Tax FAQ
 

The Auditor Classified Late Payment Of Income Tax As A "penalty" Not Income Tax Expense. What Is Penalty A/c?

Question by Julieanne Hungerford | Posted in Other - Taxes

Hello
I penury information regarding the Accounting practices within Singapore.
Why did the Singaporean auditor reclassify the fee we were charged for the current payment of income tax as Penalty. I don't have "penalty" account. Is it appropriate to classify it as Legal Fees or is there a more right expense account to classify it under?
thanks :)

 
 

Income Tax Penalty On A IRA Help Please?

Question by Matthew Thomas | Posted in United States

I wish to take out 5k from a Retirment plan from Amerprise Financial and I want to know how much tax they would take out of it?
( I inherited this wealth from my father).

Answer: The penalty for bewitching money out early is 30-40 percent, then 10 percent goes for tax. I was charged 33 percent without delay off the top then at tax time got dinged another 10 percent. So 5k ended up being $2,850 after 43 percent.. Sucks doesn't it.

Here's a website to serve you out:
http://taxes.about.com/od/retirementtaxe s/a/early_penalty.htm

Cheers ~ J

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Reporting 20k Gambling Income- Tax Penalty ?

Question by Please help | Posted in United States

im reporting 20k in gambling income and this is common to cause me to "owe" taxes since nothing was withheld. Am i going to be subject to a tax penalty? that would be silly

Answer: What you are effective to owe will be the amount that your regular tax bracket applied to your winnings. For example, if you won $20,000, you would need to rub in your tax on it...

$20,000 x .25 (or 25%) = $5,000 is what you will owe.

Basically you are subject to tax depending on what your bracket is at.

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State Income Tax Penalty And Interest?

Question by blank | Posted in United States

I owe Michigan less than $500 in tax. Do I insufficiency to pay interest and Penalty (seems we are supposed to pay this tax on a quarterly basis .... rather than annual to avoid penalties and interests, but i have heard also this applies to people who owe form more than $500)

Answer: tucker take care of it be cause of interest and penalties.

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I Am 65 Nad Have To Paid A Penalty, Fro Withrowing My IRA, Can I Claim It On The Federal Income Tax?

Question by Cayito | Posted in United States

I am 65 years old, and I want to know if I can claim it on the federal income tax. This is a penalty for withdrowing My money before the 7 yars they gave on the diminish tha I sign with the bank.

Answer: It is not a abstraction.

It is part of your income and you needed to pay taxes to cover it, but you will report it.

Your hope should be to recover the taxes and not the penalties.

Ill-starred.

edit.

Correction, if on your 1099INT or 1099OID you find a penalty is stated list that amount on line 30 of your 1040. But as I recollect it that is a tax penalty and not a banking penalty that will appear on that form. There are two

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Penalty can not be imposed for Income Tax deduction claimed ...

by administrator

The judgment was passed on a request filed by the Income Tax Conditional on, seeking infliction of penalty on the Industrial Fund Corporation of India Minimal (IFCI) because it had allegedly furnished “awry particulars” of income to seek... The economic tradition had contended that as all the details pertaining to the computation of income were disclosed in its annual tax requital, the difficulty could not be treated as a example in any event of concealment or meekness of fallacious particulars. Thus, in our considered thought, there has been no concealment of income or furnishing of imperfect particulars,” a bench comprising Chief Judiciousness Deepak Mishra and Legitimacy Madan B Lokur said. “It is a victim where a require put forth by the assessee (tax payee) as regards the erosion was not accepted, but that would not per se tantamount to furnishing any well-meaning of amiss particulars....

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