needs to be done. I wouldn't try and handle it over the phone or electronically.


7

As it turns out, Talgov has a convoluted way it bills taxes which it doesn't explain on its bills or website. Its website claims to bill electricity at a rate of $7.59/month + $0.10522/kWh but, with taxes, it actually comes to $8.5631/month plus $0.11598/kWh. On top of the advertised rate, it bills a gross receipts tax of 2.56406%. It also bills a public ...


6

Short answer: If you bought the car -- as opposed to leasing it -- there is no one to "turn it in" to. The reality of cars and car loans is this: The value of a car tends to fall rapidly the first couple of years, then more slowly after that. Like it might lose $2000 the first year, $1000 the second, $500 the third, etc. What you owe on a loan falls slowly ...


6

There are TWO parts to an LLC or any company structure. Liability shield This being the entire point of creating an LLC. The context is that a lawyer is after your LLC, and he's arguing that the LLC is not genuine, so he can go after your personal assets - your house, car, IRAs, tap your wife's salary etc. This is called "piercing the corporate veil". ...


6

I suspect the answer is very simple -- the accounting system didn't bother to compute tax withholding for the first paycheck based on one week of work -- it computed based on two weeks of work. That is, it assume that every paycheck for the rest of the year would match the first paycheck... and looking forward it decided 24% was right. Then, next paycheck,...


5

How would I go about this so that I can start using this money? You would open the LLC. The checks were not written out to you, they were written out to the LLC. Only the LLC can endorse them.


5

Generally, unless you explicitly elect otherwise, LLCs are transparent when it comes to taxes. So the money in the LLC is your money for tax purposes, there's no need to pay yourself a salary. In fact, the concept of salary for LLC members doesn't exist at all. It is either distributions or guaranteed payments (and even that is mostly relevant to multi-...


5

You are able to get insurance without interacting with your mother. One way would be to find a job that offers health insurance. You could also get health insurance through your college or university (assuming you attend one). In addition, you could get health insurance through the Affordable Care Act. However, it is difficult to say that you won't pay "...


5

In FL, you get a letter every year from the property tax man, which lists your applied exemptions and taxes, and it also lists a deadline for any changes. From what you wrote, it looks like you ignored the content for several years, and were charged accordingly higher property taxes. IANAL, but I would assume that by ignoring it, you lost this money ...


5

I am sorry for your loss and the most important thing is to remain calm during this difficult time. The tone of your question suggests that there might be an adversarial relationship with the boyfriend. "All the money" is a vague term. So let us break it down a bit. The car: My assumption is that the car was totaled. So first, the insurance company ...


5

The good news is, Florida doesn't have a state income tax, so you owe Florida nothing. The bad news is, California's tax law says that you're taxed on all income earned from the State while you're a resident or part-time resident (which you appear to qualify as) Source TL;DR: You owe Cali taxes 365 days a year on all income generated from a source in the ...


4

I am not specifically familiar with Florida real estate law, but I do know the laws for Utah and for Arizona. In those states, the lease would be enforceable against anyone who has signed it. The idea called "Statute of Frauds" says that a real estate (rental) contract has to be in writing in order to be enforceable. So if your wife never signed it, then ...


4

It starts with the document you signed. Most of the time an agent represents the seller and has to disclose this to a potential buyer during the first meeting. The seller pays a commission that their broker splits with another broker if that broker brings a buyer. So, you come to me, I disclose this, and then I'm happy to sift through the MLS listings, and ...


4

The problem is that the tax paid in Virginia was actually paid by the lessor and the lessor required that I pay it back to them. So I never actually paid any tax directly to the state of Virginia for the car. Now, Florida is charging me monthly sales tax on the lease payments and since I didn't pay any tax in Virginia, I am not due any credit. The answer ...


4

Because you are currently driving and don't have insurance. You need to get insurance today. It appears that it is law in Florida that all drivers must have insurance. Even if it wasn't the law, you still should get insurance to protect you in case of an accident. Because you need insurance today, you need to worry less about getting the lowest rate, you ...


3

If you're not a NY (tax) resident, then as long as you're not physically present in New York - you do not owe NY taxes on compensation for your services. But that is if you're a 1099 contractor/employee. If you're a partner/shareholder in a partnership/LLC/S-Corp registered or conducting business in New York, and that company pays you money - you do owe NY ...


3

Yes. New York taxes worldwide income of its residents (in fact most of the States/countries do).


3

The second real estate agent, got back with me and gave me this ruling: In the worst case scenario the second agent would pay the first agent 1%. The first agent would have to make a strong argument for it, and I am unsure who (if there is any) the arbiter would be. However, being that the first agent never followed up, has forgotten all about me, she ...


3

There can be Federal estate tax as well as State estate tax due on an estate, but it is not of direct concern to you. Estate taxes are paid by the estate of the decedent, not by the beneficiaries, and so you do not owe any estate tax. As a matter of fact, most estates in the US do not pay Federal estate tax at all because only the amount that exceeds the ...


3

This bulletin from the Florida Department of Revenue provides guidance on your situation, and also has more information specific to Virginia in the table. You may also find this Stack Exchange post helpful about a similar situation, in which someone else's lease payment went up after moving from Kentucky to Ohio. Florida use tax of 6% generally applies to ...


3

The homestead exemption is your responsibility. You should have filed and should file for next year as soon as possible. What county do you live in? Many have the ability to file online. If at all possible you should attempt to do your own escrow. Florida is one of those states where you are better off doing it yourself. You should talk to the mortgage ...


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