how the fuck do i owe taxes?

2-feign-reluctance

we make around $63K combined salary a year. they take taxes out both federal and state every paycheck. how in god's name does the government have the right to say i didn't pay enough? i'm not fucking rich here. i could see it if i made over $250k, but SERIOUSLY! stupid mother fucking government. i am so pissed right now! :evil:

soulsinging

If you got a stimulus check, you owe that money back. All it was was a loan on future tax revenue.

I owe taxes in my hometown. Speaking of which, I should straighten that out.

SPEEDY MCCREADY

soulsinging wrote:

If you got a stimulus check, you owe that money back. All it was was a loan on future tax revenue.

I owe taxes in my hometown. Speaking of which, I should straighten that out.

are you sure about that??? having to pay that money back???

i have heard different stories about having to pay back that stimulus check....

and my girlfriend and i did our taxes online....and we are both getting back the same usual amount we always do.....

sweet adeline

2-feign-reluctance wrote:

we make around $63K combined salary a year. they take taxes out both federal and state every paycheck. how in god's name does the government have the right to say i didn't pay enough? i'm not fucking rich here. i could see it if i made over $250k, but SERIOUSLY! stupid mother fucking government. i am so pissed right now! :evil:

did you claim the correct exemptions on your w-2? its possible that your employer isn't taking enough out of your paychecks each pay period.

chromiam

soulsinging wrote:

If you got a stimulus check, you owe that money back. All it was was a loan on future tax revenue.

Incorrect.....

from the IRS website. http://www.irs.gov
Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

Q. If my stimulus payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

Wobbie

how the fuck do i owe taxes?

same thing I said last year, when they hit me for another $15K on top of what we'd already paid. Praying it does not happen again!

Travelar

Just like last year I owe the state and get a refund fro the federalis. Almost even, but not quite there.

decides2dream

sweet adeline wrote:

2-feign-reluctance wrote:

we make around $63K combined salary a year. they take taxes out both federal and state every paycheck. how in god's name does the government have the right to say i didn't pay enough? i'm not fucking rich here. i could see it if i made over $250k, but SERIOUSLY! stupid mother fucking government. i am so pissed right now! :evil:

did you claim the correct exemptions on your w-2? its possible that your employer isn't taking enough out of your paychecks each pay period.

exactly.
at most should claim single 1.
i am married and a homeowner - with all the deductions that affords - and i claim single zero. we do usually get a small refund, but it is worth the coverage in case we might owe. this year we should get a decent sized refund, but that's b/c of last minute financials i juggled in december for that very purpose. i find single zero is the way to go, period, unless you have children.

decides2dream

imalive wrote:

how the fuck do i owe taxes?

same thing I said last year, when they hit me for another $15K on top of what we'd already paid. Praying it does not happen again!

holy shit!
owing THAt much, you would have to have had untaxed income....sold stocks/bonds at a nice profit...property...major life change that bumped your tax bracket...etc....sumthin'. your regular earnings should not incur should a huge disparity.

mca47

If you aren't making that much and you owe, my guess is that they weren't taking enough out of each paycheck.

The gov. takes a ton out of mine and hopefully I get a decent amt. back.

I'm not a fan of giving the gov't an interest-free loan but whatever. I made more last year than I ever have and seeing that huge chunk of my paycheck go to them should assure I get something back from them.

mensane

i have claimed zero since i started working at age 16. i have never had to pay. i always get a decent sized refund. some may say that i am letting the government use MY money without paying me interest....i say that every year i know i will have money in late winter to plan my summer vacations.

comebackgirl

I've always claimed single 0 and had a few extra dollars taken out of my check each pay. It amounts to a tiny little refund at the end of the year, but at least I don't have to pay!

know1

How much did you pay during the year? For example, if you only paid $100, then it's pretty easy to see why you might owe.

know1

I posted in the other thread that I got my refund early - by changing my withholding to 4 and taking a $200 per paycheck raise throughout the year. The consequence was that I owed the federal government about $700 when I did my taxes this week. States giving me back about $650, so that's a pretty good deal in my book.

blackredyellow

After I figure out what we're getting back this year, I should be able to change our withholdings. We got married in '07 so I didn't want to change anything around then, then in '08 we had a kid and bought a house... so now things shouldn't change drastically anymore. I'm guessing that we will get a BIG refund this year which will actually be nice, but then we'll change our withholdings to get close to breaking even. Now I can add whatever the paycheck difference is to our savings every other week and we won't miss it.

Cosmo

2-feign-reluctance wrote:

we make around $63K combined salary a year. they take taxes out both federal and state every paycheck. how in god's name does the government have the right to say i didn't pay enough? i'm not fucking rich here. i could see it if i made over $250k, but SERIOUSLY! stupid mother fucking government. i am so pissed right now! :evil:

...
You didn't have enough taxes with held during the year.
Check you W-4 Forms for Incom Tax withholdings.
...
Example... the first year I was married... I changed my W-$ Status to Married with 1 depemndant (Me). My wife (ex-wife) changed hers to Married with 15 Dependents. She had practacally nothing withheld from her paychecks and we took a $4,000.00 tax hit that year. We adjusted our withholdings to get closer to breaking even...
...
Then, we split up.

Heineken Helen

How come nobody seems to know what they owe or what they'll get? Does the government just pick a random figure out of its arse or is there not some way of working it out?

pjfan31

Geez, I hope I don't have to pay the $950 that my new mate Kevin Rudd is going to give me...

dunkman

Heineken Helen wrote:

How come nobody seems to know what they owe or what they'll get? Does the government just pick a random figure out of its arse or is there not some way of working it out?

i know... that'd drive me insane.

thankfully out taxes are taken off at source every month... makes it a shitload easier... you would have thought the US would have a better system, being the Greatest Country in the World™

decides2dream

dunkman wrote:

Heineken Helen wrote:

How come nobody seems to know what they owe or what they'll get? Does the government just pick a random figure out of its arse or is there not some way of working it out?

i know... that'd drive me insane.

thankfully out taxes are taken off at source every month... makes it a shitload easier... you would have thought the US would have a better system, being the Greatest Country in the World™

we DO have our income taxes taken directly out of our paychecks, every time we get a paycheck. however, YOU tell your employer at what rate that you should be taxed. there are various choices such as single zero - single one - single two - married zero - married one, etc, etc. depending on your individual financial situation, if you have dependents or not, own property, other outside income, etc....will depend what rate you want to be taxed. if you make a lot of $$$ outside of your paycheck, you could end up owing a lot at the end of the year, or need to make estimated payments quarterly, etc. also, if you make big finaicial maneuvers at the end of the tax year, can greatly effect if you owe or get a refund. there are a lot of variables. however, for the average taxpayer who does not earn much outside their paycheck and makes sure their employer has taxes withhld at the proper rate for their personal lifestyle, most do not owe at all or get a refund either. if you have to be taxed, it's a pretty good system as it leaves much in the control of the taxpayer.

dunkman

decides2dream wrote:

dunkman wrote:

Heineken Helen wrote:

How come nobody seems to know what they owe or what they'll get? Does the government just pick a random figure out of its arse or is there not some way of working it out?

i know... that'd drive me insane.

thankfully out taxes are taken off at source every month... makes it a shitload easier... you would have thought the US would have a better system, being the Greatest Country in the World™

we DO have our income taxes taken directly out of our paychecks, every time we get a paycheck. however, YOU tell your employer at what rate that you should be taxed. there are various choices such as single zero - single one - single two - married zero - married one, etc, etc. depending on your individual financial situation, if you have dependents or not, own property, other outside income, etc....will depend what rate you want to be taxed. if you make a lot of $$$ outside of your paycheck, you could end up owing a lot at the end of the year, or need to make estimated payments quarterly, etc. also, if you make big finaicial maneuvers at the end of the tax year, can greatly effect if you owe or get a refund. there are a lot of variables. however, for the average taxpayer who does not earn much outside their paycheck and makes sure their employer has taxes withhld at the proper rate for their personal lifestyle, most do not owe at all or get a refund either. if you have to be taxed, it's a pretty good system as it leaves much in the control of the taxpayer.

it still sounds like a shit system... and judging by the amount of people on this very thread not knowing if they have refunds/owe money/what the fuck to do.. then i guess if this forum were a microcosm of america then there will be plenty of others siting at home not having a clue with what they are to pay/not to pay/what to declare, etc.

whereas here... you earn £20k... then you pay this amount in taxes... have 2 kids and are married? then you'll pay this.. etc etc etc.

the US one makes about as much sense as tipping... oops... imo.