Tax question

SigPapa226 · 01-20-2010, 07:23 AM

Smile guys, its going to get worse under Socialism. This Administrations goal is to redistribute the wealth in this country from those that work to those that don't. You guys in Cali have a leg up already.

Mike · 01-20-2010, 10:06 AM

And, you guys are looking at it the wrong way, its not how much you owe at the end of the year or how much you get back, its the total that you pay. This withholding and refund business is BS. Everyone should have to pay quarterly and not have it withheld so you can see what you really are paying in taxes.

I got a state refund of 1287 state and 5622 federal last year, but I actually paid 7501 to the state and 25236 to the feds, so those refund amounts dont really mean squat, other than I paid too much in my quarterlies for my small business and withholding from my main job.

ChrisSlicks · 01-20-2010, 10:45 AM

Quote:

Originally Posted by Mike

And, you guys are looking at it the wrong way, its not how much you owe at the end of the year or how much you get back, its the total that you pay. This withholding and refund business is BS. Everyone should have to pay quarterly and not have it withheld so you can see what you really are paying in taxes.

I got a state refund of 1287 state and 5622 federal last year, but I actually paid 7501 to the state and 25236 to the feds, so those refund amounts dont really mean squat, other than I paid too much in my quarterlies for my small business and withholding from my main job.

Of course it is the total number that counts. The goal would be to get a refund of $0, which would mean that you paid the correct amount of tax monthly throughout the year rather than giving the government a large tax free loan.
If you are self employed then you would pay quarterly and estimate the amount of tax you want to pay, and hopefully at the end of the year your estimates were close enough that you don't end up with a big surprise.

TARDCORE · 01-20-2010, 12:25 PM

Quote:

Originally Posted by Mike

And, you guys are looking at it the wrong way, its not how much you owe at the end of the year or how much you get back, its the total that you pay.

Thats what I was getting at. Comparing my salaries from 2008, I made about 1.6 times in 2009 but I paid 2.3 time into fed and state taxes. So I don't get where they came up with those numbers. I looked at the tax bracket I fall in for both state and federal and it was correct but I don't understand why my state would change so drastically by claiming single 01 instead of single 00. I mean I still ended up owing 1800! It just doesn;t make any sense so i switched both my federal and state back to single 00 and next year I should get back a hefty chunk of money. Of course the take home on my checks will be less now.

dad · 01-20-2010, 12:28 PM

Taxes | Tools & Calculators - Easy-to-use tax withholding calculator - Kiplinger.com

http://www.kiplinger.com/taxes/

j.arnaldo · 01-20-2010, 12:10 PM

If they're keeping more of your dough, maybe they're not that dumb at all. P-o-l-i-t-i-c-i-a-n-s! They're a necessary evil, I guess!

01-20-2010, 07:23 AM	#1 (permalink)
SigPapa226 Base Member Join Date: Nov 2009 Location: Virginia Posts: 205 Drives: 300 ZXTT, 370 ZR Rep Power: 16	Smile guys, its going to get worse under Socialism. This Administrations goal is to redistribute the wealth in this country from those that work to those that don't. You guys in Cali have a leg up already. __________________ Black 300ZX TT Stock + Megan CBE; Black Cherry 370Z Roadster, 6MT, Touring, Sport, Nav., 3-way Fog Light (Running, brake & flashing backup), Triple Tone Air Horns.

01-20-2010, 10:06 AM	#2 (permalink)
Mike The370Z.com Sponsor Join Date: Jun 2009 Location: Loganville, GA Posts: 5,944 Drives: 370z Rep Power: 2186	And, you guys are looking at it the wrong way, its not how much you owe at the end of the year or how much you get back, its the total that you pay. This withholding and refund business is BS. Everyone should have to pay quarterly and not have it withheld so you can see what you really are paying in taxes. I got a state refund of 1287 state and 5622 federal last year, but I actually paid 7501 to the state and 25236 to the feds, so those refund amounts dont really mean squat, other than I paid too much in my quarterlies for my small business and withholding from my main job. __________________ NISSAN: 75 280Z / 86 300ZX GLL /87 Sentra SE / 03 350Z / 23 Z Porsche: 93 968 / 23 Macan GTS / 93 968

01-20-2010, 12:28 PM	#5 (permalink)
dad Grand Prix of Endurance Join Date: Nov 2008 Location: Tennessee Posts: 3,476 Drives: Mulsanne Straight Rep Power: 26	Taxes \| Tools & Calculators - Easy-to-use tax withholding calculator - Kiplinger.com http://www.kiplinger.com/taxes/

01-20-2010, 12:10 PM	#6 (permalink)
j.arnaldo Banned Join Date: Oct 2009 Location: Puerto Rico Posts: 937 Drives: Nissan 350Z, 2004 Rep Power: 0	If they're keeping more of your dough, maybe they're not that dumb at all. P-o-l-i-t-i-c-i-a-n-s! They're a necessary evil, I guess!