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Discussion in 'The Lounge' started by Publius, Jan 21, 2006.

  1. Publius

    Publius Sergeant

    I just finished estimating my income tax for 2005. I don't have all of the forms in yet, so there are some write-offs I am not able to figure in yet, but...

    My wife and I both received a raise last year and it pushed us into the next tax bracket. The raises amounted to less than $200/mo increase in net pay, but has increased the amount of tax we owe by nearly $3000. So, essentially the raises in pay are going to cost us money.

    A change in Adjusted Gross Income of a few hundred dollars can make quite a difference in the taxes you owe (see the attached image for an illustration). I guess this is somewhat niave of me, and many of you have already experienced this, but when you go from expecting a somewhat nice refund to oweing a couple of thousand dollars, it come as quite a shock.

    (this is US income tax by the way)

    Attached Files:

  2. star17

    star17 MajorGeek

    But you know what Publius? You are an honest, tax-paying citizen, not one of these high-and-mighty blowhards that claim to be but instead works under the table to avoid paying taxes, and child-support for that matter, but likes to pretend they do just so they can hear themselves talk. People that scam the system like that don't help the numbers get any better for the rest of us.
  3. G.T.

    G.T. R.I.P February 4, 2007. You will be missed.

    Ah, tax season again. Isn't it grand? :rolleyes:

    @ Star: I read a few years ago that best estimates put 1/4 to 1/3 of all the "business" done in the U.S. as "under the table" and not taxed. That's the primary reason I'd like to see some form of national sales tax implemented. Pimps, prostitutes, drug dealers, people that work for cash & don't report it, and all the other deadbeats that don't pay would pay automatically every time they went to the store for anything. An quite equitable. Those that have more, spend more, and would pay more taxes. Would also eliminate the 900 pound gorilla known as the Infernal Revenue Service, and the need to keep track of all that crap.
  4. DavidGP

    DavidGP MajorGeeks Forum Administrator - Grand Pooh-Bah Staff Member

    Thank Fuddle we in the UK who are not self employed dont have to pratt around with TAX as the GOV/Employers do it for us!

    Doing it your way would drive me to murder :)
  5. martinch

    martinch Specialist

    We employ a lot of temp help in the winter and in the past many of them had summer jobs that they got paid cash and nothing got turned in to uncle sam, caught several of them bragging about the only reason they worked for us was to have a little legal income every year so they were paying into soc. sec. and could claim earned income credit. Some of them actually drew unemployment during summer while they worked for cash.

    Got rid of them this year, frickin scum!!!! :mad: :mad:

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