dude, you don't get screwed, you just have to pay your own taxes... it doesn't get taken out by somebody else...FICA, Medicare all that BS you pay yourself... you can pay quarterly and reduce your tax burden at the end of the year. that's what I use to do..
The Tax Man Sucketh. Let me tell you how it will be There's one for you, nineteen for me 'Cause I'm the taxman, yeah, I'm the taxman Should five percent appear too small Be thankful I don't take it all 'Cause I'm the taxman, yeah I'm the taxman If you drive a car, I'll tax the street If you try to sit, I'll tax your seat If you get too cold, I'll tax the heat If you take a walk, I'll tax your feet Taxman 'Cause I'm the taxman, yeah I'm the taxman Don't ask me what I want it for (Ah ah Mister Wilson) If you don't want to pay some more (Ah ah Mister Heath) 'Cause I'm the taxman, yeah, I'm the taxman Now my advice for those who die (Taxman) Declare the pennies on your eyes (Taxman) 'Cause I'm the taxman, yeah, I'm the taxman And you're working for no one but me Taxman (G. Harrison)
hey...when you have to actually write the check, you sure feel like you're getting screwed!!! i'm well aware of quarterly payments...unfortunately.
yeah... well when you work for someone else and you get your paycheck and you see all the taxes taken out, I feel like I'm getting screwed too, except no cigarrette afterwards!! I guess my point is, if you pay your own or someone else takes it out for you, you still feel like your getting screwed. Taxes suck! (we can agree on that, right MM?)
agreed wholeheartedly... it's just that when i get my check it's ALL there!! I have to then transfer money out to another account to set aside for quarterly payments...just something about having to take the action yourself to write it out.
dude the taxman screwed me out of 6 bucks yesterday. said i had a $6 penalty for not paying my estimated taxes on time last year. BS. as i understand it, all i had to do was never get more than 1000 behind and i paid in the third quarter before that happened so don't ask me where they got the 6 dollars from. it's not the money, it's the principle. and the money. couple other questions. isn't the tax rate only 10% for taxable income under 10000. somehow i paid 12%. and for scholarships (which is the only money i make) do you have to pay taxes on them or is it only if you get a 1099. now my friend keeps saying you don't but i think he just means you can get away with it if they don't give you the 1099. but legally, you are supposed to pay taxes on any scholarships right (minus school expenses and the standard deduction).
If only our government/taxpayers were forward thinking enough and built a huge national surplus (a true surplus not the gimicky one our leaders pretend we have) and paid all of its services out of interest/ investment income so we wouldn't have to pay any taxes. If only our forefathers were thinking. But alais, I am thinking my no-taxes theory would never work even if we had the political muscle for larger economic reasons (who would we be earing the interest off of?). I am irritated we have to pay additional taxes for no other reason than our previous government/citizens ran up the national debt though. That is the single biggest part of taxpaying that bothers me.
just make sure that second account is an interest bearing account... that way the money can work for your for a few months before you have to pay!
Here's a question for you: Why aren't quarterly taxes, well, quarterly? They're due on the 15th of April, June, September, and January each year. I don't get it. What I due get is a bill in a month or two for that $2200 I didn't have today.
Disney cruises are the best Behad. I remember going on a Disney cruise to the Bahamas back when I was 8-9, and it was one of the best times of my life. I still have awesome memories of that cruise even after 10 plus years have passed...
I don't know much about taxes (I just pay 'em... hehe), but I always thought that all these refunds people get just meant they overpaid during the year. In which case, if you're getting a refund and then blowing it off, you're just getting double-whammied because you're spending money you otherwise probably wouldn't have spent. The only exception to this are the deductions you get. But you're probably even getting screwed there. You get deductions for dependents, but hell, you have to take care of your dependents throughout the year, so you're not getting any freebies there, either. I had a co-worker tell me that he gets deductions for being married and having kids. I'm thinking "dude, your wife just had you buy $5000 in living room furniture... that ain't no deduction". Can someone (who actually knows what they're talking about) 'splain this stuff to me? Am I right in the above assumptions?
A friend emailed me this last night. "What Tax Day means to me... Render Unto Washington With the same surety as we mark the first day of spring or the Fourth of July, Americans have named today, affording April 15 inevitability equal to seasons’ march or history’s sweep. But the notion that we should sign 38% of our incomes over to the government is relatively recent and -- proverb to the contrary - scarcely certain. For America’s first century, the government filled its coffers with tariff revenue, excise and property taxes. Growth rates surged and the federal budget ran a healthy surplus, mostly because the government didn’t have much to do. A tax on commodities, as the framers intended, constrained bureaucracy to their meager dimensions and contained within itself a check against abuse. As Alexander Hamilton wrote, “It is a signal advantage of taxes on articles of consumption that they contain in their own nature a security against excess.” Conversely, with direct taxation, “no limits to the discretion of the government are to be found in the nature of the thing.” With the exception of a tax on the North levied during the Civil War, the Republic’s first generations believed income belonged to its earners, and Washington contented itself with small change. “What farmer, what mechanic, what laborer ever sees a tax-gather of the United States?” Thomas Jefferson asked in his second inaugural address. The answer, then none, is now every. The shift began in 1893 when a drop in United States gold reserves triggered a national depression. The federal government faced its first budget deficit in 28 years, and President Grover Cleveland asked for “a small tax upon certain investments.” Congress answered with the Income Tax Act of 1894 - a 2% tax on annual gains over $4,000. Had the levy been motivated solely by financial reasons, it might have been repealed when the budget turned black. But the national mood favored a different sort of balancing act. As regional differences and income disparity increased, the Populist Party found a political booster rocket in the possibility of punitive taxation. Pitting “rich man’s income” against “poor man’s sugar,” they succeeded in shifting the public conception of taxation from revenue collection to social justice. Said Populist Representative Thomas Hudson during the income tax debate, “The Majority of the very wealthy are haughty, overbearing, autocratic, mean, and it is that class in particular that the income tax is designed to reach.” In 1895, the Supreme Court deemed Congress’ action unconstitutional, but the damage had been done. The Court was seen as shielding its wealthy cronies - “the triumph of selfishness over patriotism” ran one editorial. Bypassing the justices, in 1909, the Senate Committee on Finances proposed a constitutional amendment which read, "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived…” The states ratified, Congress levied, and President Woodrow Wilson signed the first income tax law in October 1913. Rates ranged from 1-7%, and 90% of the population were spared. Between 1913 and 1940, the government’s demand remained under 2% of GDP. But with the onset of WWII, revenue needs rose to 8% of GDP - and have never receded. At present, the average American household pays twice what it did just 15 years ago, while each wage-earner spends five months of each year in Uncle Sam’s employ. Installing a Republican president should have eased the strain, but this morning’s Washington Post reports, “The Bush administration is poised to complete the biggest increase in government spending since the 1960s' ‘Great Society,’ the result of conducting the war on terrorism while substantially boosting the education and transportation budgets.” And so we trudge to the post office to file our returns - as if our money was the government’s all along and is simply going back to its natural home. But the irony runs much deeper: Our tax system requires an ever-growing state to administer it, and that state requires ever-growing tax revenue to sustain itself. No majority of politicians can say otherwise, because they win elections by bribing us with our own money. Can that cycle be broken? Most definitely, for things have not always been this way. But change becomes less likely with the passing of each April 15. The annual event legitimizes it in the public mind -- makes us think there’s no alternative. The state grows, the citizen contracts, and after another generation of Tax Days, we’ll find ourselves that much more accustomed to being acted upon -- and far too spiritless to even think of hefting tea into Boston Harbor. "
You think you paid alot in taxes? If anyone saw Jay Mohr last night, Mark Cuban was on. Mohr asked him how much he paid in taxes. Mohr said you don't have to answer if you don't want to. Cuban says "Oh I paid $200 million last year." I f*cking choked on the soda that I was drinking when he said that. I truely cannot imagine having that kind of money to spend. What a guy.
