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Quote of the day: A Big Bang led to star being born.

WELCOME new member AMaizawing (April 03, 2020)


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zigbeeSome Americans are confused on Trump tax cut
#1
Expected big returns....wanted to use for vacations, etc.   Do people really understand how we are taxed?
https://www.apnews.com/57ac6498374944f7bfb20660630c95f4
Make America Honest Again
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#2
Admittedly,  I dont completely understand the tax code, and all it's nuance. I'm just a dude who reads the news, and tries to keep up with stuff. 
As I understand it,  the returns have been lower on average,  but since the withholding table has been thoroughly updated,  we (tax payers) get more of our check every week  and the Government  gets a smaller interest free loan. We get what we earned in the first damn place.
If you can't manage your life without  dependency  on the government you are more or less a welfare dependent anyway.
That's all I have to say about that.
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#3
I've heard "educated people" spew nonsense about how marginal tax rates work.

They thought if they got a pay increase it would put them in a higher bracket and they'd pay more in taxes than the salary increase comprised.

Um, no.
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#4
Still got over a $4,000 return all in how you want to pay your taxes during the year. My wife likes to use it as a saving account to spend on fun stuff the next year. Vacations, Concerts, Wine. LOl
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#5
Well, my initial look at my federal tax tab shows that I will owe Uncle DJT.....$4400!  Angry

So, I compared this to last year in terms of pct of federal taxable income owed in federal income tax:


2017: 18.2%
2018: 18.0%.


So, it's a tad lower. Now, if I adjust what I would owe in 2018 to what it would be if my income equaled what it was in 2017 (I made a lot more in 2018, due to a promotion at work) it now looks like this:

2017: 18.2%
2018: 17.2%

So a 1% drop in fed taxes due to the new law. My issue is not enough withholding. So I will change withholding from Married/0 to Single/0 moving forward. I prefer to owe money at the end of the year. But not that much lol.
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#6
(02-23-2019, 11:48 AM)Beastdog Wrote: Well, my initial look at my federal tax tab shows that I will owe Uncle DJT.....$4400!  Angry

So, I compared this to last year in terms of pct of federal taxable income owed in federal income tax:


2017: 18.2%
2018: 18.0%.


So, it's a tad lower. Now, if I adjust what I would owe in 2018 to what it would be if my income equaled what it was in 2017 (I made a lot more in 2018, due to a promotion at work) it now looks like this:

2017: 18.2%
2018: 17.2%

So a 1% drop in fed taxes due to the new law. My issue is not enough withholding. So I will change withholding from Married/0 to Single/0 moving forward. I prefer to owe money at the end of the year. But not that much lol.

Thats exactly what both my Wife and i did. And i made about 35% more in 18 than 17 and we still got over a $4,000 refund.
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