Free Accounting Information » Taxes

How Can a Death Tax Be Justified When the Federal Reserve is Already Taxing Your Bank Account As It Sits?

Tue, 16 Nov 2010 07:48:01 +0000

You pay income taxes and sales taxes and what you have left in the bank the treasury and federal reserve are taxing by creating 600 billion more dollars. After you die they want yet another slice of the pie. I'm not sure what this could be called besides modern day slavery. Suggestion: It can't under any circumstances in my opinion, did you notice the ...

How is "tax Refund" or "over Payment of Taxes" Treated in Accounting Book?

Tue, 02 Nov 2010 04:03:01 +0000

Usually as a receivable or a prepaid expense. Sometimes the company will elect to get the money back for it, sometimes they will just apply the the payment to a future year. Suggestion: When there is overpayment of Taxes Prepaid tax( Advance tax) Debit Bank A/c Credit Some organization use advance tax, tax receivable or tax payable ...

What Does "sec 125 Health" Pre-tax Deduction on Your Paystub For?

Tue, 07 Sep 2010 20:59:35 +0000

I noticed this on my paystub and I don't know what it is for? It is excluded from federal taxes so I think it maybe related to my flexible healthcare spending account, but wasn't sure. Can someone confirm this is true and/or point me to a website that would tell me what this is? Suggestion: I don't understand it all, nor do I want to understand it, ...

In Nc, is the Executor of a Will Obligated to Pay Taxes Owed by the Deceased if There is No Estate?

Wed, 01 Sep 2010 11:16:47 +0000

There is no estate at all. No house, car, bank account… nothing. I would like to know if the Executor is obligated to pay these taxes (NC Dept. of Revenue) himself. The Executor is not the spouse or a relative of the deceased. Suggestion: taxes owed by the deceased are paid from anything of value of the deceased, if there were no assets, there is no way to pay ...

I Need Help with Krispy Kreme Accounting Question?

Mon, 30 Aug 2010 17:07:42 +0000

Using 2001 as the base year, compute trend percents for 2001, 2002, and 2003 for revenues, operating expenses (cost of sales), general and administrative expenses, income taxes, and net income. (Round to the nearest whole percent.) 2. Compute common-size percents for 2003 and 2002 for the following categories of assets: (a) total current assets, (b) property and ...

How Should I Allocate My Cd's That's Maturing Soon?

Sat, 21 Aug 2010 21:46:41 +0000

I have about $250,000 in various CD's that are maturing in September. I want to allocate all of it in Vanguard Mutual funds. I have an account now and I'm pleased with them. Question is how do I allocate it? It will go into individual taxable accounts. I'm in a 28% tax bracket. No debts at all including my house. Current net worth around ...

How Much to Put into an Fd to Avoid Tax?

Mon, 31 May 2010 19:12:13 +0000

This is for a Mumbai ICICI bank account. I need a 5 year tax saving Fixed Deposit. Do you know what is the maximum amount I can put into the Fixed Deposit to avoid being taxed for it? Also, will the amount be taxed at the end of 5 years even if it is a very small amount? (Additional details if you could help: I'd like to know the same info for HDFC bank ...

What Would You Do if Jackson Hewitt Tax Service Employee Stole Your Identity and Your Income Tax Check?

Mon, 31 May 2010 18:19:38 +0000

Berkeley Ca, 2605 San pablo Ave I filed my taxes. I got a call from Jacari Dixon the next day she needed my social and id # & the kids social I went back down and gave all of what they needed but i already gave all of this when I filed my taxes so after all this the next day I get another call and Jacari Dixon needed my info again and told me I don't need to come to the office ...

Advantages of Online Tax Preparation

Mon, 31 May 2010 18:09:46 +0000

Anybody having studied taxation knows what it means to do tax preparation for the past whole year. Sifting through the conundrums of the taxation is a real mental exercise. The use of computers and the Internet has considerably resolved the complexities in the understanding, calculation, filing, and payment of taxes. Main Features The software companies have regularly ...

What's the Law Regarding Large Gift Donations to Family and Friends?

Wed, 26 May 2010 18:15:02 +0000

Say I was to buy my family and friends gifts of significant value ie brand new sports car/houses. What is the law with regards to a limit on how much I can give them? Is there a loophole such as I buy the gift, then I transfer it into their name? Do I have to take inheritance tax into account, which is 40%? Suggestion: Stuart is completely wrong. There is no ...