- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Posted on 1/28/16 at 2:14 pm to Bullfrog
quote:
Push the limit too many times and the IRS forces maximum withholding and you don't have a choice.
There is no underpayment penalty if you're within 10% of your actually taxes owed OR if you withheld at least 100% of last year's tax liability.
No one is suggesting you should have it down to that much of a science nor should you push the limits, but it isn't much to get your federal withholdings in line so you're not getting $3K refunds of your own money every year.
Posted on 1/28/16 at 2:16 pm to rocket31
quote:
my god, its sad that there are actually people who think this way.
look up marginal tax brackets
they've never applied to me as i've been in the >25% for most of my adult life, so i've never had to mess with anything different.
this is the first year i'm sniffing the 28% bracket depending on bonuses.
i will add i've looked them up. i know around 150k you move up if you're married filing jointly, but don't play around with anything else that would make me know more than a schmuck who files on turbotax. i don't do maths good.
This post was edited on 1/28/16 at 2:18 pm
Posted on 1/28/16 at 2:23 pm to TheWiz
quote:
We put $2500 into a money market fund every month, I max out my 401k, we max out our IRAs, pay $1,000/month into student loan debts, plus the normal stuff like mortgages etc... That being said, I have $10s of thousands of dollars tied up in some K-1 investments that are going to start paying out in the next few years, if they don't already this year
By the way, congrats on the ridiculous savings. Putting away nearly $5k/month is pretty impressive ($17,500 401k, $11,000 IRAs, $30,000 in M/M funds). Apparently those student loans went to degrees that paid pretty big dividends.
Posted on 1/28/16 at 2:26 pm to slackster
If he's making that much, depending on the student loan rates, I'd focus more on them.
Posted on 1/28/16 at 2:27 pm to 3nOut
quote:
they've never applied to me as i've been in the >25% for most of my adult life, so i've never had to mess with anything different. this is the first year i'm sniffing the 28% bracket depending on bonuses.
Take every dollar your employer decides your ignorant arse should receive.
In simpleton terms, tax rates in the US are marginal, which means you only pay 28% federal taxes on every dollar you make over the $151,200. Making $1 over that limit means you'll owe $.03 more than you did before hand, but you will not be hit with an extra 3% on ALL of the money you made up to that point.
There are some concerns with capital gains and what not, but from an income standpoint there is no reason to turn down a raise for fear of a higher tax bracket.
Posted on 1/28/16 at 2:28 pm to BabyTac
looks like ~$1,200
can't figure out what to blow it on
can't figure out what to blow it on
Posted on 1/28/16 at 2:42 pm to slackster
quote:
Take every dollar your employer decides your ignorant arse should receive.
i said me no good with the numbers and admit it.
quote:
but you will not be hit with an extra 3% on ALL of the money you made up to that point.
that's probably where my confusion came in.
Posted on 1/28/16 at 2:50 pm to 3nOut
quote:
that's probably where my confusion came in.
It is where everyone's confusion comes in to play. There is something to be said for someone who doesn't want to work that extra hour when you're taking home 3-5% less for your time, but a basic raise should be accepted 99% of the time.
Outside of a few unique situations, capital gains for instance, the vast majority of people are better off with a raise.
Posted on 1/28/16 at 3:16 pm to TigerPox
Will more than likely pay Federal around 6K and the state of Georgia about 3K
Yippee
Yippee
Posted on 1/28/16 at 3:24 pm to yellowfin
Guys, I think we might jump into the 33% bracket this year. Should I get my wife to quit her job?
Posted on 1/28/16 at 3:44 pm to GRTiger
quote:
Should I get my wife to quit her job?
Yes, or turn down the money. The higher tax bracket is 5% more than your current one and you're only getting a 3% raise, ergo don't take the raise!!!
Posted on 1/28/16 at 4:06 pm to slackster
quote:
getting back money because you filed single and 0 all year is nothing to brag about - it is your own damn money.
yeppers
Posted on 1/28/16 at 4:12 pm to slackster
quote:
Congratulations on the interest-free loan you gave the US government all year. Getting back money from refundable credits that you didn't expect is one thing, but getting back money because you filed single and 0 all year is nothing to brag about - it is your own damn money.
I'll be getting about 2,400 back, but that's mostly because I started a new job late in the year and claimed 1.
Though I appreciate your sentiment, I have to disagree. Share the wealth!! I want Uncle Sam to have my money for a little bit so they can spread it around to the less fortunate.
Posted on 1/28/16 at 4:13 pm to BabyTac
My old job still hasn't given me my w2. It's fricking criminal
Posted on 1/28/16 at 4:18 pm to TigerPox
quote:
I haven't gotten my W-2
Me either. But I have nice big deduction I wasn't planning on, so I may get a decent refund. I usually break fairly even.
Posted on 1/28/16 at 4:18 pm to slackster
quote:
By the way, congrats on the ridiculous savings. Putting away nearly $5k/month is pretty impressive ($17,500 401k, $11,000 IRAs, $30,000 in M/M funds). Apparently those student loans went to degrees that paid pretty big dividends.
I should preface that we only established doing this about six months ago. Had to cut out some of the fat. We still have fun, budget for one $250 date night every month, and we still have yoga, ballet, and cycling shite in our budget. We have $246,000 in student loan debts. They balloon into a five year note, not this July but next. I figured if we can get that down to $180,000-200,000 that's a hell of a lot better at low $3,xxx a month rather than $4,500 a month. I got my MBA and she is finishing her fellowship in Allergy/Immunology.
Posted on 1/28/16 at 4:26 pm to TheWiz
quote:
$246,000 in student loan debts.
Popular
Back to top
Follow TigerDroppings for LSU Football News