What You Should Have Asked Your Teachers About DETERMINING

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What You Should Have Asked Your Teachers,This one is only good for $250, or $500 if you’re married, filing a joint return and both you and your spouse are educators. Still, every deduction helps. According to the IRS, you must be “a kindergarten through grade 12 teacher, instructor, counselor, principal or aide for at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.” You can take an above-the-line deduction for unreimbursed work-related expenses you incur during the tax year, if you qualify.¬†

What You Should Have Asked Your Teachers

If you use a vehicle pricing guide to determine fair market value, be sure that the sales price listed is for a vehicle that is the same make, model, and year, sold in the same condition, and with the same or substantially similar options or accessories, as your vehicle.

Moreover, the fair market value of a vehicle cannot exceed the price listed for a private-party sale. EXAMPLE: You donate your car to a local charity that provides you with.

What You Should Have Asked Your Teachers,an acknowledgment certifying that it intends to make a significant intervening use of the car. Your credit union representative told you that the price listed for a private-party sale in a vehicle pricing guide could be as high as $1,600. However, your car needs extensive repairs, and after some checking, you find that you could only sell your car for $750. $750 is the fair market value of the car. For more information on determining the value of your vehicle, see Publication 561, Determining the Value of Donated Property

An hourly employee¬†is paid at an hourly rate for the pay period. If an employee’s hourly rate is $12 and she worked 38 hours in the pay period, her gross pay for that paycheck is $456.00 ($12 x 38).

But you are not done with gross pay yet if overtime is paid. Next, you will need to calculate overtime for hourly workers and some salaried workers. Overtime pay must be added to regular pay to get gross pay. 

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