Am I paying too much in tax deductions? - Page 2 - JeepForum.com

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post #16 of 30 Old 07-26-2013, 05:19 AM
jeepdaddy2000
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Quote:
Originally Posted by Marconis View Post
Well, I changed it to 00 after heeding your advice as well as my fathers. I can't deal with the thought of more money being taken out per week, but I guess that refund will be nice and I won't owe anything. Taxes, taxes, taxes...
Don't forget the sales tax, both state and federal gas tax, and , oh, lets not forget if (ahem, when) Obama care passes, the added $300 or so a month in added "payments" to the IRS.....
So, next time your at the 7-11 and that fat slob with 4 kids is buying beer on their welfare card, feel free to thank them for your added tax burden.
Feel free to write your congressman and ask him why he is so fiscally irresponsible.
Feel free to write your "president" and ask why he has wracked up 7 trillion dollars in national debt. That is of course if he isn't golfing or vacationing on your dime.
Feel free to publicly ask "why"
Feel free to vote.
Of course, all of this will probably result in an audit by the IRS and the DOJ, as well as Al Sharpton coming out to call you a racist for trying to deny needed monies to minorities. With any luck, however, you can get a good paying job with the diplomatic corp and work your debt off by volunteering for a diplomatic post in somewhere safe, like Benghazi.....
Rant off.

Last edited by jeepdaddy2000; 07-26-2013 at 05:21 AM. Reason: I ment trillion
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post #17 of 30 Old 07-26-2013, 05:39 AM
Ross
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The Tax poem

Tax his land; tax his bed; tax the table at which he's fed.
Tax his tractor; tax his mule; teach him taxes are the rule.
Tax his work; tax his pay; he works for peanuts anyway!
Tax his cow; tax his goat; tax his pants; tax his coat.
Tax his ties; tax his shirt; tax his work; tax his dirt.
Tax his tobacco; tax his drink; tax him if he tries to think.
Tax his cigars; tax his beers; If he cries, tax his tears.
Tax his car; tax his gas; find other ways to tax his a___.
Tax all he has, then let him know that you won't be done ‘til he has no dough.
When he screams and hollers, then tax him some more; tax him ‘til he's good and sore.
Then tax his coffin; tax his grave; tax the sod in which he's laid.
Put these words upon his tomb, “ Taxes drove me to my doom...”.
When he's gone, do not relax; its time to apply the inheritance tax.

01 TJ, 34 Super Swaper 34x10.5 bias, Winch, locked, belly up, some armor, 4.0, 5spd
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post #18 of 30 Old 07-26-2013, 12:03 PM
Siva283
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I am still dumbfounded that he made it to 22 and still has not a clue of how taxes work. This is [art of whats wrong with this country today,

1995 YJ. 2 inch BDS Spring lift. 1 inch shackle lift. 1.25 inch JKS Body Lift 33x12.5x15's. Engo 10,000 pound winch.

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I gave the Jeep the required offering of $$, sweat, and blood, and everything works fine now. -- Jim
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Originally Posted by ldso View Post
. It started with a $200 axle, and a few thousand dollars later I was done :)
Quote:
Originally Posted by Luuca View Post
diagnose the real issue before you start going all Obama on it - spending mad cash you'll need for other important things.

Ask me how I know...
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Originally Posted by Overhead View Post
this is also my second set of RC springs this year. I'd rather spend the money again and get something that will last.
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post #19 of 30 Old 07-26-2013, 12:23 PM
Dngrs1
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Originally Posted by jeepdaddy2000 View Post
lets not forget if (ahem, when) Obama care passes
Congress already passed "Obamacare". The President signed it. They are just now reading it and trying to figure out how to administer it. It takes effect Jan. 1st. Let the fines (taxes) begin!

I would rather have a tool I don't need, than need a tool I don't have.
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post #20 of 30 Old 07-28-2013, 11:38 AM
jumbojeepman
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Quote:
Originally Posted by montero1 View Post
You need to be at 0, with maybe a bit extra taken out per week. Higher the #, less they deduct. If you have no dependents, and don't own property, you shouldn't claim 2 dependents.
Actually, he should be at 2. That number is not the number of dependents, it's a number calculated on a worksheet, and is based on deductions. 0 is for people who are claimed as dependents by other people (like high school students who are still largely supported by their parents.) You get to 2 by the standard deduction + the personal deduction.
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post #21 of 30 Old 07-28-2013, 06:12 PM Thread Starter
Marconis
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Quote:
Originally Posted by Siva283 View Post
I am still dumbfounded that he made it to 22 and still has not a clue of how taxes work. This is [art of whats wrong with this country today,
I understand what taxes are, but I guess you are right in that I don't know how they "work". I won't take this personally.

FOR SALE 2000 XJ (Fern), ~129K miles, see specs in profile. Looking to sell at the end of May. PM me for details/offers.
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post #22 of 30 Old 07-28-2013, 06:17 PM Thread Starter
Marconis
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Quote:
Originally Posted by jumbojeepman View Post
Actually, he should be at 2. That number is not the number of dependents, it's a number calculated on a worksheet, and is based on deductions. 0 is for people who are claimed as dependents by other people (like high school students who are still largely supported by their parents.) You get to 2 by the standard deduction + the personal deduction.
So is 02 more or less taken out per pay check than 00?

FOR SALE 2000 XJ (Fern), ~129K miles, see specs in profile. Looking to sell at the end of May. PM me for details/offers.
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post #23 of 30 Old 07-28-2013, 07:13 PM
TimV
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2 will be less money being taken than 0.

It's not an addiction. It's a way of life.
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post #24 of 30 Old 07-28-2013, 07:16 PM Thread Starter
Marconis
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Thanks, fellas. I can write a book with the life lessons taught in JFGD.

FOR SALE 2000 XJ (Fern), ~129K miles, see specs in profile. Looking to sell at the end of May. PM me for details/offers.
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post #25 of 30 Old 07-28-2013, 07:18 PM
Siva283
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No he should be claoming 1 wich is hiself. If he claims two he is gonna owe a lot. I claim one and have an extra ten bucks a xheck held I isually get nothing back and owe nothing

Norhing personal op to graduate I had to take consumer math which had this stuff in it. They seem to not require that anymore

Sent from my SPH-L300 using JeepForum

1995 YJ. 2 inch BDS Spring lift. 1 inch shackle lift. 1.25 inch JKS Body Lift 33x12.5x15's. Engo 10,000 pound winch.

Quote:
Originally Posted by Magnum View Post
I gave the Jeep the required offering of $$, sweat, and blood, and everything works fine now. -- Jim
Quote:
Originally Posted by ldso View Post
. It started with a $200 axle, and a few thousand dollars later I was done :)
Quote:
Originally Posted by Luuca View Post
diagnose the real issue before you start going all Obama on it - spending mad cash you'll need for other important things.

Ask me how I know...
Quote:
Originally Posted by Overhead View Post
this is also my second set of RC springs this year. I'd rather spend the money again and get something that will last.
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post #26 of 30 Old 07-28-2013, 07:26 PM Thread Starter
Marconis
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Quote:
Originally Posted by Siva283 View Post
No he should be claoming 1 wich is hiself. If he claims two he is gonna owe a lot. I claim one and have an extra ten bucks a xheck held I isually get nothing back and owe nothing

Norhing personal op to graduate I had to take consumer math which had this stuff in it. They seem to not require that anymore

Sent from my SPH-L300 using JeepForum
So it seems like nobody knows what they are talking about . I regret not taking such a course in college; I took useless calculus I-II instead of practical math.

FOR SALE 2000 XJ (Fern), ~129K miles, see specs in profile. Looking to sell at the end of May. PM me for details/offers.
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post #27 of 30 Old 07-29-2013, 12:54 AM
jumbojeepman
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Quote:
Originally Posted by Siva283 View Post
No he should be claoming 1 wich is hiself. If he claims two he is gonna owe a lot. I claim one and have an extra ten bucks a xheck held I isually get nothing back and owe nothing

Norhing personal op to graduate I had to take consumer math which had this stuff in it. They seem to not require that anymore

Sent from my SPH-L300 using JeepForum
Here's the form you use to determine what number you put in:

http://www.irs.gov/pub/irs-pdf/fw4.pdf

Read lines A & B and you will see if you can't be claimed as a dependent, and are single and only have 1 job you will end up with 2 as your final answer. I have 2 on my W-4, and I receive a little back every year, about equal to 1 paycheck.
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post #28 of 30 Old 07-29-2013, 05:01 AM
Siva283
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No thanks, ill continue claiming one and not oweing.

Sent from my SPH-L300 using JeepForum

1995 YJ. 2 inch BDS Spring lift. 1 inch shackle lift. 1.25 inch JKS Body Lift 33x12.5x15's. Engo 10,000 pound winch.

Quote:
Originally Posted by Magnum View Post
I gave the Jeep the required offering of $$, sweat, and blood, and everything works fine now. -- Jim
Quote:
Originally Posted by ldso View Post
. It started with a $200 axle, and a few thousand dollars later I was done :)
Quote:
Originally Posted by Luuca View Post
diagnose the real issue before you start going all Obama on it - spending mad cash you'll need for other important things.

Ask me how I know...
Quote:
Originally Posted by Overhead View Post
this is also my second set of RC springs this year. I'd rather spend the money again and get something that will last.
Siva283 is offline  
post #29 of 30 Old 07-29-2013, 07:42 AM
Ross
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Quote:
Originally Posted by Siva283 View Post
No thanks, ill continue claiming one and not oweing.

Sent from my SPH-L300 using JeepForum
While you are dealing with this think about starting a long term investment program of some sort. There may be tax advantages and a big pay off down the road.

01 TJ, 34 Super Swaper 34x10.5 bias, Winch, locked, belly up, some armor, 4.0, 5spd
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post #30 of 30 Old 07-31-2013, 11:09 AM
prjohnson
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Invest in a 401k or a Roth IRA.
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