Reply to Taxes - big jump this year?

Forum Index » Money and Finances

Reply to "Taxes - big jump this year?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Our total tax bill (states plus Fed) was over $100 but I still think we are "everyday folk".  Also, we experienced a $20k+ increase from last year.  However, the "ass should be packed with a ton of cash" thing is not true for us   either.  The tax bill this year really hurt and I'm fully aware that we could have seen it coming.

I've been doing the math.  I'm the breadwinner and I make $200k.  I just figured out that I could take a job for $150k and the net impact (after taxes) would be miniscule.  I've been thinking about looking for something less demanding and this new tax structure is the final straw for me.  [/quote]

A. There is no "new" tax structure. You owed more because you earned more (most likely in capital gains). There has been no change to the tax code that wasn't well communicated in plenty of time for you to prepare.

B. if you owed $100k, you are so far from "everyday folk" it hurts.

C. If you make $200k and can't find $20k to pay your taxes, you're either a Kardashian or an even worse moron.

Sorry, but this thread is painful. Get a clue, people. You are rich because you live in America. Be grateful and pay your fucking taxes.[/quote]

You are correct.  My use of "tax structure" was inappropriate.  Our HHI was $330 in 2012 and in 2013 and taxes went way up, so there are new taxes - however you want to describe it.  Sorry, I still feel  like everyday folk.  We are certainly not special because we make $330.  We have to budget just like everybody else.  And yes, we can't find $20k to pay our tax bill.  That makes us poor planners, but not morons.  [/quote]

We are Feds with frozen salaries so our numbers really have not changed from year to year, about $310K.  We received a small refund last year ($1000) and paid a small amount this year ($500), and we refinanced our mortgage at the very end of 2012 and did not increase withholding so I was expecting more pain.  We always get hit with the AMT, and my thought was that is why it was not so painful even with the reduced mortgage deduction and the new Medicare tax.  I did use the IRS tax calculator a few years ago to figure out how much to increase our withholding so DH and I both have zero exemptions and have additional taken out each paycheck.  It would be very painful to get an unexpected $20K tax bill but I don't understand how you can make an error of that size on a $330K salary if they are withholding at the appropriate level, did you owe nothing on the same withholding schedule the prior year? [/quote]

Only one of our salaries is subject to withholding.  I have some ownership in the company so my earnings are characterized as being from self-employment.  I write a check every quarter for estimated taxes and I totally screwed that up last year - I was late to learn that our 2012 tax bill was not going to approximate our 2013 tax bill.  On the bright side, I won't make that mistake again![/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics