Why don't taxes make sense to me???

[alexjohnson16]

A few years ago, when I was a junior in high school, I made a little over $1200 in one year and got $140 back...

This year I make just short of $5000, and I only get $120 back...

Maybe I'm just stupid and don't understand the way the tax system works...

 

[her209]

Originally posted by: alexjohnson16
A few years ago, when I was a junior in high school, I made a little over $1200 in one year and got $140 back...

This year I make just short of $5000, and I only get $120 back...

Maybe I'm just stupid and don't understand the way the tax system works...

How much taxes did you pay when you made $1200 versus $5000?

 

[Colt45]

you pay a certain amount. If you overpay, you get money back. If you underpay, you owe.

what's so complicated about that?

 

[alexjohnson16]

With $1200 I paid $167, with $5000 I paid $501...

Guess that makes sort of sense now, just pissssssssses me off...

 

[MDE]

Taxes confuse just about everyone.

 

[ActuaryTm]

It's rocket science. Really.

(no offense to CPA, et al)

 

[DaveSimmons]

If you want to get a big refund, just fill out a new W-4 at work and only claim 1 or 0 exemption. You'll have less money all year, but get it all back!

The awesome savings plan for people with no self-discipline!

But seriously, if you want to have more money at the end of the year, start a savings account at www.INGDirect.com.