The IRS Deductions Blog

Posts Tagged ‘calculator’

Question: Canada income tax – file income as an independent contractor?

I’m looking for some info on filing income from being an independent contractor. I worked 6 months in 2008 doing contract work (graphic design). I gave the company invoices and was paid monthly with no taxes or other deductions taken off. I’ve been putting aside a certain amount from each cheque based on an income tax calculator.

Answer: You might want to get a GST registration number anyway, as you can get a refund of GST paid on items that you purchased to create your designs. It’s called an Input Tax Credit.

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Ministers agree to private pension plan framework

Finance Minister Jim Flaherty and his provincial counterparts have settled on a framework for a new private-sector pension plan for workers, designed to get more Canadians saving for their retirement years.

My Solar Power System That Power My Home COMPLETELY

Question: Social Security Tax in Accounting?

What is the formula for calculating social security tax deduction from a single employee paycheck? I thought it was the 100,000 annual cap -the cumulative annual earnings then x 6%. (6% being the amount in my accounting book). Thanks to anyone who can help.

Answer: Both of your figures are wrong.

See irs.gov and look at 1040es.

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BFP special report: Re-thinking school taxes

Editor’s note: This article appeared in a special July 4 edition of The Reporter and TheReporterOnline.com as part of the Ben Franklin Project.

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Question: How would I determine if it is better to pay off my mortgage, or keep it and claim the deduction? Calculator?

Is there a calculator for this on the net?

Answer: It is only better to pay it off, if all your non-deductable debts are paid off first.

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Tax awareness knows no season

What a relief: Tax season is over until next year. The forms are filed and the refund is on its way. A conversation with USAA financial adviser June Walbert, however, reminded me that taxes happen in every season.

How to make a Fixed Rate Loan/Mortgage Calculator in Excel

Question: What health insurance plan should I buy?

Hi I’m currently looking for a health insurance. I live in southern California. I’m a 27 year old female, 30 lbs overweight, no known medical condition, looking for something to cover mainly major or serious medical problems.

Answer: Kaiser is going to limit you care to their doctors and when you are out of the area, on vacation for example you can only get emergency care. You will have a primary care provider which acts as a gatekeeper and you need to see them before you can see a specialist.

With Blue Cross they offer an PPO which is a network of doctors you can choose from and you can go straight to a specialist if you feel you need one.
Some people hate the HMO gatekeeper others don’t mind at all it is really personal preference.

You need to figure the cost of the plan two ways. First what will the plan cost if you have no medical bills for the year. What is your total premium for one year?

Then what will the plan cost if you have a serious illness or bad accident. I usually figure $50,000 in medical bills for this scenario. For this you need to add the total premium + deductibles + coinsurance.

Now you can compare the plans to see which one is truly the best deal, you will usually find the high deductible plans work best in either scenario. Then consider a Health Savings Account qualified plan, this can create additional tax savings.

Or you can just call a qualified broker who has probably already done this work.

With all the different health carriers and plans available most people really should use a health insurance broker. A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state.

For example a typical broker can have access to 10 major carriers and 60 different plans just for one state.
You can try doing your own research on the internet, but if you give a good broker 5 minutes they will be able to make suggestions on which carrier may fit you best.

I suggest using yellowpages.com to search for health insurance brokers in your area.

Don’t call your auto and home agent they specialize in property and causality insurance. You need someone that specializes in health insurance.

Good Luck

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Khodabakhshian: Seven ways to reduce your healthcare costs

If you put on a few pounds over the holidays, you are not alone. I’m right there with you.Now that the new year is upon us, it’s time to start planning a healthier and more prosperous 2010. It turns out they are closely related: The healthier you are, the lower your healthcare costs.These tips are intended as strategies to improve your health and as a result reduce your healthcare costs.See your …

Individual Health Insurance – www.healthinsurance-quotes.org/Individual.html – 800-868-2333