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If you were married filing jointly and earned less than $38,348 ($36,348 for individuals, surviving spouses or heads of household) in 2006, you may qualify for the Earned Income Credit, or even a refund check. The EIC can be complicated. First you have to qualify, then your income has to pass muster, and finally, if you have kids, they have to qualify. If you pass all these tests, you could get a credit of as much as $4,536, depending on the number of children you have. This tax credit is worth exploring, if you or someone you know has low earnings.
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"Many large companies offer Employee Stock Purchase
Plans (ESPP) that let you buy your employer's stock at a
discount. These plans are offered as an employment
incentive. You get to buy the stock at a price that's
lower than the market price. Your discounted price is
known as the offer or grant price, because your employer
has offered it to you, or granted it to you. The company
keeps the stock in your name until you decide to sell
it. At that point you have to begin thinking about
taxes."
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You probably filled out a W-4 on your first day at work.
But did you provide your employer with the right
information? Has your personal situation changed -- for
example, a new spouse or a new baby? Use the Paycheck
Withholding Calculator to find out if you should
resubmit a W-4 form to your employer.
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If you own your own business or if you operate a farm,
you're self-employed. All self-employed people who have
net profits of $400 or more are subject to
self-employment tax. This tax is basically the
self-employed person's equivalent of Social Security and
Medicare taxes. You pay taxes on your total business or
farm income minus expenses you incur. See how much
self-employment tax you'll owe for 2006. Just enter data
into the fields that apply to you. Then, we'll tell you
how much you'll pay on your earnings. Keep in mind,
though, that your business or farm income is also
subject to regular income taxes in addition to the
self-employment tax.
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Find out how much your mortgage interest will save you
in taxes! It's easy to do. Just enter the amount of
mortgage interest you'll pay for 2006 and, if you paid
points for a loan to buy your house, enter the amount of
points you paid as well. We'll tell you how much tax
benefit your interest and points give you.
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