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re: Federal Income Tax
Posted on 10/30/21 at 6:56 pm to armsdealer
Posted on 10/30/21 at 6:56 pm to armsdealer
Wait til the dems get a wealth tax passed. Get use to annual IRS financial statements, bank reporting and home search warrants to check for art, collectibles, guns. Etc.
0
Posted on 10/31/21 at 10:28 am to meAnon
We need to get rid of payroll withholding.
Tax policy would change overnight if everyone had to cut a check every year.
Tax policy would change overnight if everyone had to cut a check every year.
Posted on 11/1/21 at 7:25 am to fjlee90
quote:
We need to get rid of payroll withholding.
Tax policy would change overnight if everyone had to cut a check every year.
Companies would spring up that would do it for you and they would be shady about it. They'd alighn with the employers as some sort of benefit and be included in your open enrollment options, but they'd charge 10% more.
I see it with my apartment rent. They have been sending out emails and text about their new 'flex' rent program that lets you pay rent every 2 weeks instead of once a month. The problem is that it's a 3rd party and basically a credit card that you pay off every month, until you don't.
Posted on 11/1/21 at 9:38 am to fjlee90
quote:
We need to get rid of payroll withholding.
Tax policy would change overnight if everyone had to cut a check every year.
To what, though? The vast majority of Americans would not be able to save the money during the year and then cut a big check.
The first year we did it, 50 million Americans, at least, would end up on a monthly installment plan, after the fact, with interest and penalty.
Posted on 11/1/21 at 9:41 am to meAnon
The more money you make, the higher the rate of tax.
Look, withholding is just an estimate, that is why you a file an annual tax return - to reconcile everything.
Payroll withholding tables are set up so that if you have one job, one person, no other income, and take the standard deduction, you should get a small refund on your tax return. Therefore, you can say that the payroll withholding tables, by design, slightly over-withhold.
Look, withholding is just an estimate, that is why you a file an annual tax return - to reconcile everything.
Payroll withholding tables are set up so that if you have one job, one person, no other income, and take the standard deduction, you should get a small refund on your tax return. Therefore, you can say that the payroll withholding tables, by design, slightly over-withhold.
Posted on 11/1/21 at 9:50 am to slackster
quote:
I get that it doesn’t, but it’s because of the IRS withholding requirements. Obviously software would have no problem making the proper adjustments when there is a salary or base, but in order to make sure people pay all year, the IRS has standardized tables that don’t allow it.
Payroll software can only look at current week and past weeks. It cannot, and is not built to look at future earnings. Full stop. What you are describing is a total rebuild of pretty much every piece of payroll software out there today.
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