i was applying for financial aid and my counselor said "does your dad file tax? whats that? please no mean comments
By April 14th of each you can file an Income Tax Return. Your employer will give you a W-2 (or something comparable for some industries) and you fill this information into an gov't form along with things like interest earned from savings or other sorts of income you earned, along with any deductions you have such as kids, house payments, etc.
This will then give you an "Adjusted Gross Income" ie, what part of your income the gov't feels they can tax. Then you find out if you over paid out of your checks and get some of your money back from the gov't or you didn't pay enough.
Now in the terms of financial aid the reason they want to see tax return information with it shows how much money you or your parents made last year. If you are still a depend on your dad (He proves more than 50% - I think - of the money for your food, shelter,and clothing and files you on his taxes as a dependent) then they need to know what your dad makes to determine how much financial aid you get.
Basic less money you or your dad makes, more financial aid they will give you. I think for the FASA that they rate you on a scale form 0-10. 0 being "You be poor, here is as much money as we can give you" and 10 being "why are you applying for this?"
Everyone has to pay income tax based on the money they make. If you're self employed you pay the government directly, throughout the year or at the end of it by filing a return.
If you're employed by a company, the company takes a portion of your pay and hands it over to the IRS or Revenue Canada etc. However, the amount they take out is based on a table/rates and also based on the premise that you've been working for the whole year. At the end of every tax year, that amount is adjusted up or down or not at all, when you file your income tax return. A lot of things affect how much tax you pay. You can make claims based on whether you gave huge charitable donations, for example. Or if you had to pay daycare expenses, depending on whether you're married or single, that amount of money would come off your taxable income. Mortgage interest is tax deductible in the US, so that would lower your income.
Basically we all hope that we can make claims and lower our income and receive a tax refund. People really celebrate when they get high tax refunds but it's really just forced savings. Truth is, the government has been sitting on your money all year, earning interest on it before they finally give it back to you.
I think tax return is the money that you get paid back from any extra money you payed for taxes that year. Many people are happy to get it, but in the end is really your own money that they are giving you back. And as for filing taxes, I think that is just paying all the taxes that you are being charged for. I mean there is a tax for everything, for items in a store, a mortgage tax, and social security, etc. They probably ask that to see if your a law abiding citizen (or live with other law abiding citizens) just to see if you deserve the financial assistance you are asking for. Well that is just what I know, I may be wrong cause I have never filed taxes or paid them.
A tax return is a form(s) filed with a taxing authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.
Tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate. Typically, your tax return is chosen for audit when something you have entered on your return is out of the ordinary
For more information about taxes check
Well you know what tax is right? Like money govt. makes you pay so they can pay national debt and stuff. Well mortgage tax is just a tax that they make you pay when you pay for your house. Like a monthly payment to the bank, with a little extra to the govt. But everything has taxes. I mean its ridiculus, they make you pay taxes for money you get. your salary! so you 7.50$/hour for (a minimum wage job) and you wont see but almost 5 dollars from that.
Why would there be any mean comments?? A tax return is where you claim money back for what you spend or the government takes. In my country parents claim tax for all the school resources and uniforms they buy for us. She was asking if your dad files his tax.
apparently u haven't seen some mean replies..i ask a question and many say "wtf and ur 19..holy cow get a life... whatever But thanks!
what is mortgage tax? and thanks!