Income Tax Time

[Pat]

As many of you may remember, the government did not take out as much withholding tax in the last quarter of 09 in a effort to "stimulate" spending. Your tax liability didn't decrease, just the amount of monthy withholding. :depress:

I said, "Patrick, my boy, you had better put into an escrow that amount 'caus Uncle Sam will be looking for it, in a lump sum at tax time." :2thumbs:

Sure 'nuf, my escrow covered my 09 tax liability perfectly. It only took me less than an hour to do my Federal taxes. :banana:

I use the two line form established by President Clinton: "How much did you make? Send it in".
:lol:


I'm so ready for Louisville. :wave:

Regards,

[ImpalaSlayer]

im getting 800 something this year, bout a third of last year. still better then owing!

[guspech750]

I hope I owe very little or get back very little as I prefer to invest as much as posible and give Uncle Sam as little as possible through out the year. So far so good the last few years.

[ntd]

I got @1/2 back from the Gov and owe the state of Michigan $2.00:shake:. Last year I got a a lot more back. I didn't think this the change that Mister O was gunning for:bs:.

[ImpalaSlayer]

I got @1/2 back from the Gov and owe the state of Michigan $2.00:shake:. Last year I got a a lot more back. I didn't think this the change that Mister O was gunning for:bs:.
seriously? 2 bucks? wtf?

[ntd]

seriously? 2 bucks? wtf?

I know isn't that a B, hardly seems worth it for the state to use there resources to send me a bill for 2 buck

[guspech750]

I know isn't that a B, hardly seems worth it for the state to use there resources to send me a bill for 2 buck
At my work about 15 years ago, one of our drillers had gotten a end of the year bonus check for $0.00. WTF is that. Why waste the time and money for stupid crap like that.

[ntd]

At my work about 15 years ago, one of our drillers had gotten a end of the year bonus check for $0.00. WTF is that. Why waste the time and money for stupid crap like that.

You have got to be kidding me, I would rather get nothing than a check for nothing:lol:. I would have quit

[CBT]

At my work about 15 years ago, one of our drillers had gotten a end of the year bonus check for $0.00. WTF is that. Why waste the time and money for stupid crap like that.

dude, I almost fell outta my chair lmao

[Big Black Beast]

Don't even get me started...

[sailsmen]

The Current Income Tax Rates expire 12-31-10. Per the CBO the 10 year Budget is based on the current Tax Rates expiring for incomes over $135K and remaining in place for incomes under $135K;
For Tax Year 2007
Percentiles Ranked by AGI AGI Threshold on Percentiles Percentage of Federal Personal Income Tax Paid
Top 1% $410,096 40.42
Top 5% $160,041 60.63
Top 10% $113,018 71.22
Top 25% $66,532 86.59
Top 50% $32,879 97.11
Bottom 50% 2.89%
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service


For Tax Year 1999
Percentiles Ranked by AGI AGI Threshold on Percentiles Percentage of Federal Personal Income Tax Paid
Top 1% $293,415 36.18
Top 5% $120,846 55.45
Top 10% $87,682 66.45
Top 25% $52,965 83.54
Top 50% $26,415 96.00
Bottom 50% 4.0%
Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

Individual Income Taxes Under 1999 Law and 2008 Law
For taxpayers who take the standard deduction and have no children
Taxpayer Tax under 1999 tax law Tax under , 2008 tax law Savings % Under 1999 Law % Under 2008 Law % Reduction
Single, income of 30,000 $3,157.50 $2,756.25 $401.25 11% 9% -13%
Single, income of 50,000 $7,262.50 $6,606.25 $656.25 15% 13% -9%
Married, income of $50,000 $5,085.00 $4,012.50 $1,072.50 10% 8% -21%
Single, income of $75,000 $14,262.50 $12,856.25 $1,406.25 19% 17% -10%
Married, income of $75,000 $9,426.50 $7,762.50 $1,664.00 13% 10% -18%
Single, income of $125,000* $29,378.50 $26,472.25 $2,906.25 24% 21% -10%
Married, income of $125,000* $23,426.50 $19,462.50 $3,964.00 19% 16% -17%
*This chart does not take into account the Alternative Minimum Tax
Chart is from the Taxpayers Union

A married couple, such as a mom and pop business, making $200K per year in salary and profits taxes will go up ~$10K in 2011. Where do you think the additional $10K in taxes will come from? Employees Bonus, Employees Raise?