| Author |
Message |
dustin
Guest
|
| Posted: Mon Feb 23, 2004 5:16 am
Post subject: state income tax |
|
|
here's my situation. I live in vancouver washington which is right on
the border of washington and oregon. i work in oregon, and have to pay
their terribly high income tax. When using the fafsa formula it shows
that they will calculate income tax for washington (0%, because all we
have here is sales tax), but will not take into account that i lose 8%
of my paycheck to oregon taxes. How can this be? Also.. totally
different question... given that for the 2005-2006 year i will be an
independent w/no dependents. How much income can i make and still
qualify with a low EFC ($0-$1000)?
|
|
| Back to top |
|
 |
Steve Blank
Guest
|
| Posted: Mon Feb 23, 2004 5:28 am
Post subject: Re: state income tax |
|
|
dustin wrote:
| Quote: | here's my situation. I live in vancouver washington which is right on
the border of washington and oregon. i work in oregon, and have to pay
their terribly high income tax. When using the fafsa formula it shows
that they will calculate income tax for washington (0%, because all we
have here is sales tax), but will not take into account that i lose 8%
of my paycheck to oregon taxes. How can this be?
|
You are correct, the EFC formula is based on your state of residence.
They use 0% for Washington state, 6% for Oregon. I know of nothing you
can do to alter that.
Also.. totally
| Quote: | different question... given that for the 2005-2006 year i will be an
independent w/no dependents. How much income can i make and still
qualify with a low EFC ($0-$1000)?
|
An independent unmarried student with no dependents has an income
protection allowance of $5,490 plus S.S. tax paid, state tax allowance,
and federal tax paid.
You can figure it out this way.
Total income
-$5,490 income protection alowance
-U.S. tax paid
-State tax allowance (0 in Washington state)
-S.S. tax (7.65% of wages)
--------------
Balance times 50% = EFC
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
|
| Back to top |
|
|
Karin
Guest
|
| Posted: Mon Feb 23, 2004 9:43 pm
Post subject: Re: state income tax |
|
|
roxbury81@hotmail.com (dustin) wrote in message news:<f628ac5.0402221416.425cf275@posting.google.com>...
| Quote: | here's my situation. I live in vancouver washington which is right on
the border of washington and oregon. i work in oregon, and have to pay
their terribly high income tax. When using the fafsa formula it shows
that they will calculate income tax for washington (0%, because all we
have here is sales tax), but will not take into account that i lose 8%
of my paycheck to oregon taxes. How can this be? Also.. totally
different question... given that for the 2005-2006 year i will be an
independent w/no dependents. How much income can i make and still
qualify with a low EFC ($0-$1000)?
|
Since sales tax in washington is nearly 9%, I would buy all purchases in Oregon.
Additionally, can't you deduct the state income tax from your federal?
Sales tax in Washington is not deductible.
|
|
| Back to top |
|
|
dustin
Guest
|
| Posted: Thu Mar 04, 2004 2:15 pm
Post subject: Re: state income tax |
|
|
| Quote: | Since sales tax in washington is nearly 9%, I would buy all purchases in Oregon.
Additionally, can't you deduct the state income tax from your federal?
Sales tax in Washington is not deductible.
|
only prob is that im still paying oregon income tax even though i dont
live there, it comes out to about 9% of my total income! i can deduct
my oregon taxes on federal, but that doesn't help my fin-aid at all! |
|
| Back to top |
|
|
Karin
Guest
|
| Posted: Fri Mar 05, 2004 5:45 am
Post subject: Re: state income tax |
|
|
roxbury81@hotmail.com (dustin) wrote in message news:<f628ac5.0403032315.669d7cc5@posting.google.com>...
| Quote: | Since sales tax in washington is nearly 9%, I would buy all purchases in Oregon.
Additionally, can't you deduct the state income tax from your federal?
Sales tax in Washington is not deductible.
only prob is that im still paying oregon income tax even though i dont
live there, it comes out to about 9% of my total income! i can deduct
my oregon taxes on federal, but that doesn't help my fin-aid at all!
|
so are you attending school in washington or oregon?
FAFSA does take into account how much tax you pay, I would send
additional info to the finaid office if you feel your EFC is
inaccurate.
I have found that they will take additional information into account
as long as it is documented |
|
| Back to top |
|
|
| |
FAQ
Memberlist
Register
Profile
Log in to check your private messages
Log in