vania-janet/multiturn-rag-retrieval-data huggingface dataset:
If you had, for instance, a job at a grocery store, you could earn up to $6,300 without filing a return, because the store would be informing the IRS about your employment anyway - as well as deducting Medicare and Social Security payments, etc. How much tax will you pay as your income grows beyond $400? Based upon the IRS pages for Self-Employment Tax and Family Businesses, while you will not likely have to pay income tax until you make $6,300 in a year, you will still have to pay Social Security and Medicare taxes after the first $400. Roughly this should be right about 16% of your income, so if you make $6000 you'll owe just under $1000 (and be keeping the other $5000). If your income grows even more, you may want to learn about business expense deductions. This would allow you to pay for things like advertisement, software, a new computer for development purposes, etc, and deduct the expenses out of your income so you pay less in taxes. But don't worry - having such things to wonder about would mean you were raking in thousands of dollars, and that's an awfully good problem to have as a young entrepreneur! So, should you keep your games free or try to make some money? Well, first of all realize that $400 can be a lot harder to make when you are first starting in business than it probably sounds. Second, don't be afraid of making too much money! Tax filing software - even totally free versions - make filing taxes much, much easier, and at your income level you would still be keeping the vast majority of the money you earn even without taking advantage of special business deductions. I'd recommend you not be a afraid of trying to make some money! I'd bet money it will help you learn a lot about game development, business, and finances, and will be a really valuable experience for you - whether you make money or not. Having made so much money you have to pay taxes is not something to be afraid of - it's just something adults like to complain about :) Good luck on your adventures, and you can always come back and ask questions about how to file taxes, what to do with any new found wealth, etc!"
You have to consider that taxes that you pay on the premiums is money definitely paid, while benefits being tax free won't save you a thing if you never receive the benefits.
I'm not missing the point. Canada will still charge you/a corporation income taxes on worldwide income so long as you are resident in Canada. If you are incorporated in Canada but resident elsewhere, you are only subject to tax on Canadian-sourced income. In the US, where you are incorporated is the method of determining liability. Why is one method of determining jurisdiction correct and not the other?  If you are a corporation residing in Canada, you still pay Canadian taxes on worldwide income, even if that income is sourced in another country.
Well, you're wrong. Not paying taxes is actually a *very* American sentiment.  I do it because I have to. I don't enjoy it, and it certainly doesn't feel honorable. 95% of my taxes go to a combination of:  -Things I hate (Military, Welfare, Social Security, surveillance)  -Things I will *never* get to use (Welfare, Social Security, MedicAid)  -Things I don't want and didn't ask for (regulatory agencies, Unemployment, militarized police)  The other 5% or some other fucking miniscule quantity goes to things I want and use, but would probably still be more efficiently provided by someone else.
"See Publication 505, specifically the section on ""Annualized Income Installment Method"", which says: If you do not receive your income evenly throughout the year (for example, your income from a repair shop you operate is much larger in the summer than it is during the rest of the year), your required estimated tax payment for one or more periods may be less than the amount figured using the regular installment method. The publication includes a worksheet and explanation of how to calculate the estimated tax due for each period when you have unequal income.  If you had no freelance income during a period, you shouldn't owe any estimated tax for that period. However, the process for calculating the estimated tax using this method is a good bit more complex and confusing than using the ""short"" method (in which you just estimate how much tax you will owe for the year and divide it into four equal pieces).  Therefore, in future years you might want to still use the equal-payments method if you can swing it.  (It's too late for this year since you missed the April deadline for the first payment.)  If you can estimate the total amount of freelance income you'll receive (even though you might not be able to estimate when you'll receive it), you can probably still use the simpler method.  If you really have no idea how much money you'll make over the year, you could either use the more complex computation, or you could use a very high estimate to ensure you pay enough tax, and you'll get a refund if you pay too much."
"Yes, you must file North Carolina AND South Carolina income tax. If you live in one state and work in another, the income is potentially taxed twice. Most states give a credit for taxes paid to the other state. Often you pay the tax in the state where you worked, and then if the tax rate in the state where you live is higher, you pay the difference. But the details depend on the tax laws of the two states involved. I'm not an expert on either Carolina's tax laws. Start by getting the forms and instructions from both states and see what they say. Or if you're using tax software, see if it handles this case. If someone else on here knows the specifics of the tax laws for the Carolinas, I gladly yield. :-) Many states establish ""reciprocity agreements"" with other states, usually the neighboring states, that generally say that if the state you live in and the state you work in are both party to the agreement, then you only pay tax in the state you live in. This simplifies things a lot. Unfortunately, neither North Carolina nor South Carolina have such agreements with each other or with any other state."
There are quite a few things you would need to do; Estimate how much you are earned, find out the tax liability and pay the tax in advance to Income Tax. You can do it online as well, go to the Income Tax website The interest you earn is also taxable and Bank would deduct a nominal amount, ensure that you have PAN registered with the Bank Account. You need to add this to your overall income and pay tax. You would also need to file returns every year.
Do I pay tax to the US and then also pay it in India for my income, or   does my American partner, who holds 15% of the monthly income, pay tax   in the US for his income? Of course you do, what kind of question is this? You have income earned in the US by a US entity, and the entity is taxed. Since LLC is a disregarded entity - the tax shifts to you personally. You should file form 1040NR. You should also talk to a tax professional who's proficient in the Indo-US tax treaty, since it may affect your situation.
I retired when I was 48 without financial worries and with enough money to travel and eat out whenever I want. The thought that I was making my salary and paying the taxes I did while other struggling to get by had to pay taxes at all was ridiculous to me. Especially when I had earned enough to stop paying into social security. That seemed doubly ridiculous. I'm happy for those who work longer because they want to, but for those who simply don't earn enough, this is so sad.
Your argument with elvendude happened because your comment makes it appear that you think that if a business has less cash at the end of a year than at the beginning, the business does not need to pay taxes. elvendude is trying to show you that this isn't true.
VAT is charged to consumers and passed on to the Government. Income tax is paid by the employees. Corporate tax on income is the true tax on corporate value add, which isn't reflected in this practice.   That being said, there is nothing unique or illegal to what Starbucks is doing, pretty much all global corporations have entities setup for the exclusive purpose of licensing IP/brands. The entity just needs to demonstrate an arm's length in transactions.
In some countries,  the mafia is an accepted part of the system (like some areas in Italy).  In this country it is not, but government taxes are as they provide services that the people want.  That is decided by the majority, not by the individual.  And, if you individually choose to not partake of that system you can either face criminal results or you can head out for a country with low/no taxes.  I hear Somalia has no country taxes...
You can invoice your advertisers and use the date of the invoice for tax purposes.  Some advertisers may want to pay monthly, weekly etc so that would require multiple entries as income on the relevant dates.
What you need to do is register as a sole trader. This will automatically register you for self assessment so you don't have to do that separately. For a simple business like you describe that's it.  Completing your self assessment will take care of all your income tax and national insurance obligations (although as mentioned in your previous question there shouldn't be any NI to pay if you're only making £600 or so a year).
One other consideration. If you are a US citizen or Resident Alien, you are going to owe US income taxes regardless of where you earn the money. Here it is straight from the horse's mouth: Tax guide for US Citizens living abroad
The fact that they reduce the amount so that you're only paying a total of what an individual or corporation in America would pay doesn't address the point that they have no real justification for charging *any* taxes on that income at all.
A simple option is to ask your teammates to send you their portion of the tax bill. This option makes everyone's taxes easier, especially since it is very likely that they have already sent in their tax returns.
So we can lower your taxes, although at a cost of say 4 million federal employees. Now the fun begins... your market is flooded with new employees, so many people applying there isn't a reason to keep you at your pay. It's 2008 again, you lost your job, your $30 an hour job now pays $17, and you're unemployed, but at least your tax bracket went down.
If you're getting the same total amount of money every year, then the main issue is psychological. I mean, you may find it easier to manage your money if you get it on one schedule rather than another. It's generally better to get money sooner rather than later. If you can deposit it into an account that pays interest or invest it between now and when you need it, then you'll come out ahead. But realistically, if we're talking about getting money a few days or a week or two sooner, that's not going to make much difference. If you get a paycheck just before the end of the year versus just after the end of the year, there will be tax implications. If the paycheck is delayed until January, then you don't have to pay taxes on it this year. Of course you'll have to pay the taxes next year, so that could be another case of sooner vs later. But it can also change your total taxes, because, in the US and I think many other countries, taxes are not a flat percentage, but the more you make, the higher the tax rate. So if you can move income to a year when you have less total income, that can lower your total taxes. But really, the main issue would be how it affects your budgeting. Others have discussed this so I won't repeat.
Yes, as you are Indian resident for Tax purposes, you have to pay Tax in India for the amount you have earned in Singapore. So essentially add the income from 1st April to Mid 2014 with the eq SGD earned in Singapore till 31st March 2015. Apply the tax brackets like you normally do, claim the exemptions you would normally do 80 C etc. As India and Singapore has a Dual Tax Avoidance Treaty, you can claim the portion the tax already paid in Singapore and pay only the balance. For example if the tax works out to be Rs 30, you have already paid Rs 20 in Singapore, you would have to pay only Rs 10 in India and mention that you have already paid Rs 20 to Singapore IRS. It is irrelevant whether you transfer the funds to India or not, the tax is applicable in the financial year you have earned. More on DTAA
Nobody actually paid the ridiculous tax rates of the time.  People exploited loopholes like they do now.  Back then, there were more.  So the actual tax rate is irrelevant, and the actual tax rate paid is important.  I see this argument way too often.
I can't speak for the US, but I've completed direct tax payments via my online bank account (for business and personal) in two countries (South Africa and the UK).  I find it easier and with a better record that the transaction took place than any of the other methods available (including going directly into a tax office to pay by cheque). Mail can go missing. Queueing in their offices takes hours and the result can still be misfiled (by them).  Ditto allowing them to do a pay run on your account - they can make a mistake and you'll have difficulty proving it.  A payment via my bank account gives me an electronic record and I can ensure all the details are correct myself. In addition, in the UK, paying online gives you a good few months extra grace to pay.  Even in South Africa, online payments are given a few weeks grace over physical payments.  Their recognising that you paying electronically saves them processing time.
Depending on your income, you may owe AMT instead of the taxes from the regular code.  Even if you don't do that, you may hit the place where you have to at least check if you owe AMT. As you probably know, AMT was established early on to catch the wealthiest of tax payers who were able to use various loop holes in the code to pay much less tax than one would expect.  Over time the limits on AMT have not risen with the rising wage gap, and AMT catches an increasing number of tax payers each year.  If the limit is not raised at all for 2010 then it will catch even more people this year.   AMT has worked it's way into the upper-middle class fairly solidly, especially if you exercise stock options whose strike price is significantly different than the current sale price.
What taxes will I have to pay to India?  Income earned outside of India when your status is Non-Resident Indian, there is no tax applicable. You can repatriate the funds back to India within 7 years without any tax event. Someone else may put an answer about US taxes.
This comes as a consequence to the notion of an income tax.  Remove that, and there won't be shenanigans like this anymore.  Libertarians don't stand for the notion that government owns your property (income) and can determine how much you get to keep after they forcefully take some from you or threaten you with being put in a cage.  Rather, we suggest for a consumption tax to replace it.
Being a tax professional, my understanding is that the threshold limit is a single limit for all your source(s) of income. Now many people who already draw salary which is liable to tax, develop application for mobile and generate some income. Such income is liable to tax, if along with other income they exceed the threshold limit.  Income will have surely related expenses. And the expenses which are related to earning of the income are allowed to be deducted.
Why would the IRS be coming after you if you reported the income? If you reported everything, then the IRS will use the 1099 to cross-check, see that everything is in order, be happy and done with it. The lady was supposed to give you the 1099 by the end of January, and she may be penalized by the IRS for being late, but as long as you/wifey reported all the income - you're fine. It was supposed to be reported on Schedule C or as miscellaneous income on line 21 (schedule C sounds more suitable as it seems that your wifey is in a cleaning business). But there's no difference in how you report whether you got 1099 or not, so if you reported - you should be fine.
And brought shadow economy income into the light and the IRS.  Before you would have a roommate and they give you a check.  Now Air Bnb reports it as a W-9 so at minimum you owe 25% in income tax plus Air Bnb's fees so you have to raise the roommate rent to include that overhead.
"The prices we pay for goods and services aren't set by our levels of income. Why should the compensation we owe the community in taxes?  LVT and rent(along with their capitalisation into selling prices) are economically one and the same thing. The only difference is who collects.  If LVT is an ""Income Tax"", then so is rent or mortgage repayments. In fact paying for anything is an ""Income Tax"".  The LVT is merely the way by which we equally share the value derived from scarce natural resources. If we don't do that then inequality and dysfunction are baked into our economies and societies.  LVT doesn't tax the wealth people create from land but taxes the wealth creating potential of land. It is the arbitrariness of taxing incomes, capital and transactions that causes deadweight losses, whereas the LVT has none.    This is because it is set by market (not levels of income) as the amount an individual or firm is prepared to pay for exclusive use of that location. So if you cannot pay the LVT then someone else will.  That is not only fair, but the optimally efficient way of allocating resources.  This is how a capitalist, free market based economy is supposed to work. Those that opposed the LVT are nothing but Blue Socialists."
HMRC may or may not find out about it; the risks and penalties involved if they do find out make it unwise not to just declare it and pay the tax on it. Based on the fact you asked the question, I am assuming that you currently pay all your tax through PAYE and don't do a tax return. You would need to register for Self Assessment and complete a return; this is not at all difficult if your tax situation is straightforward, which it sounds like yours is. Then you would owe the tax on the additional money, at whatever applicable rate (which depends on how much you earn in your main job, the rate tables are here: https://www.gov.uk/income-tax-rates/current-rates-and-allowances ). If it truly is a one off you could simply declare it on your return as other income, but if it is more than that then you would need to look at setting up as Self Employed - there is some good advice on the differences here: http://www.brighton-accountants.com/blog/tax-self-employment-still-employed/ :  Broadly, you are likely to be running a business if you have a regular, organised activity with a profit motive, which continues for at least a few months. If the work is one-off, or very occasional (say, a few times per year), or not very organised, or of very low value (say, under £2,000 per year), then it might qualify as casual income. If you think it is beyond the definition of casual income then you would also need to pay National Insurance, as described in the previous link, but otherwise the tax treatment would be the same.
"You owe taxes to the state where you earned the income, and also to the state where you physically live. Most, maybe all, states have laws that let you claim credits for taxes paid to other states so that you're not paying double taxes by living in one state while working in another. Most states have deals with all their neighboring states so that you only have to file taxes in one. For example, I live in Michigan, and Michigan borders Ohio. Lots of people who live near the border live in one state but work in the other. So the two have a deal that anyone who lives in Michigan but works in Ohio just has to file a Michigan tax return and pay Michigan taxes, and anyone who lives in Ohio and works in Michigan just has to pay Ohio taxes. Oh, I should note that these adjacent state deals apply only to employment income, not business income. If you own a business in another state, you'll still have to file taxes in that state. You still should get tax credits in your residence state. In general the fact that you use a server in another state doesn't make you liable for taxes in that state. I understand that New York says that if you work from home and the company headquarters is in New York, you have to pay New York taxes. Maybe there are a few other states who do this. But just because a server is in their state? I've never heard of this. If I order business supplies that are shipped from a warehouse in Arizona, that doesn't make me liable for Arizona income taxes, etc. You are legally a ""resident"" of the state where you actually live. If you have a home and live in it most of the time, then you are a resident of the state where that home is. A ""home"" doesn't have to be a house. It could be an apartment, an RV that you live in in a trailer park, a tent, etc. If you don't own any sort of fixed home and you travel around a lot, this could be tricky. You mentioned Oklahoma. Oklahoma defines ""resident"" as follows: An Oklahoma resident is a person domiciled in this state for the entire tax year.
Income and Capital are taxed separately in the uk.  You probably can't get dividends paid  gross even in ISA's you pay the basic rate of tax on dividends only higher rate tax payers get tax benefit from dividends. What you could do is invest in splits (Spilt capital investment trusts ) in the share class where all the return comes as capital and use up some of your yearly CGT allowance that way.
"Yep. You're single, you're possibly still a dependent on your parent's taxes (in lieu of rent), and you're finally bringing home bacon instead of bacon bits. Welcome to the working world. Let's say your gross salary is the U.S. median of $50,000. With bi-weekly checks (26 a year; common practice) you're getting $1923.08 per paycheck. In the 2013 ""Percentage Method"" tax tables, here's how your federal withholding is calculated as a single person paid biweekly: Federal taxes are computed piecewise; the amount up to A is taxed at X%, then the amount between A and B is taxed at Y%, so if you make $C, between A and B, the tax is (A*X) + (C-A)*Y. The amount A*X is included in the ""base amount"" for ease of calculation. Back to our example; let's say you're getting $1923.08 gross wages per check. That puts you in the 25% marginal bracket. You pay the sum of all lesser brackets (which is the ""base amount"" of the 25% bracket), plus the 25% marginal rate on every dollar that falls within the bracket. That's 191.95 + (1923.08 - 1479) * .25 = 191.95 + (444.08 * .25) = 191.95 + 111.02 = $302.97 per paycheck. The ""effective"" tax rate on the total amount, as if you were being charged a flat tax, is 15.75%, and this is just for the federal income tax. Add to this MA state income taxes (5.25% flat tax), FICA (aka Medicare; 1.45% flat) and SECA (aka Social Security; 6.2% up to a ""wage base"" that $50k doesn't even approach), and your effective tax rate on each dollar you earn is 15.75% + 5.25% + 1.45% + 6.2% = 28.65%.
You are not required to file a tax return in Canada if you have no taxable income. If you do not file a return you may be requested to by Canada Revenue Agency, and then you'll need to file one. There are hundreds of thousands of Canadian residents who do not file tax returns. The Minister who overlooks the CRA may assess any amount of taxes on any resident whether they file a return or not. There are penalties for failing to file a return or filing late. The penalties are based on a percentage of the taxes owed. If you owe no taxes, then the penalties are meaningless.