Questions from General Taxation

Q: How are household payroll taxes reported? When are they due?

How are household payroll taxes reported? When are they due?

Q: What is meant by the terms realized gain (loss) and

What is meant by the terms realized gain (loss) and recognized gain (loss) as they apply to the sale of assets by a taxpayer?

Q: If a taxpayer makes $30,000 per year, will

If a taxpayer makes $30,000 per year, will the annual withholding differ depending on whether the taxpayer is paid weekly, semimonthly, or monthly? Explain.

Q: In addition to federal tax withholding, what other taxes are employers

In addition to federal tax withholding, what other taxes are employers required to withhold from an employee’s paycheck? How are the calculations made?

Q: When are employees required to report tips to their employer? Are

When are employees required to report tips to their employer? Are tips subject to the same withholding requirements as regular salary?

Q: What are the tip reporting requirements for large food and beverage establishments

What are the tip reporting requirements for large food and beverage establishments?

Q: When must employers make payroll tax deposits?

When must employers make payroll tax deposits?

Q: A taxpayer has $2,000 of qualified employment-related

A taxpayer has $2,000 of qualified employment-related expenses paid on behalf of one qualifying child. Determine the maximum and minimum amount of child and dependent care tax credit available to the...

Q: Jake has a vacation rental house at the beach. During the

Jake has a vacation rental house at the beach. During the tax year, he and his immediate family used the house for 12 days for a personal vacation. Jake and his son spent two more weekends (4 days)...

Q: Does the length of time a capital asset is held affect the

Does the length of time a capital asset is held affect the gain or loss on the sale of the asset? Explain.