How accountants have fun...

[CPA]

We calculate future year tax liabilities and plan out or tax strategies.

My wife wants to quit and stay at home starting next year. I have been battling the idea, because of cash flow issues. But from a tax perspective it's a pretty good deal.

If my wife quits Jan 1, 2004, and I make about 87.5K gross (wage and bonus, not including any stock options exercised) for the year 2004, I will end up having to only pay, using the 2003 tax tables, exemption amounts and estimated itemized deductions and adjustments to get to AGI, 1K in federal taxes for the whole year! Woohoo! Since bonuses are taxed at 28%, the tax on it alone would cover my whole year's tax liability, meaning I won't have to have any withholdings for 2004.

Now I just need to see if I can handle the cash flow side (paying the mortgage, bills, food, etc.)

And yes, I have already calculated my family's 2003 tax liability for the year, and we will be overpaying about 2k. Time to adjust the W-4.

 

[djheater]

The moment I find myself even trying to figure out stuff like that, I quit and buy something I can't afford on my credit card.

 

[ThaGrandCow]

My cat's breath smells like cat food.

 

[FoBoT]

my head just exploded

 

[dquan97]

I'm with you, CPA...I do the same thing...

but then again, I work on the other side of the business...FTB

 

[CPA]

Originally posted by: djheater
The moment I find myself even trying to figure out stuff like that, I quit and buy something I can't afford on my credit card.

aha, and now you know why I have a concern over the cash-flow issue. I like to buy a lot of stuff.

 

[Fausto]

Originally posted by: CPA
We calculate future year tax liabilities and plan out or tax strategies.

My wife wants to quit and stay at home starting next year. I have been battling the idea, because of cash flow issues. But from a tax perspective it's a pretty good deal.

If my wife quits Jan 1, 2004, and I make about 87.5K gross (wage and bonus, not including any stock options exercised) for the year 2004, I will end up having to only pay, using the 2003 tax tables, exemption amounts and estimated itemized deductions and adjustments to get to AGI, 1K in federal taxes for the whole year! Woohoo! Since bonuses are taxed at 28%, the tax on it alone would cover my whole year's tax liability, meaning I won't have to have any withholdings for 2004.

Now I just need to see if I can handle the cash flow side (paying the mortgage, bills, food, etc.)

And yes, I have already calculated my family's 2003 tax liability for the year, and we will be overpaying about 2k. Time to adjust the W-4.

You sir, are a wild man. I would very much like to party with you.

 

[CPA]

Originally posted by: dquan97
I'm with you, CPA...I do the same thing...

but then again, I work on the other side of the business...FTB

FTB = Franchise Tax Board?

 

[Hoober]

Originally posted by: Fausto1

Originally posted by: CPA
We calculate future year tax liabilities and plan out or tax strategies.

My wife wants to quit and stay at home starting next year. I have been battling the idea, because of cash flow issues. But from a tax perspective it's a pretty good deal.

If my wife quits Jan 1, 2004, and I make about 87.5K gross (wage and bonus, not including any stock options exercised) for the year 2004, I will end up having to only pay, using the 2003 tax tables, exemption amounts and estimated itemized deductions and adjustments to get to AGI, 1K in federal taxes for the whole year! Woohoo! Since bonuses are taxed at 28%, the tax on it alone would cover my whole year's tax liability, meaning I won't have to have any withholdings for 2004.

Now I just need to see if I can handle the cash flow side (paying the mortgage, bills, food, etc.)

And yes, I have already calculated my family's 2003 tax liability for the year, and we will be overpaying about 2k. Time to adjust the W-4.

You sir, are a wild man. I would very much like to party with you.

Me, too.

Seriously, though. That would be nice to figure out.

 

[CPA]

Originally posted by: Hoober

Originally posted by: Fausto1

Originally posted by: CPA
We calculate future year tax liabilities and plan out or tax strategies.

My wife wants to quit and stay at home starting next year. I have been battling the idea, because of cash flow issues. But from a tax perspective it's a pretty good deal.

If my wife quits Jan 1, 2004, and I make about 87.5K gross (wage and bonus, not including any stock options exercised) for the year 2004, I will end up having to only pay, using the 2003 tax tables, exemption amounts and estimated itemized deductions and adjustments to get to AGI, 1K in federal taxes for the whole year! Woohoo! Since bonuses are taxed at 28%, the tax on it alone would cover my whole year's tax liability, meaning I won't have to have any withholdings for 2004.

Now I just need to see if I can handle the cash flow side (paying the mortgage, bills, food, etc.)

And yes, I have already calculated my family's 2003 tax liability for the year, and we will be overpaying about 2k. Time to adjust the W-4.

You sir, are a wild man. I would very much like to party with you.

Me, too.

Seriously, though. That would be nice to figure out.

It's easy, just grab your paycheck, make a couple of estimations, and grab the 2003 tax tables and exemption/credit amounts off the internet.

It's easy and fun!

 

[dquan97]

Originally posted by: CPA

Originally posted by: dquan97
I'm with you, CPA...I do the same thing...

but then again, I work on the other side of the business...FTB

FTB = Franchise Tax Board?

Yup!

 

[xirtam]

We calculate future year tax liabilities and plan out or tax strategies.

Um... ok.

Back to Counterstrike.

Seriously... for this reason I'm glad I'm not an accountant.

Plan? Bah.
Bills? Bah.
Taxes? Bah.