Taxes

Dave

Dave

Well-Known Member
So how did you do this year?
Paying a bundle?
Got a bundle back?
Any spending plans?

We did pretty good this year. We went to a nursing conference in Vegas last year and got to write it off.
Got enough back to afford another trip to Vegas and a new TV.
 
Buying the trailer qualified me for a first-time homebuyer's credit. The credit is up to $7,500 for 2008, but since the trailer was only $33,000 my credit was for $3,300. In a couple years, I'll have to start paying it back interest-free taken out of my tax refunds over 15 years... but it's an interest-free $3,300 that I used to pay down high-interest credit card debt.
 
I did a lot of contract stuff and THANKFULLY opened a special savings account to save what I thought I would have to pay on taxes ... now I have plenty leftover on what I thought I would have to spend on taxes :banana:
 
paid less than hundred bucks over on state & almsot two hundred on federal. back & spent before March 1
 
Not started yet..we're still waiting for some papers to come back before I can give myself a headache. With the kids as dependants and our request to be taxed at a higher rate, we generally get somewhere in the 3-5k back per year...which gets eaten by ccards :(
 
Always pay the Feds a small amount (typically less than $150) which I consider better than them using my money. We haven't done ours yet but with the computer programs available now it's really not all that hard. Again, why should I send 'em their money early.

No state income tax in TN.
 
Luis G said:
I have mine taken care of straight out of my paycheck.
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Yes, but do you not have to file taxes each year to determine if what came out of your paycheck was less or more than what you were required to pay, when all income and deductibles are taken into account? That is what everyone is talking about...if they get some of the money they paid in back or if they have to pay more. The only people who typically don't have it automatically deducted from their paycheck are people who are self employed (or contract employees).
 
Nixy said:
Yes, but do you not have to file taxes each year to determine if what came out of your paycheck was less or more than what you were required to pay, when all income and deductibles are taken into account? That is what everyone is talking about...if they get some of the money they paid in back or if they have to pay more. The only people who typically don't have it automatically deducted from their paycheck are people who are self employed (or contract employees).
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Our system works somewhat different. About the only deductibles I can take into account are major medical expenses, which I've had none.
 
What is your tax, by percent of income? Federal only or are there local too?
 
Gonz said:
What is your tax, by percent of income? Federal only or are there local too?
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It depends on the income, just as in any other country. They are taking away around 5% for my current salary.

It all goes to the federation and from there it gets distributed to the states. State taxes are practically non-existent, all taxes are federal but there are certain taxes that are returned 100% to the states that collected them. It works pretty well IMO.
 
I just did the calculation and it is in fact 6.5%

It might be low for you guys, but we have a vat of 15% :(
 
Luis G said:
I just did the calculation and it is in fact 6.5%

It might be low for you guys, but we have a vat of 15% :(
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What's vat? Like sales tax? It's 13% is many provinces in Canada (alberta is an anomaly with only 5%)...and used to be 15% only a few years ago. The lowest income tax level is 15% or something too.
 
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