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Tax Question

Discussion in 'Members' Lounge' started by Capt. Orygun, Feb 7, 2006.

  1. Capt. Orygun

    Capt. Orygun Win the Day

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    So I file my return online and it says I owe the government $91..... [​IMG]

    I could get angry and rant and rave about how I worked 3 jobs last year, 6 months of which I spent working 75hrs/week 13days on 1 day off. How I didn't spend a single moment on unemployment after 6 years in the military even though I qualified for the maximum ammount and could have spent my first six months as a civlian living reaonably comfortable off the government till. But that's not me, infact I started my new career while on teminal leave (paid vacation) in the military. Fuck I'm such a boyscout that I declared the $17 in interest my checking account earned!

    So I was looking through my W-2's and one of them was for a delivery resteraunt I worked for for a few months for federal minimum wage [​IMG]

    Funny thing was I made $3092 and they only with held $17 for federal income tax. That's about .5% The other two W-2's took around 10% each. Funny thing was all of my W-4's were filled out in the same manner.

    I've never owed before and I'm pretty sure it's that W-2 that caused it but I don't understand why they'd do that. I honeslty never though to look at how much they were taking for taxes because I know what I put on the W-4 and was confident I wold be safe.

    Can someone shed some light on this?
     
  2. BigJ

    BigJ I'm just about that action Boss. VIP

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    PM ReckedRacing. He is a tax guru.

    To me though it sounds like you claimed exempt at that job.
     
  3. ripperbone

    ripperbone angry bear

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    not all resturants take out federal taxes. its sucks cause now your screwed cause you have to pay, unless you have good deductions to claim
     
  4. pissedoffsol

    pissedoffsol RETIRED

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    if you make 100 bucks a week, you don't get taxed for shit.

    but at the end of the year, if you made say 35k instead of 30k, your tax owed is different by several hundred dollars.

    and hence, you owe.
     
  5. jeffie7

    jeffie7 Wrong Whole! VIP

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    If you make over $599.99 in ONE year you need to report it.




    Also for some reason people don't know how taxes work.

    If you tell them to take more taxes out of your paycheck and get lucky and have them take out too much you will get a return. your paychecks will be lower but you'll still get money back. keep in mind you do not earn any interest off that money the gov holds for you.

    If you have them take out less of your paycheck for taxes then you'll have to pay out more at the end of the year.

    best case is when you own zero and have a zero return at the end of the year. that means you paid your taxes perfectly.

    owing $91 bucks aint to shabby.



    Cliff notes, just becuase you make more money doesnt mean you should get more back.
     
  6. Capt. Orygun

    Capt. Orygun Win the Day

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    oh it's not about that. I'm just a bit mad that they guy who plays by the rules, works his ass off, and tried to live clean is stuck paying and his stepbrother who dropped out of high school and knocked up his girlfriend is getting back $3,600

    [sarcasim]yup life is so unfair to the "less fortunate", vote democrat [​IMG][/sarcasim]
     
  7. pissedoffsol

    pissedoffsol RETIRED

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    i hear ya... god damn losers make out. they can live working $7 an hour jobs cuz they actually EARN $10 an hour after taxes.


    america promotes two things-- kids and marriage.

    the average single male gets fucked.

    as usual.
     
  8. Battle Pope

    Battle Pope New Member

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    If you work only a few hours per pay cycle it won't take much out in taxes.
     
  9. ScrapinSi

    ScrapinSi Senior Member

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    Did you deduct all of your mileage doing deliveries? If you used your own car, you definately should. Its $0.48/mile right now...

    And I know this woman... single mother, rents a house with her son & 2 other people... Makes a decent wage... Probably like 30-35k i would think (Plus Profit Sharing)... She's getting back $3500!!! It's like DAMN! But then again, i have NO IDEA what i'm getting back... probably ALOT because of the house, wife, baby, etc...
     
  10. reckedracing

    reckedracing TTIWWOP VIP

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    first off the deductions...
    mileage would not be deductable unless he itemized, and most people don't have enough deductions to make itemizing worth while unless they have mortgage interest and real estate taxes, or ass loads of unreimbursed employment expenses...

    unemployment...
    i never understand why people don't get this concept
    your employer pays into an insurance fund...
    you NOT claiming unemployment is like you getting sick, having health insurance, but choosing NOT to use it because you think its a handout...

    money is withheld from you to pay into this insurance fund... ITS INSURANCE for you so you can still get income if you are unemployed...
    unemployment is NOT A GOVERNMENT handout... its an insurance fund...
    there is no good reason not to file for it...
    and you will get taxed on it too...

    people with children actually make out better because of the EIC - earned income credit
    this credit was designed to get people to work and get off gov't subsidies...
    the idea is, if you're kinda poor, but you get a job, then the gov't gives you a credit for getting off your ass and trying to make your own money...

    it sounds like the ONLY reason you are owing is because that one job fucked you and underwithheld...
    you can have additional taken out of your check, or just make sure they are withholding the proper amount throughtout the year...

    the federal gov't doesn't give a shit how hard you work or how many jobs you had...
    they still want the same percentage of your income based on your tax bracket...
     
  11. jeffie7

    jeffie7 Wrong Whole! VIP

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    Once again they take out what you tell them to take out.

    If they take out too much they refund it if they take out too little you have to pay the difference.

    doesnt matter if you make 1K a year or 100K a year.
     
  12. pissedoffsol

    pissedoffsol RETIRED

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    he's right in a way though.

    if you only make 100 bucks a week, and take the standard "1" or "0" claim, you won't get shit for taxes taken out
     
  13. reckedracing

    reckedracing TTIWWOP VIP

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    yea, but if you are making 100 bucks a week you aren't gonna owe shit for taxes either
     
  14. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    you have until april 15th to contribute to an IRA. If you put money into a tax deferred retirement plan, it will lower your amount of taxable income, thus lowering the % of your income you have to pay into taxes.

    in other words, if you don't make as much you will be placed into a lower tax bracket. it would drop the % of income you have to pay and possibly give you a tax return this year....and... you would still have that money invested into a retirement fund. it is a win win situation.
     
  15. reckedracing

    reckedracing TTIWWOP VIP

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    traditional IRA sucks my nuts

    sure it will save you the tax on the 4K this year... great

    but if you get a ROTH ira then you pay tax on the 4K now but all income gained on that original 4K can be taken out tax free after you retire...
     
  16. Battle Pope

    Battle Pope New Member

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    Right, that's why you have to specify for additional tax deductions. I'm not a retard.

    The direct reason that they took so little out is because he probably worked less than 20 hours per week. Whether or not he refiled his W4 to increase his deductions is beside the point.
     
  17. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    yes, you are correct. that is why i have a ROTH myself. but his point is he needs tax deductions this year. he can roll over later. i would rather pay taxes now and get tax-free growth for 30 years. but it doesnt' help at all this year for this guy.
     
  18. reckedracing

    reckedracing TTIWWOP VIP

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    deductions for 91 bucks??
    come on

    when you owe $75K then you have a problem
     
  19. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    hey, he was bitchin' so i posted a solution. but other, older members on here might not know about that stuff. just sharing the knowledge.
     
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