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Anybody doing taxes yet?

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  • #16
    Re: Anybody doing taxes yet?

    I have known lots of people over the years who would turn down overtime because "it puts me in a higher bracket and cost me money!!"

    As already pointed out, all income is marginal....that is the last dollar is taxed at the highest applicable rate, but all dollars before you crossed that threshold are not affected.

    I am glad that I always owe some money to the state ( calif ) when tax time rolls around. This year, if you have a state refund coming, you will get an IOU. They did this once before in 1992. You could sort of spend them or deposit them, but usually paid a discount fee. If you held it until the state found some more money, you got all of it, but I don't recall that there was any interest.


    • #17
      Re: Anybody doing taxes yet?

      I use an accountant - it's worth the money to me

      Gave him my paper work on the 5th

      Me doing my own taxes would be like the customer who calls me to unstop his drain, and when I get there find out that the cable he ran is stuck in the pipe.

      I'm no do it yourself guy.

      I also hire a auto mechanic for my van.


      • #18
        Re: Anybody doing taxes yet?

        Originally posted by cpw View Post
        If you look at the tables starting on page 92:

        Let's say your single. You pay 10% of the amount from 0 to $8025. But if you make between $8,025 and $32,550, you pay $802.50 + 15% of the amount over $8,025.

        Under the US tax system, you end up with more in your pocket if you make more money.

        I think the better way to put this is the less money you make the more of it you get to keep of course if you make more you will have more to keep in your pocket as well