Friday, April 6, 2012

What taxes get taken out of paycheck?

Make sure you fill out a W-4 form with your employer prior to employment. Your employer will deduct the following taxes from your paycheck based on your input on the form:

1. Federal withholding tax
2. State withholding tax
3. Social Security
4. Medicare

College student filed federal taxes as an independent but is a dependent?

You have to amend his return. Amend it before you file your return. His information is in the IRS computers and your return will get kicked out for declaring him, he already declared himself on his return. Be careful and be patient. Don't ever ask the IRS to prepare anything on your behalf. Go to a tax professional, you'll get the best advise possible. Good luck

If I paid for a medical expense in 2011 and it's unexpectedly refunded in 2012, can I still deduct it on?

Do not deduct medical expenses of any kind for which you received a reimbursement. Similarly, if you receive a reimbursement from insurance in a subsequent year for an expense previously deducted, the reimbursement is included in your adjusted gross income in the year the reimbursement was received. Include the reimbursement on line 10 of Form 1040.