Income Tax Survey #2

[dboat]

Are you paying any income tax this year?

Recent surveys show that 47% of income earning Americans will not pay any income tax at all, and some will get some additional money back from the Feds. Also, did you look at how much you are actually paying in income tax, as well as, what percent of your income went to the Feds?

Dana

[Mark #2]

Are you paying any income tax this year?

Recent surveys show that 47% of income earning Americans will not pay any income tax at all, and some will get some additional money back from the Feds. Also, did you look at how much you are actually paying in income tax, as well as, what percent of your income went to the Feds?

Dana

Of course as I was unemployed for ~1/2 the year and still had to pay.
Total taxes including local ~20%
What is your point?

[dboat]

My main point is that we tend to focus on whether we got a refund or not.. its not whether we got a refund but rather how much did you pay in taxes. I think we tend not to really focus on how much we pay.. and that is just income tax,not including sales tax, property tax, school taxes, etc..

Dana

[Mika]

The wife and I are paying in about $3700. Most of it is due to Darr taking out less than 10% for federal taxes. I ended up on the short end because of someone else's lazy ass. Such is life. Now I'm claiming M1 w/ $20 per week. Hopefully that'll make things better next year. Wife also earns about 30% more than I do.



Mika

[dboat]

The wife and I are paying in about $3700. Most of it is due to Darr taking out less than 10% for federal taxes. I ended up on the short end because of someone else's lazy ass. Such is life. Now I'm claiming M1 w/ $20 per week. Hopefully that'll make things better next year. Wife also earns about 30% more than I do.



Mika

Not to get personal, but you are only paying 3700 in total Fed Income Tax?

I wouldnt complain about that..

Dana

[Shiner1]

I owe uncle sam $72. My goal every year is to be as close to Zero as possible (+ or - a little each way) so I'm in good shape this year.

[dboat]

I owe uncle sam $72. My goal every year is to be as close to Zero as possible (+ or - a little each way) so I'm in good shape this year.

did you only pay $72 total?
or did you at least look at how much you paid in total?
Dana

[Shiner1]

did you only pay $72 total?
or did you at least look at how much you paid in total?
Dana

I looked to see total paid throughout the year and owe an additional $72. We look at stubs every quarter and make witholding adjustments as needed. My mom is a retired CPA and has always preached to me to not give the govt any more than is needed. :tex I have always had it drilled in my head to not get a big refund back because that means they have had your money all year long. My neighbors are always getting big refunds back and i guess that's Ok. Just seems like the extra monthly cash they could have had would be better. JMO.

[dboat]

I looked to see total paid throughout the year and owe an additional $72. We look at stubs every quarter and make witholding adjustments as needed. My mom is a retired CPA and has always preached to me to not give the govt any more than is needed. :tex I have always had it drilled in my head to not get a big refund back because that means they have had your money all year long. My neighbors are always getting big refunds back and i guess that's Ok. Just seems like the extra monthly cash they could have had would be better. JMO.

Your mother and you are wise..

Dana

[98Cobra]

Yep. Any refund you get you could consider an interest-free loan to the government all year.

I would be surprised if anyone on this board actually paid no income tax or actually got a credit. The question isn't did you get a refund or not....

[dboat]

Yep. Any refund you get you could consider an interest-free loan to the government all year.

I would be surprised if anyone on this board actually paid no income tax or actually got a credit. The question isn't did you get a refund or not....

see the other poll question.. I went there too.. I like to draw interest towards how much we pay.. not so much what is the size of the refund..

Dana

[Sixpipes]

I just wrote my check today and I am neither happy about the amount of the check or the total amount of tax I paid in 2009. :(

[mustgofaster]

Yep. Any refund you get you could consider an interest-free loan to the government all year.

I would be surprised if anyone on this board actually paid no income tax or actually got a credit. The question isn't did you get a refund or not....

I actually got a credit... Paid $0 in taxes, and got more back than what was witheld. Of course, that just shows how poor I am.:(

[Moonshine]

Um yes, I paid. I also got a refund, but I agree that I prefer not to give the govt. an interest free loan all year. When I added up total income taxes, property taxes, sales taxes, production taxes (basically all the taxes I track, but not including things like fuel taxes, etc.) it was a figure that I think many would consider a nice annual salary. :(

[dboat]

Um yes, I paid. I also got a refund, but I agree that I prefer not to give the govt. an interest free loan all year. When I added up total income taxes, property taxes, sales taxes, production taxes (basically all the taxes I track, but not including things like fuel taxes, etc.) it was a figure that I think many would consider a nice annual salary. :(

And that my friends is where the problem lies.. there is no accountability in our system of government to make sure that the taxpayers money is spent wisely. We need some pretty dramatic change to happen, and unfortunately, unless we get a LOT of folks that will take true ownership of this into office and into bureaucratic positions, it just wont happen.

Dana

[Silver_2000]

The thing that chaps my hide is in the past 10 years the ONLY thing the politicians are doing is jacking with taxes. NOTHING else. All changes are being mandated thru the tax system. Lets fix some other things. Lets make some changes that create jobs that DONT involve tax incentives. Lets
enforce the laws on the books - before creating new ones. Lets force the lifetime politicians to eat thier own dog food. Make them use the new medical plans, make them use SS. Require politicians pay to mimic GDP. If GDP doesnt go up the Govt pay doesnt go up.

Ok I can feel my BP rising ..

[Ohmsby]

I pay more than my equitable share IMHO

[gagspa]

According to Turbo Tax, my total Federal Tax was $11,081. I had $11,955 withheld so I got a refund of $874. My Effective Tax Rate was 11.72%

[PUMP]

Government employees pay nothing into social security and their pension income is counted at 100% for federal tax purposes. Non government employees pay into social security and then may also have to pay taxes on the social security income when retired. I'm retired (not government) and had to pay income tax on 85% of my social security income. Talk about double taxation????:( And it will probably get worse because of all of the huge increase in the federal debt.

[dboat]

Government employees pay nothing into social security and their pension income is counted at 100% for federal tax purposes. Non government employees pay into social security and then may also have to pay taxes on the social security income when retired. I'm retired (not government) and had to pay income tax on 85% of my social security income. Talk about double taxation????:( And it will probably get worse because of all of the huge increase in the federal debt.

Bob, if you are paying 85% tax on your SS income, then you must be working right now.. correct?

Dana

[L8 APEX]

It is sad and appalling at the same time. I'd think since we all pay taxes we would have a say where it goes. But we don't the govt gives our hard earned taxes away to everyone but those who contribute. I bet 40% of my taxes go to deadbeat through roads, civil service and free health care...:flaming::flaming::flaming:

We pay when we earn, when we spend, when we invest, coming and going! I think I take very little from the community kitty...

I am ready to leave the grid:tex

[Moonshine]

Government employees pay nothing into social security

I'm not sure that's accurate. I know you mean federal government employees, and maybe some classes of them don't participate in SS, but I know the armed forces pay into SS.

[dboat]

I'm not sure that's accurate. I know you mean federal government employees, and maybe some classes of them don't participate in SS, but I know the armed forces pay into SS.

Our representatives in the Senate and the House dont. But other groups do..

Dana

[PUMP]

Bob, if you are paying 85% tax on your SS income, then you must be working right now.. correct?

DanaNo I am not working. But I saved money for retirement and now earn interest, dividends and capital gains from investments. If I had to depend on SS to live on, I would be below the poverity level.

[Beaudee]

Personaly im sick and tired of politicians and taxes.We are gettin taxed to death.When you realy look @ it they get 1/2 of what you make.Im going comunist and joinin the tea party club (or mow lawns under the table LOL)LOL..This country was founded to get away from taxes now look @ us.Discusting:vomit:

[dboat]

No I am not working. But I saved money for retirement and now earn interest, dividends and capital gains from investments. If I had to depend on SS to live on, I would be below the poverity level.

so while they got 85% of your SS, they got nothing of your other income.. but lets face it, how much of OUR income gets taxed more than once now anyway..

Dana

[mikelemoine]

so while they got 85% of your SS, they got nothing of your other income.. but lets face it, how much of OUR income gets taxed more than once now anyway..

Dana
I think PUMP meant that the first 85% of his SS income is taxable, not that he has an 85% tax bracket? So he basically gets 15% tax free and pays taxes on the other 85%... I think

[dboat]

I think PUMP meant that the first 85% of his SS income is taxable, not that he has an 85% tax bracket? So he basically gets 15% tax free and pays taxes on the other 85%... I think

Oh, that would be different.. and quite a bit difference in the amount paid as well.


Dana

[99WhiteBeast]

I'm not a happy camper.
My child credit is reduced because I'm over a certain limit- that's just BS
I'm a 1k short of claiming medical due to (7.5% of AGI)
I get penalized for taking my own money out of an IRA (I can understand the tax since it was tax deferred going in- BUT THE PENALTY)

I contribute plenty and feel like I'm getting screwed every year about this time:flaming:

[Wht95Lightning]

Being self employed and having gotten divorced in 09, I got hosed by The MAN this year. Make less, pay more. I love this country!

[PUMP]

Being self employed and having gotten divorced in 09, I got hosed by The MAN this year. Make less, pay more. I love this country!
The MAN you're refering to must be a lawyer, as in "She got the goldmine, I got the shaft". ......Wait most of our federal representatives are lawyers. I wonder if there is a connection??????:confused: