payroll tax cut

[War Wagon]

is a complete hoax. They take less out of your check each week but you wind up owing the IRS at the end of the year. How is this a tax cut?

Before last year, I pretty much came out even every year on federal, maybe getting a few hundred back. Last year I owed $1500, and unlike the fabulously wealthy people who post here, I don't keep that kind of change laying around under the sofa cushions. Fuck me, but I'm not a good saver.

So I went to our payroll people and started having them take more out each week, same with the wife, to cover it. Fuck me again, I owe over $2 grand for 2011 while I haven't even come close to paying off the 2010 debt yet.

Of course, nobody here has these problems... or would admit to them if they did. So feel free to pile on and tell me what a dumbfuck I am.

[Left Seater]

Not a dumb fuck at all. Our tax system is a joke. My wife and I don't have any dependents, we both fill out all W-4s with 0 exemptions, and still have additional money taken out and we always owe more money.

So a few years ago we went and and set up an additional account that both of us have money direct deposited into each pay check. It is money we never see, we forget about it until it is time to pay taxes. We were tired of paying the feds with even more in interest free money every other week. So now it at least gets us a little interest and then we scratch a check on the last possible day.

The whole tax system needs to be scrapped and a flat tax adopted tomorrow. No deductions, same tax rate on everything from income to capital gains, to estate, etc. A simple return could be done on a post card and the most complex returns could be done on a single sheet of legal paper.

Just as an FYI the Pres. would like to more than double aviation taxes from $2.50 a segment to $5.00 per segment and then add a $100 departure tax to each and every departure. This of course would be passed on to you and I as travelers. Maybe not a huge deal on a 777 with 250+ seats, but a big deal on a Beech 19D departure with only 19 seats. The kicker is the Pres. wouldn't even use this to upgrade the current system, but would put the cash towards debt reduction.

[RJ]

Just what the fuck, wags?

You're really stressing over that amount of money? Utterly rediculous.

In all honesty, you certainly fucked up somewhere if a mid/late 40's guy like yourself is worried about that kind of coin. Your daughter is out of the house on a full ride softball rugmunch scholarship, and your wife works as well. This means you should've had a nice chunk of change socked away in an emergency/vaca/retirement fund for many years now. You shouldnt have had to rely on Odowngrade's bullshit taxcut to save your ass this year.


Pathetic.

[War Wagon]

RJ, my complaint is that the supposed tax cut was anything but.

[Bizzarofelice]

The whole tax system needs to be scrapped and a flat tax adopted tomorrow.

This would be an equitable destruction of our economy.

[RJ]

It's Onosebone's fault, and im starting another tired shit political thread about it....

The blame lies squarely on you, not the Bison spearing *click* talker in Office. Had you planned correctly years (decades, in your case) ago and just saved a meager 50-75 dollars a month, you wouldnt on here sobbing about this bullshit. Nice fucking example to your kids as well. :?


Of course, in the end you make yourself out to be more of a dumbfuck than previously thought by attempting to spin your inability to plan correctly for your family and yourself into a dem/Oneckrings taxcut blame game thread. Epic job, you tedious fuckwit.

[Cuda]

The blame lies squarely on you, not the Bison spearing *click* talker in Office.

Oh my!
Fucking magnificent!

Had you planned correctly years (decades, in your case) ago and just saved a meager 50-75 dollars a month, you wouldnt on here sobbing about this bullshit. Nice fucking example to your kids as well. :?


Of course, in the end you make yourself out to be more of a dumbfuck than previously thought by attempting to spin your inability to plan correctly for your family and yourself into a dem/Oneckrings taxcut blame game thread. Epic job, you tedious fuckwit.

In Wags's case, it amounts to something like 50-75 dollars a year, not a month. Bud-Light thanks him for the 3 extra 12-packs he'll swill down in 2012.

And when Wags turns 65? His Social Security checks will be considerably smaller than they would have been, due to the fact that his "contributions" were considerably less than they'd have been without the phony tax cut.

[Bizzarofelice]

is a complete hoax. They take less out of your check each week but you wind up owing the IRS at the end of the year. How is this a tax cut?

So you are saying that the exact amount of money you did not pay weekly is now owed on April 15th. The total amount?

Are you complaining that there is no tax cut for you because the total amount gets paid back to the government?

[Bizzarofelice]

The whole tax system needs to be scrapped and a flat tax adopted tomorrow.

This would be an equitable destruction of our economy.

Nope. But you'd have to find a new job.

don't do anyone's taxes. I'm more of an internal auditor type.

[smackaholic]

First off, dipshit, that payroll tax you're talking about has fukkall to do with fed withholding which is what you are having trouble with.

The payroll tax break we are all currently enjoying is simply the fed gov's decision to not pay into the ponzi scheme social security. Unfortunately, none of the republicrats want to call Odowngrade on this. Rather than tell him, fukk you, i won't push this off on my grandkids, they all just go "ohhhh look, a tax cut!!! who ain't fer a tax cut? anybody want another slice of pie?"

i really do hope I'madinnerjacket does get his nuke and drops it on DC when the whole congress and prez is in town.

Fukk them all.

Anyhoo, back to the topic. I to have followed W-4 instructions to the letter and have still had to pay a decent chunk the last 5 years or so. Paying it in a single lump ain't the biggest problem for me as I have financial management skills somewhat better than a crackheads. What does piss me off is the penalty they tack on. Do you think they pay you back extra if you overpay substantially? Fukk no they don't. I wouldn't have a problem with the penalty if they could show where I purposely unde rwithheld by cooking the numbers on the W-4.

[Cuda]

well, i'll be fucked- smackholic has a solid take.

i'm stunned

really

[Cuda]

well, sure, they can build coal-fired power plants, but it will bankrupt them to do so. i have no problem with that

-sin,
The Bison-Spearing Click-talker in the White House

[mvscal]

The payroll tax break we are all currently enjoying is simply the fed gov's decision to not pay into the ponzi scheme social security. Unfortunately, none of the republicrats want to call Odowngrade on this. Rather than tell him, fukk you, i won't push this off on my grandkids, they all just go "ohhhh look, a tax cut!!! who ain't fer a tax cut? anybody want another slice of pie?"

Of course it's a tax cut and of course it is always a good thing when the government steals less of your money from you even if it is a relatively trivial amount. Social Security is being paid out of the general fund anyway so there really is no functional difference between income tax and payroll deduction.

Obviously the pittance you will save will be quickly torched since gas prices have risen 83% since Oporchmonkey seized power. Oh yes, lets not even mention the massive inflation in food and other energy costs. I mean that was just him delivering on a campaign promise:

"Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket," Obama told the Chronicle . "Coal-powered plants, you know, natural gas, you name it, whatever the plants were, whatever the industry was, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers."

How fucking dumb do you have to be to vote for somebody who says something this fucked up? How do you people even function on a day to day basis?

[poptart]

How fucking dumb do you have to be to vote for somebody who says something this fucked up?

He has a clean smile, doesn't like America much, and seems to be homo-friendly.

They were smart enough to pick up on those important factors.

[Goober McTuber]

Paying it in a single lump ain't the biggest problem for me as I have financial management skills somewhat marginally better than a crackheads.

And that's why you find it necessary to maintain an escrow account with your mortgage.

[smackaholic]

Paying it in a single lump ain't the biggest problem for me as I have financial management skills somewhat marginally better than a crackheads.

And that's why you find it necessary to maintain an escrow account with your mortgage.

It is the standard way mortgages are handled. At least it is in Ct. You make one payment to your mortgage company. They distribute funds to the insurance company and taxman. Each year there is an adjustment made where I either pay a little extra or they write me a check.

Do you pay all three separately?

BTW, in about 5 years I will have to worry about separate payments as I will no longer have a mortgage.

Yup, I'm just a financial disaster.

[Goober McTuber]

The banks here force you to escrow if you have less than 20% equity. I maintain my own savings account where I stash money for taxes. Property insurance gets paid every month by personal check.

BTW, you're just an intellectual disaster.

[Goober McTuber]

Yes, I know that. All of my insurance is with the same company. The savings for paying it all anually is minimal.

[smackaholic]

I've owned 3 houses in Ct. All three mortgages worked the same way. You write one check, the mortgage company divies it up.

Other states may do it differently.

And, I have somewhere in the neighborhood of 80% equity, BTW.

Is there a different way of doing it? Perhaps there is, but, this is working out fine for me. And by the time I reach your age, my mortgage will be ancient history.

[smackaholic]

Holic - the only difference is that when you pay your insurance and taxes into the Mortgage company on a monthly basis is they are drawing interest on that money until the insurance and taxes are due (usually Dec.)

I'd guess 95% of the population do it the way you are and from a budgeting perspective means you don't have to write those balloon checks to the insurance company and state at the end of the year

I guess 95% of us are fukkin' morons then, huh?

So, if handing over the .0025% interest on that money is the cost for the convenience, it is well worth it.

[Goober McTuber]

I guess 95% of us are fukkin' morons then, huh?

I'd be inclined to say "yes" until I see a larger sample.

[Goober McTuber]

I just mock suckaholic for bragging about his financial management skills while having the nanny-bank manage his money for him. If someone can link up where escrows are mandatory in CT, I’ll retract my mockery.

Meanwhile, hopefully no one fucks with his escrow account:

http://www.mtgprofessor.com/A%20-%20Ser ... osures.htm

http://www.borrowisely.com/mortgage-escrows/

[smackaholic]

I just mock suckaholic for bragging about his financial management skills while having the nanny-bank manage his money for him. If someone can link up where escrows are mandatory in CT, I’ll retract my mockery.

Meanwhile, hopefully no one fucks with his escrow account:

http://www.mtgprofessor.com/A%20-%20Ser ... osures.htm

http://www.borrowisely.com/mortgage-escrows/

They may not be mandatory. But, they are convenient as hell and don't appear to be costing me much if anything. And as Scott says, they are the rule in 95% of mortgages.

And yes, I will put my mortgage financial managing skills up against you or anyone else on this board.

Just out of curiosity, what is your current equity in your home? Bet it ain't 80%.

[Goober McTuber]

I got the distinct impression that the 95% figure was a guess. I doubt that it’s that high.

I would figure your financial skills to be on a par with your knowledge of civics. Greatly self-inflated.

My equity is closer to 50%, but then I live in a much newer and nicer shack than you do.

[smackaholic]

Whatever the exact number is, it is obviously the norm. It is not some sort of odd way of doing it reserved for financial basket cases.

No financial wiz. Just smart enough to know that I should live within my means and not concern myself with how my shack stacks up against some douche on the interwebs. BTW, it's about a 53 years old, cape. Could use an updated kitchen, but, suits me and the fam just fine. Probably will do a new kitchen soon. Those 3% fixed loans are mighty tempting.

By closer to 50%, I assume you mean below it. If you are at 45% or so, rack you, I guess. You are ahead of many upside down tards out there. But, wouldn't you like to be at 80%?

Don't miss not being able to use my mortgage deduction the last 4-5 years, that's for sure. Makes doing taxes easier for sure.

[Shlomart Ben Yisrael]

Probably will do a new kitchen soon.

When you're finished with the kitchen...






...don't stop.

[Shlomart Ben Yisrael]

P.S. ~ I hope those teenagers escape and manage to find a pay phone in town to warn the sheriff.


OH NO! LOOK OUT!!!

[War Wagon]

'holic, not that I'm one to cast stones, but wtf kinda' foundation is that anyway? Looks almost like plaster, that's certainly not poured in place concrete, is it?

It's great you almost have your home paid off and all, but I'd be leery of adding anything more substantial than a garden hose reel to that structure.

[Goober McTuber]

'holic, not that I'm one to cast stones, but wtf kinda' foundation is that anyway? Looks almost like plaster, that's certainly not poured in place concrete, is it?

It's great you almost have your home paid off and all, but I'd be leery of adding anything more substantial than a garden hose reel to that structure.

Hey, he's only got $4,000 left on the mortgage.

I think it's painted cinder block.

[War Wagon]

I think it's painted cinder block.

I doubt it... cinder block would be an improvement on whatever that is.

[Shlomart Ben Yisrael]

I think it's painted cinder block.

I can't quite make out the colour...is that Chernobyl Sky or Shell-Torn Sarajevo?

[Moby Dick]

meanwhile

[BSmack]

I think it's painted cinder block.

I doubt it... cinder block would be an improvement on whatever that is.

Maybe field stone painted over? It is CT. That house could easily be over 100 years old.

[Goober McTuber]

What's the mower used for?

And is there roughly four different extension cords strung together there? (yellow, orange, red & white)

[smackaholic]

I think it's painted cinder block.

I doubt it... cinder block would be an improvement on whatever that is.

Maybe field stone painted over? It is CT. That house could easily be over 100 years old.

The wall, believe it or not is poured concrete. The house was built buy a frugal old connecticut yankee who lived in it till he croaked about 5 years before I bought it. The lines you see are from the 2x10s he used for the forms. I know this because quite a few of my first floor joists have concrete stains on them! He also built the houses on either side of me. One of my neighbors who has been there for about 40 years says he was quite the character. The house was built in '58. That's 1958.

[smackaholic]

What's the mower used for?

And is there roughly four different extension cords strung together there? (yellow, orange, red & white)

The cords were used for things like drills and circular saws. These things come in kind of handy when building a deck.

I see a red, orange and yellow cord. White one may be a piece of rope.

The lawnmower, believe it or not is occasionally used to cut lawn with.