http://askcpasam.com/blog Making Payroll, Tax, Finance, Accounting Understandable Mon, 16 Jan 2012 19:52:15 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 http://askcpasam.com/blog/2011/03/04/which-1040-do-i-use-2/ http://askcpasam.com/blog/2011/03/04/which-1040-do-i-use-2/#comments Fri, 04 Mar 2011 13:07:43 +0000 CPA Sam http://askcpasam.com/blog/?p=642 A great question this week comes from one of my readers.  Which Form 1040 am I supposed to use?  As a professional tax preparer, I always recommend you let a professional handle the complicated task of determining your tax liability.  However, there are people who choose to go it alone with Turbo Tax or another [...]

]]> http://askcpasam.com/blog/2011/03/04/which-1040-do-i-use-2/feed/ 0 http://askcpasam.com/blog/2010/01/29/what-are-these-taxes/ http://askcpasam.com/blog/2010/01/29/what-are-these-taxes/#comments Fri, 29 Jan 2010 13:36:28 +0000 CPA Sam http://askcpasam.com/blog/?p=458 Q. I just started as a temp through an agency.  I work full-time and just received my first paycheck.  I want to ask about the OASDI and the NY 2010-NYCNY withholdings.  I was taxed heavily for the OASDI.  What is the NYCNY withholding? Most importantly, I wanted to ask you is there any way to [...]

]]> http://askcpasam.com/blog/2010/01/29/what-are-these-taxes/feed/ 0 http://askcpasam.com/blog/2010/01/15/filing-status-what-is-that/ http://askcpasam.com/blog/2010/01/15/filing-status-what-is-that/#comments Fri, 15 Jan 2010 15:39:07 +0000 CPA Sam http://askcpasam.com/blog/?p=450 Q. My payroll person told me that the filing status on the W-4 doesn’t necessarily mean the same thing as my marital status.  Is that true?  What is filing status? A. Filing status on the W-4 and filing status on your tax return are not necessarily the same thing.  The W-4 drives withholding only.  The [...]

]]> http://askcpasam.com/blog/2010/01/15/filing-status-what-is-that/feed/ 0 http://askcpasam.com/blog/2009/05/28/enoughallowances/ http://askcpasam.com/blog/2009/05/28/enoughallowances/#comments Thu, 28 May 2009 15:04:48 +0000 CPA Sam http://askcpasam.com/blog/?p=333 Q. I know you get a lot of questions about this, but I think I may have not been allowing myself the number of allowances that I am qualified to receive. I am 33, single, have 2 homes in a separate state, both are rented. Should I be able to claim an allowance of 3, [...]

]]> http://askcpasam.com/blog/2009/05/28/enoughallowances/feed/ 0 http://askcpasam.com/blog/2009/02/11/withholdingmy-way/ http://askcpasam.com/blog/2009/02/11/withholdingmy-way/#comments Wed, 11 Feb 2009 14:48:32 +0000 CPA Sam http://askcpasam.com/blog/?p=271 Q.  As a payroll person, I often see highly-compensated employees come to my office with advice from their accountant.   “If you withhold exactly this amount every period, you won’t owe or need to be refunded very much on income taxes.”  Because the accountant may take into account things that would not be known to a [...]

]]> http://askcpasam.com/blog/2009/02/11/withholdingmy-way/feed/ 0 http://askcpasam.com/blog/2008/11/26/what-tax-bracket-am-i-in/ http://askcpasam.com/blog/2008/11/26/what-tax-bracket-am-i-in/#comments Wed, 26 Nov 2008 14:29:12 +0000 CPA Sam http://askcpasam.com/blog/?p=199 Q. I had a question about my W-4 form. I received my paycheck and it seems that I am paying almost 30% of taxes and since I am making only 30K a year, the taxes seem ridiculously high. I was wondering what I should fill out in the W-4 form that would lower my taxes. [...]

]]> http://askcpasam.com/blog/2008/11/26/what-tax-bracket-am-i-in/feed/ 0 http://askcpasam.com/blog/2008/06/19/no-tax-withheld/ http://askcpasam.com/blog/2008/06/19/no-tax-withheld/#comments Thu, 19 Jun 2008 21:04:00 +0000 CPA Sam http://askcpasam.com/blog/?p=26 Q. My employer did not withhold any federal or state tax last year, just Social Security and Medicare. What do I do? A. This is really a serious problem. However, the number of ways you could get into this problem are many. First lets tackle the federal issue. Check with your employer to see what [...]

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