I'm an s Corp but some other smaller business could be a LLC and like so many other small business we get hit with taxes on both ends.

People like Z4P don't understand the fine line small business walk and the potential pit falls from someone with an agenda like Obama.

gut;1301600 wrote:
As for the great fiscalgeddon, they will kick the can like they always do. So that knock-down debate over raising the debt ceiling will have been pointless. But we have another one coming up, and it will be interesting to see if Harry Reid becomes a "fiscal terrorist" in a different regime

This.

Belly35;1301652 wrote:I'm an s Corp but some other smaller business could be a LLC and like so many other small business we get hit with taxes on both ends.

People like Z4P don't understand the fine line small business walk and the potential pit falls from someone with an agenda like Obama.

Yeah except I'm an LLC as a contractor (strictly for liabilty reasons). The taxes aren't any different than if you worked for someone, except your employer is paying half of the FICA taxes for you. You're your own employer so you're paying both.

ZWICK 4 PREZ;1301664 wrote:Yeah except I'm an LLC as a contractor (strictly for liabilty reasons). The taxes aren't any different than if you worked for someone, except your employer is paying half of the FICA taxes for you. You're your own employer so you're paying both.

Don't forget Medicare!!!! Gotta pay both sides of that too.

Con_Alma;1301665 wrote:Don't forget Medicare!!!! Gotta pay both sides of that too.

Unrelated question.. are you an s corp as well?

ZWICK 4 PREZ;1301668 wrote:Unrelated question.. are you an s corp as well?

Yep.

gut;1301600 wrote:Restoring the FICA rates I wouldn't really consider a tax increase.

True. It's simply reactivating already existing tax rates. But you can bet your ass that the minions have forgotten about it and will shit their panties when they take home their first 2013 paycheck.

gut;1301600 wrote:It's another flop - many economists view temporary tax breaks as ineffective, and there's also a behavorial economics argument about cutting something like FICA (marginally noticeable in a take home check) vs. a lump sum check from the gubmit that is like "free money".

When the tax "break" was implemented I certainly noticed it. But as I said when the tax is reimplemented, there will be gnashing of teeth throughout the land.

gut;1301600 wrote:As for the great fiscalgeddon, they will kick the can like they always do. So that knock-down debate over raising the debt ceiling will have been pointless. But we have another one coming up, and it will be interesting to see if Harry Reid becomes a "fiscal terrorist" in a different regime

Good point. I can't wait to see the story unfold.

believer;1301929 wrote: Good point. I can't wait to see the story unfold.

Entitlement reform is going to have to be part of the equation. What will be interesting is what entitlements the Dems seek to protect. I'm guessing the consensus, along with Repubs, is going to be kick the can on SS, maybe some hocus-pocus on medicare (but no real impact either way), which only leaves the massive expansion of welfare and handouts. And perhaps Mitt's $2T increase in defense spending is actually something he intends to put on the table, which would actually be a pretty crafty move.

ccrunner609;1301966 wrote:i dont get SS so I dont pay them. Good luck to all of you relying on a government to take care of you.

Eh, you'll just receive the more lucrative public employee version of SS. You're relying on the gubmint too but they just have you believing you actually earned it. :rolleyes:

ccrunner609;1301966 wrote:i dont get SS so I dont pay them. Good luck to all of you relying on a government to take care of you.

I wouldn't rely on taxpayers to continue funding your pension at a 9% GR while their SS is getting cut.

ccrunner609;1302022 wrote:Disagree, the districts that pay a share into it isnt going anywhere. Teachers are funding it alot more so unlike SS, STRS isnt going anywhere. They have something like $50 billion.

That means nothing. CalPERS has like $250B and is seriously underfunded.

Not only are the taxpayers contributing a share on your behalf, they are also the guarantor of that 9% annual return assumption (or 7% or whatever). Probably not going to sniff that, even ignoring underfunding. That means additional future underfundings, and don't expect that taxpayers to vote new levies to make-up the shortfall. That means your future benefits are going to be cut/less than expected just like everyone else.

Let me put it this way: STRS is about 40% underfunded, so you are probably looking at 60% (and likely less) of your expected benefit.

Manhattan Buckeye;1301450 wrote:We're expats so we don't pay the same taxes, in fact we don't even pay into the ponzi scheme that is social security (on the other hand, we won't get the benefits - ha ha ha like anyone under the age of 40 will).

I'm repping this. I've begun contemplating expatriation lately. You're not helping sway me toward staying.

justincredible;1301509 wrote:Well that's a bitch.

I bet your taxes on the earnings from this place are fun. Sole-proprietor? I hope not, with that 13% self-employment tax (because you should be punished for not registering an LLC) being such a bitch.


Stuff like this actually makes me understand why people commit tax evasion.

Manhattan Buckeye;1301450 wrote:We're expats so we don't pay the same taxes, in fact we don't even pay into the ponzi scheme that is social security (on the other hand, we won't get the benefits - ha ha ha like anyone under the age of 40 will).

Do you pay lower or higher taxes as an expat?

FatHobbit;1302736 wrote:Do you pay lower or higher taxes as an expat?

I believe you pay lower US taxes, but I could be wrong.

O-Trap;1302739 wrote:I believe you pay lower US taxes, but I could be wrong.

I think you aren't taxed at all by the US on the first $90,000. But depending on where you live, the local taxes could be much higher.

FatHobbit;1302816 wrote:I think you aren't taxed at all by the US on the first $90,000. But depending on where you live, the local taxes could be much higher.

For some reason, I was thinking about still being a citizen of the US, but living and working elsewhere.

If we're talking foreign taxes, then it depends on where you live as to whether or not you pay more. Friend of mine moved to the Caymans and renounced his US citizenship. He beat the expatriate tax, because he hadn't made $90K yet, but within a few years, he was in the eight-figure range.

Still another friend of mine, through processes of which I don't entirely know (and which allegedly took a lot of legal costs), found a way to get rid of his social security number. He still lives in the US, oddly enough, but I'm assuming that he doesn't pay into Social Security. Not sure about other taxes.

ccrunner609;1301966 wrote:i dont get SS so I dont pay them. Good luck to all of you relying on a government to take care of you.

Did a public school teacher just say this seriously?

jmog;1303014 wrote:Did a public school teacher just say this seriously?

Indeed

jmog;1303014 wrote:Did a public school teacher just say this seriously?

Cut him some slack....He's probably 1 of 2 teachers in Ohio that will vote for Romney

gut;1303075 wrote:Cut him some slack....He's probably 1 of 2 teachers in Ohio that will vote for Romney

True. We certainly don't want CC to turn to the dark side of the Force.

O-Trap;1302739 wrote:I believe you pay lower US taxes, but I could be wrong.

Depends on where you live, our friends in the UK and Germany pay higher taxes if you add up US plus local, we pay lower because Singapore income taxes are very low.

At any rate, the U.S. is the only first world country that even taxes its ex-pats. We paid more in U.S. taxes than in Singapore taxes in '11.

Manhattan Buckeye;1303236 wrote:Depends on where you live, our friends in the UK and Germany pay higher taxes if you add up US plus local, we pay lower because Singapore income taxes are very low.

At any rate, the U.S. is the only first world country that even taxes its ex-pats. We paid more in U.S. taxes than in Singapore taxes in '11.

I'm assuming you still have partial/full US citizenship. Yes?

Full citizenship. We are U.S. ex-pats and aren't citizens or permanent residents of Singapore. We have no Visa requirements to re-enter the U.S. at any time - just need to flash the old passport.

Manhattan Buckeye;1303239 wrote:Full citizenship. We are U.S. ex-pats and aren't citizens or permanent residents of Singapore. We have no Visa requirements to re-enter the U.S. at any time - just need to flash the old passport.

Gotcha. That's what I figured. Doesn't surprise me that the US still taxes you. They tax people who renounce their citizenship entirely if those people are in a certain income bracket.