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Posts Tagged ‘Tax’

Global High Income Fund Inc. – Reports Earnings

NEW YORK—-Global High Income Fund Inc. , a non-diversified, closed-end management investment company seeking high current income and secondarily, capital appreciation through investments primarily in debt securities of emerging market debt issuers, today announced its performance for the fiscal first quarter ended and fiscal year-to-date ended January 31, 2010.

Iraq Workers Form Unions Despite Violence, Obstacles

Online Taxes: Three Ways to Stay Out of Trouble

The Internet can simplify doing your taxes — but can’t replace good judgment. Here’s a look at your main online tax software choices and key issues to keep in mind, from import gotchas to professional consults.

Question: form 1040 ES vouchers?

I’m trying to fill out the 2008 1040ES form given this info:
2007Federal AGI: 237,000
2007 Federal Income Tax Liability: 41,500
Anticipated 2009 withholding: 30,000

I’m given a list of estimated tax payments for 4/15/08, 9/15/08, and 1/15/09.
How would I fill out the first voucher that is due 4/15/09? How would I figure my amount of estimated tax I’m paying?
Okay, I mean the 2009 ES

Answer: The hard way involves estimating what the 2009 tax liability will be. If you know that amount, multiply by 90%, subtract $30,000 (the anticipated withholding), and divide the amount that is left by 4. If you do not know the 2009 tax liability, then take the 2008 tax liability, subtract $30,000 (the anticipated withholding), and divide the amount that is left by 4.

Tax Q&A On Withholding, And Spouses Who Live Apart

Tax Q&A On Withholding, And Spouses Who Live Apart

Question: i have a credit card debt and the company said they were going to file a 1099 and i would have to pay the irs?

can they do this

Answer: I am not sure what you are asking. Is a credit collection agency saying this or is it a company that wants to hire you?

The short answer is yes, a company can hire you on a 1099 (versus a W-2) and they pay no taxes. I have been a contractor for 15 years and if a company (either directly or via a 3rd party like Kelly) hires you for a short term contract position (1099) which could go up to a year, they do not have to pay taxes. The burden then falls on you to pay the full social security, as well as any state and local taxes.

But, the government is watching for this type of abuse and to see if a company is simply trying to avoid paying taxes. If you are there for more than a year, that company could be liable for back taxes and penalties. It is called co-employment and the government frowns on that.

Norm

IRS issues loan write-down rules

With the Obama administration and private lenders now actively considering mortgage-principal-reduction programs…