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Old 01-25-2012, 08:13 AM
 
Location: Portland, Oregon
7,090 posts, read 10,771,893 times
Reputation: 4110

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Quote:
Originally Posted by lifelongMOgal View Post
I'll agree with you on this. It stinks that there is a penalty for underestimating but paying all by April 15th. This is but one reason why the current tax system needs to be thrown out and the IRS as we know it ended.
Yeah, obviously because people overestimate tax payments the IRS should be destroyed.

That's a fully rational logical process.

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Old 01-25-2012, 08:14 AM
 
Location: Earth
24,639 posts, read 24,858,525 times
Reputation: 11319
Quote:
Originally Posted by Chi-turtle View Post
Obama and the rest of the leaders in Federal Government.



No, but they're an example of wealthy Americans that pay a lower percent in taxes than I do. Reading comprehension is not just reading the words, but putting them together and understanding their meaning.
So, basically, ya got nothing, but need to whine.
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Old 01-25-2012, 08:14 AM
 
Location: Meggett, SC
10,666 posts, read 9,060,522 times
Reputation: 5948
Quote:
Originally Posted by swagger View Post
This ^^^

OP, I'm no fan of Obama - at all - but you're really barking up the wrong tree here.

File a new W9 and set the number of dependents at 9. Then sock away a third of your paycheck for taxes.
But it is considered supplemental income and will always be withheld at a flat 25%. That's the IRS rules. Once he files, he'll likely get most of it back.
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Old 01-25-2012, 08:14 AM
 
Location: Austin
4,102 posts, read 7,371,107 times
Reputation: 2124
Quote:
Originally Posted by Chi-turtle View Post
I just made $15,000 in one month. I think I did work for that. How is that sitting on my butt and not being responsible.

I'd think that questioning why my government takes my income interest free IS a responsible act. Doing nothing and just going with the sheep in this nation would be irresponsible.

Did you read my post at all? Be honest...
Reread my post. What I'm saying is you should be sitting on your butt watching your capital gains roll in, and not working for your money. That way you won't have to pay as much taxes as people who actually labor for their wages. It's not Obama's fault you don't have tens of millions of dollars to invest.
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Old 01-25-2012, 08:15 AM
 
Location: Silver Springs, FL
23,440 posts, read 31,770,428 times
Reputation: 15560
[quote=Chi-turtle;22700107]Again, I need the money now. quote]
You cant live on $8200 for a month?
Learn to live within your means, the rest of us seem to be able to.
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Old 01-25-2012, 08:17 AM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,378 posts, read 14,083,145 times
Reputation: 6533
Quote:
Originally Posted by southbel View Post
But it is considered supplemental income and will always be withheld at a flat 25%. That's the IRS rules. Once he files, he'll likely get most of it back.
its considered supplemental ONLY if its a seperate commission/bonus check..if its part of the regualr paycheck (which most companies do) it will be taxed as regualr income and all the brackets
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Old 01-25-2012, 08:19 AM
 
Location: Meggett, SC
10,666 posts, read 9,060,522 times
Reputation: 5948
Quote:
Originally Posted by workingclasshero View Post
its considered supplemental ONLY if its a seperate commission/bonus check..if its part of the regualr paycheck (which most companies do) it will be taxed as regualr income and all the brackets
I was under the impression, based upon the OP's statements, that this was a separate check. But yes, if it were indeed part of his regular paycheck, it would be taxed like ordinary income.
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Old 01-25-2012, 08:20 AM
 
29,988 posts, read 37,264,999 times
Reputation: 12767
Quote:
Originally Posted by subsound View Post
Yeah, obviously because people overestimate tax payments the IRS should be destroyed.

That's a fully rational logical process.

Reading is fundamental. My statement specifically read: "this is but one of the reasons". Your post is neither logical nor rational since you misrepresent intentionally what I wrote.

Hey, if you enjoy lending extra money to the government interest free that is your choice. I can invest that money and do much better. YMMV
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Old 01-25-2012, 09:59 AM
 
Location: Palo Alto
12,172 posts, read 7,056,189 times
Reputation: 4175
Quote:
Originally Posted by TrapperJohn View Post
So file an updated W9 with payroll and claim 9 or 99 or 999 exemptions. Just save that money - you have to pay it all at year-end. And watch out for underpayment penalties.
Make that the W-4..
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Old 01-25-2012, 10:06 AM
 
4,749 posts, read 3,614,812 times
Reputation: 3225
I'm just wondering if the OP is deducting too much, or perhaps his company is deducting too much from his paycheck. Half one's paycheck seems like someone's making an error, and at any rate, as someone pointed out earlier, that's going to be a whopper of a refund next April.

I'm a part-time IC. I am responsible for paying my own taxes, either as I go or next year at tax time. Trust me when I say it's better to pay as you go, even if you have less during the year.
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