Monthly Archives: September 2018

How much money are we earning? The average Canadian wages right now, average income by

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So, how much are we earning? The average Canadian salaries by industry and region

Posted on November 30, 2016

[Updated November 2016] Statistics Canada recently updated their report on average salaries across the country, and it seems we re taking home a little more than we were in 2015.

As of September 2016, the average wage for Canadian employees was $952 a week – or just under $50,000 a year. This represents a 0.4% increase over the same period last year.

Here s a look at the most recent average Canadian salary by province (or territory):

  • Newfoundland and Labrador $52,572
  • New Brunswick $44,044
  • Nova Scotia $44,326
  • Prince Edward Island $43,239
  • Quebec – $46,114
  • Ontario $50,589
  • Manitoba $46,363
  • Saskatchewan -$51,057
  • Alberta – $58,133
  • British Columbia – $47,914
  • Yukon – $54,367
  • Northwest Territories – $73,221
  • Nunavut – $65,403

Over the past year, the largest gains in salary were seen in the finance and insurance field, where earnings increased 7.4% to $65,348 per year. Information and cultural industries saw the next biggest increase in average salary over the last 12 months, at 5.8%.

Here are the average Canadian salaries by sector (based on the 2012 North American Industry Classification System):

  • Mining, quarrying, and oil and gas extraction – $107,065
  • Utilities $89,955
  • Construction $62,461
  • Manufacturing – $56,446
  • Retail $29,398
  • Transportation and warehousing – $52,383
  • Information and cultural industries $66,309
  • Finance and insurance $65,348
  • Real estate and rental and leasing $48,887
  • Professional, scientific and technical services $69,032
  • Educational services $53,109
  • Health care and social assistance $44,949
  • Arts, entertainment, and recreation – $30,396
  • Accommodation and food services – $19,430
  • Public administration – $63,894

Curious about what you can earn with jobs that are currently available? Here are the average salaries for the 10 most in-demand jobs in Canada:

Where do you sit on the salary spectrum? Want something higher? It s time to look for something better.

The 10 most in-demand jobs and what they pay


Family Income Supplement, income support form.#Income #support #form

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Family Income Supplement

Family Income Supplement (FIS) is a weekly tax-free payment available to employees with children. It gives extra financial support to people on low pay. You cannot qualify for FIS if you are only self-employed – you must be an employee to qualify.

You must have at least one child who normally lives with you or is financially supported by you. Your child must be under 18 years of age or between 18 and 22 years of age and in full-time education.

To qualify for FIS, your average weekly family income must be below a certain amount for your family size. The FIS you receive is 60% of the difference between your average weekly family income and the income limit which applies to your family. For more information about average family income see ‘Rates’ below.

Your FIS payment is not taxed. If you are getting FIS you may also be entitled to the Back to School Clothing and Footwear Allowance. Your income from FIS is not taken into account in the assessment for a medical card.

The Back to Work Family Dividend (BTWFD) and FIS can be paid together and the BTWFD will not be taken into account in the income test for FIS.

Budget 2018: the Family Income Supplement is to be renamed as the Working Family Payment. In addition, income thresholds will increase by €10 for families with up to 3 children (March 2018).

Rules

FIS is a tax-free weekly payment for employees who:

  • Work 38 or more hours per fortnight (any combination of hours that reaches 38 hours each fortnight is acceptable). You can combine your weekly hours with your spouse, civil partner, cohabitant’s hours to meet this condition. You cannot use time spent in self-employment (or on Community Employment, Gateway, Tús, JobBridge or the Rural Social Scheme) to meet this condition.
  • Where the employment is likely to last at least 3 months
  • Have one or more children who normally live with you and
  • Earn less than an amount set according to your family size

You must be employed in the Irish State and pay tax and PRSI here. Under EU regulations you may be able to claim FIS if your children are living abroad and dependent on you. Generally, the payment continues for one year (52 weeks) and is not affected by, for example, an increase or a decrease in earnings.

However, in the following 2 circumstances, your weekly rate of FIS can be revised during the year:

  • If you start to care for an additional child your FIS rate can be increased.
  • If you were getting a One-Parent Family Payment and your payment stopped because your youngest child reached the relevant OFP age limit your FIS rate can be revised (by disregarding the rate of OFP assessed in your most recent FIS income test).

Job changes

If your pay from work is reduced your Family Income Supplement (FIS) payment will stay the same. It will not increase. However, when your FIS payment ends you can re-apply giving details of your new reduced income. (FIS is usually paid for 52 weeks. At the end of the 52 weeks, you can re-apply for FIS.)

If the number of hours you work each week is reduced to below 38 hours per fortnight you are no longer entitled to FIS. You should notify the FIS section if your hours fall below this minimum requirement.

If you move to a new job, your current entitlement to FIS will cease and you must notify the FIS section. You may re-apply for FIS for your new job.

If you lose your job you are no longer entitled to FIS. You must notify the FIS section.

Getting FIS with other social welfare payments

You cannot get FIS if you are on one of the following schemes or social welfare payments:

Your spouse, civil partner or cohabitant can claim FIS while you are getting one of these payments. However an Increase for a Qualified Adult (IQA) will no longer be paid and your social welfare payment will be assessed as income for their FIS payment. Any Increase for a Qualified Child will be affected. Similarly if your spouse, civil partner or cohabitant is getting one of these payments, you can qualify for FIS but an IQA will no longer be paid for you.

You can get Illness Benefit or Injury Benefit while you are getting FIS (for 6 consecutive weeks). If you are out of work for more than 6 consecutive weeks payment of FIS is suspended until you return to work and send a final certificate into the Illness Benefit or Occupational Injury Benefit section or until your FIS award period expires (whichever is the earlier).

Under the Maternity Protection Act 1994, a woman on maternity or adoptive leave is entitled to be treated as if she is in employment. This means that she can claim FIS (provided she meets the conditions of the FIS payment and has a family – a pregnant woman who has no other children does not qualify for FIS until the birth of the baby). Your income must be less than the income limit for your family size and is normally calculated using your gross earnings to date or your P60. Your FIS claim will then be paid for 52 weeks from the date you applied. You are not entitled to continue to claim FIS if you take additional unpaid maternity or adoptive leave, if you lose your job after returning to work or give up your employment.

Maintenance

A separated parent can apply for FIS once he or she meets the qualifying conditions and

Wholly maintaining means that maintenance paid by you, the FIS applicant, must be the main income of your ex-spouse, ex-civil partner or ex-cohabitant. Your former spouse or partner cannot have more than €100 a week income in their own right and cannot be married, in a civil partnership or cohabiting.

FIS is awarded for 52 weeks. A person included in your FIS award cannot be paid FIS in their own right or be included in another FIS claim during that 52 week period.

If you are a separated parent and paying maintenance you may qualify for FIS. To qualify you must be wholly maintaining the parent with whom the children are living. Only one FIS payment can be made for a family so the parent to whom you are paying maintenance must not be getting FIS. You must supply written evidence from this person to show that they are getting maintenance.

If you are paying maintenance as a result of a court order or legally binding agreement for a second family, the amount of that maintenance payment will not be deducted from the income to be assessed for FIS.

A parent getting maintenance for a qualified child will also have that maintenance assessed for FIS.

Rates

FIS is calculated on the basis of 60% of the difference between the income limit for the family size and the assessable income of the person(s) raising the child(ren). The combined income of a couple (married, in a civil partnership or cohabiting) is taken into account.

Income from any source (except for the disregards stated below) is assessed. The FIS income test does not assess capital. This includes property you own, bank accounts and cars. The Department of Employment Affairs and Social Protection (DEASP) does assess income you get from tenants who rent a property you own, it may examine your bank accounts to check for other income sources and it may assess income derived from use of a car that you own (for example as a taxi).

The main items counted as income are:

  • Your assessable earnings and your spouse, civil partner or cohabitant’s assessable earnings. (Assessable earnings are gross pay minus tax, employee PRSI, Universal Social Charge and superannuation (including the Public Service Pension Levy.) Income from working as a home help is included.
  • Any extra income you or your spouse, civil partner or cohabitant have from employment (such as pay for overtime, bonuses, allowances or commission).
  • Any income you or your spouse, civil partner or cohabitant may have from self-employment.
  • Income from occupational pensions.
  • Income you or your spouse, civil partner or cohabitant may have including social welfare payments and student grants.
  • All family income from carer’s payments (Carer’s Allowance or Carer’s Benefit).
  • Rental income from the letting of property or land (the capital value is not assessed). The gross rental income is assessed and you cannot deduct mortgage payments or other expenses. Rental income from renting a room in your house is included.

The following payments do not count as family income:

Calculating income for FIS

The Department of Employment Affairs and Social Protection (DEASP) calculates your assessable earnings over a certain period of time.

Because FIS is paid over 52 weeks the DEASP tries to calculate your average earnings over a similar period of time. Normally they will use your latest P60 or your gross earnings up to the date of your application. If you are newly in employment, your average weekly income is calculated from when you started work with that employer.

Your P60 is also used to calculate your average weekly income when your claim is being renewed. If your spouse, civil partner or cohabitant is self-employed, his or her income over the 12-month period before you lodge your claim is used to work out his or her average weekly income.


Facts Research, Lifewise, income protection australia.#Income #protection #australia

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Industry facts page

A majority of Australians are significantly underinsured

Despite the fact that almost every working Australian has a level of life insurance cover within their superannuation, Australia has proved to be one of the most underinsured nations in the developed world.

A 2008 survey by the Australian Institute of Superannuation Trustees (AIST) and Industry Funds Forum (IFF) revealed that “one in two industry fund members were underinsured by $100,000 or more”i.

Specifically results of the survey showed that:

1. 50% are underinsured by $100,000 for life insurance.

2. 74% are underinsured by $100,000 for TPD.

3. 45% are underinsured by $1000 a month for income protectionii.

Rice Warner Actuaries estimate that life insurance cover within super is on average only 20% of what is needed.

Research commissioned by IFSA in 2005 showed that only 4% Australian families with dependent children have adequate levels of insurance cover (that is 10 times earnings as recommended by Rice Warner Actuaries). This means that Australian families are critically underinsured to the tune of $1.37 trillion.

Rice Warner Actuaries says underinsurance costs Australian tax payers over $250 million a year

Rice Warner Actuaries estimates the additional social security payments arising from deaths of parents with limited insurance to be in the order of $250 million per year.

And this estimate does not take account of other costs/losses to government revenue such as provision of housing and loss of income tax revenue.

Most Australians don’t value their most important asset – their ability to earn an income

83% of Australians say they have insurance for their car iii .

Only 31% insure their ability to earn an income with income protection insurance iv .

Most Australians think it won’t happen to them – ‘She’ll be right’ won’t she?

The OnePath Life (formerly ING Life) Research Optimistic Australians report (December 2008) surveyed the opinions of Australians aged 25 to 65 and found:

89% said they were not likely to have an accident (making them unable to work) in the next 20 years

80% said they were not likely to suffer a serious illness in the next 20 years

83% did not expect to pass away in the next 20 years

A range of other factors stop Australians from insuring themselves

Low levels of awareness – 40% of industry super fund members never really think about insurance v

A perception that life insurance is too expensive is a major barrier – 81% say life insurance is too expensive, yet 61% over estimate cost vi .

37% of industry super fund members believe life insurance is a low priority given other financial commitments vii .

A lack of understanding stops 1 in 3 Australians without life insurance outside their super from taking adequate cover viii .

41% say life insurance is too complicated. 1 in 4 don’t know where to start, 1 in 5 say it’s too hard to select a product that meets their need ix .

63% of those with a partner say they have not discussed life insurance with their partner. 29% say life insurance is too unpleasant or difficult to discuss x .

But most of us will experience an insurable event in our lives

More than 50,000 people were hospitalised due to transport accidents in 2005-06 with over 5 days in hospital. The majority of those (81%) were working age xii .

Over 1,600 people die on Australian roads every year, most aged 26 – 59 years xiii .

One third of women and a quarter of all men will suffer cancer at some stage in their lifetime – over half of whom will live for longer than five years after diagnosis xiv .

High levels debt and relatively low levels of national savings mean most are unprepared for the unthinkable

Household debt in Australia grew twice as fast as the value of household assets over the last 18 years. The ratio of household debt to assets has doubled from 9% to 19% xv .

With over 5.7 million households in Australia, the average amount of debt is $128 000 per household[xvi]. For Australian families with children under the age of 5, the median amount of debt is $167,000 xvii .

Australia’s net household savings ratio is 6.6% xviii , which means that for every $100 earned, Australians save almost $7. The net savings ratio has grown in recent months, largely due changes in saving behaviour as a result of the GFC.

The cost of raising two children at Government schools to year 12 and then 3 years of university is around $537,000 xix .

80% of Gen Y’s consider making money to be important in their future and 93% believe saving investing will be very important at age 35 xx .

Life insurance is more affordable than people think

The monthly premium for a 35 yr old male, non-smoker applying for $500,000 of Life cover would be approximately $30. A 35 yr old female, non-smoker applying for $500,000 of Life cover the monthly premium would be $25.

If you have some existing cover through your super, increasing this to adequate levels may cost even less.

i AIST Media Release, Tuesday 3 rd June 2008

ii AIST Media Release, Tuesday 3 rd June 2008

iii AAMI Fact Sheet, Shopping for Car Insurance, September 2008

iv TNS/IFSA Investigating Income Protection Insurance in Australia July 2006

v Source: Industry Funds Forum Insurance Study of Industry Fund Members, June 2008

vi OnePath Life (formerly ING Life) Australia’s Attitudes Towards Life Insurance, December 2008

vii Source: Industry Funds Forum Insurance Study of Industry Fund Members, June 2008

viii Source: CommInsure Life Insurance Survey 2004

ix OnePath Life (formerly ING Life) Australia’s Attitudes Towards Life Insurance, December 2008

x OnePath Life (formerly ING Life) Australia’s Attitudes Towards Life Insurance, December 2008

xi AIHW Injury Research and Statistics Series No. 42, 2005-06

xii Australian Government, Road Deaths Australia 2007

xiii Cancer Council: (www.cancer.org.au), Cancer in Australia: an overview, 2008 Australian Institute of Health and Welfare (published December 2008)

xiv ABS, Australian Social Trends, Household Debt, cat. no. 4102.0, 2009

xv ABS, 2005-06 Survey of Income and Housing

xvi ABS, Australian Social Trends, Household Debt, cat. no. 4102.0, 2009

xvii ABS, 5206.0 – Australian National Accounts: National Income, Expenditure and Product, Dec 2008


Income tax efiling: Watch how to file returns using ITR-2 on website in 30 minutes

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Income tax efiling: Watch how to file returns using ITR-2 on incometaxindiaefiling.gov.in website in 30 minutes

Income Tax efiling: It s Sunday, and just two days are left for the July 31 deadline for filing your returns. In case you are dreading spending your Sunday in filing tax returns, we have good news for you. It takes just about 30 minutes, if you have to file returns using the ITR-2! But first things first, let s understand who all have to use the ITR-2 form to file their tax returns.

In case your income exceeds Rs 50 lakh, you will have to use ITR-2 this year. ITR-2 form is meant for those who have income from salary/pension; income from capital gains or loss on sale of property and investments; income from more than one house property; income from other sources such as lottery; income from foreign assets/foreign income; agricultural income of more than Rs 5000.

Also, according to the Income Tax Department s website, the ITR-2 form is to be used by an individual or an Hindu Undivided Family that is not eligible to file Sahaj ITR-1 and those whose income chargeable to income-tax under the head Profits or gains of business or profession is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. However, ITR-2 should not be used by you if your total income for the assessment year 2017-18 includes income from business or profession under any proprietorship, says the Income Tax department s website.

The ITR-2 form has multiple tabs and to help you better understand the process of filing them, Financial Express Online has got Kuldip Kumar, Partner and Leader for Personal Tax at PwC to take you step-by-step through the extensive process on the Income Tax website. Watch the video above make sure you get everything right.

After opening the Income Tax website, click on the ITR download option available on the RHS. Make sure that you download and fill the latest updated form from the I-T department. The website gives you the option of downloading in Excel Utility format or the Java Utility format. It is advisable to go through the instructions list given beside the option to download each form.

As advised by Kumar, make sure that you e-verify your income tax return and also save a copy of the filed returns for future reference, in case the need arises. We hope that this video helps solve most of your queries. Happy filing!


Estimate Your 2017 Tax Refund with the 2016 Return Calculator, return of tax.#Return #of #tax

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Estimate Your Tax Refund – 2018 Tax Calculator for 2017 Tax Return

First, estimate your 2017 Tax Return below.

Select your tax return filing status. Help me

Single taxpayers who can claim a dependent may be eligible for the Head of Household filing status, which will provide more tax benefits. Learn more

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Single taxpayers who can claim a dependent may be eligible for the Head of Household filing status, which will provide more tax benefits. Learn more

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The Child Tax Credit is nonrefundable; if your credit exceeds your tax liability, your tax bill is reduced to zero and any remaining unused credit is lost. However, you may be able to claim a refundable Additional Child Tax Credit for the unused balance. You can find out if you’re eligible for this refundable credit by completing your return on efile.com.”>

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Based on the information you entered, it appears that you may owe additional tax to the IRS. You may have overlooked some ways that you can reduce your tax liability. Learn more about tax deductions and tax credits. If everything entered here is correct, you can get started your tax return.

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This free efile.com tax calculator lets you select a tax income filing status and enter your W-2 and other income, tax deductions, tax credits, and other tax information. Based on this tax information you can calculate and estimate your tax refund or tax payments.

The efile.com tax calculator is based on IRS tax code, tax tables and tax rates and is subject to change without previous notification.

This tax software is a self-help tool for free independent usage. By using this tax calculator you agree that efile.com is not acting as your tax adviser. Furthermore you acknowledge, that efile.com does not guarantee the accuracy of this tax calculator nor its applicability in regards to your personal financial circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal financial issues.

This tax calculator service is provided “as is,” without warranty of any kind, either express or implied, including without limitation, any warranty for information, data or services.

Don t let your tax return take you by surprise! Estimate your taxes before you prepare your 2017 Tax Return. Find out if you will owe taxes or how much of a tax refund you will get in 2018. Estimating your taxes before you file your tax return is an essential part of tax planning, so start estimating now with the 2017 Tax Refund and Tax Return Calculator above.

How to Estimate Taxes with the 2018 Tax Calculator

To begin estimating your taxes with the tax calculator, select your filing status. Then click the blue “Next” button and choose your exemptions for yourself, your spouse, and your dependents. After you enter income information you can enter your tax deductions and tax credits. When you are finished in each section, go on to the next one.

You can track the estimate of your tax refund as you go; the amount of your tax refund (or amount due) is always displayed on the top right of the tax calculator.

The 2018 Tax Calculator will estimate your 2017 Tax Return and any tax refund you will receive in 2018. This calculator will be updated frequently as the IRS releases the latest figures for Tax Year 2017. Efile.com offers the use of this tax calculator free of charge. Please contact us if you have any comments or questions about the 2018 Tax Calculator.

Tax Calculators for Previous Tax Years

Tax Rates by Tax Year

1 The User Terms and Conditions for this efile.com Federal Tax Return Tax Calculator and Tax Estimator constitutes your agreement to the following Agreement. This tax calculator is only an estimator tax tool and should only be used to calculate and estimate your 2017 tax year or 2018 tax return tax refund or tax liability. This tax calculator is not intended as an online tax preparation tool for a federal income tax return. Please only use this tax calculator as an estimator for your personal tax refund or tax liability; any other use is strictly prohibited. Tax Information entered into the efile.com tax calculator is not stored or saved on a server or your computer s disk drive, nor is the tax data stored or transmitted anywhere else.

* Some of the deductions entered are applied to what would be your itemized deduction. The calculator will display the itemized deduction total if it is larger than the standard deduction.

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Free Printable Forms, Fast & Easy, pa income tax forms.#Pa #income #tax #forms

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Search IRS Forms

US Individual Income Tax Return

Annual income tax return filed by citizens or residents of the United States.

Request for Taxpayer Identification Number (TIN) and Certification

Used to request a taxpayer identification number (TIN) for reporting on an information return the amount paid.

Employee’s Withholding Allowance Certificate

Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay.

Installment Agreement Request

Use this form to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return (or on a notice we sent you).

Premium Tax Credit (PTC)

Use Form 8962 to figure the amount of your premium tax credit (PTC) and reconcile it with any advance payments of premium tax credit (APTC).

Amended U.S. Individual Income Tax Return

Correct Forms 1040, 1040A, 1040EZ, 1040NR, or 1040NR-EZ,change amounts previously adjusted by the IRS, or make a claim for a carryback due to a loss or unused credit.

Estimated Tax for Individuals

Figure and pay your estimated tax on income that is not subject to withholding.

Power of Attorney and Declaration of Representative

Use this form to authorize an individual to represent you before the IRS.

Employer’s Quarterly Federal Tax Return

Employers who withhold income taxes, social security tax, or Medicare tax from employee’s paychecks or who must pay the employer’s portion of social security or Medicare tax.

Employee’s Withholding Allowance Certificate

Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay.

Wage and Tax Statement

Employers must file a Form W-2 for each employee from whom Income, social security, or Medicare tax was withheld.

Heavy Highway Vehicle Use Tax Return

Figure and pay the tax due on heavy highway vehicles, report other heavy highway vehicle information.

Application for Employer Identification Number (EIN)

Use this form to apply for an employer identification number (EIN).

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TaxHow – Pennsylvania Tax Filing, pennsylvania income tax forms.#Pennsylvania #income #tax #forms

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Pennsylvania Tax Filing

Pennsylvania income tax forms

Filing Your Taxes in Pennsylvania

Filing taxes can be frustrating. Here, you can find information that will help make filing your taxes easier and faster. Find out what your residency status is, which forms you need to file and on what income.

One thing all people paying taxes in Pennsylvania need to keep in mind that Pennsylvania charges local and school taxes in addition to the 3.07% state income tax. If you have a low income, you may qualify for a Tax Forgiveness Credit.

Income tax returns must be filed by April 18th.

Online Tax Software: Taxes Made Easy

If you want to make doing your taxes online easy, you might want to consider using online tax software. e-File.com and TaxAct are the most well-known software providers out there for doing your taxes online, but they each have their pros and cons: Compare them here!

  • Fast Refund
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Pennsylvania Tax Forms

  • PA Schedule PA-40X – Pennsylvania Schedule PA-40X – Amended
  • PA Tax Booklet – Pennsylvania Personal Income Tax Return Booklet
  • PA Form PA-40 – Pennsylvania Income Tax Return
  • Pennsylvania Schedule G – Pennsylvania Credit for Tax Paid To Other States
  • Pennsylvania Form Rev-276 – Pennsylvania Application for Extension to File
  • PA Schedule A/B – Pennsylvania Interest and Dividend Income, Income from Estates and Trusts
  • Pennsylvania Schedule C (Form 1040) – Profit or Loss From Business
  • Pennsylvania Form PA-8453 – Pennsylvania Individual Income Tax Declaration for Electronic Filing
  • Schedule D (Form 1040) – Capital Gains and Losses
What is My Residency Status?

There are four groups of people who need to file some sort of tax form in Pennsylvania. Pennsylvania residents, part-year Pennsylvania residents, people who live in Pennsylvania but work in another state, people who live in another state and work in Pennsylvania and people who sold property in Pennsylvania that tax year.

Pennsylvania Residents

Not all Pennsylvania residents are required to file an income tax return using Form PA-40. To find out if you have to file a Pennsylvania resident tax return and all of the information you need to do fill out Form PA-40 correctly, you can download the PA-40 Instructions Booklet above.

Part-Year Residents

Pennsylvania taxes any and all income earned in or out of state if you were a resident as well as on all income earned in Pennsylvania regardless of residency status. Part-year Pennsylvania residents must file a state income tax return using Form PA-40 for any income earned while they were residents of Pennsylvania. You will also need to file any additional forms for the time in which you were not a resident. Refer to page 15 of the Pennsylvania Personal Income Tax Guide, which you can download above, for help on filing a part-year resident return. There is a whole section dedicated to nonresident tax returns.

Pennsylvania Residents Who Work Out of State

Pennsylvania residents working in any state are still required to file an income tax return with Pennsylvania and the state in which they work. If you want to make sure you don’t get taxed twice (dual taxation), you will need to fill out Schedule G and file it with your Pennsylvania resident state income tax return (Form PA-40) and you will be credited for any taxes paid to other states.

Work in Pennsylvania, Live Out of State

If you do not live in Pennsylvania, but you work there, you will be required to file a tax return for any income earned in Pennsylvania. Pennsylvania considers wages and salaries from employment as taxable income. To file taxes on income earned in Pennsylvania, fill out Schedule C. For more information on how to file as a nonresident and how to fill out a Schedule C, see the Pennsylvania Personal Income Tax Guide which you can download above.

Any nonresidents who sold property in Pennsylvania are required to file taxes on any income they earned from that sale. To file a return on income from the sale of property, fill out a Schedule D. For more information see the Pennsylvania Personal Income Tax Guide which you can download above.


Pennsylvania Individual Income Tax, pa income tax forms.#Pa #income #tax #forms

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Pennsylvania Individual Income Tax

Pa income tax forms

Individuals in Pennsylvania pay a flat tax of 3.07 percent. This means that in Pennsylvania everyone pays 3.07 percent, no matter how much income they make. However, if your income is low enough, the state will forgive your tax debt, bringing your tax bill to zero.

Pennsylvania does not allow for a standard deduction or a deduction for personal exemptions (dependents). Therefore, the allowed deductions, tax credits, and exclusions from income become all the more important.

What Income Is Taxable?

Pennsylvania assesses tax on the eight classes of income:

  1. Compensation
  2. Interest
  3. Dividends
  4. Net profits from a business, profession, or farm
  5. Net gains from the dispositions of property
  6. Net gains from rents, royalties, patents, and copyrights
  7. Income from estates or trusts
  8. Gambling and lottery winnings other than Pennsylvania Lottery winnings

What Income Is Exempt?

Common income items that are exempt from Pennsylvania income tax include:

  • Capital gains from the sale of a principal residence for those who satisfy ownership and use requirements
  • Personal use of employer-owned property
  • Child support
  • Alimony
  • Social security benefits, public and private pensions, and IRA distributions
  • Worker’s compensation, unemployment benefits, and public assistance
  • Sick pay
  • Inheritances and gifts

For full details on all exempt income items see the instructions to Form PA-40.

What Can I Deduct?

Pennsylvania does not allow many of the deductions that are allowed on your Federal tax return, limiting your deductions to the following three:

  • Employment related expenses that were not reimbursed by your employer are allowed to be deducted from your gross compensation. Pennsylvania requires the costs to be ordinary, necessary, reasonable, and directly related to your occupation. You are allowed to deduct ALL of these costs as Pennsylvania does not impose the Federal limits on this deduction.
    • Medical savings and health savings account contributions are deductible to the extent they are deductible for Federal (IRS) tax purposes. If you received a deduction for these contributions on your Federal return, your Pennsylvania deduction would be the same as your Federal deduction. Your Federal deduction can be found on Line 25 of your Federal Form 1040.
    • 529 college savings account contributions made during the tax year can be deducted up to the limit of $13,000 per beneficiary. This deduction applies to both Pennsylvania 529 plans and out-of-state 529 plans.

    What Tax Credits Are Available?

    Tax credits reduce your tax debt directly, similar to a payment. Pennsylvania offers these credits to individuals:

    • Resident Credit is a credit for gross or net income taxes paid to other states or foreign countries by Pennsylvania residents
    • Tax Forgiveness Credit is a credit extended to taxpayers who are single, married, and/or have dependents and whose income from all sources (including tax exempt items like alimony, child support, social security, etc.) does not exceed certain income limits. Depending on your number of dependents and income you can receive a credit of anywhere from 10 percent to 100 percent your tax liability.

    Filing Your Return

    If you are a Pennsylvania resident, nonresident, or part-year resident, you must file a Pennsylvania tax return if you received over $33 in gross income or you sustained a loss from any transaction as an individual, sole proprietor, partner in a partnership, or Pennsylvania S-corporation shareholder. Forms are available on the Pennsylvania Department of Revenue s Web site. You can also call 1-888-PATAXES to order forms and have them mailed or faxed to you.

    You can choose to mail your return, file over the telephone (Tele-file), fill out and submit your return online, or e-file using tax software such as TurboTax. Tax returns and payment must be postmarked on or before April 15th.


    Pennsylvania Income Tax Rates for 2017, pennsylvania income tax forms.#Pennsylvania #income #tax #forms

    by ,

    Tax-Rates.org The 2017 Tax Resource

    Contents

    Tax Information Sheet Pennsylvania income tax forms Launch Pennsylvania

    Income Tax Calculator

    Note: Pennsylvania’s income tax has a single flat tax rate for all income.

    Pennsylvania collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets. Unlike the Federal Income Tax, Pennsylvania’s state income tax does not provide couples filing jointly with expanded income tax brackets.

    Pennsylvania’s maximum marginal income tax rate is the 1st highest in the United States, ranking directly below Pennsylvania’s %. You can learn more about how the Pennsylvania income tax compares to other states’ income taxes by visiting our map of income taxes by state.

    Like 14 other states, Pennsylvania allows cities and other localities to collect a local income tax in addition to the Pennsylvania Income Tax. The average income tax rate for counties and large municipalities, weighted by total personal income within each jurisdiction is 1.25%.

    There are -945 days left until Tax Day, on April 15th 2015. The IRS will start accepting eFiled tax returns in January 2015 – you can start your online tax return today for free with TurboTax Pennsylvania income tax forms.

    Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your Pennsylvania income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and Pennsylvania tax returns. For details on specific deductions available in Pennsylvania, see the list of Pennsylvania income tax deductions.

    4.1 – Pennsylvania Standard Deduction

    4.2 – Pennsylvania Personal Exemptions

    4.3 – Pennsylvania Dependent Deduction

    4.4 – Pennsylvania Itemized Deductions

    Tax-Rates.org provides easy access to five of the most commonly used Pennsylvania income tax forms, in downloadable PDF format. For all of the tax forms we provide, visit our Pennsylvania tax forms library or the ‘s tax forms page.

    Pennsylvania income tax forms

    Pennsylvania income tax forms

    Pennsylvania income tax forms

    Pennsylvania income tax forms

    Pennsylvania income tax forms

    Pennsylvania income tax forms

    Pennsylvania Department of Revenue Bureau of Individual Taxes PO Box 280504 Harrisburg, PA 17128-0504

    Pennsylvania Department of Revenue No Payment/No Refund 2 Revenue Place Harrisburg, PA 17129-0002

    Pennsylvania Department of Revenue Payment Enclosed 1 Revenue Place Harrisburg, PA 17129-0001

    Pennsylvania Department of Revenue Refund/Credit Requested 3 Revenua Place Harrisburg, PA 17129-0003

    Pennsylvania income tax forms

    You can save time and money by electronically filing your Pennsylvania income tax directly with the . Benefits of e-Filing your Pennsylvania tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.

    To e-file your Pennsylvania and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.

    The two most popular tax software packages are H ?>

    Easy Ways to Earn Extra Money, extra income online.#Extra #income #online

    by ,

    Easy Ways to Earn Extra Money

    Extra income online

    Sell Things You No Longer Need

    Extra income online

    Are things that you no longer need or use cluttering up your home? Then, turn them into cash. Sell any items of value on Ebay, on Craigslist or at a consignment store. Then, have a yard sale to sell the rest.

    Get Paid for Your Time Online

    Did you know that there are companies that will pay you to read e-mails, to do web searches and to complete other online activities? It s true. Sign up with several of them, and get paid for the time that you spend online. Check out Volition.com for a list of companies to consider.

    Test Websites

    Website owners need help spotting the flaws in their site navigation, and they re willing to pay for it. Become a tester for usertesting.com, and you ll earn $10 for each site that you agree to test, $15 for each mobile app. Each review requires a brief 20-minute video of you navigating the site and a short questionnaire.

    Complete Simple Tasks for Businesses

    Use small chunks of free time to knock out a quick assignment for a business. Amazon Mechanical Turk has a list of one-time jobs – research projects, product reviews, transcriptions, etc. – that pay immediately upon acceptance of your work.

    Have Your Car Wrapped

    Do you spend a lot of time on the road? Then, consider turning your car into a rolling billboard. Many companies – big and small – will pay to wrap your car in their advertisements.

    Get Paid to Take Surveys

    Turn your opinions into cash by answering online surveys. Just sign up with several survey sites, and wait for the survey invitations to roll in.

    Earn Money from Hobbies

    Hobbies usually cost money, but that doesn t have to be the case. Find ways to turn your favorite pastime into a source of income, and enjoy playing for profit.

    Bank for Profit

    Many banks – on and offline – offer cash incentives for opening a new account (anywhere from $25 to over $100). Take advantage of these offers, and turn banking into a more lucrative experience.

    Have knowledge that you d like to share with the world? Then set up a blog, and put in the work to monetize it.

    Get a Paper Route

    Paper routes aren t just for kids with bicycles any more. If you have a reliable vehicle, and a need or desire to boost your income by several hundred dollars a week, a newspaper route could be the answer. Talk to your local newspaper to find out what routes they have available in the area.

    Tutor

    Are you a math whiz? A grammar pro? A chemistry master? Then, become a tutor, and transform your knowledge into a paycheck. Just advertise where parents are likely to look – on campuses, at the library, in the newspaper – or apply to be an online tutor for tutor.com.

    Deliver Phone Books

    Someone s got to deliver all those phone books, and it may as well be you. Contact your local phone company to find out what you need to do to apply for the job. Then, hustle those books from door to door for some extra green.

    Note: Often phone companies will place an insert in with your phone bill to announce their need for deliverers. Keep an eye out for this advertisement, and act quickly when you see it.

    Recycle

    Your trash can or cluttered garage could be yet another source for money. Aluminum, steel and many other materials can be recycled for profit – now, that s good news for your bank account and the environment.

    Become a Mystery Shopper

    Like to shop? Yep, you can get paid to do that, too. Sign up to become a mystery shopper, and turn your trips to the mall into a source of income.

    Sign Up for MyPoints

    Earn extra cash, in the form of gift cards, by signing up for MyPoints and Swagbucks and participating in their points programs.

    Search for Rare Coins in Your Pocket Change

    Sift through your pocket change and your piggy bank for rare coins that you can sell at a profit. To increase your odds of a valuable find, get a bunch of coin rolls from the bank, and go through those, too.

    Get a Holiday Job

    Lots of businesses need extra help for the holidays, but spots go fast. Put your applications in in October, if you re serious about landing a gig.