Taxes Definition and 93 Threads

I've Googled this a little bit after an old college friend mentioned to me that her parents supposedly used some method like this to reduce their taxes regularly (she seemed to imply they did this "frequently" on the recommendation of their accountant - maybe not every year, but it sounded like...

it was a situation that would have led to me getting some of the money back (i.e., I paid too much that year)? I know if you paid too little, the IRS would want you to correct it obviously, so they can rake in that $. But, what if you made an error and should have paid less that year? Would...

Hello all, Suppose that in a monopoly game (board game), a player passed through Go and receive $2000 as salary. Then he landed on Income Tax and he paid $2000 too. It means that he paid 100% tax rate, in other words he paid all of his salary only for the tax. What the effects and implications...

A recent headline story in the USA is that the Supreme Court decided in favor of requiring online sellers to collect state taxes - subject to certain restrictions on how the state facilitates this. What determines which state taxes apply? Is it the physical location of the buyer when the sale...

I've heard that the average homeowner in the state of Massachussetts (MA) pays about $15,000 in state property taxes per year. I believe that the standard deduction on Federal income taxes is $6,400 per year. State property taxes can be itemized on Federal income taxes. It seems to me that...

AUTHOR: William Ahern, Director of Policy and Communications, The Tax Foundation Ed. Note: Our Fiscal Future has invited distinguished guest bloggers to share their views about how to get the nation on a sustainable fiscal path. The views presented are their own, and do not necessarily...

Any insurance is, essentially, a gamble. Someone (a company) with more money than us is prepared to gamble, offering a huge stake (the payout) against our small stake (the premium). The Insurer works out the probability of a payout and calculates the premium that they want so that they make a...

I heard from a source I would usually consider reliable on this matter that the top US income tax rate was going to be increased from 35 to 39% (not this year but in a few). Is this true? I wasn't able to find anything online in a brief search.

I am wondering if anyone here could provide some information about filing taxes as a student? It's my first year doing it, and I am wondering what tax breaks I am eligible for. I have been reading [PLAIN]"this"[/URL] but I'm not quite sure which items I benefit for and which will give me the...

I wanted to address what I see as a fallacy in the argument against taxes on companies and corporations. As the the saying goes, if you tax companies, they will just pass along those costs to consumers. While that may be true in some cases, it is not always true. The fact is that I have to...

What percentage of gross national product do we feel government should consume? And conversely what percentage should be left in the control of individuals? I would say that 10% for the federal level and 10% for the state level and 10% for all other levels would be reasonable. That is 30%...

Obama Calls for Bank Tax to Recoup Bailout I'd be interested to read people's opinion. I especially do not understand the following comment Thank you in advance for sharing thoughts.

I found an apartment cheaper than the one I'm currently in. Its around $500.00. I was just wondering if the tax rates for housing decreases with lower apartment costs -- do they? Also, what would the overall cost estimate to be (including taxes)?

Greetings, I'm trying to solve a 3 part problem which has the following questions: a) Determine the rate of return before taxes. After Solving: Answer: 21 % b) If the effective income tax rate is 42 percent, what is the approximate after-tax rate of return? After Solving: Answer: 8 %...

Who would have though that our "socialist" country would be labeled as such. http://crossroadsmag.eu/2009/05/netherlands-is-tax-haven-obama-says-dutch-government-astonished-at-tax-haven-branding/ I am sure that this will be rectified soon.

So what is the deal with this? http://www.associatedtaxrelief.com/ On their commercials they show people who claim they had drastic reductions in their tax debt. One says that he owed over $130,000 and had his tax liability reduced by over $90,000. What's with that?! Can I just neglect to...

http://www.msnbc.msn.com/id/29298315" He is one of the innocent Obama appointees. The idea here is that you put a gps in your car that records how many miles you've traveled. Then when you go to the gas station, they read the gsp and you pay based on the number of miles you have travelled...

The "FairTax" in place of income tax First of all; I'm not interested in any sort of partisan quibbles as they often degenerate into arguments that go nowhere. People will subscribe to what they subscribe to... I'm just putting this out there to get your thoughts and perhaps to make you aware...

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/3551022/Barack-Obama-breaks-first-campaign-promise-by-dropping-oil-tax.html Wondering what the relation is with the economic crisis.

does anyone know the formula to back out sales tax from a gross total - I am an auditor and I need to back out sales tax ie: gross sales 50,859.18 - this total includes sales tax at 12.25% - i need the formula to back out the sales tax form the gross sales - ANy one know??

Estimate the change in your tax liability based on Obama's tax plan. http://alchemytoday.com/obamataxcut/

http://www.cbsnews.com/stories/2008/09/08/politics/animal/main4424757.shtml

Obama -- tax free ? :cool: [coughing] He said he would cut down tax

A book I was reading advocated that anyone who was interested in buying land in a rural area find out how much the property taxes on the land are before buying any land. How does one find out what the property taxes will be for a given amount of land?

This is the last thing the US needs to be worrying about. When he said that he's wanting to better relations with other countries, how did I know that it would also end up costing the US money for these 'improved relations'? This man is going to tax us to death. Obama bill: $845 billion...

I've noticed that there is never any tax on anything I buy from Amazon. How is this possible?

Have you been hitting the glass ****?! I live in the state with one of the highest minimum wages, highest state revenues, and the biggest economy in the union but I would be more than welcome to make half of what you consider 'middle class'. Even a quarter of it. I could live quite...

Got my $600 Bush "economic stimulus" check yesterday. Spent it already on paying off my credit card. The rest is going to be used to buy gas and food. What are you buying with yours?

Woohoo, according to this, my check will be direct deposited into my bank account before May 5th. :approve: (I took the direct deposit option). The link has a schedule of dates. http://www.savvysugar.com/1576586

http://www.thirdway.org/data/product/file/129/Third_Way_-_What_You_Paid_For_Memo.pdf I thought this was particularly interesting as it breaks down the US budget in terms of the dollar per item per household. It is often quite striking when one compares the amount spent on various programs -...

Hi everyone, Homework Statement A child is surprised that she must pay $1.40 for a toy marked $1.25 because of sales tax. What is the effective tax rate on this purchase? Homework Equations The Attempt at a Solution I know that the difference between the two is .15. I could...

The question of who to "place" a tax on is often brought up in policy debates. For example, people often ask, "Should we impose the tax on the producer or consumer?" or "Should we impose the tax on the employer or employee?" In reality, this is pretty much a trivial question, because in...

This was a first for me (although the concept is not new). Here's a video on Tax Competition:

Do you know what your actual spending power is ? If you earn $1000 a month deduct all the taxes, fuel, purchase, income, etc, etc.

http://www.latimes.com/la-na-salestax24dec24,0,5286232.story?page=1&coll=la-home-center and abolish the income and payroll tax? I would just move close the border with Canada and hop the border every single time I needed to go grocery shopping.

Has anyone else noticed how the Christian right now associates environmentalism with evil? This has come to my attention a couple of times recently while dealing with a couple of customers. In fact I have noticed it for a long time but never thought about it explicitly. I guess the logic is that...

savings/retirement/taxes questions?? hey all so I got my taxes done for this year. I'm a university student but I'm in a co-op program so I'm still making some money. i just got one question...for now... I can make RRSP (registered retirement savings plan) (in Canada) contribution which are...

hey I'm subletting this place for the summer, it's a student house and I'm getting from another student. My mom says I should get a receipt for my rent for tax deductions. I don't know how to do that and I'm pretty sure the person I'm renting from wouldn't either. So what's involved. Do I just...

The other day I saw a report indicating that the Saudis have now begun protecting their interests by increasing production, thus moderating the price of crude so as to keep alternative fuels out of reach. I don't recall exactly where I saw this, probably on PBS or a Sunday news show, but I did...

Hi All, I was wondering if it is possible to work out a formula for calculating what your gross earnings would have to be to earn a certain net value. The tax on earnings scales go like this: Between $0 - $6000 you pay no tax. Between $6001 - $25000 you pay 15c per dollar. Between...

What is a fair method of taxation? http://en.wikipedia.org/wiki/Tax_reform I would support a purchase tax, if staple food, bread, potatoes, medical care etc were untaxed, in other words the very basics for life.

It seems like comparing countries, especially when it's against the US, always comes down to taxes. Why no health care? Taxes. Why is military big/small? Taxes. Public education? Taxes! This thread is really simple. State where you live and how much of your paycheck, as a percent, is jacked...

So I got a letter from the IRS this past week. I figured it was about a little penalty for being slow with my estimated taxes or something (I'm kinda self-employed, so I pay quarterly taxes...sometimes). Instead, it was about my 2004 taxes. There was a discrepancy, they said, between the...

I propose that companies that provide employees with higher wages in their field should have lower corporate tax. I propose that companies that provide employees with lower wages in their field should have ordinary corporate tax. Any form of charity increase by a company, I think, should...

hi, i am going to be getting sales commission on our projects at my company and I want to know what kind of tax strategy will be best for me. My employer is willing to pay that commission in whatever way I prefer...so I am wondering if anyone has any advice for me as to how I can avoid...

Well, I've been predicting this for years. What's really at issue is the basic question of whether or not we should, as a deterrent, tax people for making poor choices in their lifestyle. We have done this with smoking and alcohol, and in the case of seat belts and motorcycle helmets, we have...

Hi. I live in the United States. I know that most of us aren't lawyers and can't technically give legal advice. That said, if I know I don't owe any taxes (to the feds) then I don't have a "deadline" right? I mean if I owe something, then they can mail me an invoice I assume?

I'm having a surprisingly hard time discovering this information, perhaps a current grad student can help. I know that income from a stipend is considered taxable income, so I must pay federal income taxes on it. But what about payroll taxes? Will the school withhold the usual amounts for...

http://www.pressofatlanticcity.com/business/national/story/3181469p-11893943c.html So, tax breaks that help to increase the demand for oil... Whose side are these guys on?

http://home.sailormoon.com/kmarinas86/ManagementofMoneyFlowviaDistributiveCorporateTax.doc