WTF Taxes. WTF. How do i owe money...WTF

[thomsbrain]

Originally posted by: JS80

Originally posted by: TheSiege

Originally posted by: HeroOfPellinor
Or get a mortgage.

i closed about 3 weeks ago

how did you get a mortgage making $51k a year?

living in utah, apparently.

 

[Jadow]

Grats on the house. Since you're getting that, you'll be able to itemize for 2007 instead of taking the standard deduction. So you shouldn't worry about withholding any more. Your extra deducitons (mortgage int, property taxes) will easily be a few thousand more than the SD.

 

[TheSiege]

ok well i guess i worry about that then. i already made a spreadsheet that covers ever single cent i spend from the first of the year on

 

[SSSnail]

Originally posted by: boomerang

Originally posted by: SSSnail
Be glad you only owe $363. Can I rent any of you guys as my deductions?

Ummmm, what exactly would I have to do?

I "heard" that if you don't file income tax, and no one is claiming you, supposedly someone else can file you as a dependent using your SSN. But, that's a go to "pound me in the @ss federal prison" offense, if caught.

 

[spidey07]

Originally posted by: Jadow
both jobs withheld as if it was your only job. I see this a lot with people who have 2 jobs. When you work 2 jobs, each individually will withhold less than the total you owe. you need to withhold zero, then an extra $20 or so on one of the jobs.

Sounds pretty dead on to me. Both witheld at that tax bracket, but combined you moved into another one.

 

[Eos]

Originally posted by: JS80

Originally posted by: TheSiege

Originally posted by: HeroOfPellinor
Or get a mortgage.

i closed about 3 weeks ago

how did you get a mortgage making $51k a year?

My g/f got one making about the same.

 

[Mill]

Originally posted by: JS80

Originally posted by: TheSiege

Originally posted by: HeroOfPellinor
Or get a mortgage.

i closed about 3 weeks ago

how did you get a mortgage making $51k a year?

Hey, look, JS80 is being a pompous ass again and assuming everyone lives in California. He did that even though the OP's profile CLEARLY indicates his location.

Is it really necessary for you to chime in with some dumbass comment in every money thread?

[Dumbass Cali Guy]
What do you mean you got a house for 51k? Here, it requires so much more. I've never heard of different cost of living, dude. Dude, we are so rich compared to you. I like make a lot more money, and I like got a mortgage with my badass payrate that was SOOOO much higher than yours. Doesn't everyone wish they could be like us here in Cali?[/Dumbass Cali guy]

Seriously. What the hell is your problem? Can you not click a profile and see where he is from? Can you not fathom the idea of different costs of living depending on what area someone lives in? Considering AT has fairly decent International usage, what the HELL makes you think he lives in the US let alone California? Because your pretentious obnoxious ass does?

 

[Anubis]

Originally posted by: JS80

Originally posted by: TheSiege

Originally posted by: HeroOfPellinor
Or get a mortgage.

i closed about 3 weeks ago

how did you get a mortgage making $51k a year?

i know people that own a house that make less

buddy is a teacher in West Vergina barly making 40k a year has a house. he rents helped with the down payment but he pays the mortgage and does just fine

 

[Jack Ryan]

Originally posted by: Mill

Originally posted by: JS80

Originally posted by: TheSiege

Originally posted by: HeroOfPellinor
Or get a mortgage.

i closed about 3 weeks ago

how did you get a mortgage making $51k a year?

Hey, look, JS80 is being a pompous ass again and assuming everyone lives in California. He did that even though the OP's profile CLEARLY indicates his location.

Is it really necessary for you to chime in with some dumbass comment in every money thread?

[Dumbass Cali Guy]
What do you mean you got a house for 51k? Here, it requires so much more. I've never heard of different cost of living, dude. Dude, we are so rich compared to you. I like make a lot more money, and I like got a mortgage with my badass payrate that was SOOOO much higher than yours. Doesn't everyone wish they could be like us here in Cali?[/Dumbass Cali guy]

Seriously. What the hell is your problem? Can you not click a profile and see where he is from? Can you not fathom the idea of different costs of living depending on what area someone lives in? Considering AT has fairly decent International usage, what the HELL makes you think he lives in the US let alone California? Because your pretentious obnoxious ass does?

Well said.

 

[TheSiege]

mines an 80/20 loan, i pay about 1k a month for mortgage, ill have the 20 part of the loan payed off within a year bringing my mortgage down to about 850 a month. you could afford that working in a soup kitchen...

 

[spidey07]

Originally posted by: TheSiege
mines an 80/20 loan, i pay about 1k a month for mortgage, ill have the 20 part of the loan payed off within a year bringing my mortgage down to about 850 a month. you could afford that working in a soup kitchen...

Why in the hell would you pay that down?

Invest, out pace your rate and become wealthy.

 

[ultimatebob]

Originally posted by: spidey07

Originally posted by: TheSiege
mines an 80/20 loan, i pay about 1k a month for mortgage, ill have the 20 part of the loan payed off within a year bringing my mortgage down to about 850 a month. you could afford that working in a soup kitchen...

Why in the hell would you pay that down?

Invest, out pace your rate and become wealthy.

That depends on how high the rate on his second mortgage is and what kind of returns he's getting on his IRA, no?

 

[erub]

Originally posted by: spidey07

Originally posted by: TheSiege
mines an 80/20 loan, i pay about 1k a month for mortgage, ill have the 20 part of the loan payed off within a year bringing my mortgage down to about 850 a month. you could afford that working in a soup kitchen...

Why in the hell would you pay that down?

Invest, out pace your rate and become wealthy.

Isn't the last 20 at a much higher rate than the first 80?

 

[ballmode]

www.taxact.com

 

[tfinch2]

Originally posted by: JS80

Originally posted by: TheSiege

Originally posted by: HeroOfPellinor
Or get a mortgage.

i closed about 3 weeks ago

how did you get a mortgage making $51k a year?

Not everyone lives in ass-rape California...

 

[TheSiege]

80 = 6.37 20 = 6.5 i dont know sh!t about investing or i would

 

[spidey07]

Originally posted by: ultimatebob
That depends on how high the rate on his second mortgage is and what kind of returns he's getting on his IRA, no?

Whose talking about an IRA? I'm talking about building net worth.

Investing the difference, coupled with the appreciation, PLUS he's complaining about taxes.

Just go run the numbers. I personally don't like throwing money away.

 

[AnthroAndStargate]

It's 363 dollars. LOL. It is not worth your time.

 

[sao123]

Originally posted by: TheSiege
I work 2 full time jobs, i claim 0 for state and federal from both jobs.
I contribute to a 401k. I pay for medical and dental coverage and took a college course this summer so i paid 1000 in higher education and i still owe the federal government 363 dollars?
WTF? some one please explain. i made 22.7k at one job and 28k at the other...

Question 1... are you married?

If you are single... and you make 22.7K at job A...
You owe 782.50 + 15% of the amount over $7825... which would approx be
$14875 x 15% = $2231.25... so your taxes from having this job alone would be $3013.75.

similarly... if you make 28K at job B...
You owe 782.50 + 15% of the amount over $7825... which would approx be
$20175 x 15% = $3026.25... so your taxes from having this job alone would be $3808.75.


but since you work 2 jobs... your taxes are the following...
You owe $4386.25 + 25% of the amount over $31850... which would approx be
$18850 x 25% = $4712.50... so your combined taxes are $9098.75


Each of your jobs, claiming 0, only withhold the 15% tax rate... but you moved into the 25% higher tax bracket costing you an extra 3k...
$9098.75 > $6822.50


:thumbsdown: for not being married... you'd still be in the 15% tax bracket all the way up to $63,700 combined income... and would have only paid the $6822.50...

2007 Federal Tax Rates