I received this link from PayPal about the IRS today.

[SSP]

You made an incorrect statement, well, more than one, and I corrected it. Take from that what you will.

You can modify the taxes taken out of your check and pay at the end of the year, that's exactly how I do it. It's not my fault you can't figure it out.

I didn't say I had a problem figuring it out, I point out that the Tax code is too big with 58,000 pages of tax code, it's designed to make it hard on American citizens and I stand by that statement.

 

[Chili Palmer]

I didn't say I had a problem figuring it out, I point out that the Tax code is too big with 58,000 pages of tax code, it's designed to make it hard on American citizens and I stand by that statement.

Technically speaking, the tax code is actually around 7,000 pages but, combined with the regulation and guidance documentation it's around 75,000.

 

[Chili Palmer]

I didn't say I had a problem figuring it out, I point out that the Tax code is too big with 58,000 pages of tax code, it's designed to make it hard on American citizens and I stand by that statement.

Buddy, you think your friend is getting double taxed, trust me, you can't figure it out, please hire someone to do your taxes.

 

[SSP]

What does this comment have to do with my comment that you quoted? The tax code, of which I am quite familiar since I have been a practicing CPA for over 35 years, has nothing to do with my explanation of how to keep federal tax withheld within reason, on the occasional much larger than usual paycheck.

I have a CPA do my taxes, it costs me about $300 a year, looking forward to a national sales tax and abolishing the IRS.

 

[Chili Palmer]

I have a CPA do my taxes, it costs me about $300 a year, looking forward to a national sales tax and abolishing the IRS.

Keep dreaming.

 

[Chili Palmer]

I have a CPA do my taxes, it costs me about $300 a year, looking forward to a national sales tax and abolishing the IRS.

Tell your CPA that your buddy is getting double taxed, he'll figure it out for you.

 

[CLAUD]

I have a CPA do my taxes, it costs me about $300 a year, looking forward to a national sales tax and abolishing the IRS.

Must be a very simple return.

 

[SSP]

You made an incorrect statement, well, more than one, and I corrected it. Take from that what you will.

correct, you paid almost half of the bonus in TAX, am i going to fast? and then at the end of the year even though you already paid almost half of the bonus in tax, the TOTAL bonus is counted as income when you file your yearly taxes, is this not true?

Well, yes, technically, that is true BUT, it's not what you said, you said "taxed again", meaning - he was getting double taxed - which is NOT true.

EDIT: Once again, he is only taxed ONCE - at the end of the year. Payments throughout the year are estimated payments.

 

[SSP]

Must be a very simple return.

it is

 

[Chili Palmer]

Sales tax is STATE TAX not FEDERAL, EVERYONE also pays federal tax on every gallon of gas that they buy, you have no idea how much someone making 12 mil a year needs to maintain their lifestyle and it's really none of your business, what is my business is how much of my money the Government takes and what is that money spent on, you think the Government cares about working Americans? I know someone very very close to me who got a $6500 Christmas bonus this year from a private business because they actually care about their employee's, because the bonus was not considered a "paycheck" their bonus was taxed Federally $3000, I know for a FACT this person makes less than $50k a year, as an added bonus the $6500 will be added to the earnings for the year and be taxed again in April, Millionaires and Billionaires ......RIGHT!!!!!!!!!!!

Again - "as an added bonus the $6500 will be added to the earnings for the year and be taxed again in April"

Your words, not mine. Most men would say, wow, I didn't know that, thanks, any other info. But you just keep on digging. That shovel getting heavy yet?

 

[SSP]

Well, yes, technically, that is true BUT, it's not what you said, you said "taxed again", meaning - he was getting double taxed - which is NOT true.

EDIT: Once again, he is only taxed ONCE - at the end of the year. Payments throughout the year are estimated payments.

apparently I went to fast for you, and you assumed that when I said taxed again it meant something I didn't mean, your problem not mine.

 

[Chili Palmer]

apparently I went to fast for you, and you assumed that when I said taxed again it meant something I didn't mean, your problem not mine.

Wow, you just can't help it can you. Trust me, people know what you meant, you could be a man and admit you're wrong or just keep on digging.

 

[SSP]

Wow, you just can't help it can you. Trust me, people know what you meant, you could be a man and admit you're wrong or just keep on digging.

I'm not wrong, I don't look at it the way you do, it's how the Government does things, and it's not for the people by any means

 

[SSP]

"taxed again", meaning - he was getting double taxed, you said I meant double taxed, I didn't say that, I said the entire $6500 would count as income even though almost half of the bonus was already taken out, that's what I said and that's what I meant. everybody is free to draw their own conclusions.

 

[Chili Palmer]

I'm not wrong, I don't look at it the way you do, it's how the Government does things, and it's not for the people by any means

as an added bonus the $6500 will be added to the earnings for the year and be taxed again in April

...

 

[Chili Palmer]

"taxed again", meaning - he was getting double taxed, you said I meant double taxed, I didn't say that, I said the entire $6500 would count as income even though almost half of the bonus was already taken out, that's what I said and that's what I meant. everybody is free to draw their own conclusions.

Please read the bolded text above.

Thanks.

EDIT: Regarding the $6,500 - yes, it is added to his income at the end of the year, and the tax payment he (you?) made on that check is added to your tax payments at the end of the year.

 

[maha]

the tax code is large that is what cpa's are for. but for most they can do their own taxes as they are very simple for that.
only when you have different kinds of income, corporations, or more complex situations. then best to get assistance as there are things deductible most will miss.
you personally never get federally taxed on the same income twice. you can get things on the state or lower level you get taxed on that are not deductible so in effect taxed twice.

 

[SSP]

"taxed again", meaning - he was getting double taxed,.....this is what YOU posted, not me

 

[Chili Palmer]

"taxed again", meaning - he was getting double taxed,.....this is what YOU posted, not me

Good luck in life.

 

[SSP]

as an added bonus the $6500 will be added to the earnings for the year and be taxed again in April

...

Is the entire $6500 bonus counted at the end of the year as income? YES Has tax already been taken out of that $6500? yes