SIGforum.com Main Page The Lounge We're about to get screwed on taxes aren't we?? Referring to our personal returns.
Main Page The Lounge We're about to get screwed on taxes aren't we?? Referring to our personal returns.Go | New | Find | Notify | Tools | Reply | |
| Raised Hands Surround Us Three Nails To Protect Us  |
So finally after a few years of tweaking things after having kids we finally got our tax return pretty close to zero. I think we got like $600 back last year combined. So of course 2nd week of January all of our tax forms start trickling in. Well like many folks my wife was furloughed from both jobs for a bit of time last year. While it sucked it was also a bit of a blessing since the kiddos were not in school and we did not have to scramble to figure out added childcare. Fortunately she was able to go back to both jobs. Never had to file for unemployment before and her employer actually filed everything for her, which was a huge plus as we got paid quick with no issues. I have one buddy who just went back to work a couple weeks ago and he only got his stuff started paying a couple months back. So honestly I never gave it another thought. Well today we get our nice little note informing us that they withheld no taxes and don't be silly to think it does not have to be reported as income. And since 90% was not withheld from this income we should have been filing quarterly estimates. So I presume when I go to the tax man next month we should expect to owe a pretty hefty sum?This message has been edited. Last edited by: Black92LX, ———————————————— The world's not perfect, but it's not that bad. If we got each other, and that's all we have. I will be your brother, and I'll hold your hand. You should know I'll be there for you! | ||
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Political Cynic |
Yes. It is going to be a shit show. That’s my professional opinion | |||
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| Do No Harm, Do Know Harm |
Ouch. Yes, that’s gonna hurt. I got nailed in 2007 or so for a job not withholding enough. I was young and didn’t know what anything meant. Vowed to never let that happen again. Knowing what one is talking about is widely admired but not strictly required here. Although sometimes distracting, there is often a certain entertainment value to this easy standard. -JALLEN "All I need is a WAR ON DRUGS reference and I got myself a police thread BINGO." -jljones | |||
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| Member |
Unemployment benefits and social security used to be tax free. President Reagan signed a law taxing unemployment, along with social security benefits. One of the few things he did that I disagreed with. _________________________ "Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it." Mark Twain | |||
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| Member |
If the Dims are successful, what you are paying now is a pittance. Changes in capital gains taxes, increased rates, estate taxes. All to pay for worthless do good programs. | |||
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| Political Cynic |
Yup. They are going to use the tax code as a weapon against people working for a living and being responsible. They will take all that money and ship it overseas to our enemies. | |||
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| Non-Miscreant |
You've seen nothing yet. Who do you think is going to psy for the first $1200, then the next $600, and now the upcoming $1400 (or what ever it turns out to be)? Let me guess, it will be the unemployed Biden voters? Those with jobs have got to pay it. Can't tax the companies to death, or everyone will be out of work. Well, except the Biden voters who weren't working in the first place. He's got to repay them for their votes. Keep in mind tax day is screwing you day. Well, except if you get free money back. For doing nothing but voting the "right" way. Unhappy ammo seeker | |||
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| My other Sig is a Steyr.  |
All of our new taxes are great... if you live in Iran. | |||
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| Member |
Slow Joe, the Hoe and the democrats said they will reverse Trumps tax cuts and raise your taxes! Why is anyone surprised? Shame on anyone that voted for any democrat! You are getting what you voted for...All this information was available prior to the stealing of the election. | |||
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paradox in a box |
I keep trying to explain this to my idiot liberal colleagues. They tell me Joe isn’t raising middle class taxes. I saved over $3K after Trump’s cuts. If they repeal that then it’s a tax increase. Not only that, most of my savings was the child tax credit change. Children are no longer an exemption but the credit is $2K. I’d bet the fuckers repeal Trump’s cuts but don’t reinstate the exemption for children. These go to eleven. | |||
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| No double standards |
In rounded numbers the top 1% of the income bracket pay 40% of the fed income taxes. The top 50% of the income earners pay 97% of the fed income taxes. Seems Biden's suggested tax changes will rob Peter (the top half) to buy votes from Paul (the bottom half), but the gov't will pay itself first, Paul gets the leftovers. I predict a lot of people who will likely have increased taxes voted for Biden, but they won't connect the two. "Liberty lies in the hearts of men and women. When it dies there, no constitution, no law, no court can save it....While it lies there, it needs no constitution, no law, no court to save it" - Judge Learned Hand, May 1944 | |||
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Don't Panic |
? Every job I've ever had, the first thing they had us do was fill out a W4 for payroll. Did that not happen? If not, maybe your wife's gig was set up as 'independent contractor.' In which case, look out for possible FICA (Social Security) and self-employment taxes, too. When someone is an employee, the employer pays those on the employee's behalf. If she wasn't an official employee, you may be on the hook for those taxes, in addition to the income taxes. | |||
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| Raised Hands Surround Us Three Nails To Protect Us |
Ohh I am well aware of this aspect as well but that is a whole bother topic.
Yes a W4 was done many many years ago her normal paychecks are taxed as they should be. Her employer handled all the Unemployment Benefit paperwork for all employees they had to furlough. In that filing alone they listed no with holdings. So for the 2 months and change she was unemployed taxes were not withheld from the unemployment payments. ———————————————— The world's not perfect, but it's not that bad. If we got each other, and that's all we have. I will be your brother, and I'll hold your hand. You should know I'll be there for you! | |||
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| Non-Miscreant |
You missed the FICA, the part where you pay both sides of it. Just call it 15%, and it will hurt. Unhappy ammo seeker | |||
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Alea iacta est |
Wow, this turned political pretty quickly. Yes, you will owe tax for the income that had no withholding. The additional fee for not “paying as you go” seems to be hit or miss. I owed a little one year and they penalized me. I owed far more a different year, and no penalty. It appears I’ll owe again this year as I had it dialed in pretty well, then we both started making more and the amount withheld isn’t enough to cover what the tax man wants. The “lol” thread | |||
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| Just for the hell of it  |
Come on we have enough political threads. Black's post was about current taxes and withholds. We all know what's coming down the pipeline but that has no effect on his current issue. _____________________________________ Because in the end, you won’t remember the time you spent working in the office or mowing your lawn. Climb that goddamn mountain. Jack Kerouac | |||
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| Do No Harm, Do Know Harm |
2-3 months of one salary will sting, but won’t be as bad as maybe you’re expecting. I doubt it’s enough to trigger any penalties. Then again I’m not really an expert on taxes...or much else. Knowing what one is talking about is widely admired but not strictly required here. Although sometimes distracting, there is often a certain entertainment value to this easy standard. -JALLEN "All I need is a WAR ON DRUGS reference and I got myself a police thread BINGO." -jljones | |||
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| Just for the hell of it |
Did she have to do anything. A very good friend was furloughed and filed herself. Here in Maryland, you have to go into the website each week and fill out a forum saying you didn't work and so on and this and that. You also decide if they take out taxes. Good in some ways they did it for them and bad that you didn't get to decide how it was setup. _____________________________________ Because in the end, you won’t remember the time you spent working in the office or mowing your lawn. Climb that goddamn mountain. Jack Kerouac | |||
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His Royal Hiney |
Look, your withholdings were based on your annual salary. Taxes are not normally withheld for unemployment benefits since the thought is you need as much cashflow as you can get when you are unemployed. The unemployment benefits you get for those two months are less than the taxable salary she would have gotten. The puts and takes are: 1) no taxes taken for the less than taxable salary unemployment benefits for two months. 2) taxes taken for the whole year will be at the rate that was for the full employed salary for the year. The net effect for two months at 60% wages untaxed plus 10 months taxed based on 12 months wages should not be that significant. "It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946. | |||
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eh-TEE-oh-clez |
I also think you avoid underpayment penalties if you did not owe taxes the year before. You basically get a freebie year to get it dialed in. Totally not being 100% accurate, as there's some formula that involves being within some % of last year's tax burden or whatever, but the info is easy enough to find with some googling. | |||
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SIGforum.com Main Page The Lounge We're about to get screwed on taxes aren't we?? Referring to our personal returns.
Main Page The Lounge We're about to get screwed on taxes aren't we?? Referring to our personal returns.© SIGforum 2024