How Much Did You Pay In Federal Taxes?

originally posted by: FamCore
a reply to: introvert

We (our country) could eliminate poverty and save billions of dollars per year on health care costs and hundreds of other expenses if we had universal basic income, but then the medical industry, prisons and other Industrial Complexes wouldn't have their cash cows, so it would never happen.

I agree with you, not enough is done but that is completely by design.

Where do you get the money for that?

If no one decides to work because we all get the free ride, where does the money come from?

a reply to: anotheramethyst

Self Employed,

I cap SS usually around May which is around 15.5% of gross... THEN an additional 1% continues for Medi (which does not cap. The wife caps SS about the 3rd quarter; but she has employer contribution so she pays in half of what I do.

What is sickening to me is what I could have and would have done with that amount over 20 years if I could have placed it in a personal retirement/investment accounts.

Granted I take a lot of deductions (personal/business); push as much as I can through the LLC's as expenses there come out of my pocket. We are in the high middle of a tax bracket, so many things to lower income (personal deductions) are a drop in the bucket at times.

It's not just the "IRS" taxes we pay as a country, start adding the sales, fuel, school, property taxes etc. Business franchise tax (%of gross), State business taxes, cost of accounting and filing taxes and all the taxes buried in all the bills each month...such as insurance, electric, gas, water, wastewater disposal...


mg

a reply to: Jubei42

many people think that the U.S. is a corporation and the they are also the largest employer in the country.

I do not know. I haven't done my taxes yet this year!

I should probably do that some time today, I guess.

I am close to having my W-4 worked out correctly but usually am short by about a hundred or so thanks to some other incomes (state permanent dividend fund, PFD). But since the lame AK governor stole half our PFD for state spending (it is still in court, I think), I might get some back.

Being way over here on the left coast does have its privileges! Like waiting to the last second to file after all the other time zones have passed the midnight hour.

Medicare and Social Security is a separate tax and you and your employer pay into that throughout your life. It is like an insurance premium for when you retire, about sixteen percent of your wages up to a certain top off point. What would you do, cancel it then screw everyone who paid in all their lives?

The majority of benefit from government spending goes to people who work for government projects, the wages of military contractors, the construction workers who work on bridges and roads, the people who build government buildings at all levels of government. The money for medicare does not go to the person....it goes to doctors and hospitals and therapists. You need to examine who receives this money, it is not the person who has medicare.

People on medicaid do not receive any money in their pocket, it goes to doctors and hospitals and it pays wages and overhead at these places. It makes Pharma companies richer.

The social security paid goes to the person who paid in so they can spend it to keep the economy rolling, Even the food they buy creates jobs and sales. On top of this, these people pay out of pocket for medical and pharma services on top of what medicare pays. Remember, Part B is also paid by the individual, that is included in money out above but not considered in the fifteen percent total withheld.

Look where the money ends up, not who it supposedly goes to.

I'd like to know how much of that goes to actual service and how much of that goes to the bureaucrats who administer.

a reply to: lordcomac

I'm not sure how you would implement the transition but the savings we would make alone would fund such a program ONCE it were functioning.

Ha, ha, every year is the same old thing, people complain about paying taxes, then after the tax week is over people forget until the next tax year.

Never fails.

Pay your taxes people we have to pay for those that are on the receiving end of the deal

BTW my husband is a retired Marine, his entire retirement goes to taxes yearly along with a nice portion of is income as a full time worker.

So there you have it, the good government "giveth" away
the good government takes away.

But this year we are sooooooo lucky, my husband 12 thousand dollar cut on salary is giving us a tax return.

Hallelujah.

Thank you uncle Sam we can now afford to eat a nice dinner for a night.

originally posted by: olaru12

originally posted by: introvert

originally posted by: olaru12
What chaps my ass is that when you win a nice tourny at the Casino, they take the tax immediately but you can't write it off when you lose.

But you can write off your loss in the stock mkt.

Perhaps it's different by state, but I believe you can write-off gambling losses as long as you file an itemized return.

Writing off gambling losses is one sure way to get targeted for a very ugly audit. No thanks!!!

That could be true. It would be a better idea not to lose that money to begin with.

I feel your pain OP.

I make $5730 every 2 weeks on salary. Sometimes more if I put in overtime or if there is a holiday and I work it for double time and a half. ( Like this easter )
Guess how much I clear though after these effin crooks get there little stink fingers in my loot?!

a reply to: Edumakated

Hire a better accountant?

originally posted by: Gryphon66
a reply to: Edumakated

Hire a better accountant?

I take every deduction I am legally entitled to take. People like me get screwed because we are high income wage earners (straight w2 salary) so we wind up paying the highest tax rates. The bulk of my income does not come from capital gains, carried interest, or other investment income streams that are taxed at lower rates.

Besides, I thought you libs always accuse people of dodging taxes or not paying their fair share for hiring accountants to legally reduce their tax burden.

paid just what the IRS figured I owed them, they calculated $172.11 on my Social Security Fixed Income Annual $$$

the book rate was higher than billed last year, but 'they' calculated my taxes --- So, I just sent a cheque...

I cited the IRS Tax bill of last year for this years tax payment... (let's see how they wiggle out of this)

originally posted by: Edumakated

originally posted by: Gryphon66
a reply to: Edumakated

Hire a better accountant?

I take every deduction I am legally entitled to take. People like me get screwed because we are high income wage earners (straight w2 salary) so we wind up paying the highest tax rates. The bulk of my income does not come from capital gains, carried interest, or other investment income streams that are taxed at lower rates.

Besides, I thought you libs always accuse people of dodging taxes or not paying their fair share for hiring accountants to legally reduce their tax burden.

a) I'm not a "lib."

b) A good tax accountant insures that the laws are followed - good for you if you pay less than you calculated. /shrug

c) You make a generic statement and expect a specific response? Okay: Liberals (as opposed to socialists, etc.) generically agree with paying taxes as they understand the relationship between public services and tax revenues. No liberal I've ever met agrees with paying more than you owe.

a reply to: Macenroe82
Depending on your tax claims I'm guessing you keep around $3100 out of your $5700.

a reply to: Macenroe82


over my working years... in the paid-by-the-hour-jobs I had... anything over 48 hours was just not worth the return on your time (you tend to make less per hour at 50-60 hours than your take-home pay at 48 hours )

originally posted by: introvert

originally posted by: olaru12

originally posted by: introvert

originally posted by: olaru12
What chaps my ass is that when you win a nice tourny at the Casino, they take the tax immediately but you can't write it off when you lose.

But you can write off your loss in the stock mkt.

Perhaps it's different by state, but I believe you can write-off gambling losses as long as you file an itemized return.

Writing off gambling losses is one sure way to get targeted for a very ugly audit. No thanks!!!

That could be true. It would be a better idea not to lose that money to begin with.

Of course that's the idea. But I spend a lot of money on gambling, women and drinking....the rest I just squander.

originally posted by: FamCore
a reply to: Edumakated

Not to mention the fact that there is NO LAW IN THE BOOKS to justify Federal Income Tax.

Even senior members of the IRS quit and became whistleblowers to attest to this fact, saying they know the IRS is robbing people.

But anytime people bring it up the Supreme Court just rules in favor of the IRS - SURPRISE!!!

It's absolutely criminal.

I thought the 16th amendment delt with taxes.

originally posted by: Gryphon66

originally posted by: Edumakated

originally posted by: Gryphon66
a reply to: Edumakated

Hire a better accountant?

I take every deduction I am legally entitled to take. People like me get screwed because we are high income wage earners (straight w2 salary) so we wind up paying the highest tax rates. The bulk of my income does not come from capital gains, carried interest, or other investment income streams that are taxed at lower rates.

Besides, I thought you libs always accuse people of dodging taxes or not paying their fair share for hiring accountants to legally reduce their tax burden.

a) I'm not a "lib."

b) A good tax accountant insures that the laws are followed - good for you if you pay less than you calculated. /shrug

c) You make a generic statement and expect a specific response? Okay: Liberals (as opposed to socialists, etc.) generically agree with paying taxes as they understand the relationship between public services and tax revenues. No liberal I've ever met agrees with paying more than you owe.

a) post history says other wise...

b) Ok Capt. Obvious. There is a reason I pay for a good CPA vs trying to do it on Turbo Tax myself.

c) No lib ever agrees with paying more taxes than you owe unless they are talking about conservatives and bashing the rich. Otherwise, the leftist wouldn't be having a fit over Trumps tax returns, bashing Mitt Romney and claiming people aren't paying their fair share.

Don't know exactly. Somewhere around $3,500 in property taxes and like $10,500 in Federal, I think. No biggie. If someone is stuck paying more than that and wants to trade salaries, I'm all in. $100k in taxes sounds like a pretty good gross income to me. HIt me up if you want to trade.

Insert Dismissive should shrug here. Now off to not think or care about taxes for another year.