LJ wrote:

Little Danny wrote: I always say if taxes were not deducted from your paycheck and Americans had to write a check to the govt to pay the tax bill, everyone (including the bleeding hearts) would be rioting in the streets.

I do this every 3 months, so.... false

LJ wrote:

Little Danny wrote: I always say if taxes were not deducted from your paycheck and Americans had to write a check to the govt to pay the tax bill, everyone (including the bleeding hearts) would be rioting in the streets.

I do this every 3 months, so.... false

HitsRus wrote:

LJ wrote:

Little Danny wrote: I always say if taxes were not deducted from your paycheck and Americans had to write a check to the govt to pay the tax bill, everyone (including the bleeding hearts) would be rioting in the streets.

I do this every 3 months, so.... false

so...not necessarily. I posted something similar last page, and I firmly believe that most Americans would have a cow if they had to write a quarterly check in the thousands. Just because you cheerfully pay your tax or your tax is so low that you think "What a deal!" doesn't disprove the statement.

Little Danny wrote: Alright so I said "everyone". You are right that is false. However, you can't deny there be a far further outcry and resistance to pay additional taxes from most Americans in this scenario.

Little Danny wrote: What I am saying is that if most Americans did not have their taxes taken out of their paycheck on a weekly or bi-weekly basis, and they had to pay them directly out of pocket on their own, they will be hell to pay come time for a proposed tax increase.

Little Danny wrote: Alright so I said "everyone". You are right that is false. However, you can't deny there be a far further outcry and resistance to pay additional taxes from most Americans in this scenario.

Little Danny wrote: Oh?

Little Danny wrote: Alright so I said "everyone". You are right that is false. However, you can't deny there be a far further outcry and resistance to pay additional taxes from most Americans in this scenario.

I always say if taxes were not deducted from your paycheck and Americans had to write a check to the govt to pay the tax bill, everyone (including the bleeding hearts) would be rioting in the streets.

Sonofanump wrote: I wish election day was April 16th. I think it might make a small difference on not electing tax and spend politicians.

BoatShoes wrote:

Sonofanump wrote: I wish election day was April 16th. I think it might make a small difference on not electing tax and spend politicians.

Why when half of America doesn't pay any federal income tax?

jmog wrote: Well, got my bonus check for last year today...I won't go into how much because that's not important (but it was nice)...however..

Good Lord does the government like to hit bonuses HARD.

In the end the government got nearly half of my money. They got 47% and out of the goodness of their hearts let me keep 53%.

Come to think of it, I take that back, make it 48/52 because at the end of the year I'll owe the city I live in 1% of it (their city tax is 2%, place where I work is 1%, so I have to pay the difference).

Sonofanump wrote: I wish election day was April 16th. I think it might make a small difference on not electing tax and spend politicians.

Footwedge wrote:

jmog wrote: Well, got my bonus check for last year today...I won't go into how much because that's not important (but it was nice)...however..

Good Lord does the government like to hit bonuses HARD.

In the end the government got nearly half of my money. They got 47% and out of the goodness of their hearts let me keep 53%.

Come to think of it, I take that back, make it 48/52 because at the end of the year I'll owe the city I live in 1% of it (their city tax is 2%, place where I work is 1%, so I have to pay the difference).

This makes no sense at all. None. I understand that the bonus tax pay period is taxed as if you made that type of money every month. But the maximum tax bracket is around 37%.

What constitutes the other 9%? Even if you add in the payroll tax (7.15%), you still don't hit 47%.

And you legally are claiming 12 deductions on your withholding allowances? How in the hell do you get away with that?

Something smells like rotten fish on this one.

Footwedge wrote:

jmog wrote: Well, got my bonus check for last year today...I won't go into how much because that's not important (but it was nice)...however..

Good Lord does the government like to hit bonuses HARD.

In the end the government got nearly half of my money. They got 47% and out of the goodness of their hearts let me keep 53%.

Come to think of it, I take that back, make it 48/52 because at the end of the year I'll owe the city I live in 1% of it (their city tax is 2%, place where I work is 1%, so I have to pay the difference).

This makes no sense at all. None. I understand that the bonus tax pay period is taxed as if you made that type of money every month. But the maximum tax bracket is around 37%.

What constitutes the other 9%? Even if you add in the payroll tax (7.15%), you still don't hit 47%.

And you legally are claiming 12 deductions on your withholding allowances? How in the hell do you get away with that?

Something smells like rotten fish on this one.

BoatShoes wrote:
Oh dear Footie, why must you always challenge these types of claims on here? Who cares if it's a complete fabrication? (not saying it is Jmog) Isn't the principle of the matter a more interesting discussion than Jmog's personal finances?

LJ wrote:

Footwedge wrote:

jmog wrote: Well, got my bonus check for last year today...I won't go into how much because that's not important (but it was nice)...however..

Good Lord does the government like to hit bonuses HARD.

In the end the government got nearly half of my money. They got 47% and out of the goodness of their hearts let me keep 53%.

Come to think of it, I take that back, make it 48/52 because at the end of the year I'll owe the city I live in 1% of it (their city tax is 2%, place where I work is 1%, so I have to pay the difference).

This makes no sense at all. None. I understand that the bonus tax pay period is taxed as if you made that type of money every month. But the maximum tax bracket is around 37%.

What constitutes the other 9%? Even if you add in the payroll tax (7.15%), you still don't hit 47%.

And you legally are claiming 12 deductions on your withholding allowances? How in the hell do you get away with that?

Something smells like rotten fish on this one.

state tax, city tax, payroll tax.

Footwedge wrote:

LJ wrote:

Footwedge wrote:

jmog wrote: Well, got my bonus check for last year today...I won't go into how much because that's not important (but it was nice)...however..

Good Lord does the government like to hit bonuses HARD.

In the end the government got nearly half of my money. They got 47% and out of the goodness of their hearts let me keep 53%.

Come to think of it, I take that back, make it 48/52 because at the end of the year I'll owe the city I live in 1% of it (their city tax is 2%, place where I work is 1%, so I have to pay the difference).

This makes no sense at all. None. I understand that the bonus tax pay period is taxed as if you made that type of money every month. But the maximum tax bracket is around 37%.

What constitutes the other 9%? Even if you add in the payroll tax (7.15%), you still don't hit 47%.

And you legally are claiming 12 deductions on your withholding allowances? How in the hell do you get away with that?

Something smells like rotten fish on this one.

state tax, city tax, payroll tax.

Jmog said "the government". When one says "the government" most people would equate that to Federal income tax withholdings...not the sum of all taxes. At least that's the way I would interpret it.

Footwedge wrote: And you legally are claiming 12 deductions on your withholding allowances? How in the hell do you get away with that?

I do know the federal income tax maxes out at about 35%

majorspark wrote:

BoatShoes wrote: It would be interesting if you could make a case for the IRS to have to be required to compensate for the time value of money and pay interest for the money it with holds until it is refunded. But on the other hand, suppose the Feds withold too little as a down payment of tax and one ends up having to pay taxes by April 15th, should we understand it as an interest free loan from the feds all year and argue that taxpayers pay interest on this amount?

No, because the due date for payment of any tax owed per tax year is April 15th. As long as you pay by the due date an individual has met his obligations to the feds. By having federal tax withheld, you are allowing the federal government to save your money in their account for future payment of any tax owed and they pay you no interest.

I prefer to invest or save mine. I don't try to break even. I give them bastards as little as possible until it is due. On April 15th (not a day earlier) I write the government a sizable check with profanity laced words crossing my lips with each pen stroke.

Ghmothwdwhso wrote: After all, it was your money. Great post. So many people don't think that way.