If I deposit a check for two hundred thousand dollars does the bank notify the IRS and how much taxes will I owe on that amount?
A2A. US perspective.The bank will not report a deposit of that size to the IRS, but it will be reported to the Financial Crimes Enforcement Network (FinCEN) as part of the bank's Currency Transaction Report.Whether you pay tax on it depends on the source of the money. If it's a gift or an inheritance, you won't pay tax on it; the gifter or the estate may. If it's anything else, chances are that it will be taxable income, with the rate depending on the type of income. In most cases, there won't be withholding at the source and you won't have to worry about it until you file your return.
After receiving a 5000 dollar raise, what will my paycheck increase be? My new salary is 54,600.?
Payroll Withholding Tax Calculator This easy to use payroll calculator will help you determine your take home pay. It handles both hourly and salary calculations, federal withholding, FICA (Social security), Medicare, and withholding for all 50 states. http://www.suburbancomputer.com/tips_cal... Good Luck with your 5000 raise for the year. Hope that you find the above enclosed information useful. 08/04/2012
Should I claim 0 or 1 on my taxes?
I'm 20, no kids, but I live with my boyfriend in our own apartment. I have a part time job (almost full time hours though), and he has both a full time and a part time job. We are still struggling to make ends meet (kind of big time). I get a little over 20% taken out of my paychecks right now, and I'm claiming 0. Should I change it to 1, or is it better in the long run to stay at 0? Advice would be much appreciated! :)
How can this lazy girl can a $3500 return, almost double what I got? Plz help!! Tax question.?
I can understand why you're pissed off. However, you have to remember the size of the refund is NOT the same as "How much tax you paid." It is possible that Re had much more money withheld than you did. If she did, then she got less money in her pocket during the year, because more was being withheld. The amount of your refund is the difference between what you had withheld and what you actually owe. The government holds YOUR money all year long, and then when you file a return, they give you back what you didn't owe, and they don't give you any interest, or even a thank-you note. Imagine that you pay $800 a month for rent. Let's say you decide to have your landlord take $1000 a month out of your paycheck for the year. At the end of the year, the landlord has taken out $2400 too much, so the landlord writes you a check for $2400. Now let's say I pay $800 a month for rent. I decide the landlord should only take $800 a month out of my check. At the end of the year, the landlord doesn't owe me anything. You and I paid the same amount of rent, but you got a whole lot more back. But really, you didn't get the better deal. I got the better deal because instead of giving my landlord that $200 a month extra to hold onto, I got to put it into MY pocket to spend on things I needed. It's the same way with taxes. What you REALLY want is to not get any kind of a refund and not owe anything. If you get a big refund, that means you had the government hold out WAY too much money out of your paycheck to pay your taxes, and you should fill out a new W-4 form that will more accurately calculate your withholdings.