The Small Business Tax Help Blog

Posts Tagged ‘estimated tax return’

What’s My Adjusted Gross Income (AGI) – E-File Explained

Question: I lodged my tax return through e-tax and it come to the end where it gives you your tax estimate.?

I lodged my partners tax return through e-tax for the very first time as i have never needed to because i am a stay at home mum of 4 we over estimated our total income which we put 33,600 (as we were told to do so) just wanting to know how it works these are the details i got at the end:

Taxable Income: $17,008

Tax on taxable income: $1651.20
Sub-total: Gross tax payable: $1651.20
Tax withheld – salary and wages type income: $2114.00
Tax offset used (tax offsets available 1602.00): $1602.00

Sub-total: Total tax offsets and credits subtracted: $3716.00

Estimated refund due for 2009-2010: $2064.80

Does that mean he will have to pay the $2064.80 or will he get that paid to him?..Im not sure, if anyone can help me understand would greatly be appreciated

Thanks

Answer: Big clue is the word REFUND. That means the ATO will either send a cheque for that amount or pay it directly into a nominated bank account if you chose this option.

Obtaining a Permit – Ch. 1 – Basic Sales and Use Tax

Question: Why does my tax return go down when I enter a second W-2?

I entered my first W-2 and my wages were 27.5k with 2.9k federal withheld. I got an estimated tax return and then entered my second W-2 ( I am a restaurant manager and got shifted temporarily) which made 2.9k with 350.00 federal withheld. Both federal amounts are roughly the same %, around 11, so why did my estimated return go from 650 to 500 after entering the second? Something similar happened to me last year.

Answer: Because your whole exemption and standard deduction were already taken out from the first W-2, so there was nothing left for the second one and it was ALL taxed.

The refund amount means nothing at all until all of your info is entered. It’s only what you would get if you didn’t have anything more to enter.

Rice and Curry (Black And Yellow Remix) Parody LOL (Indian Version)

Question: Federal Tax on State Tax refund?

In 2009 I paid 1000.00 in estimated taxes for 2009 tax year. I itemized my 2009 Federal return and claimed (deducted) that 1000.00. In March of 2010 I completed my 2009 state return and paid an additional 1300.00 to the state. I later discovered that I had made a mistake and filed an amended state return, the result of which was that the state returned (refunded?) 1200.
Should I expect a 1099-G for the 1200?
If I do get a 1099-G why should that be considered as income for my 2010 Federal return?

Answer: Yes.

What Happens When the Incentives Expire?

Wind projects, along with other renewable energy technologies, have benefitted in a variety of ways from federal incentive programs. The Section 1603 cash grant program, the Department of Energy Section 1705 Loan Guarantee program and the Bonus Depreciation schedule are among the federal programs that are scheduled to expire by the end of 2012. The Production Tax Credit (PTC) and Investment Tax …

Obogey – Obama Golf Game by iOwnTheWorld.com

Question: File tax return question?

I’m going to file U.S tax for 2007 under the resident alien category. As I moved back to Canada, do I need to file income tax for 2008 if I still have a saving account in U.S that may generate some interest this year. If anyone knows, please reply. Thanks.

P.S: The estimate interest may be less than $50.

Answer: I would think not…

$50 less $3,400 exemption leaves no taxable income…

The IRS may get your 1099-INT but if there are no W-2 wages or 1099 payments, then I would assume they would ignore it…

Manulife reports 2010 results under International Financial Reporting Standards

PSE: MFC

England Uprising – 500000 Protest Tax Dodgers – Democracy NOW!