Federal Taxes

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How Much of a Gift Can You Give to Someone to Buy a House?

you want to help someone buy a home, you can give as much of a gift as your generosity allows. However, you can't necessarily do it without any tax implications. Unless you're helping a charity, the money you give isn't tax deductible to you, and if you give too much, you -- or ...

Can a Former US Citizen Receive Social Security Retirement Benefits?

cording to The Wall Street Journal, nearly 1,800 Americans renounced their citizenship in 2011, many of them for tax reasons. The decision to give up citizenship involves a host of considerations, not least of which is whether you'll be able to receive your Social Security ...

Can I Be Taxed on Money Gifts From Abroad?

e Internal Revenue Service taxes gifts differently than income. If you receive a gift of money from someone living abroad, how the money is reported to the IRS depends on the amount and the residency of the giver. Gifts under $14,000 a year are excluded from federal income taxes ...

What Happens to Federal Income Tax Debt if the Person Who Owes It Dies?

ath and taxes may be inevitable, but what about taxes after death? If you pass away with a tax liability, the IRS can keep on coming with notices, liens, levies and the entire arsenal of heavy collection weaponry. The target shifts slightly, however, with your heirs and ...

What Does Backup Withholding Mean?

en you get your paycheck, money's already taken out for taxes. However, that's not the case for all income. Some sources of income, like interest or dividends, aren't typically hit with tax withholding. However, in certain cases, the Internal Revenue Service might subject your ...

Difference Between Assessable Income & Taxable Income

e Internal Revenue Service outlines four types of income categories. Gross income is your total income from all sources. Assessable income is what you earn from passive activities along with your employment income. Non-taxable income is exempt from federal income taxation. ...

How Much Social Security Tax Do You Have to Pay?

e Social Security tax is one part of the Federal Insurance Contributions Act, or FICA, taxes that your employer withholds from your paycheck. The Social Security tax includes not only the portion you pay, but an additional portion your employer pays on your behalf. As of 2012, ...

If I Owe More Taxes After an IRS Audit, Do I Have to Pay Interest on It?

en the Internal Revenue Service audits you, the agency compares your tax return against your records to see if you have underpaid your taxes. If the IRS finds an underpayment, you will have to make arrangements with the agency to bring your account current. The agency will also ...

How to File for a Social Security Tax Overpayment Refund

e Internal Revenue Code sets the maximum amount employers may withhold from paychecks for Social Security tax in one fiscal year. But a problem sometimes occurs when you change jobs within the same year: Not knowing how much has already been withheld, your new employer may ...

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