things that are making you happy

Discussion in 'General Chat' started by globetrotter, Feb 14, 2008.

  1. in stitches

    in stitches Kung Joo Moderator

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    you know what makes me happy. or sad. maybe both. that my customers and employees say that all the time irl.
     


  2. GreenFrog

    GreenFrog Senior member

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    Even though my bonus got taxed at 40%, I'm assuming I'm going to get a refund check come March or something? I remember for my summer internship two years ago, I got a pretty decent refund check from the gubment half a year later.

    So, does that mean I should get a refund for the difference between the 40% taxation minus whatever tax bracket I'm in now? Will I be getting any refund from how my regular salary is taxed? Taxes are so confusing..
     


  3. gort

    gort Senior member

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    Unless your withholdings are messed up, then yes, you will get a lot back. Not to mention you only worked a partial year.
     


  4. GreenFrog

    GreenFrog Senior member

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    Ahh yeah, only been working for half a year.

    Whatever. Too lazy to figure it out. We'll see what happens.
     


  5. in stitches

    in stitches Kung Joo Moderator

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    basically it boils down to this. you are probably fucked. from what i gather, you are single with no dependents and you make good money. that means the govt sees you as prime taxing material. when you were interning you were likely making a smaller amount of money.

    basically the state you live in and the feds have calculated how much money they want from someone like you, and depending on how you filled out your W4 a portion of every pay check was withheld for taxes. if that amount is less than what they feel you should be paying them you will owe them more money. if that amount is more than you get some back. your bonus is just added to your total yearly income, and the taxes with held from it are factored into the above.

    there are obviously complexities and i have dumbed this down, maybe overly so. thats why you get a good accountant to find all the reasons why you should have deductions and lower you tax liability as much as possible, so you hopefully break even or get money back.

    good luck.
     
    Last edited: Dec 28, 2011


  6. GreenFrog

    GreenFrog Senior member

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    :plain:

    for my W4, I put 1 exemption and I do think my paycheck is a bit lower than what I was expecting, but I'm not entirely sure since health insurance and 401k deductions are taken out as well.

    :foo: i don't want to think about it. is hiring an accountant worth my money? i always thought they were for uber rich people who want to minimize their taxes through complex loopholes. don't think i have any loopholes to fuck the govt with..
     
    Last edited: Dec 28, 2011


  7. in stitches

    in stitches Kung Joo Moderator

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    if you only put down 1 exemption that is good. they likely pretty much took practically the max amount out of every check, so that is a good start to at least breaking even. not sure about health insurance but 401k contributions should lower your tax liability as well. they cant tax that portion of your income up to a certain amount.

    as to an accountant, yes i recommend it. i get one and i make shit money. they know things that can help you out. even though you arent uber riche. as to what it will cost you, it shouldnt be a lot. you have what is likely a pretty simple return that wont take an accountant a lot of time to do. just find a decent personal tax accountant and it will likely be affordable and well worth your money.

    my 2 cents anyways.
     


  8. Harold falcon

    Harold falcon Senior member

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    Holy shit, would you Jews plz stop kvetching about your taxes? This is a time of celebration. To wit:

    [​IMG]
     


  9. in stitches

    in stitches Kung Joo Moderator

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    we are discussing not kvetching, but if i cant talk about taxes and money what am i gonna talk about? i am jewish after all. :plain:
     


  10. otc

    otc Senior member

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    You'll get a reasonable refund.

    You were taxed at the rate that would work out to your average tax rate if you worked the whole year. Since you didn't work the whole year (and might not have even hit the tax bracket you were supposed to end up in), you probably overpaid your taxes by a ton.

    Not having children or a house or anything like that to create extra exemptions, you really have no choice but to overpay the taxes as a W4 filer...but at least you get it back. Don't bother with an accountant--won't be worth your $$$ yet and it is probably good to do them yourself for a few years so you know what is going on.
     


  11. jgold47

    jgold47 Senior member

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    if you have a pretty simple situation (I mean he's gonna file a 1040 ez for crying out loud), you can use one of the online/electronic tax filers fine. The extra cost for an acceptant isn't worth it. I still do my own taxes, but this year with having gotten married, I may finally break down and pay someone....
     


  12. in stitches

    in stitches Kung Joo Moderator

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    despite saying the exact opposite of what i did, i think otc is likely right about this, except the accountant part. my experience still leads me to think otherwise, but i dont think it will make a major difference either way at this point in your life. kind of YMMV i guess.
     


  13. Piobaire

    Piobaire Not left of center?

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    I claim 0 deductions and have an extra $200 a pay period deducted.
     


  14. in stitches

    in stitches Kung Joo Moderator

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    sweet. at least someone is taking home some bank around here.
     


  15. Piobaire

    Piobaire Not left of center?

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    I got dinged once for under with holding. Never again.
     
    Last edited: Dec 28, 2011


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