I have recently started a restaurant business and want to know would it be better to put myself on the payroll and take a salary of state £1000 per month or take a dividend of say £10,000 at the end of the tax year? Or can I do both? Would would be superior? Please advise.
Answer: […]
It seems like a simple question, I know. But what exactly does it mean? Was I covered? In what sense? Was I collecting money from it? Or was I contributing to it, but not able to touch it? Anyone know?
Answer: Does your employer offer a retirement plan that you are eligible to participate in? […]
I'm a high school student working in a minimum wage job, not 18, still living at home. What gets taken out of my paycheck and how much?
Will this change when I turn 18, get a better job, go to college, and move out?
Answer: You’ve federal income tax, state income tax, social security, and unemployment, taken […]
since she’s under 18?
i am wondering because i am under 18 and beginning an acting career (not that i will be as famous as her)
Answer: Yes. She has a consistent income… someone once told me that even the money I get from baby-sitting should be taxed, but it's overlooked usually…
She probably has an accountant for […]
I spoke to my financial advisor about withdrawing money early from my SEP, but I'm confused. I assumed that if I wanted to withdraw $12,000-$13,000, then I would get that amount “cash-in-hand”. I would then have to pay the 10% withdrawal penalty and income tax (I'd get Form 1099-R) next year during […]
I “tried” to sell Avon from Jan-June this year. I sold last year, but didnt claim it on taxes because they didnt send a 1099. I doubt I get a 1099 this year, either. However, I do have personal losses in this company. I'm no tax wiz…So, what would I gain from “writing off” business […]
Firstly the tax at stake here is Excise Duty. Excise duty is a UK tax and not an EU tax and there is no way the Excise duty could be paid for unless the cigarettes are in the UK already.
To put it bluntly, if you buy the cigarettes there’s a very huge likelihood that […]
Hi there,
My wife has recently started professional work as a paid actress. Is there a governing rule as to how much of each paycheck she should be setting aside for end of the year taxes? Is there a flat percentage that’s considered 'safe'? Any information would be appreciated.
Answer: as you know, if […]
Your taxable income is your gross, minus exemptions, adjustments and deductions.
Answer: It's the gross less exemptions and deductions.
Answer: Gross. Net is what's left after your taxes are paid.
I’ve bipolar and fibromyalgia. I am trying to work but it is intenterferring with my job. Is there anyway I might can get disabilty. I can't afford noy to have some sort of income. So, what are my chances?
Answer: First,you have to get documentation on your medical condition from your family physician. Next go in […]