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 Post subject: Taxpayer
PostPosted: Fri Feb 10, 2012 7:29 pm 
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Nomarch
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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?

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 7:41 pm 
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Congratulations!! :goteam:


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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 8:01 pm 
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Congrats? :lol:

As you watch your net income continually rise by far less, percentage wise, then you gross income, you'll start to take government waste far more personally. I know that's been the case here.

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 8:17 pm 
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Hetairoi
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Hey Kath, what are the cats doing in your avatar? Is that a feline 69??

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 8:23 pm 
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navy62802 wrote:
Hey Kath, what are the cats doing in your avatar? Is that a feline 69??

That's 2/3 of my cats, dude.

Those are the boys; they are quite gay, even though we chopped 'em off.

The white dude is in charge; he pulls this little stunt on the black cat we tend to call "ass raping." It's rather ugly and lots of screaming.... I've been trying to get a picture of it, but my camera never seems to be handy at the right moment... and it seems rather important to break it up.

Nerd is all, "prime directive, natures way, blah blah blah," but I don't like it. :shakinghead:

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 8:35 pm 
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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!


:facepalm:

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 8:41 pm 
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Nomarch
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Not technically...I'm happy to be giving the government any money.

I've been dirt poor most of my life... been on government assistance on occassion, been days away from being homeless, lived in an attic with my wife and kids, cried because my brother threw out half a carton of french fries when he visited me at college...
Dude, paying taxes is Terrific. with a capital "T".
I'm better off now than my parents were at my age, and my kids show every possibility of being better off than I am. I might not be rolling in the dough, but in my own way I am living the American dream...I have gotten past that survival level and into the building level, and it is a beautiful thing.

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 8:46 pm 
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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!


:facepalm:


Jeez guy, even the Social Democrats in Canada aren't that hardcore. They don't mind defense pork, as long as it's unionized Canadian workers making the stuff.

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 8:53 pm 
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Well there were other factors as well. It was a combination of the work being boring, the hours being long (dark when I went in, dark when I got home) and the new middle management boss being an incompetent buffoon (since fired I hear) having to live in VA when everyone I knew lived in NY, AND feeling like a sell out just all combined into me being very unhappy.

Despite my post before, I actually enjoy my life more now. Less pay but free food, free alcohol and no drug tests. Plus cooking can be fun at times, and it gives me time to go to school.

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 9:47 pm 
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Satrap
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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?

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...
:congratssign:

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 9:49 pm 
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What we need is to force those crabby rich people to sell their poodles and cut the rest of us checks to buy stuff. Or just send us all Ruger Scout Rifles. If birth control is your God-given right, then so is my damned scout rifle!

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 9:56 pm 
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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!

Thanks for pointing this out.

We underpaid by over $1,000 last year and it may happen again this year. We'll get it fixed.

Good news is that the mistake should only cost us about $22, if at all.

But, it's still $22... so we have to fix this!

We're now getting hit with a penalty for being married..... so we are paying quite a bit more total in taxes. ; :x

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 9:59 pm 
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Nomarch
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Location: Homer, NY
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...
:congratssign:

Well, I'm sure the government spent that zero-interest loan several times over. I'm perfectly fine with the government hanging onto some of my money for up to a year, I get back what I don't owe them, and it isn't like the $10 a month difference was going to buy me a Porsche...but $500 all at once will let me do some nice things for the kids... kinda like a savings account with the interest being my inability to spend it on soda and potato chips throughout the year.
As far as tax forms go, my wife is a senior working toward an accounting degree, so I just leave that all up to her. (returned to college) She does other people's taxes for them too...

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We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.
C. S. Lewis


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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 10:06 pm 
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Rhoetus wrote:
kinda like a savings account with the interest being my inability to spend it on soda and potato chips throughout the year.

People will chastise you for this attitude.

I would say that as long as you recognize it, you can fix it and not provide it to the government.... eventually. Recognizing the huge benefit of having a lump sum can be enough incentive.

Consider making it a goal to give yourself the benefit instead. The interest on it might be low and can feel like it's not a benefit. Every penny you didn't give the government is good, though. Every dollar you get in interest each year is a dollar you didn't have to earn with labor.

Illinois was late with tax rebates a couple years back.... and eventually our federal government will get there too.

Don't provide them the opportunity to say to you one day, "Sorry, we don't have the cash right now... give us a few months or.... however long."

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 Post subject: Re: Taxpayer
PostPosted: Fri Feb 10, 2012 10:22 pm 
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In theory, its better not to pay them like that. Put the money aside yourself in an interest bearing account. Then send in however much you owe at the end of the year when you file.

One thing that pisses me off about the way they do it is that they play games with the interest. We should not give the government any leeway at all. If they take money from people, they should pay those people interest on that money when it is refunded. There should be absolutely no incentive to increase spending for no good reason. It should be justified, and they need to tie it to specific taxes. If they want some new program, then they should couple that program with a specific tax. But if they want the privilege of taking peoples' money and refunding them difference after a year, then they should pay interest on it. They should not be able to use that money to generate more revenue. That in itself represents a higher tax on the working and middle class. Really, it ends up representing a tax on the working poor who theoretically should get all the money refunded at the end of the year. You are basically taking money from them when you should not do so.

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