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I just got a raise at my job (woo hoo) for $6,000/yr. I work for a car dealership group for three specific dealerships and have taken on one more dealership (which accounts for the raise.) Currently my paycheck comes from one of those three dealerships for my full monthly salary. The new dealership I have taken over will pay me out of their budget, so it breaks down to $500 a month, on a separate check. I have to fill out all new paperwork for this dealership so I can use different deductions and what not. My question is, what is the smartest way to set that all up so I see the most take home money, since It will technically be a completely different company that is paying my salary. Thanks!
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May 3, 2011 21:49
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| # ¿ May 6, 2024 01:45 |
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Missing Donut posted:You will probably want to have the least take home pay. The separate company doesn't affect you at all for tax purposes compared to if your pay rise came out of the same company. The effective marginal tax rate on the final $6,000 of income will be higher than the rest of your pay so have extra withheld. How much you have withheld depends on your total taxable income, filing status, etc. OK, my current pay is $36,000 a year, plus the $6,000 raise I just received. I am currently claiming 4 federal and 2 state (Virginia.) I have a part time job making about $5,000 a year. I am married and we have a son who was born in 2010. Help is much appreciated! edit: I'm not sure if it matters but we are a single income household and we do not own our home. Bojanglesworth fucked around with this message at 01:22 on May 4, 2011 |
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May 4, 2011 01:18
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Bojanglesworth posted:I just got a raise at my job (woo hoo) for $6,000/yr. I work for a car dealership group for three specific dealerships and have taken on one more dealership (which accounts for the raise.) I ended up going with 3 federal and 2 State on my W2 today when I filled out paperwork. Hopefully this works out well. Also, I technically have three jobs, the third one I have worked at since 2007 and I only make a couple hundred dollars per month (sometimes I will make about $1,000 but 90% of the time I make just a couple hundred,) is it screwing me by having three jobs even if I don't make a lot of money?
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May 4, 2011 22:13
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Missing Donut posted:Why did you even bother asking for help, if you won't provide the right information necessary to help you, and then will completely ignore the response that you received? What other information do you want other than what I have already posted: Bojanglesworth posted:OK, my current pay is $36,000 a year, plus the $6,000 raise I just received. I am currently claiming 4 federal and 2 state (Virginia.) I have a part time job making about $5,000 a year. I am married and we have a son who was born in 2010.
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May 5, 2011 01:58
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Missing Donut posted:It might be that you mentioned afterwards that you had another job... Sorry, you don't have to be a dick about it though. I do absolutely nothing in this other job, I just get a paycheck so its not really at the front of my mind all the time.
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May 5, 2011 02:48
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I haven't been in here for quite some time but I have an issue and I am about to freak out. I just received a 1099-misc in the amount of $30,000 from my old "friend" who I did some webmaster work with a few years ago. The 1099 says 2010 on it which was around the time we worked together for about two months. The amount on the 1099 ($30,000) is completely fabricated, he paid me fractions of that, in cash, so there is no way he has any sort of paystubs or anything for that, unless he is falsifying those as well. What can I do? Back when we were friends he told me in detail how he had been working for several websites as an affiliate and hadn't paid his taxes in years, he just received 1099's from those companies and threw them in the garbage. I imagine this has now caught up with him and he is trying to come up with any way possible to shift some of the tax burden off of himself. [Removed] To be clear, I am not trying to screw the IRS, but he did not pay me that amount. It is completely false. Bojanglesworth fucked around with this message at 04:25 on Sep 14, 2012 |
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Sep 1, 2012 17:00
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AbbiTheDog posted:Other notes - how did he pay you? Did you deposit or cash the checks? I gave him a ride to the bank and he handed me cash. Never even a single time did a check exchange hands. edit: I didn't claim any of the money on my 2010 taxes (I know, I know) because he just handed me cash when I helped him out.
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Sep 7, 2012 23:43
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scribe jones posted:ah, there it is. I didn't claim anything because it was never treated as a job and not a whole lot of money. When his "business" came crashing down in 2010 he tried to get my social off of me with the intent of doing what he is doing now I assume. He is super sketchy and I knew he would try something like this so I told him no.
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Sep 8, 2012 17:21
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furushotakeru posted:It's funny how you act like you aren't sketchy at all and he's just is slimeball. After all, you did cheat on your taxes. I'm No tax professional but not claiming a couple of grand seems a little different than making a completely false 1099 for $30,000 to shift the tax burden off of yourself.
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Sep 8, 2012 19:32
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I pay my taxes!!
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Sep 15, 2012 16:28
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My question is a little tricky I think so bare with me. My ex-wife and I agreed that we would alternate years claiming our son as a dependent and head of household on our taxes, but now for the second year in a row she has claimed them both on her taxes. We have him almost 50/50, although she does have a few more days per year than I do. I know for almost a fact that she will not be willing to add this agreement to our custody agreement, so is it just going to be a race against time to see who files their taxes first? This year she filed before me and claimed him, so when I submitted my taxes the IRS bounced it back because our son had already been claimed on her taxes. Meaning my return went from over $4k, to under $250. A little background: I make a good 40% more than her per year and pay for ALL of his expenses, child care, clothing, food, Insurance etc. I know that life isn't fair, but it seems unreasonable for her to get to claim him each year, and racing eachother to get our taxes done first is extremely childish and causes nothing but fights. Does anyone have any advice?
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Apr 16, 2014 22:40
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Admiral101 posted:You could paper file and sort it out through a fist fight. This is not at all an uncommon situation, and it sounds like you'd have a pretty good argument for claiming your son as a dependent over her. Especially given your AGI is 40% more than hers (the IRS tends to assume that the person who makes more also pays for more of the dependents' expense). I spoke with my tax preparer and she suggested the same, aside from the fist fight part. She said if we paper file I will still get my refund, but then sometime around summer we will each get a letter stating we claimed the same dependent. I will probably play dumb and say I didn't know that she claimed him to avoid a fight between her and I, then just provide documentation of everything I pay etc so I can keep my refund. Is there anything special I should do in order to insure that I come out on the winning end of this battle?
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Apr 17, 2014 01:22
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Good afternoon, all! I have a few questions to clarify before filing so that I can try not to gently caress myself again, so here goes: 1. Can I claim my son as a dependent? - Five years old, I pay his child care expenses ($7,440 for the year,) BUT he only lives with me 45% of the time and am non-custodial parent, our divorce decree makes no mention of who can file, but does list her as custodial parent. 2. I have $5,700 in freelance income that I expect to receive 1099's for. Can I file before I receive those? 3. Is there any benefit to me filing my freelance income under my business, as opposed to just including it with my personal filing? Ive been reading this and it seems to say that the custodial parent has the right to claim. I claimed him last year & since I filed after her the IRS bounced back my return. When I called the IRS I was told that whoever claims him first gets to claim him, which seems absurd to me, but if that is the case I will file Jan 1. Article: http://www.irs.gov/publications/p504/ar02.html#en_US_2013_publink1000273723
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Dec 17, 2014 19:22
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MadDogMike posted:1. Person on phone was wrong, custodial parent in this situation gets exemption under the tiebreaker rules. It has NOTHING to do with time of filing. You CAN have that exemption passed to you as part of the divorce agreement (I know some divorce agreements have parents swapping the exemption every other year and the like) or by having them fill out a Form 8332 to release the exemption, but minus any specific agreement from all parties involved the IRS rules will default to the rules that give it to parent with more custody time. Also note that while you pay the child care expenses, you can't claim that credit even if the other parent released the exemption to you, that one requires the custodial parent to be claiming it. Releasing the exemption doesn't necessarily make a dependent qualify for you for certain things tax-wise, that's one of them. Great, that pretty much answers all of my questions. Thanks so much! sullat posted:The way it works when two people try and claim the same dependent is that the first one to e-file goes through, and then later filers get rejected because the dependent's SSN is already used in the IRS system. Now, this has nothing to do with who is eligible for the credit, just the way that the system responds to disputes about whose dependent it is. The second filer (if they are eligible to claim the dependent) would need to paper file their taxes, claiming the dependent. A few months later, the IRS will send paperwork to both parties asking them to prove who is actually eligible for the dependent, and then demand whatever money is owed to be returned by the ineligible filer. That is what happened to me. Our divorce decree does name her as the custodial parent, is that enough for her to prove who can claim him? Although she is named as custodial parents in divorce, we are actually very close to 50/50 on actual custody, literally a one day difference... but once you factor in the days that I take him when she cant, it swings it into me having him more days out of the year. I did also read something in regards to the parent with the higher adjusted gross income being favored if tiebreaker rule comes into play. I do make substantially more money than her.
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Dec 18, 2014 20:12
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. If you're concerned you won't receive a 1099 because of problems with the person who's supposed to send them, be sure to document everything so you have the info needed.
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Hello and good day, is there any way for me to find out an employers state tax ID number (for Virginia,) ive been search high and low with no luck. The company is Nordstrom Inc.
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Jan 15, 2016 20:44
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Guy Axlerod posted:Isn't it on your W2? It will be, but I am knee deep into buying a house and my lender needs me to file like now.
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Jan 16, 2016 00:25
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Yeah, they need my 2015 taxes to be done before I can close. I have freelance income in addition to my salaried job, so the lender wants to be able to show that income. I made about $15k more in freelance income in 2015 than I did in 2014, so I guess it kinda makes sense. Another thing that is concerning to me is they are suggesting that I write off hardly anything so on paper my income looks higher. I would normally write off a good bit of my expenses, all of which are well within my legal right to write off. I understand why they would want me to do that, but in my eyes all I see is me throwing away money.
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Jan 18, 2016 21:08
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No Butt Stuff posted:Find a new lender. Now. Really? It seemed a little odd to me but is it cause for more concern than I thought?
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Jan 18, 2016 21:34
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ChineseBuffet posted:This does sound like a load of horseshit, but if you are stuck with these guys due to timing, you can file their way now and then amend later to take your deductions. Ohhh, I didn't even think about that. Yes, I was pre-approved on my income; but since a portion of my income isn't paid the same way as my salary income I have to provide tax returns including said income.
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Jan 19, 2016 00:26
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saltylopez posted:https://www.eitc.irs.gov/Tax-Preparer-Toolkit/faqs/income It certainly doesn't get any more clear cut than this, especially for the IRS 
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Jan 19, 2016 19:34
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| # ¿ May 6, 2024 01:45 |
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Has anyone received their refund for 2015 yet? My return was accepted on January 22nd. I checked 'Where's my refund' but it still says "return received."
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Feb 6, 2016 01:17
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