$1500 is refundable per child I believe. According to TaxCaster if I paid nothing into federal taxes I’d still get a 4 figure refund, but I’m not messing with it for fear of angering the IRS overlords
Do you usually get a tax refund or have to pay
- Thread starter walterjay
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Our property taxes alone are north of $10K - but I will say our (taxable) income and all gross income for 2022 was very low relatively speaking compared 2021 and back - since we no longer have working salaries. Still with near 10% sales tax, B and O tax, SE tax, etc ours adds up.
If mine was only 23% I too would shut up and sit down.
Taxes on businesses that are passed through to all of us. WA state B and 0 tax, corporate income taxes, their property taxes, environmental fees, import duty and customs charges, etc. WE pay those. People seem to want to tax businesses more. Well OK, but...............
Never got a refund. Wife and I file joint. We have been working on increasing our deferred compensation and 403b contributions, as well as our withholdings, but we always end up owing a few grand. We withheld 20 grand last year and it still wasn't enough.
Thankful to be in Texas no state income.
Thankful to be in Texas no state income.
That's probably just income taxes. FICA taxes add another 7.65% to that number.
Then, as others have mentioned, you have a whole basket of other Federal taxes that are charged as excise taxes on fuel, utilities, etc.
After that, there is a similar basket of state and perhaps even local taxes.
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My blood pressure just stabilized from doing my taxes recently, and now I see this thread 
That may be true for MARGINAL rates. I.E. they pay 40% of each additional dollar they earn. Getting close to 30% Federal income tax, 7.65% FICA taxes and another 5-10% STATE income tax and yes, some are losing 40% of each marginal dollar.
Some don't understand that and think they are paying that on all of their earnings.
Others don't understand when the term marginal is used and think it's okay to take 40% + of what someone earns. Even if they are not taking 40% of every dollar earned, are we really equal before our government if person A is losing 10% of each marginal dollar and person B is losing 40% of each marginal dollar?
He was talking Federal income tax only. You’re muddying the discussion by adding in everything else.
Sounds like you need to move! I'm in VA, things are here aren't the lowest but our property taxes and sales taxes are somewhat low-ish but we have state income tax as well to make up for it.
As a sole-proprietor/LLC I have no business taxes here that amount to much...my county license and state corporation commission fees is all.
No, that was all-in everything I can figure I pay as a % of my gross income. Call it 25% b/c I probably left something out but still, not really that bad considering my income. Federal income tax only would be around 10% effective.
We ARE talking all in.
WA is not that biz friendly. Boeing left!
Tech comes here and slides under with special exemptions and such.
I pay my fair share of taxes after CPA triple checks it. I got hit hard for 2022 tax year and I’m hurting.
I know majority of my taxes paid into ‘the bucket’ gets squandered but there’s really nothing I can do about it.
I do NOT want to end up like Willie Nelson or Wesley Snipes…..
www.govexec.com
“ The Internal Revenue Service will bring on about 30,000 employees over the next two years as it begins spending the $80 billion in new funds Congress provided last year, the Biden administration said in an operational plan it unveiled on Thursday. “
I know majority of my taxes paid into ‘the bucket’ gets squandered but there’s really nothing I can do about it.
I do NOT want to end up like Willie Nelson or Wesley Snipes…..
IRS to Hire 30,000 Employees Over the Next Two Years
Biden administration lays out the full spending plan for its new $80 billion cash infusion.
www.govexec.com
“ The Internal Revenue Service will bring on about 30,000 employees over the next two years as it begins spending the $80 billion in new funds Congress provided last year, the Biden administration said in an operational plan it unveiled on Thursday. “
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So you made a lot more than you thought you would/didn't pay enough throughout the year to cover the increased income?I pay my fair share of taxes after CPA triple checks it. I got hit hard for 2022 tax year and I’m hurting.
I know majority of my taxes paid into ‘the bucket’ gets squandered but there’s really nothing I can do about it.
I do NOT want to end up like Willie Nelson or Wesley Snipes…..
IRS to Hire 30,000 Employees Over the Next Two Years
Biden administration lays out the full spending plan for its new $80 billion cash infusion.
“ The Internal Revenue Service will bring on about 30,000 employees over the next two years as it begins spending the $80 billion in new funds Congress provided last year, the Biden administration said in an operational plan it unveiled on Thursday. “
Taking earnings from your labor before you even receive it makes you a slave.
Slaves had a 100% income tax bracket.
Yours is just somewhat lower.
Slaves had a 100% income tax bracket.
Yours is just somewhat lower.
I also trade in my IRA….. but brokerage account gets hit by the IRS.
Taxable accounts I hate selling, even if it's a loss, $3000 max per year, but can carry over.
Buy some muni bonds and such and just sit on them.
I always receive my earnings before paying tax.
It is just income tax. I'm referring to when you hear about rich people or those with creative accountants and how their same "effective tax rate" is 0%. When you Google "presidents effective tax rate", the first result says the current president's rate is 24.6%. If you Google a former president's rate, it says it's 4%.
