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  • Taxes.....

    Last edited by SteinbergerHack; 03-10-2014, 04:27 PM.
    ...but, this one goes to eleven.

  • #2

    SteinbergerHack wrote:

    [rant=on]

    I just don't get it.  I just finished filing my tax return.  Netted out, I'm paying just over 24% in federal income tax (not counting FICA/Medicare), and a bit more than 6% in state income tax.


    $19K of that was AMT, which means that I don't get to take deductions for mortgage, local taxes, college tuition, standard deductions, child tax credits, etc.

    I had well over $30K in charitable deductions - most of that is in a scholarship fund.  Without that, I would have paid closer to 27%.


    Along with my return, I enclosed a check for just over $27K as final payment.

    Yet, somehow, I can safely bet that there will be people on this board and elsewhere who will tell me that I'm not paying my "fair share" - even when they are paying less in both $ and %.

    Obama paid 18%, with earnings higher than mine.  His tax proposal would increase what I pay.  Care to take a wager on whether or not the increase for him would raise his taxes to the level I pay?

    [/rant]


    Obama lowered his effective tax rate on his gross income mostly because of his charitable donations. How much did you give to charity this year? 

    If you don't want to pay a higher effective rate on your gross, you need more deductions.  That's not news, is it?

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    Comment


    • #3

      I feel yer pain bra! :-) My tax liability this last year was in the $20ks.

      And I don't give a flying **************** what Obama paid in taxes or not. He still paid more than half the population and so did I.

      Maybe that's what I don't get..People on the left that obsess over what other people make or pay in taxes instead of just doing better for themselves.

       

      .

       

       

       

       

      Comment


      • guido61
        guido61 commented
        Editing a comment

        nedezero1 wrote:

         

        Maybe that's what I don't get..People on the left that obsess over what other people make or pay in taxes instead of just doing better for themselves.

         

        Steinberger Hack is on the left?

        Who knew?


    • #4

      SteinbergerHack wrote:

      [rant=on]

      I just don't get it.  I just finished filing my tax return.  Netted out, I'm paying just over 24% in federal income tax (not counting FICA/Medicare), and a bit more than 6% in state income tax.


      $19K of that was AMT, which means that I don't get to take deductions for mortgage, local taxes, college tuition, standard deductions, child tax credits, etc.

      I had well over $30K in charitable deductions - most of that is in a scholarship fund.  Without that, I would have paid closer to 27%.


      Along with my return, I enclosed a check for just over $27K as final payment.

      Yet, somehow, I can safely bet that there will be people on this board and elsewhere who will tell me that I'm not paying my "fair share" - even when they are paying less in both $ and %.

      Obama paid 18%, with earnings higher than mine.  His tax proposal would increase what I pay.  Care to take a wager on whether or not the increase for him would raise his taxes to the level I pay?

      [/rant]


      No. No wager. I'm guessing he, like many people in his position, will avoid paying taxes by using the system optimally as well as using their political and financial "power" to create legislation to perpetuate these benefits (compared to you).

       

      I'm with you on this one.

      Comment


      • #5

        SteinbergerHack wrote:

        [rant=on]

        I just don't get it.  I just finished filing my tax return.  Netted out, I'm paying just over 24% in federal income tax (not counting FICA/Medicare), and a bit more than 6% in state income tax.


        $19K of that was AMT, which means that I don't get to take deductions for mortgage, local taxes, college tuition, standard deductions, child tax credits, etc.

        I had well over $30K in charitable deductions - most of that is in a scholarship fund.  Without that, I would have paid closer to 27%.


        Along with my return, I enclosed a check for just over $27K as final payment.

        Yet, somehow, I can safely bet that there will be people on this board and elsewhere who will tell me that I'm not paying my "fair share" - even when they are paying less in both $ and %.

        Obama paid 18%, with earnings higher than mine.  His tax proposal would increase what I pay.  Care to take a wager on whether or not the increase for him would raise his taxes to the level I pay?

        [/rant]

        What bothers me is that you (and so many others) had to spend so much Time and Money to figure it all out.

        gp

        The above is not to be taken too seriously.

        Comment


        • #6

          SteinbergerHack wrote:

          [rant=on]

          I just don't get it.  I just finished filing my tax return.  Netted out, I'm paying just over 24% in federal income tax (not counting FICA/Medicare), and a bit more than 6% in state income tax.


          $19K of that was AMT, which means that I don't get to take deductions for mortgage, local taxes, college tuition, standard deductions, child tax credits, etc.

          I had well over $30K in charitable deductions - most of that is in a scholarship fund.  Without that, I would have paid closer to 27%.


          Along with my return, I enclosed a check for just over $27K as final payment.

          Yet, somehow, I can safely bet that there will be people on this board and elsewhere who will tell me that I'm not paying my "fair share" - even when they are paying less in both $ and %.

          Obama paid 18%, with earnings higher than mine.  His tax proposal would increase what I pay.  Care to take a wager on whether or not the increase for him would raise his taxes to the level I pay?

          [/rant]


          Should have just made that out to me. Between my 2012 return and two amended previous returns, I'm getting a bit more than that back this year.

          High income year, withholding too high, got married, etc.

          I don't have a goddamn thing to complain about.

          Comment


          • Grumpy_Polecat
            Grumpy_Polecat commented
            Editing a comment

          • RogueGnome
            RogueGnome commented
            Editing a comment

            And Romney paid less than 18%.

            So did you have a point?

            Mabe you don't know how to file your taxes properly.

            You didnt include any where near enough information.

            Submit your unabridged 1040 here and we'll see what we can do to save you some money next year.


        • #7

          SteinbergerHack wrote:

          [rant=on]

          I just don't get it.  I just finished filing my tax return.  Netted out, I'm paying just over 24% in federal income tax (not counting FICA/Medicare), and a bit more than 6% in state income tax.


          $19K of that was AMT, which means that I don't get to take deductions for mortgage, local taxes, college tuition, standard deductions, child tax credits, etc.

          I had well over $30K in charitable deductions - most of that is in a scholarship fund.  Without that, I would have paid closer to 27%.


          Along with my return, I enclosed a check for just over $27K as final payment.

          Yet, somehow, I can safely bet that there will be people on this board and elsewhere who will tell me that I'm not paying my "fair share" - even when they are paying less in both $ and %.

          Obama paid 18%, with earnings higher than mine.  His tax proposal would increase what I pay.  Care to take a wager on whether or not the increase for him would raise his taxes to the level I pay?

          [/rant]


          You're lucky the government let you keep anything.

          Comment


          • #8

            SteinbergerHack wrote:

            [rant=on]

            I just don't get it.  I just finished filing my tax return.  Netted out, I'm paying just over 24% in federal income tax (not counting FICA/Medicare), and a bit more than 6% in state income tax.


            $19K of that was AMT, which means that I don't get to take deductions for mortgage, local taxes, college tuition, standard deductions, child tax credits, etc.

            I had well over $30K in charitable deductions - most of that is in a scholarship fund.  Without that, I would have paid closer to 27%.


            Along with my return, I enclosed a check for just over $27K as final payment.

            Yet, somehow, I can safely bet that there will be people on this board and elsewhere who will tell me that I'm not paying my "fair share" - even when they are paying less in both $ and %.

            Obama paid 18%, with earnings higher than mine.  His tax proposal would increase what I pay.  Care to take a wager on whether or not the increase for him would raise his taxes to the level I pay?

            [/rant]


             I paid 84,000 in total taxes for 2012. 64,000 in federal taxs with a tax rate of 16.3% -- most of my income was from capital gains. 

            Comment


            • #9
              Obamas biggest deduction is charity. Is that exempt from the AMT?
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              Comment


              • Keyrick
                Keyrick commented
                Editing a comment

                It seems that some choices were made for the AMT to be imposed.  Either your employer is not withholding the proper amount, you are claiming more than the usual deductions during the year, you are paid with stock options, or you are a contractor where your employer pays you your full salery without any withholding, which means you as an individual are operating as a business.

                My stepdad did this, as he did not want the government to use his money all year and get a refund at tax time.  No judgement here, it is a method that some use.  If none of the above is true, you need a new CPA.


            • #10
              Well the entire tax return is posted online. Whatever he's doing should be pretty apparent.
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              Comment


              • Caulk Rocket
                Caulk Rocket commented
                Editing a comment
                AMT was never adjusted for inflation. It should be scrapped.


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