Lucky Luciano
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Tue Apr-15-08 07:51 PM
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stupid tax question - I had over 10K withheld for SS and Medicare. |
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Edited on Tue Apr-15-08 07:55 PM by Lucky Luciano
Does this count towards my federal taxes paid?
I sure as fuck hope so :scared:
I ask because I calculated a tax and then I was asked to enter the Fed Taxes withheld from my W-2, I had about a 11,000 difference - but if you include the SS and Medicare taxes withheld, then I am square. I sure hope I don't have to pay any more than I already have. Would be quite painful.
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Zuiderelle
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Tue Apr-15-08 07:56 PM
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leftyclimber
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Tue Apr-15-08 07:59 PM
Response to Original message |
2. Only fed withholding counts. |
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If it's more than you can afford, file for an extension, then during the extension period make an appointment with your local IRS office to set up a payment plan. They will do this.
Taxes suck. :hug:
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Critters2
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Tue Apr-15-08 08:00 PM
Response to Original message |
3. Self-delete, because I only know how it works for people who file an SE. |
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Edited on Tue Apr-15-08 08:01 PM by mycritters2
It's been too long since I only went by my W-2. Sorry!
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Zuiderelle
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Tue Apr-15-08 08:02 PM
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4. Edited since you edited :) |
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Edited on Tue Apr-15-08 08:02 PM by PelosiFan
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Critters2
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Tue Apr-15-08 08:03 PM
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5. Don't I know. My self-employment tax, which covers SS and medicare, |
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is more than twice my actual income tax. Damn big house!!
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Zuiderelle
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Tue Apr-15-08 08:10 PM
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10. Another incredibly unfair thing about our taxes. That you have to pay employee and employer taxes |
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simply because you are industrious enough to be self-employed.
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Critters2
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Tue Apr-15-08 08:17 PM
Response to Reply #10 |
13. And the thing is, by any sane way of thinking, I'm NOT self-employed. |
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I'm a pastor. I work for the church. The church pays me and gives me a W-2. But I have to list other things on my schedule SE, that aren't on my W-2. Like the value of my house. Yes, I earn the value of my house and it is income, in that I'm saving the money by not paying rent or a mortgage. But why can't that just be included on my W-2? And why can't it be withheld, like a normal person.
I learned early on to put the amount I'll need to send the IRS in a separate checking account, so I wouldn't be tempted to spend it. But, again, my life would be easier with withholding.
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Zuiderelle
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Tue Apr-15-08 08:23 PM
Response to Reply #13 |
14. I think they think of ways to fuck people over. Like having to pay taxes on the employer portion |
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spent on health benefits for a domestic partner, not to mention that the employee part is an after-tax deduction in the first place, as opposed to the before-tax health benefit (and non-taxed employer portion) for married spouses. I mean, WTF? How many ways can we all get fucked?
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Critters2
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Tue Apr-15-08 08:28 PM
Response to Reply #14 |
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I know the problems with the flat tax proposals, but there's got to be a more logical way to do this!!
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Lucky Luciano
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Tue Apr-15-08 08:04 PM
Response to Reply #4 |
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What a fucking ripoff. I pay all these fucking taxes and all I get to show for it is this lousy war.
Time to file for the extension and then get hyper-creative.
Thanks...
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Zuiderelle
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Tue Apr-15-08 08:09 PM
Response to Reply #6 |
9. It definitely does blow. |
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The tax structure in this country is incredibly unfair.
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Critters2
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Tue Apr-15-08 08:13 PM
Response to Reply #9 |
11. I've heard a lot of people talking about what a big bite taxes took this year. |
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It was true for me as well. I got'em paid, but will need to watch spending for a while. Something to do with the economy, I suppose.
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suninvited
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Tue Apr-15-08 08:07 PM
Response to Original message |
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if I didn't know that much about taxes, I think I would have them done by a professional. It is possible you are missing some deductions. You never know.
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leftyclimber
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Tue Apr-15-08 08:14 PM
Response to Reply #7 |
12. Yeah; hie thee to a CPA. |
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They find the loopholes for a living. There are probably a zillion writeoffs you haven't thought of.
Just get that extension done tonight. :hug:
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Lucky Luciano
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Tue Apr-15-08 08:32 PM
Response to Reply #12 |
16. was filing the extension...they wanted me to estimate |
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Edited on Tue Apr-15-08 08:36 PM by Lucky Luciano
my taxes and I was appalled. I did a very back of the hand calculation, so I am sure I am missing something...Will files the extension now and say that I owe roughly, ummmm....nothing. Will find the cleverest guy in NYC and go from there...I will wait a few weeks for tax stress to die down for the CPAs and then get a CPA when said CPA has time to deal with me face to face.
....and we could all use some :grouphug: after today!
My taxes screwed me hard this year because I made twice as much in 2006 as compared to 2007...same job different bonus due to a bad year.
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leftyclimber
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Tue Apr-15-08 08:45 PM
Response to Reply #16 |
18. You may be missing something. |
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I'm a kid of a CPA, not a CPA, so I can't offer sound advice any further than get the extension in and find a good accountant (word of mouth is usually a good way if you're not sure). I hope it works out for the best.
:hug:
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nuxvomica
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Tue Apr-15-08 08:07 PM
Response to Original message |
8. SS and Medicare don't count but state and local do if you itemize |
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That along with any mortgage interest might close the gap for you.
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Lucky Luciano
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Tue Apr-15-08 08:40 PM
Response to Reply #8 |
17. Really? State and NYC tax can be applied? |
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So can I subtract that from my federal tax liability or from my income? Even if I can only subtract it from my income, it will help substantially! There may be hope!
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Zuiderelle
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Tue Apr-15-08 08:48 PM
Response to Reply #17 |
19. You should be able to subtract it from your income. |
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Definitely not from your liability. Damn, that would be nice though.
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