Dammit. >:(
Had the annual meeting with the taxman. I get to pay about $1100 this year. Ruined a perfectly good afternoon.
I claim zero for withholding. I owe about half of what my house is worth. I contribute over 20% of my income to my 401k, have an IRA also. My laughable home business is helping to a degree.
Looks like I get to have additional jing withheld each pay period to avoid an even more vigorous cornholing next year. :P Either that or I start listing the pets as dependents.
Ideas, comments?
(also, feel free to rant yourselves)
We're going to owe about $2K it appears. Sucks. :P
Ouch. :P :P
30 - 40% income tax.
25% VAT
Over 100% luxury tax on motorized transport (plus VAT)
Highest back tax incident $35,000
US gallon of gas, $9
In short: shut up! [evil]
If my wife and I were not married and filing our own taxes, I would have gotten a $3500 refund, and she would have gotten about $1800. Since we're married, we get back a little over $500.
JM
Quote from: stopintime on March 08, 2011, 03:10:23 PM
30 - 40% income tax.
25% VAT
Over 100% luxury tax on motorized transport (plus VAT)
Highest back tax incident $35,000
US gallon of gas, $9
In short: shut up! [evil]
Holy shit, time to move..... :o
I'll find out Saturday, hopefully should be a refund.
If so it will go right back out the door as a down payment on something my wife wants. [laugh]
No soup for me.
We get to pay close to $20K out of pocket this year. When my boss sold his company, we received bonuses that were equal to almost half our yearly salaries. Then I cashed out a 401K to buy our house. In effect, my income for last year was about double what I had made the previous. I had figured on the taxes and set aside $10K, but it wasnt enough. :'(
I'm getting back 900 bucks.
Now to decide if I'm heading to Vegas or the gun shop.
Decisions, decisions.
Refund!
(http://c1.ac-images.myspacecdn.com/images02/114/l_f72cbc0ac2854244bf29190603f44d50.jpg)
Quote from: Monster Dave on March 08, 2011, 03:46:22 PM
Refund!
Refund just means you gave the Feds a zero interest loan. I owe $1029 and won't mail it until April 14th. So now I get the zero interest loan from Jan to April. Happy to pay it. My grand total tax was 9.1% of my income. Having a side business, home loan interest, and going to school helps.
nobody employed by someone else should complain about taxes as their employer is paying a chunk for them.
I won't rant about being an employer because it's still better except for paying taxes. ;D
And with quarterly estimates, April 15 is just another round.
Quote from: hbliam on March 08, 2011, 03:50:00 PM
My grand total tax was 9.1% of my income.
I love my country, and I know I have to contribute my share...
...but I'm still jealous.
house interest & children
Only time of the year they look good on paper
[thumbsup]
mitt
Quote from: hbliam on March 08, 2011, 03:50:00 PM
Refund just means you gave the Feds a zero interest loan. I owe $1029 and won't mail it until April 14th. So now I get the zero interest loan from Jan to April. Happy to pay it. My grand total tax was 9.1% of my income. Having a side business, home loan interest, and going to school helps.
Either I'm really tired or that makes no practical sense what-so-ever.
^^you're really tired ;D
Since you got a refund, you gave the gov't more $ in 2010 than you needed to. that cash was an interest-free loan to Uncle Sam, deducted from your paycheck. If you owe taxes, you've essentially received an interest free loan from the gov't for the time period Jan 1, 2011 to whenever you pay up (April 14 for hbliam)
Quote from: Monster Dave on March 08, 2011, 06:02:45 PM
Either I'm really tired or that makes no practical sense what-so-ever.
Oh...unless you were referring to the "side business, home interest, and going to school" bit, in which case nevermind :)
[popcorn]
Quote from: Monster Dave on March 08, 2011, 06:02:45 PM
Either I'm really tired or that makes no practical sense what-so-ever.
You must be really tired.
[popcorn]
Quote from: AJ on March 08, 2011, 04:33:50 PM
I love my country, and I know I have to contribute my share...
...but I'm still jealous.
Sorry, when I said grand total I added both my State and Federal burden together. Feds 6.75%, State 2.35%. [thumbsup]
Keep in mind that some people's 9.1% is more in dollars then someone else's 25%. I paid my FAIR share.
While I was complaining about taxes years ago, an old friend of mine said it is always better to be on the paying end than the receiving end. I think that still holds true.
mitt
Quote from: mitt on March 08, 2011, 06:41:38 PM
While I was complaining about taxes years ago, an old friend of mine said it is always better to be on the paying end than the receiving end. I think that still holds true.
mitt
Someday...
I'd like to pay a million dollars in taxes. ;D
Quote from: hbliam on March 08, 2011, 06:37:20 PM
Keep in mind that some people's 9.1% is more in dollars then someone else's 25%. I paid my FAIR share.
Absolutely!!!
I've just lived in Taxachusetts & California (feels like 10% on everything) for the past 16 years....feels like more than my fair share...
Ok, ok, i'll quit my whining :)
Quote from: ducpainter on March 08, 2011, 06:47:07 PM
Someday...
I'd like to pay a million dollars in taxes. ;D
pay mine then.... thats a good start [laugh]
Quote from: ducpainter on March 08, 2011, 06:47:07 PM
Someday...
I'd like to pay a million dollars in taxes. ;D
Exactly.
Quote from: ducpainter on March 08, 2011, 06:47:07 PM
Someday...
I'd like to pay a million dollars in taxes. ;D
YES [laugh]
Quote from: bobspapa on March 08, 2011, 06:52:40 PM
pay mine then.... thats a good start [laugh]
When I owe a mil...
no problem. ;)
yep, I'd done for the day - too tired for this to make any sense...
Hasta mananna all.
Quote from: Statler on March 08, 2011, 03:57:02 PM
nobody employed by someone else should complain about taxes as their employer is paying a chunk for them.
I won't rant about being an employer because it's still better except for paying taxes. ;D
And with quarterly estimates, April 15 is just another round.
The trick: be self employed with no employees. I have a regular gig, my wife is self employed and is incorporated. Our actual federal tax rate (filing jointly) for the past two years has been about 6%. I often wonder how many people know what there actual tax rate is as a ratio of gross income to total income tax paid. I hear so many people pregnant doging about high income taxes in this country. I don't see it. Incorporate and magically those taxes just up and disappear.
Now the friggin' property tax and sales tax in this fair CA county, that's something I could pregnant dog about.
sac
sac
sac
Quote from: mitt on March 08, 2011, 06:41:38 PM
While I was complaining about taxes years ago, an old friend of mine said it is always better to be on the paying end than the receiving end. I think that still holds true.
mitt
and this should have ended the discussion...
i shouldn't have to pay any taxes at all, i employ every single one of you in the service or product industry.
the only reason you have a job is because i spend my hard earned money on your service and products, if anyone should be paying taxes its businesses as i have already paid my fair share and essentially employed all of you. [laugh]
Quote from: sbrguy on March 08, 2011, 08:59:12 PM
i shouldn't have to pay any taxes at all, i employ every single one of you in the service or product industry.
the only reason you have a job is because i spend my hard earned money on your service and products, if anyone should be paying taxes its businesses as i have already paid my fair share and essentially employed all of you. [laugh]
Kind of like the guy on the street that tells me he pays my salary [leo]...here's your nickel back.
I always strive to break even or at least be close (by wild-ass estimation). Sometimes I get a piddling back, sometimes I pay a couple hundred. Thought that would be the case again this year, until I got the official verdict. $1100 isn't much, but it is when you weren't planning for it. Sort of like an unexpected car repair. :P
Quote from: hbliam on March 08, 2011, 09:20:40 PM
Kind of like the guy on the street that tells me he pays my salary [leo]...here's your nickel back.
By that logic, since your salary is paid by the pay taxes and you pay taxes you are self employed :P
Quote from: hbliam on March 08, 2011, 09:20:40 PM
Kind of like the guy on the street that tells me he pays my salary [leo]...here's your nickel back.
exactly. and i think you short changed me, i want the full $1.00 back not the nickle. [laugh]
besides the amount of money that i have spent in a ducati dealership and the gas staions was more than enough to employ all the workers at both.. [laugh]
Wife and I pre-pay estimated taxes each quarter and sometimes still get to pay taxes when we file.
I don't mind the tax bite out of the paycheck....I don't even regard that as my "income"...
its just a bunch of numbers on a piece of paper....
what I actually make is the part I can save or spend...the rest is imaginary numbers
I just hate pre-paying...if they want more money just take it out automatically
Quote from: hbliam on March 08, 2011, 03:50:00 PM
Refund just means you gave the Feds a zero interest loan.
Sorry, its not an interest free loan.
My tax money goes to paying for roads to be repaired, parks to be built, bridges to be maintained, firefighters to protect my house and save my life in an emergency, cops to keep crooks far away from me, and air traffic controllers to keep planes from crashing into each other, and then down on top of my head while I sleep in my bed.
I would much rather them use my money to pay for all of that, and then send me a check in February, instead of telling me next year that they are doubling the tax rate because they have no money in the coffers anymore because everyone in the US set their deductions to 6.
I think for giving the gov't the amount of tax money that I do, I get a pretty good amount of services in return, and have no complaints.
BC.
Quote from: Bladecutter on March 09, 2011, 11:54:09 AM
Sorry, its not an interest free loan.
My tax money goes to paying for roads to be repaired, parks to be built, bridges to be maintained, firefighters to protect my house and save my life in an emergency, cops to keep crooks far away from me, and air traffic controllers to keep planes from crashing into each other, and then down on top of my head while I sleep in my bed.
I would much rather them use my money to pay for all of that, and then send me a check in February, instead of telling me next year that they are doubling the tax rate because they have no money in the coffers anymore because everyone in the US set their deductions to 6.
I think for giving the gov't the amount of tax money that I do, I get a pretty good amount of services in return, and have no complaints.
BC.
I wasn't complaining. And yes, it is an interest free loan. Your lists of services doesn't change the fact that if you overpay you are giving the govt. a free loan. They don't need your return to run the govt., you overpaid, that's why it's a refund. What rate people set for deductions has no direct ramification on YOUR tax burden, just theirs.
Quote from: hbliam on March 09, 2011, 12:14:07 PM
What rate people set for deductions has no direct ramification on YOUR tax burden, just theirs.
it doesn't even change
their tax burden... whether they claim 0 or 6, they're still going to have paid the same amount of taxes when the time comes.
...just goes to show that all of the 0% loans offered by the millions of tax payers still can't resolve the gov't debt problem. [roll]
Quote from: derby on March 09, 2011, 12:28:19 PM
it doesn't even change their tax burden... whether they claim 0 or 6, they're still going to have paid the same amount of taxes when the time comes.
True
Quote from: hbliam on March 08, 2011, 09:20:40 PMKind of like the guy on the street that tells me he pays my salary [leo]
Not kind of like. Its the actual fact. We work to profitably produce goods and services from which the government syphons the cash to fill the Public Purse, out of which We the Guys On The Street pay for your Public Service :-*.
this one is just about done, agreed?
Quote from: Statler on March 09, 2011, 05:37:27 PM
this one is just about done, agreed?
no no no... i think it's got a few more snarky comments and some veiled insults left in it.
Quote from: ungeheuer on March 09, 2011, 05:35:40 PM
Not kind of like. Its the actual fact. We work to profitably produce goods and services from which the government syphons the cash to fill the Public Purse, out of which We the Guys On The Street pay for your Public Service :-*.
I work two jobs. I pay my own salary. I serve myself. :)
Quote from: derby on March 09, 2011, 05:49:06 PM
no no no... i think it's got a few more snarky comments and some veiled insults left in it.
I dont think its at all snarky or insulting in a thread entitled "taxes" to make comment that the reason we pay Tax is to provide the community with Public Services. And neither do I believe its snarky or insulting to remind those public servants who constantly remind us of the nature of their public service (despite there being rules about discussing.... [leo]) where their pay check is indeed coming from :).
PS: Is
snarky a real word?
Quote from: Statler on March 09, 2011, 05:37:27 PM
this one is just about done, agreed?
Your call Boss, I aint lookin' for trouble ;).
If I may chime in with a wee comment...I am very grateful to those who provide critical services - [leo], teachers, air traffic control, road crews, firemen...
[drool]
...where was I? Oh yeah, I value those services and am happy to pay for them.
But i'd just like to mention that I have worked for a government agency. So has my dad. My mom & my sister still work for the government. My boyfriend's start up is solely funded by the government. And I have seen my tax dollars go towards some very inefficient sources... in some cases pissed down the drain. So i'd prefer not to give a 0% loan to the gov't. Also, the amount of taxes I pay makes a big difference to my finances, but nary a dent in the overall gov't budget. While it seems that the wealthiest people and companies in the US, who have more leeway in their finances, and who in previous decades were contributing a large percentage to the gov't budget, now have the ways and means to lobby for tax breaks or have a "primary residence" in a low-tax state (lots of this for Cali wealthy) or hold assets offshore. A tad frustrating.
Oops, have I gone too far?
I'm just saying that I could use that $$ to support my local ducati dealer ;D
i am completely ok with paying my taxes. however...
i got caught in the quarterly payment cycle once upon a time. my biggest pregnant dog about the whole thing was that i was then getting these large refunds at the end of the tax year..........WTF?? in any event, i found it to be more financially sound to keep my money and earn interest on it (or pay down debt, or whatever we do when we actually have some "extra" money.) as i recall, the penalty for not paying quarterly was really not a big deal.
Quote from: ungeheuer on March 09, 2011, 08:25:57 PM...its snarky or insulting to remind those public servants who constantly remind us of the nature of their public service where their pay check is indeed coming from.
Yes, it's
snarky to try to tell people they work for you. I don't work for the Queen. [laugh]
Don't pay them, you'll outlive their hassle.
well all 500 dollar hammers and toilet seats aside....I used to live up on the side of Sharptop Mountain in North Georgia....
every now and then each month some fighter jets would come through the mountains..... across my meadow...maybe 100 yards off the ground at some incredible speeds
I think they were calibrating their ground-hugging stuff and otherwise practicing
the sound and the sight of that just made me stop dead in my tracks and smile ear-to-ear...awestruck
I kind of liked the idea that I helped fund some 20-something year old kid's incomparable blast of a lifetime
and in exchange for the favor he would kill people that would want to see us dead or not paying taxes to fund his wet-dream come true.