2016 Income Tax Talk

[NDwalleyes]

Just finished the first go through on our taxes for 2016. My wife and I both claim zero on our W-4s. We are nearing the end of having dependents to write off. As I neared the end of our deductions it appeared that we would be paying in a fair amount, but then....This was the first year we had both kids in college, one for a full year and one for a semester. That was the difference between paying in and getting a nice sized refund. Even getting a refund, the amount of taxes we pay in a year is enough to buy a ef'n car! This shit has to stop!

Anyway, it gets a guy thinking about life with no kids to write off. Time to meet with my finance guy to get some tax shelter put together. We'll need it in the next few years.

 

[johnr]

yes I paid in a bunch last year too, then there are those great Americans that work very hard at not working, pay in nothing, and somehow get a big damn return of someone elses money...

Damn right this shit has to stop

 

[Ericb]

Ill wait untill 4/14 to find out how much im being raped this year.

 

[eyexer]

GST in 5-4-3-2-...

 

[deleted_account]

what percent would be fair? just curious what the peanut gallery thinks. I did my taxes this week. it sucked to see a 1/5th of my yearly income taken. I'm sure many of you have it way worse.

 

[shorthairsrus]

Keep in mind the withholding tables r designed as if only one household member is working if u check the box married. If both r working married isn't going to work

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what percent would be fair? just curious what the peanut gallery thinks. I did my taxes this week. it sucked to see a 1/5th of my yearly income taken. I'm sure many of you have it way worse.[/Q


The lower rates are the lowest I remember but the upper rates are higher then Clinton's rate

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Add in all the other taxes that we never had to pay as much and the total overall rate is mind blowing

 

[MathewsZman]

GST in 5-4-3-2-...

It's uncanny how you and he think alike ! Are you twins ?

 

[Trip McNeely]

last year our total taxes paid in we could have bought a brand new dodge dakota. we got some back but its disgusting to look at how much they take. we are closer to 25-30%. cant wait to do this years and see how many pennies they throw back to us. thats just income tax. then there property, sales, gas, licenses, fees throughout the year. a guy might get to actually spend 40 percent of what he makes when its all said and done. but i do feel bad for gst and all them taxes he pays.......

 

[db-2]

No kids anymore, social security and still working. Withhold about 1/3 of what is needed to be, every year get a penalty for not withholding enough out.
then the check written out is 3 times bigger than my first full time job after the army paid. That job I did end up with 10 percent of the gross going to the irs with no withholding. Now about 15 percent of gross.
now days yes some pay nothing in and then get 8-10000 back. Started in earlier 70s with earn income credit.
wish they would just spent those funds I send in wisely.
It all does get old but life is good as it needs to be. Db

 

[guywhofishes]

what percent would be fair? just curious what the peanut gallery thinks. I did my taxes this week. it sucked to see a 1/5th of my yearly income taken. I'm sure many of you have it way worse.

salve on the wound: the bros with the pregnant girlfriends thank you

 

[db-2]

If that black guy called al would just pay what he owes I am sure we could all pAy less.

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ThAt first year I made 325 per month plus boss paid housing. 6 days a week at 12 hours per day. Paid 50 per month for health insurance.
there was no 1000 per child credit and we had one kid, there was no earn income credit. No Obama care. The bill was 350 federal which I borrow from benifcial fiancé so the real bill was probably 700. That was 1971. Overall it is better today. Db

 

[3Roosters]

Just finished the first go through on our taxes for 2016. My wife and I both claim zero on our W-4s. We are nearing the end of having dependents to write off. As I neared the end of our deductions it appeared that we would be paying in a fair amount, but then....This was the first year we had both kids in college, one for a full year and one for a semester. That was the difference between paying in and getting a nice sized refund. Even getting a refund, the amount of taxes we pay in a year is enough to buy a ef'n car! This shit has to stop!

Anyway, it gets a guy thinking about life with no kids to write off. Time to meet with my finance guy to get some tax shelter put together. We'll need it in the next few years.

One of the best tax sheltered wonders of the world is the 401k. If your company offers it....enroll...especially if they offer a match...simple simon...if they don't offer a 401k ..start your own..its called an IRA..INDIVDUAL RETIREMENT ACCOUNT...What you put in there you don't have to claim as income each year(taxed when withdrawn of course)..ie You make $40,000..put in $2000 into an IRA..your tax bill is only on the $38,000 you made..not the $40,000.

 

[NDbowman]

last year our total taxes paid in we could have bought a brand new dodge dakota. we got some back but its disgusting to look at how much they take. we are closer to 25-30%. cant wait to do this years and see how many pennies they throw back to us. thats just income tax. then there property, sales, gas, licenses, fees throughout the year. a guy might get to actually spend 40 percent of what he makes when its all said and done. but i do feel bad for gst and all them taxes he pays.......

Does dodge still make a Dakota? Pretty sure they don't make it anymore. So you say you paid in enough to buy a new one and they don't make one, so you paid in nothing?

 

[NDwalleyes]

One of the best tax sheltered wonders of the world is the 401k. If your company offers it....enroll...especially if they offer a match...simple simon...if they don't offer a 401k ..start your own..its called an IRA..INDIVDUAL RETIREMENT ACCOUNT...What you put in there you don't have to claim as income each year(taxed when withdrawn of course)..ie You make $40,000..put in $2000 into an IRA..your tax bill is only on the $38,000 you made..not the $40,000.

both have IRAs and 401Ks. Gonna need to find more options.

 

[shorthairsrus]

dont take to much ---- say a couple makes 120 between the two -- especially if your a sota

fed 16500
fica 9180
mn 6400

 

[Trip McNeely]

Does dodge still make a Dakota? Pretty sure they don't make it anymore. So you say you paid in enough to buy a new one and they don't make one, so you paid in nothing?

what?! thats news to me. when did they stop making them? substitute the dakota for a single cab half ton then

 

[MathewsZman]

https://www.edmunds.com/dodge/dakota/

 

[all4eyes]

Try being a small business owner. You get taxed for being self employed.

 

[eyexer]

It's uncanny how you and he think alike ! Are you twins ?

depends on who's asking

 

[MathewsZman]

depends on who's asking