Well looks like I will end up paying almost $5,000 give or take. I need to redo my calculations. I hate paying more then I have too . They need to rearrange these tax brackets.

 

I will have to pay in April. I set it up that way on purpose. Why give our bloated govt. an interest-free loan? It's my money, I want to hang onto it as long as I can.

 

Yep, I'll have the big fat industrial pen out at the end of the month for sure.

 

I won't owe near as much this year, but I also made about 70K less too
D'oh!

Oh well, we'll only be giving Uncle Sam about about $10,000 this year compared to almost $25,000 last year.
I figure If I make any less this year I might just qualify for some public assistance of something?!! Maybe take back some of the tens of thousands I have paid in?
More you make the more they take, that I can assure you!

 

We have to pay more as well. Several of my mechanics do as well. I'm lucky compared to what they are paying. I only have to give another $500. Most of my guys are over $1K. Considering the pay our company gives that is a chunk.

Randy

 

I wanna know what yall do to make enough to have to pay that much.....

 

Don't know if we will have to pay this year. Haven't done ours yet. Do know there have been several changes for the 2005 taxes, and more comming for the 2006 year. It would be wise to check on how the changes do and will affect the tax bill. Then adjust the W-4 at work so no big shock at tax time.

 

I'm praying I don't have to pay in. I payed in last year and it sucked big time. I only made $13K this year. I've got a couple of things I'd like to buy with my tax refund. We'll see though.

 

I'll tell you that my mechs that are paying $1000 more make less then $15/hr. and had plenty taken out. I personally think there was something wrong with the table published for deductions or possibly for the 1040. It doesn't make since how many people are having to pay so much more.

Randy

 

Federal income tax withheld: $20,068

Amount of return: $618

I gotta do something different. This just ain't gonna work

 

I need some of yalls paychecks!! I only had 3000 and change withheld and I am getting a refund.

 

Make less than 6 figures for a start, they spank the guys who just peek above the average income range. Only the poverty level and super rich are safe these day's.

Our State is starting to tighten up on Self Employed types, I heard some rumors that ALL independant contractors would have to have a license of some sort (home improvement, real estate, etc, etc.) starting next year.
I'm not sure if that is to curb the 1099'ers with their fancy write off's or to make sure they are collecting the fee's from everyone for licensing and other red tape fees?
Hard to say, either way I'm covered by a few State Licenses.

 

If you wanna do something about it, you have to become self-employed. Being a farmer ain't too bad, I wish I could do it, but there just isn't the money there, that is, until everyone starts burning soy oil and ethanol. You can write **** near everything off your taxes if you reword what it is a little, or how you plan to use it.
("yeah, er, um, this ATV is for, uh, checking on my crops! yeah, that's right!" "But didn't you just buy a pickup truck two years ago for that same purpose?" "yeah, it's, uh, worn out, yeah!")
that sort of thing...

 

I have the max withheld for both fed and state, and an extra small ammount (maybe 10 or 20$?) for fed each check..

Only made around 36-7k and i got back one VP44 and a core charge.. for those unfamiliar, around 1,700.

Interest deductions on the house and tax deductions for donating to charitable places helped with half of that.

 

Well I'm an engineer for Verizon. The wife is a school nurse (RN) and works a couple of days a month at a hospital (RN). We made well over $100k and already paid our share of taxes. We have two kids with one in daycare. I don't get it. I think I'm going to pay someone to do my taxes this year just to double check everything!