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i GOT SCREWED ON MY TAXES!!!!!

Gibson486

Gibson486

Lifer
Ahhhh!!!! They took of 1300 on my Federal and only gave me back $533!! Is that right? They took off more than 50%! I thought I wa supposed to get most it back!
 
They told me that if I was a student that I woudl get most of it back. Last year, I got $600 and I made around $8,000.
 


<< Social Sekurity, Komrade. >>

LOL! I was thinking the same thing. Kiss that money goodbye. The baby boomers are going to rip through most of it and leave those of us in Generation X (I've always hated that name) to pick up the pieces. I may get lucky and get 50% of it back if they can ever get their act in gear, but I'm considering it lost money at this point and planning my retirement without it.
 
gibson, generally you're right that students get back most if not all of their taxes, but that's because students generally dont' make $10k+ per year....when I worked on campus, I only made like $5k or something... and like most of these guys said, that is all tax free cuz it's under $6k...and you're probalby still a dependent (like someone else asked) which takes out more taxes...u should look at any applicable deductions...

btw, i'm NOT an accountant, so I could be wrong 😉
 


<< Stop yer whining! At least you didnt owe! 🙂 >>

Yeah. You're getting some money back, so count yourself lucky. 🙂 I on the otherhand am paying for the first time. 🙁
 
Heh, you should feel lucky. I paid $12,000 in federal taxes this year and I only got $1,100 back. That makes it less than 10%
 


<< They told me that if I was a student that I woudl get most of it back. >>


You didn't mention if you were a foreign student or not - the amount you owe depends drastically on your home country. I will assume you are an American.

There is no spot on the income tax form that asks "Are you a student - yes you owe less taxes, no you owe more". Thus just being a student doesn't mean your taxes will be any different.

However there are two ways for students to reduce their taxes. 1) If you paid student loan interest in 2001 you pay less taxes. 2) If you paid any tuition or fees you will get a lot back. Note: if you are a dependent, then your parents will receive these tax deduction/credit instead of you. If that is the case (and it usually is), then you just paid a big chunk of your parents taxes. Make sure that either you or your parents filled out form 8863.

Anyways, you paid ($1300-$533)/$11500 = 6.7% tax. That isn't really that much - probably equal to your sales tax. I wouldn't complain too much if I were you.
 


<< Stop yer whining! At least you didnt owe! 🙂 >>


Exactly! I was on form 1099 (self-employed) all through college. My senior year in college I owed $1500. Never you mind I made about $20k 🙂
 
WHO PAYS WHAT?

DESTROYING THE MYTH OF THE "DECADE OF GREED."

The left just loves to refer to the Reagan years ad the "Decade of Greed." The implication is that higher income types got away with absolute murder during the '80's when it comes to paying income taxes. Well, let's take a look at some statics from the Internal Revenue Service to see just what the various income levels were paying in income tax in 1981, and what they were paying in 1991.

1983 -- THE BEGINNING OF THE DECADE OF GREED -- THE YEAR THE REAGAN TAX BREAKS TOOK EFFECT.

Here we find the top 1% of all income earners in the United States paying a total of 20.3% of all of the personal income taxes collected by the IRS. The top 10% were paying 49.7% of all income taxes, and the top 50% was paying 92.8%. The bottom 50% of all income earners were payign only 7.2% of all income taxes.

1993 -- THE DECADE OF GREED ENDS! CLINTON RAISES TAXES TO THE EVIL RICH WILL PAY THEIR FAIR SHARE!

Ten years later, in 1993, we find the top 1% of all income earners paying 28.7% of all income taxes collected! Wow! Those rich SOB's really got away with murder, didn't they? The top 10% saw their share of total income taxes collected go from 49.7% to 58.8%. The greedy so-and-so's. The top 50% saw their share rise to 95.2% of all taxes, while the bottom 50% saw their share drop from 7.2% to 4.8%.

IT'S 1998 --- HOW ARE THE EXPLOITERS OF THE POOR DOING NOW?

The September 23, 1998 issue of The Wall Street Journal has the new numbers for us. The share of the taxes being paid by the top 1% has gone up again! For the year 1966 they are approaching 33%.

YEAH .. BUT THOSE RICH BASTARDS ARE EARNING SO MUCH THEY STILL WEREN'T PAYING THEIR FAIR SHARE

OK, fine. What would you consider a fair share? If the top 10% was earning 70% of all the income but only paying 58% of the taxes, that wouldn't be fair, would it? Well ... let's see what the figures show.

In 1993, at the end of the Decade of Greed, the top 1% were paying 28.7% of all taxes. They earned only 13.8% of all earned income. Oops! sounds like they are paying a bit more than their fair share, doesn't it? What about the top 10%? They were paying 58.5% of the income taxes but earning only 39% of the income. The top 50%? Paying 95.2% of the taxes, earning 85% of the income. The bottom 50%? Earning only 15% of the income but paying just 4.8% of the income taxes.

Update ... In 1996 the share of the income earned by the top 1% reached 16%. Remember: They're paying one third of all the taxes.

So ... who is getting away with not paying their fair share? Looks like the bottom 50% to me ... not the evil, hated, mean, nasty, wicked rich.

These figures came from The Tax Foundation and IRS Statistics, 1983 through 1993. You go and do your own research and verify them! Then tell me just what the hell Bill Clinton was talking about when he said that the rich need to pay "their fair share."

Excuse me ... I have to go throw up.

 
The tax you owe is determined by your income and deductions. Your REFUND (or lack of) is determined by how much you told them to withhold from your paycheck. You might work with someone who had much more tax withheld every pay, and they got much more of the amount refunded. That doesn't mean they paid less tax.

I work with some people who believe that if their refund is larger than someone else's, they did "better" on their taxes. Meanwhile, the person with the smaller refund was smart enough to have just what is necessary withheld from their pay.

If you want a big refund, adjust your W-4 form with your employer so they take out more money every paycheck. It won't have a thing to do with the amount of tax due on your income, though.
 
<<The baby boomers are going to rip through most of it and leave those of us in Generation X (I've always hated that name) to pick up the pieces. >>

Quit complaining. The Boomers didn't start this mess and are unlikely to see any payback. SS is a pay-as-you-go system, so there isn't anything to rip through. Remember, the Boomers have been paying for years while the X-ers (yeah, not a good name) haven't, so the X-ers haven't thrown 25+ years of SS taxes down the rathole. When the Boomers start retiring in droves in about a decade, the whole damn thing will implode. 🙁
 
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