California Tax Information California FTB (Franchise Tax Board) handles all the individual tax and corporation tax issues. California FTB can you help with general tax issues, tax forms to specific tax issues. California Individual Income tax are due on April 15. Forms request 800-338-0505 Tax assistance 800-852-5711 U.S. 916-845-6500 non U.S. […]
Question: What is the IRA Contribution limit for tax year 2014? Answer: The maximum amount of IRA contribution is $5,500 per taxpayer for tax year 2014. The maximum contribution amount increases to $6,500 for taxpayers over 50 years old. IRA contribution and 401K contribution are different. 401K contribution maximum amount […]
Question: How much is Social Security Tax? Answer: Social Security tax has always been 15.3% since 1990. The 15.3% percent is shared between the employer and the employee. Meaning, if you worked at Walmart and earned $100, you have to pay 7.65% or $76.50 and Walmart, the employer, has to […]
Question: How much is the Child Tax Credit for 2014 Answer: The child tax credit has been $1,000 for the last few years. For tax year 2014, the child tax credit is again $1,000. Each qualified dependent under the age of 17 is eligible for the child tax credit.
Question: What is the personal exemption for tax year 2014? The personal exemption for tax year 2014 (Due April 15, 2015) is $3,950. Each taxpayer and qualified dependent is qualify for the personal exemption of $3,950. The qualified exemption phase out begin when the Adjusted Gross Income (AGI) exceeds $254,200 […]
Question: What is the standard deduction for tax year 2014? The standard deduction for taxpayer with single filing status is $6,200 and $12,400 for married filing jointly status. If your state and local tax paid, mortgage interest, real estate taxes, donations and etc are more than this amount, then you […]