Taxes 2016
- Thread starter TJT
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Gravel
Mr. Poopybutthole
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The dirty secret of income tax is that actual earned income in the six figures is punished hard. Unless you're able to take substantial business deductions, you're getting fucked in the ass. The upper middle class and lower upper class (not a thing, I know; but basically anyone working for a living) get boned by the IRS.
The super rich don't usually have earned income like us working schlubs.
The poor not only don't pay taxes, but get money from the government.
The middle class can usually get by with no or minimal taxes paid.
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Gravel
Mr. Poopybutthole
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Also, to answer this question, I believe the IRS has a calculator where you can estimate how much additional withholding they should do. Which I'd imagine you'd want to do at your highest paying job, but it probably doesn't matter.
Yeah I thought was good when I was middle class.
I am making just enough to screw myself a bit without fun shelters.
I am making just enough to screw myself a bit without fun shelters.
Frenzied Wombat
Potato del Grande
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Adopt a refugee, shackle him to your basement radiator, have him manufacture matchbooks, and take an additional dependent and home office deduction.
Vinen
God is dead
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My wife and I are prepared to likely pay penalties this year. We thought we were not going to pull as much income in.
Gotta make sure to get estimated payments in next year :|
@a_skeleton_03: You are middle class. Don't kid yourself. Not saying this as a negative. Waiting for Trump to lower my taxes.
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A household making $230,000.00 annually was percentile 95.8% in 2016. This percentile ranged from $228,380.00 to $230,489.00 a year.
Top 5% or so.
Caliane
Avatar of War Slayer
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I'm poor as hell. Had 10k in medical bills this year. so, good news, that allowed itemized deduction higher then standard. bad news. 10k in medical bills.
atm, looking at about $300 owed atm. Have to decide on paying the 300ish, or, invest in the IRA. $110 off the taxbill, for each $1k invested. money is very very tight.
atm, looking at about $300 owed atm. Have to decide on paying the 300ish, or, invest in the IRA. $110 off the taxbill, for each $1k invested. money is very very tight.
Springbok
Karen
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I for some reason owe a fuck load this year as well, and my shitty ass accountant can't figure out why. He's trying to tell me I'm getting taxed for minerals (THAT HAVE NO MONETARY VALUE and earn no income except when developed or sold), unlike a house or other real property. I've also heard that they'll be doing a ton more audits this year on people in my income bracket so I'm tempted to fire this dude and find someone who knows more about Oil & Gas assets, etc. Guess that is the risk you run when you hire a guy that only charges $300....
Caliane
Avatar of War Slayer
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hrm.
got my 1095-a in. the heath insurance marketplace tax info. I kindof thought it might increase my payment. It did the opposite. got a few more bucks back. I guess I made a bit less then projected, so was due even more tax credits for health care.
Then, rechecking my IRA figures. math is coming out different.
2k investment is now going from 47$ owed, to $433 refund. 2k is very tight. but, not going to pass up $500 free money. another 1k is only 110$more. And I couldn't afford another 1k, even if I wanted to.
sole
Molten Core Raider
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Is that some kind of state/property tax? Federally, you shouldn't owe a thing for the minerals if they're not producing. If you received a lease bonus for those minerals, or were earning a royalty from those minerals at any time during 2016 you would owe.
TJT
Mr. Poopybutthole
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Buying down points in TX in 2016 got be 2.9% rate on the VA loan here. Has been pretty nice. I had hoped I would be able to itemize... but yeah not unless I get married and get more creative.