1-24 is what percent of 40?

2-sandra’s monthly salary is ,200. if deductions for taxes from her monthly paycheck are 0, what percent of her salary goes to these deductions?

3-the cost of an article including 15% for taxes is 8.00. what is the cost of the article without taxes?

Ok so im having some problems in my business math summer course,best answer for whoever gets the most correct.

ok here we go:

4.Chris Huen, an oceanographer, is paid 6.20 a week. His earnings to date this year total ,895.60. The social security tax rate is 6.2% of the first ,700 earned. How much is deducted from his paycheck this week for social security tax?
5.Sherry Reese, a technical writer for Ace Electronics, earns 3.08 a week. Her medical insurance costs 19 a year, of which her company pays 75% of the costs. How much is deducted each week from her paycheck for medical insurance?
6.John Jacobson, a title insurance officer, is married and claims 2 allowances. He earns 2.75 a week. The social security tax rate is 6.2% of the first ,700 earned. The medicare tax rate is 1.45% of gross. The state tax rate is .95 a week. He has weekly deductions of for medical insurance and for payroll savings.

I’m considering a home-based business and I’m wondering how the taxes will differ compared to my current salary, assuming all other elements are remaining the same. (Please note, I’m not asking about the forms to use, how to submit tax information, or taking obscure deductions into consideration; I have already read up on all of these items.)

I currently have a salary of ,000. Based on what I actually bring home, roughly 35% of my paycheck currently goes to taxes (ridiculous, isn’t it?). If I were to stop my corporate job and do a home-based business full time, what % increase or decrease could I expect in taxes for a sole proprietor that makes enough money to qualify as income. Again, I’m not considering deductions like running a business out of my primary residence, business travel expenses, etc. I’m strictly comparing taxes to taxes.

It may not be possible as there are tons of factors to consider, but if anyone has insight, personal experience, or even a rough idea to guide me, that’d be great!

I received a w-2 form from my previous employer. The employer withheld only state (CA) taxes from my paycheck every pay period. They DID NOT withheld any federal, social security, or medicare taxes. So at the end of the year when i file my taxes, I have to pay those taxes. I had always assumed i was an independent contractor, and as such i was entitled to deduct business expenses on my schedule C. Normally i would be issued a 1099 misc form instead of a w-2, but in this case i think because my employer witheld state taxes, they issued me the w-2 form. Well, the irs informs me that because my employer did not classify me as a "statutory employee" in the w-2 form, I would NOT be able to deduct any business expenses. They told me i would have to get a letter from my employer stating that i was a "statutory employee"
then they will allow the business deductions. I called my employer, and they said i was not a statutory employee under section 530 (??). ..
any help is appreciated.

I received a w-2 form from my previous employer. The employer withheld only state (CA) taxes from my paycheck every pay period. They DID NOT withheld any federal, social security, or medicare taxes. So at the end of the year when i file my taxes, I have to pay those taxes. I had always assumed i was an independent contractor, and as such i was entitled to deduct business expenses on my schedule C. Normally i would be issued a 1099 misc form instead of a w-2, but in this case i think because my employer witheld state taxes, they issued me the w-2 form. Well, the irs informs me that because my employer did not classify me as a "statutory employee" in the w-2 form, I would NOT be able to deduct any business expenses. They told me i would have to get a letter from my employer stating that i was a "statutory employee"
then they will allow the business deductions. I called my employer, and they said i was not a statutory employee under section 530 (??). ..
any help is appreciated.

Hi. I own a business, and I’m traveling to another state for a business seminar. I haven’t made any sales from my business yet, so I’m using the paycheck from my job for the travel expenses (gas, lodging, etc). When I file my tax return, can I get a refund from the government in the amount of the travel expenses?

federal payroll tax deduction

One of the great things about starting a business from home is the tremendous tax advantage they provide. Just think, when April comes around again, you will be rejoicing instead of crying! So, let’s see exactly what the tax advantages are for your home based business.

First of all, in any home business you have tremendous more tax advantages than if you were self-employed. These advantages really become huge when you consider how you can improve the profitability of your home business by declaring all of the deductions you are entitled to. Never forget to claim all of the necessary deductions. If you have difficulty figuring it out, go to a CPA.

You will also need to itemize your deductions for your home business operation on a separate schedule just as you would for your personal deductions. Knowing which deductions you are entitled to can save your home business hundreds of dollars a year. Isn’t this great news? Just the tax advantages make starting a home-based business makes it worth it.

Here is some background information on how your income tax amount is arrived at by the IRS.

The U.S. taxation code states that almost all income is subject to federal income tax. How can you, the guru of your home-based business, arrive at the final amount of income tax? Here’s how:

Gross Income – (All Expenses + Miscellaneous Deductions + Depreciation on Assets) = Taxable Income.

Taxable Income X (Your Tax Rate) = Income tax for the fiscal year.

Here is a quick definition of the terms in the above taxation equation:

Gross Income = The total of all income for the year after the cost of the inventory has been paid for. Make sure you leave nothing out.

Expenses = All costs of doing business during the fiscal tax year. Examples include payroll, materials, supplies and interest on business loans, etc. To find out if an expense qualifies as a legitimate business expense, consult your CPA. You can also call your local small business bureau, or even the IRS.

Depreciation = This is the way of spreading out the deductibility of an asset over a period of more than one year.

The IRS has certain different depreciation schedules for different business property. This is done for assets like real estate, equipment and other assets with a long economic life. This method of taxation write-off has certain advantages. Be sure to talk to your accountant regarding proper depreciation rules. These rules are subject to change by the Congress and the IRS.

Miscellaneous Deductions:

This is an often misunderstood and overlooked way to save a lot of money on taxes. Remember that these types of expenses must be totaled up and declared on a separate schedule of your income tax forms.

Always track your expenses and be sure to save at least one copy of every deduction. You will be asked for proof of every transaction that is declared as a deduction if the IRS audits you! Never make the mistake of not keeping records of yAlso, save them for 7 years.

Here is a list of some of the things you can deduct from your income taxes:

Business related expenses include:

1. Air fares

2. Auto expenses

3. Books and Magazines

4. Educational Expenses

5. Home Office Space* + a portion of utilities, telephone, and maintenance costs

6. Office Furniture

7. Cleaning Expenses

8. Meals with Business Clients

9. Laundry Expenses (When Traveling)

10. Advertising

11. Impairment-related Expenses

12. Licenses and Regulatory Fees

* If you own your home you must use the IRS depreciation rules to determine this deduction. If you rent you may also deduct a portion of your rent.

Check IRS Publication 535 to find out if you can deduct any or all of the above.

As you can see there are numerous deductions that are allowable for your home-based business. The best way to get more information on tax deductions and related information on income taxes is to go online to http://www.irs.gov. There you will find a helpful search engine containing thousands of government publications that you can research and print out if you need to.

Now you have a good idea of the deductions you are entitled to take. So do your research, keep track of your expenses and take all of the deductions you can for maximum profit every year. April will never be a time again for weeping and gnashing of teeth!

Copyright 2006 Monique Hawkins

Monique’s Hawkins is a retail representative for a network marketing company. She believes failing in network marketing is NOT your fault. To discover how to end years of failure and frustration with MLM, visit http://mentormonique.googlepages.com/bementoredforlife

new to ontario wondering about payrol tax deductions?

I recently moved to Ontario from the USA. I start work next week and was wondering what the differences in usa state and federal taxes were compared to canadian provincial and national taxes.

Canada Revenue Agency has an online calculator. If you know approximately what you will be making, you can plug in the numbers and see how much should be coming off each cheque.

http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/pdoc-eng.html

Excel Busn Math 42: Federal Income Tax Payroll Deduction