My after tax income (including bonus and interest income) is approximately US$325K per month. I am a professional and my job is relatively steady (been with the same company for more than 5 years). What percentage of my after tax income should I be saving (either for retirement or a rainy day)? Obviously, it is better to save as much as possible. But I guess I want to know what percentage is a prudent guideline. Thanks
This is a retirement pension but I do not qualify for social security for another year. This income was taxed. Why is it treated differently than social security?
This is a retirement pension but I do not qualify for social security for another year. This income was taxed. Why is it treated differently than social security?
This is a retirement pension but I do not qualify for social security for another year. This income was taxed. Why is it treated differently than social security?
When filing for child support, I had an income to report in the case. I just began receiving child support checks, but I no longer have an income.
Do I need to report the fact that I no longer have an income? Will that have an affect on the case, or change the amount I receive?
Im 25, I am in shock when i see my friends (same age, same entry level income) go out and buy 250k-300k houses like its nothing. They dont have 20 bucks to fill up the gas tank but they can afford 250k house??? I dont want to be in their position where 90% of their income goes to mortgage, without having any savings on hand. what is a proper mortgage payment/income ratio?
I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.
I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax.
Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done?
The income was received within the 2006 tax year, so I'm assuming i may need to start the LLC within 2006 as well?
Last year I worked for a startup as an independent contractor. I was paid in cash and also given equity shares. The company sold a few weeks ago and I received cash from the buyer in exchange for my shares. I know I'm going to have to pay taxes on it but I wonder if it is investment income or wage income? I read the IRS publication on income (#525) but that seemed to focus on 'stock options' which i believe is something different. I would love some help and advise from your experience.
Thanks,
Yoink!
