July 24, 2011 |
Question: I'm 29 and have been with my current company for six years. I've accepted a new job, and I want to take money out of my old cash-balance (pension) plan and use it for a down payment on a home. We are renting. If I do this, my old employer will withhold 20 percent for federal taxes and 10 percent as a penalty for withdrawing money before retiring. How can I avoid those losses? - MWH Answer: Try to accumulate your down payment another way and wait a little longer for the home.
May 16, 2011
THE PRICE of gas is at $4 a gallon and rising, and that includes lots of state and federal taxes. So why doesn't the federal government cut some of the federal tax that we pay on a gallon of gas? These bums in Washington are so desperate they won't let up on the federal tax. But the bum in the White House could issue an executive order. Let some of the reserves go to ease up on the price of gas. But no, too much greed - and all these bums and thieves live high on the hog. Pat Panichelli, Philadelphia
April 19, 2011 |
WASHINGTON - President Obama's income dropped substantially in 2010 from the previous year because of declining book sales, but he is still comfortably in the ranks of the nation's millionaires, his federal tax return shows. The Obama family earned $1.73 million last year, largely from sales of the president's books, Dreams From My Father and The Audacity of Hope . Obama also derived income from his new children's book, Of Thee I Sing: A Letter to My Daughters , but he donated all proceeds to a charity benefiting children of slain and disabled soldiers, the White House said.
April 19, 2011 |
WASHINGTON - President Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president's pre-presidency books. They paid federal taxes totaling $453,770 after receiving a $12,334 refund. The Obamas paid their taxes at lowered Bush-era rates, even as he campaigns to end them for households with adjusted gross incomes above $250,000 - a category into which the first family clearly fits. Joining the flocks of Americans filing their taxes near the end of the federal filing period, the Obamas made withholding and other payments to the Internal Revenue Service last year totaling $466,104.
April 14, 2011 |
Three state and federal tax liens totaling more than $125,000 have been filed against Philadelphia School Superintendent Arlene C. Ackerman. The debt dates to 2006 and 2007 when Ackerman was superintendent of the San Francisco Unified School District. Michael Gillen, director of the tax accounting group at Duane Morris L.L.P. who represents Ackerman, said she had been making payments and had entered into a payment agreement with the Internal Revenue Service. He said he was working with the IRS to determine how much she owed, but he expects what she will pay "will be much less than" the amount listed in the liens.
March 24, 2011
A Blackwood man was convicted Wednesday for his role in an income-tax scheme that netted more than $668,000 from false 2006 returns over about 10 months, U.S. Attorney Paul J. Fishman said. Jose Adames, 31, was convicted of conspiring to defraud the IRS after an eight-day trial in federal court in Camden. He faces up to 10 years in jail and a $250,000 fine. He will be sentenced Aug. 12. Adames and his wife, Angelita, 35, of Bellmawr, cashed 102 refund checks at a Camden store between February and November 2007, paying the store $100 per check.
October 16, 2010
Federal tax returns show Gov. Christie and his wife, a finance executive, earned $544,000 in gross income for 2009, a year he spent running for governor, and paid $147,000 in federal taxes. Christie's wife is a vice president of Cantor Fitzgerald, a financial services firm. Lt. Gov. Kim Guadagno and her husband paid $72,000 in federal taxes on $317,000 in gross income. Guadagno was Monmouth County sheriff. Her husband is a Superior Court judge. The Christies had requested a tax filing extension.
May 20, 2010
More cameras in schools needed Re: "Another failing grade," Monday: I am a social studies teacher at Edison High School. Recently, I was the beneficiary of high-quality police work at school. My LCD projector was stolen. The camera tape revealed four students going into my room and then crossing the corridor into another classroom. A school police officer went into that room. One of the students had a locker there. It was opened, and my LCD projector was inside. At a sports event, instant replay from one angle is very often inconclusive.
May 5, 2010 |
The number of home-sale contracts signed in March soared over the March 2009 level both nationwide and locally, as qualified buyers took the leap ahead of the federal tax credits' April 30 deadline. The National Association of Realtors reported Tuesday that its pending-sales index for March rose 21.1 percent over the same month last year. For the eight-county Philadelphia area, Prudential Fox & Roach's HomExpert Market Report said sales contracts were up 35 percent from the 2009 period: 5,404 houses went under contract in March, compared with 4,002 a year earlier.