I hate taxes

[Mayfriday0529]

ohhh i just hate taxes.

I did like 15 hours of OT from home during the thanksgiving weekend and really only got about 70 dollars extra on my Net PAY.

venting sorry.

 

[Titan]

the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

 

[Mayfriday0529]

Originally posted by: tkotitan2
the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

yeah return in march, and taht hopefully last year i got slapped and had to pay.

i just wanted extra cash for x-mas gift, ofcourse i knew that would happen, sometimes when you work less you get more than when you work more.

 

[kyparrish]

i find that about 6-8 hours of OT a week is the "sweet spot" for my paycheck....where I still get some extra cash back, but don't have a boatload withheld for Uncle Sam

 

[ondarkness]

I hate texas, but I won't mess with them.

 

[CPA]

Originally posted by: Jnetty99

Originally posted by: tkotitan2
the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

yeah return in march, and taht hopefully last year i got slapped and had to pay.

i just wanted extra cash for x-mas gift, ofcourse i knew that would happen, sometimes when you work less you get more than when you work more.

If you don't want to wait until March/April, then just change your withholdings.

 

[Mayfriday0529]

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: tkotitan2
the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

yeah return in march, and taht hopefully last year i got slapped and had to pay.

i just wanted extra cash for x-mas gift, ofcourse i knew that would happen, sometimes when you work less you get more than when you work more.

If you don't want to wait until March/April, then just change your withholdings.

ohh no not changing them, i got them mixed up in 2003 and thats why it cost me in the end to pay.
check in march sounds nice.

 

[Ausm]

Uncle Sam makes sure he gets paid first and also very well

Get used to it

Ausm

 

[CPA]

Originally posted by: Jnetty99

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: tkotitan2
the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

yeah return in march, and taht hopefully last year i got slapped and had to pay.

i just wanted extra cash for x-mas gift, ofcourse i knew that would happen, sometimes when you work less you get more than when you work more.

If you don't want to wait until March/April, then just change your withholdings.

ohh no not changing them, i got them mixed up in 2003 and thats why it cost me in the end to pay.
check in march sounds nice.

I would argue that "it cost me in the end to pay". Look at it this way, would you rather give Uncle Sam and interest free loan, or receive an interest free loan?

 

[jadinolf]

Originally posted by: ondarkness
I hate texas, but I won't mess with them.

Yep, that's right. Don't mess with Texas. :thumbsup:

 

[Mayfriday0529]

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: tkotitan2
the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

yeah return in march, and taht hopefully last year i got slapped and had to pay.

i just wanted extra cash for x-mas gift, ofcourse i knew that would happen, sometimes when you work less you get more than when you work more.

If you don't want to wait until March/April, then just change your withholdings.

ohh no not changing them, i got them mixed up in 2003 and thats why it cost me in the end to pay.
check in march sounds nice.

I would argue that "it cost me in the end to pay". Look at it this way, would you rather give Uncle Sam and interest free loan, or receive an interest free loan?

I dont know how much more i could change my witholding as a single male that makes under 30,000. In 2003 i had it wrong and i had to pay about 700 dollars.

usually i rather get back my 2000 in march.

 

[HeroOfPellinor]

Saw that piece FoxNEWS did on a potential federal sales tax to replce income and payroll taxes last night. That would be sweet. Some guy complains about taxes, all you have to do is yell back "Don't spend so much dumbazz!".

 

[EagleKeeper]

Originally posted by: Jnetty99

I dont know how much more i could change my witholding as a single male that makes under 30,000. In 2003 i had it wrong and i had to pay about 700 dollars.

usually i rather get back my 2000 in march.

You can change your withholding as you wish. Only requirement is to not have to owe so much that you have to pay penalty. Best way to avoid that is to get a good estimate on how much your taxes should be for a quarter and determine the extra allowed without hitting the penalty limit. If not enough is being withheld for the quarter, then send in a check for the difference.

That $700 was money that you were able to use up front.

 

[CPA]

Originally posted by: Jnetty99

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: tkotitan2
the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

yeah return in march, and taht hopefully last year i got slapped and had to pay.

i just wanted extra cash for x-mas gift, ofcourse i knew that would happen, sometimes when you work less you get more than when you work more.

If you don't want to wait until March/April, then just change your withholdings.

ohh no not changing them, i got them mixed up in 2003 and thats why it cost me in the end to pay.
check in march sounds nice.

I would argue that "it cost me in the end to pay". Look at it this way, would you rather give Uncle Sam and interest free loan, or receive an interest free loan?

I dont know how much more i could change my witholding as a single male that makes under 30,000. In 2003 i had it wrong and i had to pay about 700 dollars.

usually i rather get back my 2000 in march.

okay, but then you can't have it both ways. You can't get money back unless you are having too much withheld, which is your case.

But, with that said, I agree with what I believe is your overall assessment - payroll taxes suck, period.

 

[Gnurb]

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: tkotitan2
the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

yeah return in march, and taht hopefully last year i got slapped and had to pay.

i just wanted extra cash for x-mas gift, ofcourse i knew that would happen, sometimes when you work less you get more than when you work more.

If you don't want to wait until March/April, then just change your withholdings.

ohh no not changing them, i got them mixed up in 2003 and thats why it cost me in the end to pay.
check in march sounds nice.

I would argue that "it cost me in the end to pay". Look at it this way, would you rather give Uncle Sam and interest free loan, or receive an interest free loan?

I dont know how much more i could change my witholding as a single male that makes under 30,000. In 2003 i had it wrong and i had to pay about 700 dollars.

usually i rather get back my 2000 in march.

okay, but then you can't have it both ways. You can't get money back unless you are having too much withheld, which is your case.

But, with that said, I agree with what I believe is your overall assessment - payroll taxes suck, period.

His idea is that you can have that 700 dollars early, and do whatever you want with it (such as put in a savings account to earn interest).

 

[dullard]

I like taxes. They buy things I want and can't get any other way. But enough politics.

1) The people above are corect that you can change your withholdings so that you don't have so much taken out. (There is a legal limit here, as in some cases you might have to pay something during the year).

2) Having to pay in April isn't a bad thing. In fact it is a good thing. You can keep your money, earn interest with it, and then pay it in April as you still have the money saved . You should be happy you had to pay last year.

3) I always got my tax returns by Valentines day and often sooner. I did everything on Jan 1st, and asked my employer to get my W2 to me ASAP. You can do it too.

4) Payroll taxes do suck. It should be all income tax based (ie increase income tax rates and eliminate the payroll tax). Why should the low income people pay a higher payroll tax percentage than the high income people?

 

[Mayfriday0529]

Originally posted by: dullard


3) I always got my tax returns by Valentines day and often sooner. I did everything on Jan 1st, and asked my employer to get my W2 to me ASAP. You can do it too.

I had three W2 in 2003 so every company had a different time that they gave them at.

 

[EagleKeeper]

Originally posted by: Jnetty99

Originally posted by: dullard


3) I always got my tax returns by Valentines day and often sooner. I did everything on Jan 1st, and asked my employer to get my W2 to me ASAP. You can do it too.

I had three W2 in 2003 so every company had a different time that they gave them at.

By law, they are supposed to get the W2 to you by 1 Feb; however, there is no teeth in it.

 

[EagleKeeper]

Originally posted by: dullard4) Payroll taxes do suck. It should be all income tax based (ie increase income tax rates and eliminate the payroll tax). Why should the low income people pay a higher payroll tax percentage than the high income people?

How does the government insure that you will pay taxes on your income. Payroll is where the best spot is to ensure that the funds get to Uncle.

Many people will not be able to put the $$ aside during the year for what will be owed.

The payroll tax percentage is based on the projected income.

If I make $100K the percentage withheld should be about 35%

If I make $10K year the percentage is only about 15%.

Are you saying that the $10K person should only pay 3.5% becuase the income is only 10% of the $100K person.

Going on that assumption, one will have a pure socialized welfare state.

Or should the $10K person only be allowed to use 10% of the government services that the $100K person does?

 

[CPA]

Originally posted by: EagleKeeper

Originally posted by: Jnetty99

Originally posted by: dullard


3) I always got my tax returns by Valentines day and often sooner. I did everything on Jan 1st, and asked my employer to get my W2 to me ASAP. You can do it too.

I had three W2 in 2003 so every company had a different time that they gave them at.

By law, they are supposed to get the W2 to you by 1 Feb; however, there is no teeth in it.

EK, I believe they have to have them postmarked by that date. And there is some teeth. A company has to pay $50 penalty for each W2 not postmarked on time. Somehow the IRS finds out, because my company gets hit every year, it seems.

 

[CPA]

Originally posted by: Gnurb

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: CPA

Originally posted by: Jnetty99

Originally posted by: tkotitan2
the amount of tax taken out is based on the size of the check. So chances are you will get some more of that back in your return.

yeah return in march, and taht hopefully last year i got slapped and had to pay.

i just wanted extra cash for x-mas gift, ofcourse i knew that would happen, sometimes when you work less you get more than when you work more.

If you don't want to wait until March/April, then just change your withholdings.

ohh no not changing them, i got them mixed up in 2003 and thats why it cost me in the end to pay.
check in march sounds nice.

I would argue that "it cost me in the end to pay". Look at it this way, would you rather give Uncle Sam and interest free loan, or receive an interest free loan?

I dont know how much more i could change my witholding as a single male that makes under 30,000. In 2003 i had it wrong and i had to pay about 700 dollars.

usually i rather get back my 2000 in march.

okay, but then you can't have it both ways. You can't get money back unless you are having too much withheld, which is your case.

But, with that said, I agree with what I believe is your overall assessment - payroll taxes suck, period.

His idea is that you can have that 700 dollars early, and do whatever you want with it (such as put in a savings account to earn interest).

That's my idea, not his.

 

[amish]

Originally posted by: dullard
4) Payroll taxes do suck. It should be all income tax based (ie increase income tax rates and eliminate the payroll tax). Why should the low income people pay a higher payroll tax percentage than the high income people?

i like this idea. it gets rid of crappy ass payroll taxes but still leaves me with a job. the pure sales tax that was mentioned earlier i hope and doubt that it will ever get passed.

 

[asm0deus]

i wish there was a better way, didnt we have the revolutionary war to get out of taxes? seems like it's about time for another...

 

[dullard]

Originally posted by: EagleKeeper
How does the government insure that you will pay taxes on your income. Payroll is where the best spot is to ensure that the funds get to Uncle.

...

Going on that assumption, one will have a pure socialized welfare state.

I think I didn't make myself clear when I typed just a short post. When you get a paycheck, you pay income tax + social security tax + medicare tax. Commonly, people split this into two categories: income tax + other tax. Often people call the latter payroll tax. So out of your check you pay income tax + payroll tax. Maybe it isn't the correct term, but that is the terminology that every place I've worked at and every person I know uses. Defined that way, it is 15.3% tax for the low to mid income people and the percentage drops for high income people (this is the total tax paid per wage earner). But if you don't like that definition, I won't mention it again on this thread, I'll just call it "other" tax and use numbers.

So if you are in the $10k income level, you pay the expected income tax + 15.3%. If you are at the $87k income level, you pay the expected income tax + 15.3%. If you are at the $200k income level, you pay the expected income tax + 8.3%. If you are that $1M income level, you pay the expected income tax + 4.0%.

Notice how the "other" tax rate plummets for the high income earners? I don't agree with regressive taxes like that, especially when there is such a steep decline in the regressive tax. A $10k salary earner pays 15.3% "other" tax while the $1M salary earner pays 4%. Someone earning $10k salary pays nearly 4 times the tax rate of someone earning $1 million.

Like I said, this "other" tax should in my opinion become all income tax. You still have income tax removed from your paycheck, but nothing else.

 

[gsellis]

FairTax dot org
Repeal Income tax, remove SS tax, removes Medicare tax, Rebate for tax payers, lower cost of goods.