This is my first year being an independent. I am single, no kids, I rent my own home and do not own my own business. I was going to do the EZ file which I have done in the past, but I am a teacher now and I heard there is a pretty big bonus for being a teacher and if I file myself theres no way to check that off. Then I was going to do turbotax online and do the version where I can choose from a list of deductions. I just cant afford to pay h&r block or any of those guys…they are waaayyy to expensive. Any suggestions? thanks.

I want to claim 7 allowances, my payroll manager said that was an awful lot. She would not offer any "adivse" or help to determine the number. So am I crazy? Perhaps someone out here can help me out…

I am filing jointly.
I make 000 with 00 annual bonus
My wife makes 000 with no regular bonus
No significant dividends, interest, etc.

Itemized Deductions:
000 Total Mortgage Interest for the year
00 Property Tax
0 Ad Volerum Tax (My State’s "Birthday" Tax)
00 State Tax
0 Charity
0 Car Loan Interest (does this even qualify?)
00 Business Mileage (this was reimbursed, do I still use it?)
00 Health Insurance (this may be pre-taxed?)
50 My 401K contribution (this may be pre-taxed?)
50 My Wife’s 401K contribution (again might be pre-taxed?)
No Children

I am guessing whatever the magic number is that I would do that only one W4, and would claim 0 on the other form…
In response to the third reply:

I was under the impression that deductions were most definitely revelant to Allowances you would claim. Is this not true? Isn’t the point to claim enough allowances so that you are very close to what you actually owe at the end of the year after deductions and credits.

Also, I was about 99% sure the Car Loan, Mileage, 401K, and Health Insurance did not qualify. I just wanted to check.

I own an S-corp and am the only employee. Last year I had a 6-month contract in Boston and I live in Austin so I should have a huge Per Diem deduction but I am not sure whether I should claim it in my business taxes or my personal.

As a bonus if someone knows how to calculate the Per Diem rate for my Boston contract I would really appreciate it. Any help will be greatly appreciated!
I paid for almost everything out my personal accounts. Very little was paid for directly from the corp accounts.

Hellos,

Before reading:
I’m 17 and I’m giving you a scenario of assumptions and accusations, reply accordingly if you will, it will be much obliged.

Okay

Assume I live in Arizona, and assume I apply for a job at Kohl’s with no prior work experience (as it is not required.) Assume that they higher me and assume Arizona’s Minimum Wage is $ 6.90 and assume that starting salary in this business is MW + $ 0.40, which is .30. Okay, and assume I work 32 hours a week,

32 * $ 7.30 = $ 233.60

Note: Remember I’m 17, I’m not sure if there’s any bonus to being a minor in this area (tax returns, etc), if there is, do tell.

My question to you:
What would my income tax deduction be, and the finalized pay check would equal out to what?

Now assume I’m employed for 15 weeks. Around what amount money would I rake in (I know it depends but, given that information, what can you conclude?)

At the end of each year I receive a bonus from my company.
When this bonus is paid out to me, I get hit with high payroll tax deductions.

I was told that if I put this money towards my company’s RRSP program that I currently participate in, the “full” bonus amount goes straight into my RRSP with no taxes deducted from the bonus amount … is this correct?

Any information is much appreciated!