Crumbs

[Superman]

Sen. John Kerry explains the Democrat position.

I think I'm pretty good at spending my own money.
I can also spend someone else's rather efficiently.
I should be a politician. A Dem, though, since I don't want to be associated with you raysiss ******** chanting "Build a wall!!!" and "Lock 'er up!!!", because St. Bomma is the bestest ever.

 

[Troglodyte]

It will be given to them when people buy stuff with their new money.

That would be trickle-up economics. So why not give the middle class more? Because then they might borrow less and that would be disastrous to the economy?

 

[Tim Steelersfan]

You making a big batch of Purple Drank?

...

 

[IndySteel]

******* demtards don’t eat in the rain,

 

[Confluence]

What if we passed a law that forces people to buy specific stuff even if they do not need or want it? BOOM goes the economy!

You mean like Obamacare?


Sent from my iPhone using Steeler Nation mobile app

 

[Steeltime]

You mean like Obamacare?


Sent from my iPhone using Steeler Nation mobile app

Pish-posh, the Federal government would never order citizens to buy specific ****. The Constitution does NOT give them such power.

You people are freaking right-wing loons.

 

[SteelChip]

What if we passed a law that forces people to buy specific stuff even if they do not need or want it? BOOM goes the economy!

 

[Ironcitysteelers]

Damn. Another check and same ol same.

 

[BLITZ]

So on paycheck today, The fed took $191.00 less the state took $2 more Now I bumped up my deferred salary from 17% to 20% so that is a bit of the federal savings, but still significant

 

[Tim Steelersfan]

Think I have my crumbs figured out. Uncle Sam's taking $165.21 less per check, the Criminal Liberal state of MD is taking $57.79 less, and the Criminal Liberal County of MD is taking $27.21 less.

Total tax savings per month: $500.42
Total tax savings per year: $6,005.04

Not insignificant. Not at all.

 

[jitter77]

What is going to happen come tax time? For example i have 0 dependants claimed for payroll so i get the max tax taken out per pay so i get back more at the end of the year. Since the govt is taking out less now will i still receive my normal refund.

 

[21STEELERS21]

It's a never ending circle. Americans get tax cuts and run to Walmart to by Chinese made goods and then the Chinese loans our government
money to fund the deficits that assist in the purchase of more Chinese goods.

 

[BLITZ]

It's a never ending circle. Americans get tax cuts and run to Walmart to by Chinese made goods and then the Chinese loans our government
money to fund the deficits that assist in the purchase of more Chinese goods.[/QUOTE

this is the 1st tax cut I can recall for years. so I am certainly not running to Walmart.

 

[Steeltime]

What is going to happen come tax time? For example i have 0 dependants claimed for payroll so i get the max tax taken out per pay so i get back more at the end of the year. Since the govt is taking out less now will i still receive my normal refund.

Having no dependents means you may not benefit from the tax reduction as much as others. I will also offer the following financial advice: Do NOT have the Fed take more out of your income than is needed to cover your tax obligation. For some unfathomable reason, a lot of taxpayers believe that giving the government an interest free loan is a good financial approach because, "Oh, wow, here it is in one big check."

Don't do that. If you get, say, $3,600 returned by the Fed as excessive tax withholding, then modify your deductions. Then deposit $300 per month into a tax-deferred retirement plan. That income is then not taxed at all (while your $3,600 "refund" is taxed) until you withdraw it at retirement. The retirement account earns a return through investments (and have been booming for the past year), while your "refund" is earning nothing.

If you are 35 years old, you are looking at another 30 years of work. The "I get a refund every year" approach will result in a retirement fund of 0 at retirement. If you set up the retirement account, at age 65, you will have saved about $32,000 on income taxes on the deferred income put into the retirement account, and will have a pool of money that you and your family own that totals $220,000.

Let me repeat ... if you put that $300 per month ($3,600 per year) into a tax-deferred retirement account for 30 years, you will have deposited $108,000 that will have turned into $220,000 with a mere 5% annual return, while also spending $32,000 less on income taxes. The net economic benefit to you is more than $250,000 - a quarter million dollars.

Oh, and that presumes you don't do better later in life, or deposit more than $300 per month into the retirement account, and the retirement account does not earn 9% some years, etc. If your retirement account returns 7% per year, rather than 5%, then the account will have about $300,000 when you turn 65. That money is yours, by the way, and you can give it to your kids or grandkids or a puppy shelter or whatever you want.

Call an investment counselor. Believe me ... you will not regret doing so.

 

[Buster]

Think I have my crumbs figured out. Uncle Sam's taking $165.21 less per check, the Criminal Liberal state of MD is taking $57.79 less, and the Criminal Liberal County of MD is taking $27.21 less.

Total tax savings per month: $500.42
Total tax savings per year: $6,005.04

Not insignificant. Not at all.

Flaunting your white privilege...you should share with the less fortunate. - Libs

 

[Tim Steelersfan]

Flaunting your white privilege...you should share with the less fortunate. - Libs

I always carry my card. You have NO idea how much access and wealth and fame and fortune this bad boy gets me.

 

[Ironcitysteelers]

Having no dependents means you may not benefit from the tax reduction as much as others. I will also offer the following financial advice: Do NOT have the Fed take more out of your income than is needed to cover your tax obligation. For some unfathomable reason, a lot of taxpayers believe that giving the government an interest free loan is a good financial approach because, "Oh, wow, here it is in one big check."

Don't do that. If you get, say, $3,600 returned by the Fed as excessive tax withholding, then modify your deductions. Then deposit $300 per month into a tax-deferred retirement plan. That income is then not taxed at all (while your $3,600 "refund" is taxed) until you withdraw it at retirement. The retirement account earns a return through investments (and have been booming for the past year), while your "refund" is earning nothing.

If you are 35 years old, you are looking at another 30 years of work. The "I get a refund every year" approach will result in a retirement fund of 0 at retirement. If you set up the retirement account, at age 65, you will have saved about $32,000 on income taxes on the deferred income put into the retirement account, and will have a pool of money that you and your family own that totals $220,000.

Let me repeat ... if you put that $300 per month ($3,600 per year) into a tax-deferred retirement account for 30 years, you will have deposited $108,000 that will have turned into $220,000 with a mere 5% annual return, while also spending $32,000 less on income taxes. The net economic benefit to you is more than $250,000 - a quarter million dollars.

Oh, and that presumes you don't do better later in life, or deposit more than $300 per month into the retirement account, and the retirement account does not earn 9% some years, etc. If your retirement account returns 7% per year, rather than 5%, then the account will have about $300,000 when you turn 65. That money is yours, by the way, and you can give it to your kids or grandkids or a puppy shelter or whatever you want.

Call an investment counselor. Believe me ... you will not regret doing so.

We have been about even steven each year. We either don’t get **** back, or we don’t owe. If our deductions are good/bad it’s only a couple hundred each way. You saying to change that?

 

[Smash]

Damn. Another check and same ol same.

You must be one of those rich one pissentahs that Bernie hates.

 

[Ironcitysteelers]

You must be one of those rich one pissentahs that Bernie hates.

Lol. Sure don’t feel like it. I wonder if has to do at all with how your company fiscal year is set? I’m sure not but I think ours if weird.

 

[tapeANaspirin2it]

We have been about even steven each year. We either don’t get **** back, or we don’t owe. If our deductions are good/bad it’s only a couple hundred each way. You saying to change that?

The IRS will soon have a new IRS Witholding Calculator (google it) once they update it for the new law. Once that’s updated it will help you adjust your W4 to where you want it.

If you are within a couple hundred either way, you are probably just about right where you should be. It’s the people who are getting thousands back as a ‘refund’.

People seem to look at these refunds like it’s some kind of Christmas club account. But it’s a ripoff. It is not paying you any interest, and your paycheck is short each time so you have less spending cash all year.

For some reason people get freaked at the prospect of having to PAY tax when april 15 rolls around. For most people, it’s not that hard to predict what your tax should be each year and have a couple bucks set aside to pay if you owe a bit.

 

[Steeltime]

We have been about even steven each year. We either don’t get **** back, or we don’t owe. If our deductions are good/bad it’s only a couple hundred each way. You saying to change that?

Not at all. jitter was saying he gets a nice return every year, and I was explaining that giving the Fed an interest-free loan is not the best use for his money, and how he can take that money now being held (and taxed) by the Fed and turn it into $250,000 - $330,000 of his own money at age 65.

If at the end of each year, you are even in terms of tax obligation, no reason to change. I will say that I usually go negative on withholding, so that I know I owe money. I can then dump income into my retirement account, lower taxable income to what it needs to be to zero out, and make sure I pay as little as possible in taxes.

Does that make sense?

 

[Ironcitysteelers]

Yup.

 

[oneforthebus]

What is going to happen come tax time? For example i have 0 dependants claimed for payroll so i get the max tax taken out per pay so i get back more at the end of the year. Since the govt is taking out less now will i still receive my normal refund.

Did you itemize your deductions last year? If not, your standard deduction is going to be much larger, and your tax rates will be a few percentage points lower. So you should have the same refund or better.

If you itemized before it gets a little more complicated.

 

[IndySteel]

I can't wait to see my commission check on the 15th. Should be a lot of crumbs saved.

 

[Yinzerlyn]

Got about 40 bucks more this paycheck. so averaging 80 more a month. I'll take it!!!!!