The Federal Tax Credits Blog

Posts Tagged ‘targeted job tax credit’

Question: Why do Republicans like to borrow and spend?

Republicans like to say “i want to cut your taxes”

Then when your back is turned they take out the federal credit card and borrow over a trillion dollars.

For some reason they never offer a plan to pay any of the money back.

Ane we accept this style of government year after year.

Because we don’t feel the imediate pain of borrowed money. It allows us to pretend that it didn’t happen. Until the value of the dollar tanks. Until we get to the point where we have to beg China to buy our bonds.

In 40 years China will be the #1 country in the world.

They owe their success to our willingness to send all our manufacturing jobs to China. In return we get to pay lower prices at Walmart and Target.

So when you see a Congressman or Senator pat him on the back for a job well done.

Speak truth to power.

Mr. News

Answer: The whole issue is the spending part of that equation. Unfortunately both parties love to spend spend spend. One party like to use excessive taxes and the other likes to borrow. What we need is someone to cut spending and hopefully McCain is the guy to do that..

EXTEND & PRETEND: Stage I Comes to an End

Both came to an end at the same time: the administration’s policy to Extend & Pretend has run out of time as has the patience of the US electorate with the government’s Keynesian economic policy responses.

So Where Are the Jobs?

Question: How will a part time job affect the tax on my main job?

I’m starting a part time job to pay off some credit cards. How will this affect the tax I pay. The wages from the two jobs will not mean that I go in to the higher bracket. I heard from some one that you get penalised to taking two jobs, and the amount of tax you are charged means that it isn’t worth doing.

Answer: you wont get penalised or pay any more tax than you should.

what happens is that your personal tax free allowance of £5225 for the current year will be used against your main job as this pays more.

when you start your second job, make sure you fill out a form P46 from your employers. this form gets sent to the Inland Revenue to inform them that you have 2 jobs.

your second job will be issued with a BR tax code, which means you will be taxed at 22% of all your earning from the second job.

this is correct because the way tax works is that no matter how many jobs you have, its all added together by the inland revenue and the tax due will be correct over the course of the tax year.

basically, if you didnt have the second and earnt the money that you would get from the second job, on top of your first job, you will still pay the same amount of tax.

all the revenue are doing is spliting the correct tax due over the 2 jobs,

yes it will seem like you are hardly earning anything from the second job because of the high tax, but it will be correct.

Generating income is best way to pay off card debt

Q: I have about $10,000 in credit-card debt and recently lost my job. I want to know if I should take out the money I have in my retirement account, or should I use my home-equity line of credit to pay the credit-card debt?

Congressman Hensarling On Jobs Tax Credit Live On CNBC Squawk Box 10 7 09 7 59 AM Clip