• Independent contractor vs employee?

    Best answer: A person can be classified as an employee even with this pay structure. Many salespersons are paid in the way that you describe and are classified as employees and not independent contractors.
    Best answer: A person can be classified as an employee even with this pay structure. Many salespersons are paid in the way that you describe and are classified as employees and not independent contractors.
    10 answers · 1 day ago
  • If I purchase a house for my girlfriend, do I need to pay gift tax?

    I have alot more money than my girlfriend does. I am planning to buy a house for her. Do I have to pay gift tax? The house is $150,000. Also if I give her about $20000 cash for her personal expenses, do I pay tax for that money too?
    I have alot more money than my girlfriend does. I am planning to buy a house for her. Do I have to pay gift tax? The house is $150,000. Also if I give her about $20000 cash for her personal expenses, do I pay tax for that money too?
    10 answers · 1 day ago
  • Is borrowed money considered taxable income?

    Example: I want to study fulltime, and I take out a personal loan for $30,000 to last over two years while making small monthly payments. Would it need to be reported to the IRS, and would it be considered taxable income? Just something I was wondering.
    Example: I want to study fulltime, and I take out a personal loan for $30,000 to last over two years while making small monthly payments. Would it need to be reported to the IRS, and would it be considered taxable income? Just something I was wondering.
    13 answers · 3 days ago
  • Since 2017 taxes were still under the old rates and calculations then why are some people talking about how much more they paid or didn't?

    If you paid more or less on April 15th then you blame or cheer for the wrong guy. I even heard a host of a business channel show claim he paid more tax for 2017 because he lives in NJ with a high tax rate.
    If you paid more or less on April 15th then you blame or cheer for the wrong guy. I even heard a host of a business channel show claim he paid more tax for 2017 because he lives in NJ with a high tax rate.
    7 answers · 23 hours ago
  • If I live in another country why do I still have to pay taxes for USA?

    Best answer: Are you a US citizen? If you are, your worldwide income must be reported to the IRS. You won't necessarily have to pay any tax to the IRS. You get credit for any tax you pay to the foreign country, against the US tax you would owe. Let's say you are single, no children, and you earned $100k working in... show more
    Best answer: Are you a US citizen? If you are, your worldwide income must be reported to the IRS.

    You won't necessarily have to pay any tax to the IRS. You get credit for any tax you pay to the foreign country, against the US tax you would owe. Let's say you are single, no children, and you earned $100k working in Japan. You would owe, for 2017, with no additional US deductions or tax credits, on $89,600 of that $100k, $18,133 in federal tax.

    I don't know if Japan has the same system of deductions or credits, but calculated as if there aren't any and the full $100k is taxable (almost 19 million yen), the overall tax rate is something around 28%. The initial bracket is 5% and the top bracket for you (#5 of 7) is 33%.

    So in Japan you would pay about $28,000. The IRS will credit you for that against your $18k here, and you would owe no tax in the US.

    You would only owe US tax if the foreign tax you paid is less than what you owe here.

    You absolutely benefit 'from where I'm at'. If you get in trouble in that country, you can turn to the US consulate at the US Embassy in that country for help. As long as you retain your US citizenship, you may come back here at any time and pick up where you left off, and all of the infrastructure those tax dollars pay for will be here for you to use. That you choose to not use them now is on you.
    14 answers · 3 days ago
  • Don't work but get huge tax refunds do you think they need to change the law?

    I'm not an accountant but it seems crazy to me that people who don't work or make very little seem to get huge refunds back. I have seen people on fb posting their estimated tax return amount and getting all excited about it. How can u make $12,000 and get a refund of $5,000-$7,000? U didn't even pay... show more
    I'm not an accountant but it seems crazy to me that people who don't work or make very little seem to get huge refunds back. I have seen people on fb posting their estimated tax return amount and getting all excited about it. How can u make $12,000 and get a refund of $5,000-$7,000? U didn't even pay that amount into taxes, how do you get it out? I'm really curious it not far to people like mine self that work for a living paying taxes I don't get even thousand back on mine refund I think congress should make these people work most of the money don't even go to the kid they clam which it sad.
    13 answers · 3 days ago
  • Taxes: This is the first year I've had to pay in since the Clinton administration. Why?

    Combined, my husband and I made less money last year. Our donations and property taxes had no effect. I thought the new tax law doesn't go into effect until next year.
    Combined, my husband and I made less money last year. Our donations and property taxes had no effect. I thought the new tax law doesn't go into effect until next year.
    10 answers · 3 days ago
  • I am going to start paying taxes soon but I’m confused?

    I am a self employed entrepreneur. I just started working hard and saving most of my money since the beginning of this year. I want to report all of my income and pay my taxes at the end of the year, but I’m having an issue. Right now I am keeping track of all my income and just writing it all down, noting dates... show more
    I am a self employed entrepreneur. I just started working hard and saving most of my money since the beginning of this year. I want to report all of my income and pay my taxes at the end of the year, but I’m having an issue. Right now I am keeping track of all my income and just writing it all down, noting dates and amounts. Am I going to need to bring in documents for each and every transaction tied to this income? Around half of my income I get paid in cash because I’m an independent contractor. Besides bank deposits, there’s no paper trail. No, I am not doing anything illegal. Can I simply declare all the income?
    8 answers · 2 days ago
  • Letters from irs requiring a signature?

    5 answers · 11 hours ago
  • How much commission can a employ make?

    How much commission can a employ make on top of there fixed base pay until they are classified as independent contractors.Say the employ is getting paid 30$ a hour+ but his commissions and performance raise his pay to triple that 150k how does IRS deal with this.I read by law employs have to have hourly pay... show more
    How much commission can a employ make on top of there fixed base pay until they are classified as independent contractors.Say the employ is getting paid 30$ a hour+ but his commissions and performance raise his pay to triple that 150k how does IRS deal with this.I read by law employs have to have hourly pay structure.But I guess not entirely but how unbalanced can this be.I suppose as long as the employ has there set hours each week they can make as much in there performance as they want?
    5 answers · 14 hours ago
  • Tax question?

    My husband and I are not on good terms. but he insisted we file taxes jointlythis year. The tax refund came he said I don’t have any share. He earns 3 times more than me but still I didn’t have any share? Is there a way to find what was my share of the refund. Now I have a contract job that pays me every week on 40... show more
    My husband and I are not on good terms. but he insisted we file taxes jointlythis year. The tax refund came he said I don’t have any share. He earns 3 times more than me but still I didn’t have any share? Is there a way to find what was my share of the refund. Now I have a contract job that pays me every week on 40 hours the deductions every week are sky rocketing. We are still married. What can I do to evade such a high number deduction?
    12 answers · 4 days ago
  • Do you live paycheck to paycheck?

    I have for 20 years, how about you?
    I have for 20 years, how about you?
    19 answers · 6 days ago
  • So is obamacare still active as a penalty for not having insurance in 2017? My feiend said 400 bucks was deducted from his taxes. Why?

    Best answer: It is and rich people no consideration and many libs hate the poor and middle class. Most jobs have insurance automatically, if not your friend is raped by the communist pathetic demoncrats and nobama. I am considered poor. I dont even get by on paychecks unlless I ration a week before. So libtards are telling me... show more
    Best answer: It is and rich people no consideration and many libs hate the poor and middle class.
    Most jobs have insurance automatically, if not your friend is raped by the communist pathetic demoncrats and nobama.
    I am considered poor. I dont even get by on paychecks unlless I ration a week before.
    So libtards are telling me whos single, young and healthy who works out, and eats right, I need insurance??? Bs!! Id rather have money to ho out, and buy stuff or spend on my pets. I hate liberals because they favor criminals and illegals instead. Even give them college.
    9 answers · 6 days ago
  • If I'm a sole member of an LLC and the LLC is on tax extenstion that means my personal taxes are on extenstion as well?

    This is my first time filling taxes in general as an independent, previously I have filled under my parents. I have an LLC that I formed with just myself as a sole member in early 2017 and I have my LLC filled for extenstion for 2017 taxes under thre impression that extenstion for sole members LLCs apply to the... show more
    This is my first time filling taxes in general as an independent, previously I have filled under my parents. I have an LLC that I formed with just myself as a sole member in early 2017 and I have my LLC filled for extenstion for 2017 taxes under thre impression that extenstion for sole members LLCs apply to the personal taxes of that sole member, is this true?
    5 answers · 2 days ago