Started doing my taxes today...

[z31maniac]

Entered my other W-2 last night.

Went from getting $4200 back, to $2900.

[Todd Black 88]

When you guys in the US hit "the next tax bracket", does that rate affect total income or just all money earned after that number?

[z31maniac]

Just after that number.

"To take an example, suppose your taxable income (after deductions and exemptions) was exactly $100,000 in 2008 and your status was Married filing separately; then your tax would be calculated like this:


( $ 8,025 minus 0 ) x .10 : $ 802.50
( 32,550 minus 8,025 ) x .15 : 3,678.75
( 65,725 minus 32,550 ) x .25 : 8,293.75
( 100,000 minus 65,725 ) x .28 : 9,597.00
Total: $ 22,372.00

This puts you in the 28% tax bracket, since that's the highest rate applied to any of your income; but as a percentage of the whole $100,000, your tax is about 22.37%. "

[ohthejosh]

should be getting no less than 2k this year. E30 is getting surprise buttsex of parts teehee. The build will go on :D

and office bonus too oh happy day oh happy day.

[Todd Black 88]

That makes more sense. Ours is the same up here, only the first 9k(or so) is tax free.

[samiam3356]

This is usually a good part of the year for me. Bonus from work, Money back from 401k because we have a "top heavy" plan, and I usually get 8-12k back on taxes. 4 Dependents, nonworking wife, and an s corp to throw the 1099 income in for help with that.

[Wh33lhop]

After a quick hash-out, I think I owe thereabouts $2k. 1099s can suck my balls.

[TwoJ's]

You need to get creative. In college I made really good money as a stenographer, and after learning the hard way, I got creative. When I was 18, I got my checks and didn't think to save anything for the Gov't. Then I got my first 1099 and saw how much I owed uncle sam. The next four or so years, I got creative with my write offs and never ended up owing anything.

[Wh33lhop]

Yeah, the problem is, I only worked on 1099 for a few months and I didn't get anything big that I could write off. I have long since been a W2 guy but I still owe from like a year ago.

[TwoJ's]

Did you work out of home? Have to use a computer or anything for work? Have to drive anywhere? Go out to eat on "Company business"?

[Wh33lhop]

No, yes but never bought any computer stuff, a little bit, and no. Not that I would have any receipts for gas or food anyway.

[TimKninja]

I work two jobs. One of for the DOD. Last year i owed somewhere around $150.

Girlfriend works less. Gets like 10 million dollars in taxes back. FML.

[z31maniac]

Received my state refund today, supposed to get my Federal Feb 1st.

Yeah for more car parts!

[mrmckie]

my part time job is dragging ass with their w2 so is my credit union...bah

[Kershaw]

im not looking forward to this. im technically a self employed contractor so i expect this is going to hurt.... oh... did i want to get those tc kline coilovers for my rx8 and that dederic turbo kit for my ix.. oh.. hahahhahaha jk all that money is going to pay my taxes. and more.

but lol. what's due is due.