W2s are up

Wally

BrownCafe Innovator & King of Puns
Because all taxes are a giveaway to the goverment?
You would need to earn a tremendous amount to bump up to the next tax bracket. Earning a extra paycheck won't cut it.

Why this urban legend of "if I work more, it all goes to Uncle Sam" persists, I have no idea? Most pay between 12 and 32 percent.
 

Brownsocks

Just a dog
You would need to earn a tremendous amount to bump up to the next tax bracket. Earning a extra paycheck won't cut it.

Why this urban legend of "if I work more, it all goes to Uncle Sam" persists, I have no idea? Most pay between 12 and 32 percent.
Not the issue. I am just making a statement of fact that 25% of my retro went to taxes and I didnt recover more than 1/10 of what I paid in. I file 1 dependent and have 0 children to get the welfare child tax credit. Single people get screwed.

We need more tax cuts.
 

Wally

BrownCafe Innovator & King of Puns
Not the issue. I am just making a statement of fact that 25% of my retro went to taxes and I didnt recover more than 1/10 of what I paid in. I file 1 dependent and have 0 children to get the welfare child tax credit. Single people get screwed.

We need more tax cuts.
Ok. Your original post made it seem as the government was taking it all?
 

Faceplanted

Well-Known Member
I give the government an interest free loan of around 6k per year, you can call me stupid with money if it makes you feel better. 0 kids or depends.

Dope boys always told me, “it’s good to have people who owe you money to an extent, Your never broke”
 

Siveriano

Well-Known Member
Screenshot_20200123-122549_Gmail.jpg
 
I give the government an interest free loan of around 6k per year, you can call me stupid with money if it makes you feel better. 0 kids or depends.

Dope boys always told me, “it’s good to have people who owe you money to an extent, Your never broke”
Or if you put that extra $100+ a week into or a savings account or buy Bitcoin...
 

Brownslave688

You want a toe? I can get you a toe.
You would need to earn a tremendous amount to bump up to the next tax bracket. Earning a extra paycheck won't cut it.

Why this urban legend of "if I work more, it all goes to Uncle Sam" persists, I have no idea? Most pay between 12 and 32 percent.
Because people are terrible at actually understanding math.
 

Faceplanted

Well-Known Member
Or if you put that extra $100+ a week into or a savings account or buy Bitcoin...
I like having large lumps of money come in every few months. I’m not gonna put that 100 a week in the bank, I’m gonna spend it on strippers and intoxicants

I know lots of you married coucks don’t want a lump sum coming in because your wife is gonna take it all, it doesn’t work like that in my household.
 

Wally

BrownCafe Innovator & King of Puns
I like having large lumps of money come in every few months. I’m not gonna put that 100 a week in the bank, I’m gonna spend it on strippers and intoxicants

I know lots of you married coucks don’t want a lump sum coming in because your wife is gonna take it all, it doesn’t work like that in my household.
Ha ha, shows how much you know!

The Judge takes the money, not the wife!
 

542thruNthru

Well-Known Member
Not the issue. I am just making a statement of fact that 25% of my retro went to taxes and I didnt recover more than 1/10 of what I paid in. I file 1 dependent and have 0 children to get the welfare child tax credit. Single people get screwed.

We need more tax cuts.

Don't be so ugly and you want have that problem.;)
 

MattM

Well-Known Member
Back when I was able to do the retirement savings credit, I double downed on that. By saving $2000, they gave me a tax credit of $1,000. That credit could be used on your tax liability. So even though I tried having 3 allowances and zero taken out (should’ve claimed exempt), I still had a solid return each year

Other fellow coworkers had nothing to show for themselves savings wise, but a higher AGI, higher tax liability, and no tax credit. But they got a huge refund.


It’s very tough explaining tax stuff to most people.
 
Back when I was able to do the retirement savings credit, I double downed on that. By saving $2000, they gave me a tax credit of $1,000. That credit could be used on your tax liability. So even though I tried having 3 allowances and zero taken out (should’ve claimed exempt), I still had a solid return each year

Other fellow coworkers had nothing to show for themselves savings wise, but a higher AGI, higher tax liability, and no tax credit. But they got a huge refund.


It’s very tough explaining tax stuff to most people.
About Form 8880, Credit for Qualified Retirement Savings Contributions | Internal Revenue Service
 

MattM

Well-Known Member
Yeah. Most drivers don’t qualify as the threshold is super low. It’s good for low level poor people. Most can’t think of saving but there is definite value.

I did a breakdown for a coworker who was making the same as myself (same hours).

He was withholding $25 more than myself every week. In turn, I was taking the higher allowance, and taking that $25 into a 401k. We’d each get about the same take home pay. At the end of the year, he got back $1000 (which was all of his own extra withholding). I was able to turn that $1,000 into about $2,000, thanks to the retirement credit. Plus I got my withholding back.

This dude had a tax liability of $600. I got my $300 tax liability back.

the government basically matched what I put into my 401k.

At the end of the day, they believe they have $1,000 in free government refunds. I was able to make the refund work for myself throughout the whole year, and now have $2,000 saved away. It’s all about perspective I guess. But for many years, I had been able to nearly double my 401k thanks to the government. That’s a true refund in my eyes.

Now for the average driver, save, save, save. Lowering your tax liability can save you hundreds. Use any extra potential withholding refund $ and invest it.

Other than a few credits, and lowering your tax liability, there is no free $$$. Your $1500 refund is huge because you withheld too much.
I explain it everyday in my hub from about now to about April 15th. Sad stuff
 
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