I hate taxes

[thedownhillEXPRESS]

I just became Ft this week, but I looked at my deduction for everything that's fine. I mean I guess it will come back at the end of the year as part of my refund. It just sucks that when you make let's say 300 in overtime a week then you look over and the taxes for the week are like 260 or so it just sucks so much when u look at in retrospect.


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Then have 0 taxes withheld if it floats your boat.
The IRS doesn't care about what happens during the year.
It's only a rough formula until you actually do your taxes that you can adjust.
But then I guess you'll be on here next year bitching about owing 3 grand in taxes.

 

[UpstateNYUPSer(Ret)]

The IRS doesn't care about what happens during the year.

Sure they do----it's called the AMT.

BTW, 3000 grand would be 3 million. Just sayin'.

To the OP---keep in mind that the taxes withheld are based on your gross pay, not just the overtime.

I asked you earlier----are you maxing out your 401K? This would really work to your benefit both when you retire and with your current tax situation.

 

[Slick silver]

Not sure about the 401 k I know it's coming out but just don't know how much % wise it is. That would be a good idea though. I do have another one going at the same time right now that is separate from work though.


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[UpstateNYUPSer(Ret)]

Not sure about the 401 k I know it's coming out but just don't know how much % wise it is. That would be a good idea though. I do have another one going at the same time right now that is separate from work though.


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Are you sure that your other investment is not a Roth IRA?

www.retirement.prudential.com

 

[thedownhillEXPRESS]

Sure they do----it's called the AMT.

BTW, 3000 grand would be 3 million. Just sayin'.

To the OP---keep in mind that the taxes withheld are based on your gross pay, not just the overtime.

I asked you earlier----are you maxing out your 401K? This would really work to your benefit both when you retire and with your current tax situation.

Two things.
One,no rank and file fedex driver comes anywhere near the AMT.
If they did it's because of a spouse and in that case they sure wouldn't be looking for advice here.
Two,you still don't owe your taxes until the end of the year,that's when taxes are due,not weekly!

 

[UpstateNYUPSer(Ret)]

Google AMT.


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[thedownhillEXPRESS]

You are looking at the figure for exemptions,not income.
Most rank and file don't even make the exemption amount never mind three times that.

 

[thedownhillEXPRESS]

Example.
Not even close.

"In 2013, for example, a married couple earning $400,000 with two children and $80,000 in itemized deductions, including $20,000 in property taxes and $23,000 in state income taxes, would be subject to AMT of $8,890 on top of their ordinary income tax, according to Mark Luscombe, principal tax analyst for CCH in Riverwoods, Ill. But a taxpayer with property taxes of $5,000 and state and local sales taxes of $5,000 would be exempt from the AMT."

 

[DontThrowPackages]

Well it's more with over time pay, not anything else really. I just wish that overtime pay couldn't be taxed since it puts me into another tax bracket.... The more u make the more they tax.


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Maybe you should have 3 or 5 kids. Unless your a divorced dad of course, you're allowed to " Claim" each child and in effect get money from Obama for that child in the form of a "Tax Credit". 1,000.00 per kid.

 

[DRAisawesome]

http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

This may help how much your tax bill will be

 

[olroadbeech]

max your 401k and start an IRA. and maybe readjust your with-holding. I sometimes do taxes.

 

[Slick silver]

Yeah I just started to bring up my 401 k %. It was only 3% as of last week. It's been a long week but correction I do have a Roth IRA not another 401k. Hopefully upping my 401k % deduction will obviously help long term on retirement. Then short term with tax withholdings on each paycheck. With overtime each week being single and no kids, I'm being raped in taxes week by week. Even though I would get most of it back at the end of the year. Side question, what do most of you guys have % wise set for your 401k deductions.


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[Slick silver]

Also my Roth IRA I have $100 a month going into that and have about 15k in there. That's been going for about 10 yrs.


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[upschuck]

Side question, what do most of you guys have % wise set for your 401k deductions.

I'm at 18% thinking about upping to 19 or 20% and see how much less I bring home.

 

[UpstateNYUPSer(Ret)]

I was at 25% but dropped it done to 20% last week to give my checkbook a little cushion .


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[Slick silver]

I guess essentially instead of having an extra $100 taken in taxes it's instead going to the 401k and getting matched. So being matched each week, after a month your talking a ball park of about 800 or so in the 401 k.


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[UpstateNYUPSer(Ret)]

I guess essentially instead of having an extra $100 taken in taxes it's instead going to the 401k and getting matched. So being matched each week, after a month your talking a ball park of about 800 or so in the 401 k.


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Matched?


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[Slick silver]

Let's say 20% would be what roughly $100 a week,then matched would be $200. End of the month would be $800 or so in contribution total. Now I see why ups guys max out almost, with those guys making more and after let's say 30 yrs, heck let's a rough estimate of what half mil in your 401k


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[UpstateNYUPSer(Ret)]

Matched?


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[Slick silver]

Yeah


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