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Taxation Legal News
2005 Federal Earned Income Tax Credit
Earned Income Credit Amounts Increase
The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for 2004. You may be able to take the credit for 2005 if:
You have more than one qualifying child and you earn less than $35,263 ($37,263 if married filing jointly)
You have one qualifying child and you earn less than $31,030 ($33,030 if married filing jointly)
You do not have a qualifying child and you earn less than $11,750 ($13,750 if married filing jointly)
The maximum amount of adjusted gross income (AGI) you can have and still get the credit has also increased.
You may be able to take the credit if your AGI is less than the amount in the above list that applies to you.
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
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News about Taxation cases in Montana and nationwide:
Definition:
To be eligible for an installment agreement, all returns that are due must first be filed. Installment agreements generally require equal monthly payments. The amount of an installment payment will be based on the amount owed and on the taxpayer’s ability to pay that amount within the time legally available for the IRS to collect.
Federal Insurance Contributions Act (FICA) Tax
Definition:
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.
Compulsory payroll tax
Definition:
An automatic tax collected from employers and employees to finance specific programs.
If you live in the following cities and need an taxation attorney you should contact
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Belgrade
Billings
Bozeman
Butte
Columbia Falls
Great Falls
Hamilton
Havre
Helena
Kalispell
Laurel
Libby
Livingston
Miles City
Missoula
Polson
Whitefish
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