The Small Business Tax Help Blog

Posts Tagged ‘employment tax’

Swimming in Weed

From above, the bushy green plants in backyard after backyard resemble English topiary gardens, neat and tidy.

Health Reform: What Employers Should Know for Now and for the Future – Part 10

Question: Does McCain’s plan to tax health insurance benefits extend ?

to retirees ? I know the plan is to tax the benefits as regular income. I don’t think they can do that for the medicare benefits, but many retirees get supplemental insurance from their previous employment. Is that benefit going to be taxed too ?
jbcarrel. This is what McCain said his plan would do in the debate, tax the benefits. McCain said this at least twice, I wondered if my conservative in laws understood that their taxes would go up a bunch, was all.

Answer: Supplemental insurance will be taxed.

However, in a sense it’s also a tax on Medicare. He plans to fund his health care plan by CUTTING up to $1 trillion from Medicare and Medicaid.

Mayor asks for 64-cent property tax increase

Mayor Ron Littlefield proposed a 64-cent property tax hike Tuesday that would fund a $198.6 million budget and bring tax rates to a level not seen in nine years.

Executive Tax Planning & Benefit Review Services

Question: Line 363 Canada Employment Amount Federal Tax Sch. 1?

okay i should probably repeat grade 7 but i’m not getting how this helps me. in the guide it states that the non refundable tax credits reduces your federal tax but if the total of these credits is more than my federal tax i will not get a refund for the difference. if i hadn’t entered the amount of $1,019 on line 363, i would be getting WAY more of a refund. as it stands, i now owe, as it’s more than the federal tax i paid. also, if you entered an income of over $1,019 (and like who wouldn’t…) on line 101 of the return, then you enter the maximum ($1,019) on line 363 of the federal tax schedule? sorry if i sound dumb, but this is the first time i’ve done my own taxes. somebody tell me how this helps me out, this line 363 amount, thanks!!
actually, i checked it over and it was just my calculater display that screwed up and missed a number….so yes, with the $1,019 included, i saved $150, wooohooo! now i only have to pay $6 instead of …. well you do the grade 5 math, lol

Answer: >>if i hadn't entered the amount of $1,019 on line 363, i would be getting
>>WAY more of a refund

This is impossible.

Either a Non-Refundable Tax Credit reduces your taxes by 15% of the line amount (in this case 15% x $1019) (see line 38 of Schedule 1), or they are more than the total tax liability, in which case they do nothing since line 23 can't be negative.

It's actually grade 5.

U.S. Census Underway; Workers Needed Locally

On Monday, some Charleston residents started to receive their 2010 Census forms, nearly two weeks in advance of the rest of the nation.

John McCain: Town Hall 04/30/08

Question: Should severance pay count as employment earnings for Unemployment Claim?

I was laid off last November 2008 and from December 2008 to March 2009 I was receiving “severance pay” from the employer that laid me off. The California Unemployment Office first counted the $14,000+ of severance pay for that 4-month duration as income for the last quarter earning thus giving me a larger weekly claim.

They recently sent me an amended claim stating that the $14,000 will NOT count as income in the last quarter of 2008 thus reducing my weekly pay from $474 to only $370.

My question is shouldn’t that severance pay count towards my last quarter earnings? Does severance pay not count at all when calculating someone’s earnings? I am being taxed on it and at a very, very high rate (25%).

Thanks!

Answer: Dear S: Unfortunately it's CA game and they make the rules. A double hit as the IRS taxes it and unemployment pay. This year '09 the first $2400 of unemployment pay is not taxed.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

American Water Reports Fourth Quarter and Year-End 2009 Results; Announces 2010 Earnings Guidance

VOORHEES, N.J.----American Water Works Company, Inc. , the largest investor-owned U.S. water and wastewater utility company, today reported results for the fourth quarter and year ended December 31, 2009.

2009 Payroll Tax Cut