The IRS Audit Blog

Posts Tagged ‘irs’

Question: IC taxes…?

Im currently working for a company that has me as an IC, they will be sending me a 1099 at the end of the year, even though i should be an employee. I plan to file an ss-8 later on becuase i know for a fact i’ll get fired if i do it now and i plan to be here a few more months. I wanted to what i’m supposed to do about the quarterly taxes. i only make 300/week but I dont want to have to pay a bunch of penaltys and interest come next april, and will some of the money i pay this quarter be refunded to me if the irs rules in my favor?

Answer: Put about 25% aside. You are liable for income tax and employee FICA/Medicare tax. As an employee it should be withheld from your compensation. If it is not withheld, you are still liable for it. An IRS determination in your favor means you would owe employee FICA/Medicare tax of 7.65% of your wages instead of aproximately 14% in self-employment tax.

If you get fired, take your IRS determination with you when you file for unemployment.

Sen. Debbie Stabenow addresses farming issues during Adrian visit

U.S. Sen. Debbie Stabenow said Tuesday that Lenawee  County has a “great stake” in the upcoming Farm Bill due to it leading Michigan in total number of farms and in revenue from corn, soybeans and wheat. Stabenow, D-Lansing, spoke to a group of about 30 people Tuesday at the Adrian Public Library. She is chairwoman of the Senate Agriculture, Nutrition and Forestry Committee. The gathering was …

Enter For A Chance To Win-Win With The Big Check Video Contest

BRIEFLY: April 2

Read about what’s happening in and around Plymouth.

Arshad at **We are Bradford** Celebrating a Multicultural Society**

Question: Claiming dependent on my taxes?

Last year most of my family lived together. My mom and I signed the lease and took care of most of the bills, etc. She’s already filed and claimed my little brother (who is 18, goes to school, and doesn’t work). Could I also claim him, considering we both provided for him? From what I read from the IRS, it seems possible, as the rule about one of us providing more than 50% of his support doesn’t apply to son/brothers.

Answer: A person can only be claimed as a dependent once per year. If your mom claimed him as her dependent, you cannot claim him.

E-File or Else: What’s New for Tax Season

Uncle Sam is making it harder for you to file your tax return on paperbut is offering some sweet deductions.

How to Prove Head of Household for the IRS – TurboTax Video 2010

Question: A couple of world history questions?

Please, only answer if you know.

1) Which of the following techniques wasn’t used by the Nixon administration against percieved enemies in the U.S.?
a- illegal wiretaps
b- arrest w/o cause
c- audits of tax returns
d- CIA investigations

2) This nations government received foreign aid from the Carter administration, but the Reagan administration aided those rebelling against it?

3) This nations affiliations with cuba led to a US invasion during the Reagan administration.

4) Nation torn apart by civil war between Muslims, Serbs, and Roman catholic croats.

5) This is the presidential practice of withholding funds for federal programs that was declared unconstitutional.
ANY ANSWERS HELP!!!

Answer: 1. b (this is just a guess)
2. nicaragua
3. nicaragua
4. bosnia
5. Sequestration (this is just a guess, it said on this one website- “the withholding or cancellation of funds”

AgFeed Industries, Inc. Announces 2010 Results

AgFeed Industries, Inc. , an international agribusiness company with operations in the U.S. and China and one of the large independent hog producers and manufacturers of animal nutrients in China announced record levels of revenue in both its animal nutrition and U.S. hog production units for the fourth quarter of 2010 and for the full year 2010.

Al Aiello Teaches Proper Ways Of Protecting Yourself From an Audit

100+ Upcoming Social Media & Tech Events

Every week, Mashable puts together a calendar of upcoming social media and web events, parties and conferences. Here are some tips on how to ne…

ProtectOurElections.org Calls On Justice Thomas To Step Down