Should a hair dresser be paid as a subcontractor or an employee? They
will be paid hourly and receive comissions on cuts. They provide all
their own supplies, and work their own hours, and obviously cut as
they see fit. After reading publication 15-A I'm still not sure. It
seems possible both ways. Obviously I'd prefer the subcontract.
Advice please?

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I'm 63 y/o federal employee with a regularr IRA that I opened in 1996 and a
ROTH IRA I opened in 1999. I cannot find the orginal documentation for
either of these accounts.
I do have an Excel spreadsheet that indicates I made the following deposits:

9/3/1996 deposit reg IRA
4/8/1999 deposit ROTH IRA
4/8/1999 deposit reg IRA
12/13/1999 transferred from reg acct to ROTH IRA
4/17/2000 deposit ROTH IRA
4/13/2001 deposit ROTH IRA for year 2000
4/13/2001 deposit ROTH IRA for year 2001
4/1/2008 deposit regular IRA (do have form 5498 for this deposit)

A friend and her husband are retired, and have an AGI of about $72,000 from
pensions, Social Security, and IRA distributions.

They filed a paper return by mail in February.

So far they haven't received the rebate.

Do they get it? When does it come?

========================================= MODERATOR'S COMMENT:
See http://www.irs.gov/newsroom/article/0,,id=179181,00.html for
details

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I will have enough W2 withholding to put me in safe harbor this year, but I
will also have some very large and unique capital gains. I am afraid if I
pay the state tax on it next year I won't have enough income in 2009 to take
advantage of the deduction. As such I would like to pay estimated state
taxes this year to get the deduction against my 2008 income.

Can I just pay state estimated taxes, or must I also pay appropriate federal
estimated taxes as well? I would like to hold on to my money if I can, but
want to do things properly.

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<< The foregoing was not intended or written to be used, >>
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Let's say you have one job that during the year pays 204k. The social
security cap is 102k, so by the end of June your net salary paid from
the start of the year is 102k, and from July to December you pay no
social security tax, and neither does your employer. Is this right?
So the net social security tax paid for the year is 12648, which is
reasonable.

Now let's say you have two jobs that each pay 102k a year. By the end
of June is job has paid you 51k, which is below the 102k limit, so
they continue to withhold social security till December. As a result,
the taxpayer wlil have paid 12648 (6324 from each company) by the end
of the year and they can get a refund of 6324 for excess social
security tax paid. However, each company pays 6324. So the net
social security tax paid by the end of the year is 6324 (employee's
portion after claiming excess social security) + 6324 + 6324 -= 18972.

My reason for asking is that if the second company is your own S Corp
from which you draw a W2 salary, then you could end up paying more
social security tax.

CCH TAX NEWS for May 30, 2008

FEDERAL NEWS

Taxpayer Collaterally Estopped from Disputing Tax Liabilities, IRS
Justified in Proceeding with Jeopardy Levy (Bussell, TC)
http://tax.cchgroup.com/news/headlines/2008/nws53008.htm#1

Partner's At-Risk Amount Was Nonpartnership Item Improperly Adjusted
in FPAA (Russian Recovery Fund Limited, FedCl)
http://tax.cchgroup.com/news/headlines/2008/nws53008.htm#2

STATE NEWS

Alabama --Corporate, Personal Income Taxes: Decoupling Legislation
Alive in Special Session
http://tax.cchgroup.com/news/headlines/2008/nws53008.htm#3

New Jersey --Corporate Income Tax: Apportionment Throwout Rule
Facially Constitutional
http://tax.cchgroup.com/news/headlines/2008/nws53008.htm#4

Missed a headline? Click here to review last week's tax news
http://tax.cchgroup.com/news/default.asp?PageID=4

What is the "trade date" for a stock dividend -- x-dividend date? Pay
date? the trade date for the underlying stock? some other date?

TIA

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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On May 29, 11:08 am, William Brenner nospamplease.net>
wrote:

The Motley Fools is kind of an online version of Money Magazine,
marketed to beginning investors. Nothing new in this article, and
they ignored the required distribution from your IRA acct. at 70 1/2
yr old.

On May 28, 10:50 am, "Ted" yahoo.org> wrote:

In 2001 the rebate law was RETROACTIVE, passed later in the year to
take effect for the whole year. Fortuneately it is was a lowering of
a low-end bracket and didnt cost additional tax.

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

On May 29, 11:08 am, William Brenner nospamplease.net>

Why the above URL?