does anyone else get raped by taxes?

[Xyclone]

Not yet!

 

[SilentZero]

Yeah I will be getting raped this year big time!!!

I recieved a payment (direct deposit) that wasnt taxed from the DoD because they said I was exempt, however come to find, out I have to pay taxes on it (they should have taken it out), and then be refunded the taxes later at tax time. So needless to say, on that one deposit alone the taxes are over $14,700...so thats probably will be what I have to pay, not to mention on our other income (wife and I file married joint).

 

[wiredspider]

still more than what i make

 

[sash1]

lol, i thought it said "texas"

 

[Eeezee]

I've never liked having big chunks of my paycheck taken out; I'd rather write a check at the beginning of the next year for however much I owe while making money with the full extent of my pay.

Doesn't that make more sense, or am I missing something? You'll end up with a little bit more net income in the end if you minimize withholdings and invest until it comes time to pay up, correct? Buy a 7-month CD in June using all of the extra money you get for choosing the smallest withholdings. It matures; you gain a little bit and end up paying nearly the same. What matters is that you came out with more money that you'd have earned otherwise if you allowed the government to take big chunks of your paycheck and ended up breaking even or even earning a tax credit.

Please explain if having a larger withholding somehow changes things, as I am no expert at the tax system.

 

[huberm]

Originally posted by: Eeezee
I've never liked having big chunks of my paycheck taken out; I'd rather write a check at the beginning of the next year for however much I owe while making money with the full extent of my pay.

Doesn't that make more sense, or am I missing something? You'll end up with a little bit more net income in the end if you minimize withholdings and invest until it comes time to pay up, correct? Buy a 7-month CD in June using all of the extra money you get for choosing the smallest withholdings. It matures; you gain a little bit and end up paying nearly the same. What matters is that you came out with more money that you'd have earned otherwise if you allowed the government to take big chunks of your paycheck and ended up breaking even or even earning a tax credit.

Please explain if having a larger withholding somehow changes things, as I am no expert at the tax system.

i have thought about this and it seems like a great idea, but i came to the conclusion that no one is disciplined enough to do this, they would just piss away that extra money and end up owing at tax time.

 

[imported_goku]

Um, no, thats what BUTT PLUGS are for...

 

[Mo0o]

Originally posted by: huberm

Originally posted by: Eeezee
I've never liked having big chunks of my paycheck taken out; I'd rather write a check at the beginning of the next year for however much I owe while making money with the full extent of my pay.

Doesn't that make more sense, or am I missing something? You'll end up with a little bit more net income in the end if you minimize withholdings and invest until it comes time to pay up, correct? Buy a 7-month CD in June using all of the extra money you get for choosing the smallest withholdings. It matures; you gain a little bit and end up paying nearly the same. What matters is that you came out with more money that you'd have earned otherwise if you allowed the government to take big chunks of your paycheck and ended up breaking even or even earning a tax credit.

Please explain if having a larger withholding somehow changes things, as I am no expert at the tax system.

i have thought about this and it seems like a great idea, but i came to the conclusion that no one is disciplined enough to do this, they would just piss away that extra money and end up owing at tax time.

Yep. Its better to just take it off the top and return whatever extra they might have taken.

 

[AnthroAndStargate]

Originally posted by: spidey07
it only gets worse the more you make.

keep voting republican.


you need to find deductions and reduce your taxible income. Otherwise as a single guy you will get reamed severely. pop out a couple kids and get a wife...great way to lower your taxes.

Modern Republicans are not fiscal conservatives, this statement is illogical.
(Case in point: Look at the current economic strat. of the American administration).

 

[johnjbruin]

~35% here - blows...

 

[SearchMaster]

Originally posted by: Eeezee
I've never liked having big chunks of my paycheck taken out; I'd rather write a check at the beginning of the next year for however much I owe while making money with the full extent of my pay.

Doesn't that make more sense, or am I missing something? You'll end up with a little bit more net income in the end if you minimize withholdings and invest until it comes time to pay up, correct? Buy a 7-month CD in June using all of the extra money you get for choosing the smallest withholdings. It matures; you gain a little bit and end up paying nearly the same. What matters is that you came out with more money that you'd have earned otherwise if you allowed the government to take big chunks of your paycheck and ended up breaking even or even earning a tax credit.

Please explain if having a larger withholding somehow changes things, as I am no expert at the tax system.

That's how it used to be, from the time Federal Income Tax was instituted until World War II, when required withholdings were "temporarily" implemented. 60+ years later...

Another fun fact: when the Federal Income Taxes was being debated in Congress, there was a push for a maximum rate to be written into the Constitutional Amendment to avoid abusive taxes by future administrations. This was rejected under the assumption that if you implement a max, the rates would quickly be raised to the max by unscrupulous administrations. Now, how good would that 5% proposed maximum rate look now?

 

[homestarmy]

You know what I heard is even worse than getting that much taken out? Making half that and trying to support a couple of people, pay the mortgage, and earn a degree.

::Smashes world's smallest violin against your head.::

 

[alent1234]

it sucks being single since you pay the actuall tax rates

After marriage my taxes are now like 75 pages but on an income of over $100,000 we only pay around 12% federal taxes. Deductions for school, car, charity, mortgage interest and a bunch of other things.

Here is my advice.

find a second job where you need to use your car and you aren't reimbursed. This way you can deduct a good portion of your car payments.
find junk and contribute to charity
buy a home while rates are low

 

[eakers]

I live in Canada.

/thread.

 

[GamerExpress]

Yep all a part of life. Taxes are fun, enjoy it.

 

[jadinolf]

Originally posted by: JRich

Originally posted by: jadinolf

Originally posted by: jumpr

Originally posted by: Slew Foot
You should see the taxes on my income (~250k yr).

<-- plays world's smallest violin.

<---------Makes it a duet.

If we get IHateMyJob's inverted violin and I bring mine we can have a quartet!

Now you're talkin'

 

[Queasy]

Originally posted by: SearchMaster

Originally posted by: Eeezee
I've never liked having big chunks of my paycheck taken out; I'd rather write a check at the beginning of the next year for however much I owe while making money with the full extent of my pay.

Doesn't that make more sense, or am I missing something? You'll end up with a little bit more net income in the end if you minimize withholdings and invest until it comes time to pay up, correct? Buy a 7-month CD in June using all of the extra money you get for choosing the smallest withholdings. It matures; you gain a little bit and end up paying nearly the same. What matters is that you came out with more money that you'd have earned otherwise if you allowed the government to take big chunks of your paycheck and ended up breaking even or even earning a tax credit.

Please explain if having a larger withholding somehow changes things, as I am no expert at the tax system.

That's how it used to be, from the time Federal Income Tax was instituted until World War II, when required withholdings were "temporarily" implemented. 60+ years later...

Another fun fact: when the Federal Income Taxes was being debated in Congress, there was a push for a maximum rate to be written into the Constitutional Amendment to avoid abusive taxes by future administrations. This was rejected under the assumption that if you implement a max, the rates would quickly be raised to the max by unscrupulous administrations. Now, how good would that 5% proposed maximum rate look now?

Another fun fact: Democrats tried to get the progressive income tax signed into law several times but the Supreme Court ruled it unconstitutional. It wasn't until the Republicans agreed to put it up as a Constitutional Amendment did it pass. The Republicans at the time didn't think it would pass but a little case of possible fraud and the fact that it was sold as a tax only on the rich allowed the Constitutional Amendment to pass.

Fair Tax anyone?

 

[Ausm]

Originally posted by: spidey07
it only gets worse the more you make.

keep voting republican.


you need to find deductions and reduce your taxible income. Otherwise as a single guy you will get reamed severely. pop out a couple kids and get a wife...great way to lower your taxes.

I wouldn't get a wife but the alimoney deduction might be helpful.


Ausm

 

[Eeezee]

Originally posted by: Mo0o

Originally posted by: huberm

Originally posted by: Eeezee
I've never liked having big chunks of my paycheck taken out; I'd rather write a check at the beginning of the next year for however much I owe while making money with the full extent of my pay.

Doesn't that make more sense, or am I missing something? You'll end up with a little bit more net income in the end if you minimize withholdings and invest until it comes time to pay up, correct? Buy a 7-month CD in June using all of the extra money you get for choosing the smallest withholdings. It matures; you gain a little bit and end up paying nearly the same. What matters is that you came out with more money that you'd have earned otherwise if you allowed the government to take big chunks of your paycheck and ended up breaking even or even earning a tax credit.

Please explain if having a larger withholding somehow changes things, as I am no expert at the tax system.

i have thought about this and it seems like a great idea, but i came to the conclusion that no one is disciplined enough to do this, they would just piss away that extra money and end up owing at tax time.

Yep. Its better to just take it off the top and return whatever extra they might have taken.

It's a bad idea because some people are undisciplined?

I mean, is it a good idea for those of us who can control the money and make more money with it?

 

[huberm]

Originally posted by: Eeezee

Originally posted by: Mo0o

Originally posted by: huberm

Originally posted by: Eeezee
I've never liked having big chunks of my paycheck taken out; I'd rather write a check at the beginning of the next year for however much I owe while making money with the full extent of my pay.

Doesn't that make more sense, or am I missing something? You'll end up with a little bit more net income in the end if you minimize withholdings and invest until it comes time to pay up, correct? Buy a 7-month CD in June using all of the extra money you get for choosing the smallest withholdings. It matures; you gain a little bit and end up paying nearly the same. What matters is that you came out with more money that you'd have earned otherwise if you allowed the government to take big chunks of your paycheck and ended up breaking even or even earning a tax credit.

Please explain if having a larger withholding somehow changes things, as I am no expert at the tax system.

i have thought about this and it seems like a great idea, but i came to the conclusion that no one is disciplined enough to do this, they would just piss away that extra money and end up owing at tax time.

Yep. Its better to just take it off the top and return whatever extra they might have taken.

It's a bad idea because some people are undisciplined?

I mean, is it a good idea for those of us who can control the money and make more money with it?

agreed, it is a good idea IF the person can put the money away in a money market or something liquid and keep it there.

 

[FrozenCanadian]

Originally posted by: eakers
I live in Canada.

/thread.

Canadians pay some of the most highest taxes in the world. I only make 11-12K a year and get around 200 back.

 

[DT4K]

Originally posted by: gooseman
I think the question really is.....Is anyone NOT getting raped by taxes?

I'm not really.
With a house, an at-home wife, 4 kids, and an income around 60k, I generally have ZERO federal income tax liability.

With medicare, SS, and state income tax, I'll end up paying around 10% of my income in taxes. Property tax will take about another 3-4% of my income. No sales tax here in Oregon.

 

[milagro]

Originally posted by: DT4K

Originally posted by: gooseman
I think the question really is.....Is anyone NOT getting raped by taxes?

I'm not really.
With a house, an at-home wife, 4 kids, and an income around 60k, I generally have ZERO federal income tax liability.

With medicare, SS, and state income tax, I'll end up paying around 10% of my income in taxes. Property tax will take about another 3-4% of my income. No sales tax here in Oregon.

you support a family of 5 on 60k?!?!...i'm definately impressed...good job

 

[DT4K]

Originally posted by: milagro

Originally posted by: DT4K

Originally posted by: gooseman
I think the question really is.....Is anyone NOT getting raped by taxes?

I'm not really.
With a house, an at-home wife, 4 kids, and an income around 60k, I generally have ZERO federal income tax liability.

With medicare, SS, and state income tax, I'll end up paying around 10% of my income in taxes. Property tax will take about another 3-4% of my income. No sales tax here in Oregon.

you support a family of 5 on 60k?!?!...i'm definately impressed...good job

Actually, it's 6 (including me). But, I don't live in Hawaii. Cost of living isn't too bad in Oregon. Except for housing. But we bought our house 3 years ago, when it cost HALF what it's worth now.

 

[Engineer]

Originally posted by: Eeezee
I've never liked having big chunks of my paycheck taken out; I'd rather write a check at the beginning of the next year for however much I owe while making money with the full extent of my pay.

Doesn't that make more sense, or am I missing something? You'll end up with a little bit more net income in the end if you minimize withholdings and invest until it comes time to pay up, correct? Buy a 7-month CD in June using all of the extra money you get for choosing the smallest withholdings. It matures; you gain a little bit and end up paying nearly the same. What matters is that you came out with more money that you'd have earned otherwise if you allowed the government to take big chunks of your paycheck and ended up breaking even or even earning a tax credit.

Please explain if having a larger withholding somehow changes things, as I am no expert at the tax system.

You really have to be disciplined to do it, but it does make sense. Why give Uncle George another loan when he's borrowing enough money already?

I may change my deductions this year so that I have to pay next year. I plan on saving most of my money this year anyway so I will be making a small tad of interest on MY money before I have to pony it up to Uncle George and the spending whore congress!