by Rhoetus » Fri Feb 10, 2012 8:29 pm
by Kath » Fri Feb 10, 2012 9:01 pm
by navy62802 » Fri Feb 10, 2012 9:17 pm
by Kath » Fri Feb 10, 2012 9:23 pm
navy62802 wrote:Hey Kath, what are the cats doing in your avatar? Is that a feline 69??
by TheAmericanNomad » Fri Feb 10, 2012 9:35 pm
by Rhoetus » Fri Feb 10, 2012 9:41 pm
by Smitty-48 » Fri Feb 10, 2012 9:46 pm
TheAmericanNomad wrote:Wait, so you are actually HAPPY you have to give the government more money?
You are one weird dude.
I had to pay the government once, but I quit that job, I felt like a sell out working for the MIC while I claimed to be anti-war.
And I was being a sell out.
So now I make jack shit and smell like ass when I come home, but at least I still have my principals!
by TheAmericanNomad » Fri Feb 10, 2012 9:53 pm
by Flipowitz » Fri Feb 10, 2012 10:47 pm
Rhoetus wrote:Just wanted to say that for the first time my wife and I will be actually netting a payment of taxes to the government(s) rather than having our tax credits outweigh our taxable income.
It is kind of cool to actually be a contributing member of society, and to actually be making more money than ever before.
On the negative side, earning ~$7000 more than we did last year only ends up netting us about $500... so it doesn't pay off as much as I'd like, but maybe next year, right?
by Dr. Strangelove » Fri Feb 10, 2012 10:49 pm
by Kath » Fri Feb 10, 2012 10:56 pm
Flipowitz wrote: If you owe approximately $1,000.00 only two years in a row, you're very likely to be hit with an estimated tax penalty!
by Rhoetus » Fri Feb 10, 2012 10:59 pm
Flipowitz wrote:Getting a refund doesn't mean you haven't paid federal income tax; it only means you've given the government a zero-interest loan for a year and they haven't spent it all. Conversely, having to send a check in with your Form 1040 means that you haven't had enough taxes withheld throughout the year.
Ideally, you should have a balance of zero on the last line of your Form 1040, but that happens so rarely you'd be asking for an audit (if you made enough money.) I'm very glad you're happy to have graduated above the ranks of those whose incomes are knocked out by the Child Credit, Additional Child Credit, and Earned Income Credits; now you're in the top 50% of earners in the USA--which roughly places you in the top 5% of the richest people in the world!
But, have a care! If you owe approximately $1,000.00 only two years in a row, you're very likely to be hit with an estimated tax penalty! Ours is a pay-as-you-go system; you may want to adjust your Form W-4, so that your employer withholds more from your paycheck. However you slice it, you really shouldn't owe or be owed much more than $1,000.00 at fiscal year's end. Other than that...
by Kath » Fri Feb 10, 2012 11:06 pm
Rhoetus wrote:kinda like a savings account with the interest being my inability to spend it on soda and potato chips throughout the year.
by Dr. Strangelove » Fri Feb 10, 2012 11:22 pm