The Small Business Tax Help Blog

Posts Tagged ‘jobs’

Senate Session 2011-06-09 (14:29:58-15:30:25)

Question: Need help with line 363 on T1 Tax Return?

I need help with this line…the form guide says

“claim the lesser of 1,019; and
the total of the employment income you reported in line 101 and line 104 of your return”

so…If line 101 is more than 1019 i should put 1019 on line 636??
THANKS!

Answer: You are exactly correct. Basically, you get a federal tax credit equal to 15% of the first $1,019 of employment income.

Business calendar: Jan. 8

Business-related events in East Bay for Jan. 8 and beyond.

Used Car Donation : How to Donate a Car to Charity

Question: Considering a move from NY to Chapel Hill NC, need advice and employment options?

My wife is pushing for a family move from NY to Cary, she is sick of paying over 12k in taxes for basically nothing and not having the “good” quality of life that Cary is said to offer. We are hoping to get down for a visit in July and see some of the housing options, however I am more nervous about employment – currently I am the Executive Director for Call Center Operations for a University and my wife is a master colorist/hairstylist so I know she can get a job, however what I do is spefic to the call center industry. I searched the popular web sites and don’t see many director level jobs and know that there are area Universities that I can apply at, however few have call centers. Does anyone have recommendations for a call center executive?

I am really hoping to move my wife and 2 children down to NC so they can have a better quality of life, however I won’t do so without a planned job! Also, I will need to break it to my childrens grandparents that they will be leaving!

Answer: My ex moved us to Asheville NC about 3 years ago. While the housing was considerably less expensive than the homes on Long Island, where we moved from, the jobs also pay less in NC and we found that the cost of living for food, clothes, etc. was nearly the same as NY rates, plus the sales tax and NC has personal property taxes for vehicles, motorcycles, etc.

In Asheville, it costs less money to buy a house than to pay rent in some instances.

good luck to you

English: Cullen Employment Law Firm breakfast

Last week marked two years since the John Key-led Government was elected on a platform of building a more ambitious New Zealand.

Self Employment Tax Tips : 50 Percent Rule for Self Employment Tax

Energy & Natural Resources

After Senate Majority Leader Harry Reid (D-NV) decided last Tuesday, August 3, to cancel a vote on oil spill legislation (S. 3663) after he became concerned that there would be several Democratic defections, renewable energy supporters are preparing to bring the legislation to a vote when the Senate returns in September.

Unemployed in Maryland Delaware New York Baltimore Anywhere World Wide

Question: Tax Question for an LLC?

I have a company that sells software online to fx traders in 2008?

Revenues: $ 74,952.00
Expenses: $ 13,123.66
Net Income: $ 61,828.34

What would the total tax be for a “single member LLC” in Illinois
Which includes federal, state, and self-employment taxes?
And any other taxes that I might be forgetting.

Thanks

Answer: You’ll need to file a separate return using your EIN. The LLC return should produce a K-1 form. You would pay your income tax showing the net proceeds from the K-1.
The rough estimate on the Fed portion of the LLC will be between 25-30% of your net income.

U.S. Economy: Manufacturing, Jobless Claims Point to Slowdown

Reports on U.S. manufacturing, employment and home sales pointed to slower growth in the second half of the year, just as government spending to stimulate the economy begins to wane.

Ch. 4 LLC & Self Employment Tax