I been crying all night long

[hey_moe]

Just did our taxes. I almost peed my panties.44,987.08 we paid in 2010, dat was FED,STATE AND Medicare. We gettin a widdle over 2 grand of dat back...lol.Anybody got a cheap room for rent so we can retire now.We have no deductions so we suffering from money being given away.....to something or someone cus I sure ain't seeing it. I know every penny when to a good cause > GRINS < Don't make this a political thang...it just kills me to see something like this on paper.

[rayrey10]

I feel your pain Mike! Last year the wife and I paid around $24, 000 in taxes...FL doesn't have state income tax, thank god! We still owed another $2,000 to the IRS. This year I'm doing my taxes on the 17th of April and mailing the check on the 18th.

They ain't getting my money any earlier than they have to.

[pied]

Retired several years ago, took a 50% pay cut, still have a humungous mortgage, two kids at home...

Seen the bumper sticker "Plenty of time.... No Money"? It fits really well, but I wouldn't trade it for anything!

pied

PS haven't done my $taxes yet, hoping it isn't too surprising!

[Jagdflieger]

Don't forget you also get to pay sales taxes (about 9% here in Washington State) in addition to all your other taxes.

I read something a few months ago that the average American taxpayer pays the equivalent of his January through mid July salary to satisfy all the various federal, state and local taxes that he is saddled with.

[hey_moe]

I gotta get Linda to rub some Bengay on my ain't -tus to help take all dat sting out cus it hurts...lol...Mike

[Cazzie]

Take two :icon29:s, then think of all the state and federal officials, who would be out of work and bankrupt lest you paid those taxes. And since we mentioned the word bank, them too. :bump:

[Quixoticish]

I'm flabbergasted, I didn't realise tax was so high in the US?

[Sascha66]

Don't forget you also get to pay sales taxes (about 9% here in Washington State) in addition to all your other taxes.

I read something a few months ago that the average American taxpayer pays the equivalent of his January through mid July salary to satisfy all the various federal, state and local taxes that he is saddled with.

Same here, you work for yourself and to support your family only half-a-year... Wonder what they do with all that money...

[OBIO]

A few years back, when Deb and I were both working full time jobs and making pretty good money, we did our taxes. Between the 2 of us, we paid in over $14 grand in taxes..and since we had no kids, we got nailed. Got just over $1000 back.

BUT...a guy I knew who made around $10,000 for the year, paid in something like $600 in taxes but...because he had 4 or 5 kids, got over $9,000 back in taxes due to all the child tax credits and such. But here's the kicker....2 of his kids were in juvie for the entire year, his 16 year old daughter was living with her 20 year old boyfriend, and the other kids lived with their moms. Not a single one of the kids he got credit for lived in his house.

Yeah...being married with no kids will kill ya at tax time.

OBIO

[oldpropfan]

Quixoticish, if someone has taxes this high their income is above 75,000 Pounds/yr. I once worked with a single pharmacist who used to take all the overtime he could get, that year he payed $60,000 in income tax alone, hasn't worked much OT since then.

[n4gix]

Not a single one of the kids he got credit for lived in his house.

Yeah...being married with no kids will kill ya at tax time.

OBIO

Too bad he wasn't audited then, because that is throughly illegal, and subject to prosecution by the Feds... :bump:

[safn1949]

With my job as a truck driver the tax setup is a lot different,I have a lot of writeoffs and I'm gone 300 days a year that I can claim at $65 a day average so tax time isn't so bad for me.

But I pay the price with no home life and others things like that,always a compromise no matter what you do.:jump:

[rayrey10]

I gotta get Linda to rub some Bengay on my ain't -tus to help take all dat sting out cus it hurts...lol...Mike

Took me a second to figure out "ain't -tus"! 29539

[grog swiller]

BUT...a guy I knew who made around $10,000 for the year, paid in something like $600 in taxes but...because he had 4 or 5 kids, got over $9,000 back in taxes due to all the child tax credits and such.

OBIO

Interesting. When you "get back" taxes after claiming deductions, you only get back a portion of what you paid in to begin with (ie withholdings) . In this case, when considering what he got back, that would have given him a net income of almost 19,000 (10,000-600+9,000). I'm wondering how that could be. Maybe your friend exagerated a little.

[grog swiller]

Well, I did a little research and found it is possible to make money from the US tax system without actually paying into it. I don't have kids so I've never really payed attention to child tax credits, but I pay alot of taxes and itemize. This kind of pisses me off. I don't mind paying my fare share, but don't care much for subsidizing losers.

excerpt:

"We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation

http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0&.v=1

[Roadburner440]

You guys must make a lot of money to be paying all that in taxes.. $40,000+? I know on mine I pay in about $3000+ per year in federal off of my pay, and that is without any W4 exemptions. That is just rediculous. I know when my wife had to quit her job when we moved to FL they had her withdraw her 401K since she couldn't contribute anymore. So they took 50% of that off the top almost. Then they charged another $2,000 or so when we filled taxes last year. What can you do though. Either play by their rules, or go to the slammer!

[stansdds]

I'll tread lightly in this thread, but let me say that it absolutely sucks to own a small business right now.

[hey_moe]

Well don't get me wrong here I don't mind paying taxes and putting my share in da kitty. But to see that much to me is a tad more than I like. I really feel sorry for these kids who can't afford a house and have zero detuction.As I have always said the middle income family suffer the most.

[Trans_23]

You guys must make a lot of money to be paying all that in taxes.. $40,000+? I know on mine I pay in about $3000+ per year in federal off of my pay, and that is without any W4 exemptions. That is just rediculous. I know when my wife had to quit her job when we moved to FL they had her withdraw her 401K since she couldn't contribute anymore. So they took 50% of that off the top almost. Then they charged another $2,000 or so when we filled taxes last year. What can you do though. Either play by their rules, or go to the slammer!
Hey Roadburner, for future reference, if you would have rolled your wife's retirement into another account you wouldn't have had to pay tax on it. There is usually an early withdrawal penalty that goes along with the tax. It has to go from one account to another without ever touching your hands though or the tax man gets that big chunk of cash from you. Most banks should have some kind of fund you can open. My ex wife did the same thing when she got half of my annuity in the divorce. I told her the same thing then but I guess she wanted the cash. From what I understand it didn't last long. Still makes me smile just thinking of the expression on her face when got that check minus all the deductions. :icon_lol:

[rpjkw]

My poor old nervous system won't survive if we file before April 17, but preliminary figures look like this year's hold up will cost close to $31K. We don't qualify for any deductions worth talking about.
The only 'good' news is I shouldn't have to write a large check.


Bob