Monthly Archives: May 2017

Second job tax and pay – Money Advice Service #free #online #income #tax #calculator

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#earn a second income


Second job tax and pay

Getting a second job can be a good way of making ends meet – but there may be tax on a second job you have to pay and National Insurance and benefit implications from earning separate salaries.

Checking the basics on a second job

  • Make sure you’re getting at least the National Minimum Wage for each job. Most workers over school-leaving age are entitled to the National Minimum Wage and all employers have to pay it.
  • Understand your employment rights. Nearly all workers have certain legal rights at work. You and your employer can agree to any terms you want, but you can’t agree to any terms that give you less than the rights you have under law. So, for example, you can’t agree to be paid less than the minimum wage.

Your working hours across multiple jobs

By law, most workers can’t be compelled to work more than an average of 48 hours per week. If you’re over 18, you can opt out of this, and may need to do so if you want to take on a second job. To do it, you may need to give your employer a signed opt-out agreement. The limit on hours does not include any work you do as a self-employed person.

Does your contract allow you to take a second job?

One of the first questions you need to ask yourself, is if your existing contract of employment lets you take on a second job. You should have been provided with a copy of your contract when you started working for your employer and your HR department should be able to provide you with one.

Your employer might rule out additional jobs in situations where:

  • There might be a conflict of interest. For example, working for a rival company.
  • Your second job might bring your employer into disrepute.

If there’s nothing in the contract, your employer can’t prevent you from taking another job.

Your tax situation if you have a second job

If you’re working more than one job, it’s important to make sure you’re paying the right amount of tax. Errors can happen because of glitches in the PAYE (Pay As You Earn) process or because there’s confusion around your personal circumstances.

The tax system treats one job as your main employment and will apply your personal allowance (the amount of income you can get each year without paying tax) to that job.

Make sure you’re paying the right amount of tax

You could end up not paying enough tax if you have a second job and:

  • HM Revenue Customs (HMRC) doesn’t know you have two jobs and is applying your personal allowance to both.
  • What you earn from both your jobs makes you a higher-rate tax payer, but tax is deducted from your second job at the basic rate.

This could result in you getting hit with a big tax bill and being charged interest and penalties.

You could end up paying too much tax if:

  • The income from both your jobs adds up to less than your personal allowance.

If this is the case, you can ask HMRC to divide your allowance between your jobs, or ask for a refund at the end of the tax year. You’ll need to send copies of P60s from your jobs to do this.

To avoid over or underpaying:

  • Make sure HMRC knows you have more than one job. When you start your second job, complete HMRC’s new starter checklist from your new employer This will help HMRC allocate the right tax code.
  • Check your tax codes for both your jobs to make sure they are correct. If you have more than one job, you’ll have more than one tax code.

National Insurance and second jobs

The threshold for starting to pay National Insurance is £155 per week (2016-17) and there’s a limit for each job. If you earn less than that from one of your jobs, you won’t have to pay National Insurance on that job.

There are also (complicated) rules that limit the overall amount National Insurance you must pay if you have more than one job or mix employment and self-employment, but these are unlikely to be relevant unless you are quite highly paid.

Tax credits and benefits

Taking a second job can affect your tax credits or benefits, so you need to work out exactly how much you’d gain from it before you start.

Second jobs and pensions

Taking a second job may give you the opportunity to pay into another workplace pension scheme or possibly to build up extra State Pension through paying National Insurance contributions.

Remember to keep track of any small pensions you’ve paid into. If you pay a small amount into a pension in your second job, it might be worth amalgamating it with a larger pension when you leave.

If you are already receiving your State Pension, or you have a private or occupational pension, and you work as well, it can have tax implications. Again, it’s very important to make sure you’re paying the correct amount of tax and have the right tax code.

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  • Free Online Income Tax Course #income #tax #efiling #gov

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    #free online income


    Thinking of taking an online income tax course and wondering which one is the best? Would you like to learn electronic tax return preparation from tax professionals? If you�d like to take a fast and free online income tax course written by tax professionals, not university professors, then you�ve come to the right place! Our mission is to provide free tax education to all who seek it.

    Did you know that of the 150,062,000 income tax returns filed through 10/30/15, 78,279,000 were prepared and filed by professional tax return preparers?

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    Whether you’re a beginner or a seasoned tax professional, The Tax College�s interactive online income tax course will give you the knowledge you need to prepare taxes and open your own tax preparation business in the shortest time possible. Our online income tax course is written by tax professionals with over 35 years of experience. With The Tax College’s online income tax course you�ll know you’re getting the best tax preparation training available anywhere! Why not learn taxes from the pros?

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    The Salary Calculator – Take-Home tax calculator #free #income #tax #calculator

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    #calculation of income tax on salary


    Take-Home Tax Calculator

    How to use the Take-Home Calculator

    To use the tax calculator, enter your annual salary (or the one you would like) in the “Salary” box.

    New! If you are earning a bonus payment one month, enter the пїЅ value of the bonus into the bonus box for a side-by-side comparison of a normal month and a bonus month.

    If you know your tax code, enter it into the tax code box for a more accurate take-home pay calculation. If you are unsure of your tax code just leave it blank and the default code will be applied.

    If you have a pension which is deducted automatically, enter the percentage rate at which this is deducted and choose the type of pension into which you are contributing. Pension contributions are estimates, click to learn more about pension contributions on The Salary calculator .

    If you receive Childcare vouchers as part of a salary sacrifice scheme, enter the value of the vouchers you receive each month into the field provided. If you signed up for the voucher scheme before 6th April 2011, tick the box – this affects the amount of tax relief you are due.

    Select your age range from the options displayed. If you are married, tick the “Married” box. Similarly, tick the “Blind” box if you are blind.

    New! If you do not pay National Insurance, for example, if you are over State Pension Age, tick the “No NI” box.

    New! There are now two repayment methods for Student Loans, which are known as Plan 1 (same as the original method) and Plan 2. If you are repaying a student loan for a course which started before 1st September 2012, tick “Plan 1”, if you are repaying a student loan for a course which started on or after 1st September 2012, tick “Plan 2”.

    You can now choose the tax year that you wish to calculate. By default, the 2016 / 17 tax year is applied but if you wish to see salary calculations for other years, choose from the drop-down.

    When you’re done, click on the “Go!” button, and the table on the right will display the information you requested from the tax calculator. You’ll be able to see the gross salary, taxable amount, tax, national insurance and student loan repayments on annual, monthly, weekly and daily bases.

    This is based on Income Tax, National Insurance and Student Loan information from April 2016. More information on tax rates here .

    Found this site useful? Why not link to us ?

    Disclaimer: Information provided on this site is for illustrative purposes only.
    Do not make any major financial decisions without
    consulting a qualified specialist.

    If you have found this site useful, please link to us .

    Copyright 2005 – 2016 Suggestions?

    Tax and National Insurance deductions – Money Advice Service #per #capita #income #by #country

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    #earn a second income


    Tax and National Insurance deductions

    As an employee, you pay Income Tax and National Insurance on your wages through the PAYE system.It’s important to check that you have the right tax code and are paying the right amount.

    Do you need to pay Income Tax and National Insurance?

    You can have a certain amount of income each year, called your Personal Allowance, before you need to pay any Income Tax.

    In general, everyone gets the same Personal Allowance of £11,000 for the year 2016-17, but you may get more or less (if your income is over £100,000).

    How much can you earn before tax?

    • You pay National Insurance contributions if you earn more than £155 a week.
    • You pay is 12% of your earnings above that limit and up to £827 a week (for 2016-17).
    • The rate drops to 2% of your earnings over £827 a week.

    For example, if you earn £1,000 a week, you pay:

    • Nothing on the first £155
    • 12% (£80.6) on the next £672
    • 2% (£3.4) on the next £173

    How much Income Tax will I pay: gross and net pay

    If you’re an employee, the money you earn (your salary or hourly wage) is called your gross pay.

    When deductions from gross pay like tax and National Insurance have been taken off, the amount you receive is called your net pay.

    You can see what your gross pay was and how much has been taken off (if anything) on your payslip.

    How is tax and National Insurance paid?

    If your income is more than your Personal Allowance in a year, you have to pay tax. In general your Personal Allowance is spread evenly across your pay packets for the year and your employer will take out tax before giving you your pay.

    They know how much to take out through a system called PAYE (Pay As You Earn). If it turns out at the end of the year that you have paid too much tax, you can get a refund; too little and you will have to pay extra.

    Your employer will also make National Insurance deductions from your pay. This is worked out on a weekly or monthly basis, or however frequently you get paid. Unless there has been a mistake, you cannot get back any of the National Insurance you pay, even if your earnings fall later in the year.

    How PAYE works

    When you start work, you’ll either need to hand in a P45 formfrom your last job, or complete HMRC’s new starter checklist. which you get from your employer.

    These forms both tell HM Revenue Customs (HMRC) that you’ve started work and will be used to create a tax code. Your tax code then tells your employer how much tax to take off your pay. The P46 form is no longer used.

    PAYE may be used to collect tax not just on your earnings from this job but also on other income you have.

    What is a tax code?

    The amount of tax you pay depends on how much income you have and how much tax you’ve already paid in the year, as well as your Personal Allowance. Different people have different tax codes, depending on their circumstances.

    Every year, HMRC sends out a Coding Notice telling you what your tax code is and how much tax you’ve paid. You can also find your tax code on your payslip. It’s usually made up of a few numbers and a letter.

    How is my tax code worked out?

    Your tax code is normally the amount you can earn without paying tax, divided by 10, with a letter added.

    1100 becomes £11,000 earned before tax.

    My tax code has no number, or starts with D followed by a number

    This is usually because you have more than one source of income. Your Personal Allowance is used up on your main income source, and you pay tax on everything you earn from your second income source.

    For example, you might work a main job during the day and do shifts in a pub or work in a factory in the evenings. If you earn more than £11,000 a year in your main job, your second job will be taxed at the basic rate. This can also apply to pensions or money paid out by investments (dividends).

    My tax code starts with K

    This means you have tax from the past that you still need to pay, or you get money or benefits that can’t be taxed before you receive it, like a State Pension or company car. From this, your employer can work out how much should be paid towards what you owe.

    The amount you pay will never be more than half the amount you’ve earned or received that pay period (whether that’s monthly, weekly or another period).

    Do you have the right tax code?

    Sometimes your tax code isn’t right for your circumstances.

    For example, if you started work recently and your correct tax code hasn’t been worked out before your first payday, you might be on an ‘emergency tax code’. This means you’ll be given a Personal Allowance that may not be the right one for you.

    How do I check my tax code?

    To make sure you’re on the right tax code, check your code matches the Personal Allowance you should be getting.

    What do I do if I think my tax code is wrong?

    If you think your tax code is wrong, or if you’re in any doubt, contact HMRC. It’s important that you give HMRC all the information they ask for so that you don’t end up on the wrong tax code and pay too much or too little tax.

    If you think you’ve paid too much tax

    Depending on your circumstances, you may be able to ask for a refund using a form, or you may need to contact HMRC directly.

    If you think you haven’t paid enough tax

    If you think you’ve underpaid tax, then you may have to complete a tax return.

    In such a case, normal self-assessment time limits apply. To pay an amount up to £3,000 through an adjustment to your tax code for the following year, you should file a return by 31 December following the end of tax year.

    Otherwise, tax still due for the last tax year must be paid by 31 January following the end of the tax year in which the income arose.

    If you think you haven’t paid enough tax, contact HMRC. You may be asked to complete a tax return. Be aware that if you don’t do this, you will normally have to pay penalties and interest once the underpayment does come to light.

    Tips and bonuses

    If you get money through your job that’s not part of your usual wages, like an annual bonus or tips from customers, you’ll have to pay tax on it, and usually National Insurance too.

    • Your annual bonus. if you get one, is treated as if it’s part of your normal wages. You’ll pay tax and National Insurance on it through PAYE, in the usual way.
    • If you get cash tips direct from customers or through a ‘tronc’ system (where tips are pooled and shared between staff members of the pool), you also need to pay tax on them, but not National Insurance, provided the amount you get in tips does not involve your employer. It’s your responsibility to tell HMRC about these tips. They will then give you a new tax code that estimates how much you get in tips each pay period, and taxes you on that amount. Find out more about troncs from HMRC (PDF) .
    • If a customer gives you a tip via their bank card when paying for a meal or service, and your employer decides whether to share it with you, they are responsible for sorting out the tax and National Insurance. If the employer passes such payments to a tronc, then the rules above apply and no National Insurance is due.
    • A service charge is not the same thing as a tip. because the customer doesn’t choose to pay it. A tip is a payment that’s given freely.

    Benefits in kind

    Sometimes your employer will offer benefits like a company car or health insurance as part of your remuneration package. You may need to pay tax on the value of these benefits.

    • Some benefits are always tax-free. such as employer contributions into a pension scheme for you, or childcare vouchers up to a limit.
    • Some benefits are always taxable. For example, goods that your employer lets you have for free or below cost price.
    • For some benefits it depends. For example, a company car or medical insurance, are taxable only if you earn more than £8,500 per year, including the value of the benefits.
    • Season-ticket loans are taxable if the value of all employer loans you get is more than £10,000 for the year.

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  • Tax on Salary Income, TDS on Salary with examples #online #survey #income

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    #calculation of income tax on salary


    Tax on Salary Income, TDS on Salary with examples

    Tax on Salary Income computed above would be payable based on the existing Income Tax Slab Rates of the taxpayer.

    TDS on Salary

    At the time of payment of salary by the employer to the employee, the employer is also required to mandatorily deduct TDS on Salary under Section 192 and the balance amount after deduction of TDS is payable to the employee. The TDS on Salary is required to be deducted on the basis of average rate of income tax of the taxpayer for that financial year.

    The average rate of income tax is to be calculated on the basis of income tax slab rates in force for that financial year. The average rate of income tax can be calculated with the help of an example:-

    Therefore average rate of Tax on Salary =

    Total Tax Payable = 80340 * 100Total Income = 840000

    Average rate of Tax in case of each Individual is different for each financial year and keeps varying based on the estimated income of the taxpayer and the Income Tax Slab Rates in force for that assessment year.

    The tax deducted as TDS on Salary is reflected in the Form 16 which is issued to the taxpayer at the end of the financial year. The taxpayer can also check the details of the TDS deducted and deposited by his employer by verifying these details through the Form 26AS which can be checked online.

    In case the employee is not liable to pay any income tax as his income is below the taxable limits, No TDS would be deducted from his income.

    TDS on Salary from more than 1 employer

    In case an employee changes his job and joins a new organisation, he may furnish to the new employer a statement in Form 12b stating the salary received from the previous employer and the TDS deducted thereon.

    Based on the information furnished by the employer in Form 12b, the new employer will deduct TDS accordingly keeping in the mind the TDS on salary deducted earlier.

    Deposit of TDS on Salary with the Govt.

    Tax on Salary deducted by the employer does not go in the pockets of the employer as he is required to deposit the TDS on Salary deducted with the Govt before the prescribed due date. At the time of making the payment of TDS with the Govt. the employer is also required to mention his TAN No. on the deposit challan.

    At the time of deposit of TDS on salary, the employer specifically mentions the salary paid to each employee and the tax deducted thereon. He is also mandatorily required to quote the PAN No. of each employee while depositing the tds with the govt. If the employer fails to deduct and/or pay the TDS on Salary on time interest penalty would be levied on the employer

    In case an employee does not have a PAN No. the employee would be required to apply for a PAN Card No.

    Revision in deduction of TDS on Salary

    In case an employer has deducted a lower amount as TDS on Salary in the initial few months as compared to what he was required to deduct, he can compensate the same by deducting a higher amount in remaining months and vice-versa.

    However, the total TDS on Salary deducted during the year should be equal to the tax on salary payable by the employee as per his Slab Rates.

    In case there is excess deduction of TDS on Salary than what was required to be deducted, a taxpayer can claim income tax refund of excess tax paid.

    A Personal Finance enthusiast, Karan is the founder of and loves to discuss about Money related matters.

    Second Income With Kleeneze – Earn A Part Time 2nd Income #need #extra #income

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    #earn a second income


    This website is for people who are looking to earn a second income and improve their lifestyle. Working with a major European Home Retail Company, we offer people the opportunity to start their own business from home, on a part-time or full-time basis. Whether you’re looking for a second income, a change of career or an improved lifestyle, please read on to find out how the Kleeneze business could benefit you.

    Kleeneze are one of the UK’s largest and most successful home shopping companies that have been trading since 1923. Their range of over 1,500 products are sold through the highly successful catalogues that are distributed by a network of independent distributors. Kleeneze are also the first and most successful company to combine the effectiveness of direct selling, with the powerful income potential of network marketing. If you’re looking for a company that is solid, has a proven track record, is forward-thinking and has massive plans for growth, then Kleeneze may well be the business for you.

    • Immediate part-time or second income, working hours to suit yourself
    • Unlimited residual income potential with car, cash and travel incentives available
    • The backing of a �500+ million British Plc
    • No boss, no overheads, no stock to hold, no staff, as associated with traditional businesses
    • The opportunity to meet new people and make new friends
    • Full business and personal development training, available in the form of books, audios, meetings and online training conferences

    Ongoing product and geographical expansion meaning no limit to your income

    Imputed Income #define #life #insurance

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    #imputed income


    Imputed Income

    If the total value of your basic employee or retiree life insurance exceeds $50,000, the amount exceeding $50,000 is considered imputed income (taxable income) by the Internal Revenue Service (IRS). For example, if the total value of your basic employee or retiree life insurance is $60,000, imputed income is calculated on $10,000 of your life insurance. The imputed income is added to your total annual compensation reported to the IRS, appears on your W-2 statement and is taxable at your regular income tax rate.

    Domestic partner coverage (and coverage for your domestic partner s dependents) is considered a taxable benefit. If you are an active employee, the value of your domestic partner s and/or domestic partner s dependents medical, dental and vision coverage is subject to imputed income.

    Imputed income amounts for domestic partners are reduced by the amount of any after-tax contributions made toward coverage costs. For active employees, imputed income amounts remain the same, as there are no after-tax contributions. For employees on unpaid leave of absence and retirees, your share of coverage costs are paid on an after-tax basis, so imputed income amounts are reduced.

    Under a grandfather provision of the Deficit Reduction Act of 1984, the following participants are exempt from imputed income:

    • Participants retired prior to January 1, 1984;
    • Participants retired on or after January 1, 1984, born prior to January 1, 1929; and
    • Former employees receiving a disability pension.

    Copyright Aon plc

    Tax Calculator – Estimate Your Tax Liability #income #insurance #protection

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    #fed income tax forms


    2016 federal income tax calculator

    Click here for a 2016 Federal Tax Refund Estimator.

    Taxes are unavoidable and without planning, the annual tax liability can be very uncertain. Use the following calculator to help determine your estimated tax liability along with your average and marginal tax rates.

    For “high-income” workers you may experience an increase in your 2016 federal taxes going forward due to a number of new provisions such as personal exemption phaseouts, limits to itemized deductions, 3.8% Medicare tax on investment income and the creation of a new tax bracket (39.6%).

    This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

    Printable Federal Form 1040A – Individual Income Tax #kansas #income #tax

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    #fed income tax forms


    Federal Income Tax Form 1040A

    Printable Federal Income Tax Form 1040A

    Form 1040A is the U.S. Federal Individual Income Tax Return. It itemizes allowable deductions in respect to income, rather than standard deductions. They are due each year on April 15 of the year after the tax year in question. For more information about the Federal Income Tax, see the Federal Income Tax page.

    Federal may also allow you to e-file your Form 1040A instead of mailing in a hard copy, which could result in your forms being received and processed faster. For more details, read more about the Federal e-filing program.

    View Other Federal Tax Forms

    Form 1040 is the U.S. Federal Individual Income Tax Return. It is the simplest form for individual federal income tax returns filed with the IRS. They are due each year on April 15 of the year after the tax year in question.

    This booklet includes instructions for filling out and filling (by mail or efile) your 1040 federal tax return.

    Form 1040A is the U.S. Federal Individual Income Tax Return. It itemizes allowable deductions in respect to income, rather than standard deductions. They are due each year on April 15 of the year after the tax year in question.

    This booklet includes instructions for filling out and filling (by mail or efile) your 1040A federal tax return.

    You must pay estimated income tax if you are self employed or do not pay sufficient tax withholding. Estimated tax payments must be sent to the IRS on a quarterly basis. The instructions are included in this pdf.

    If you failed to pay or underpaid your previous year’s estimated income tax, use Form 2210 to calculate, file, and pay any penalties or fees due with your late payment.

    This Schedule is used to calculate any itemized deductions you may qualify for from you tax payment.

    You should use Schedule B if any of the following apply: -You earned over $1,500 of taxable income. -You received interest from a seller-financed mortgage and the buyer used the property as a personal residence. -You accrued interest

    Use Schedule C to report income or loss from a business or profession in which you were the sole proprietor. Small businesses and statutory employees with business expenses of $5,000 or less may be able to file Schedule C-EZ instead of Schedule C.

    Use this free informational booklet to help you fill out and file your Schedule C form for Profit or Loss from Business.

    You should use Schedule D to report: -Sale or exchange of a capital asset not reported elsewhere. -Gains from involuntary conversions of capital assets not held for business or profit. -Nonbusiness bad debts.

    Use this free informational booklet to help you fill out and file your Schedule D form for Capital Gains and Losses.

    2015 Tax Forms for Federal and State Taxes – TurboTax Tax Tips & Videos #1040ez

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    #fed income tax forms


    2015 Tax Forms for Federal and State Taxes

    The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

    * Important Offer Details and Disclosures

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    • TurboTax CD/Download products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for efiling state returns. E-file fees do not apply to New York state returns. Savings and price comparison based on anticipated price increase expected 3/18/16. Prices subject to change without notice.
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