sarahann77
Mouseketeer
- Joined
- Oct 23, 2014
Real estate mortgage interest might help. Someone close pretty much only gets a refund due to that credit deduction.
It amazes me how much in taxes we pay in and it drives me crazy when people boast how much they are getting back in a return.
We are both working long hard hours, so we both have a lot of over time and we are really saving now for our retirement, which is in 15 years.
This year, we both paid into the Federal government, $32,000. Our state we paid in $15,000, I think SS and Medicare was around $20,000. Over 1/2 of our paychecks go into taxes. There is something seriously wrong with our tax system. We are receiving a refund of $4,000, between our state and Federal returns, big deal, look at how much we have paid in.
Sadly, yes.I've always wondered this because I know people who get huge refunds.
You make under 134,000 net and pay 67,000 in taxes?
$20,000 in payroll taxes on 134,000 net?
It amazes me how much in taxes we pay in and it drives me crazy when people boast how much they are getting back in a return.
We are both working long hard hours, so we both have a lot of over time and we are really saving now for our retirement, which is in 15 years.
This year, we both paid into the Federal government, $32,000. Our state we paid in $15,000, I think SS and Medicare was around $20,000. Over 1/2 of our paychecks go into taxes. There is something seriously wrong with our tax system. We are receiving a refund of $4,000, between our state and Federal returns, big deal, look at how much we have paid in.
In most cases, though, anyone could make it so they get a "huge" refund. Simply withhold more from paychecks during the year and you'd get a lot of it back with your tax return.
But all that really means is that money that you could have had during the year was held onto by the IRS and then given back at the end of the year.
EITC and other refundable credits is a different story, however - as they don't have anything to do with withholdings.
It amazes me how much in taxes we pay in and it drives me crazy when people boast how much they are getting back in a return.
We are both working long hard hours, so we both have a lot of over time and we are really saving now for our retirement, which is in 15 years.
This year, we both paid into the Federal government, $32,000. Our state we paid in $15,000, I think SS and Medicare was around $20,000. Over 1/2 of our paychecks go into taxes. There is something seriously wrong with our tax system. We are receiving a refund of $4,000, between our state and Federal returns, big deal, look at how much we have paid in.
Because they don't know any better or understand money.Those that get huge amounts back are essentially giving the U.S. government an interest free loan. Why would anyone want to do that?
But as we've already found out "huge" is in the eye of the beholder right?Those that get huge amounts back are essentially giving the U.S. government an interest free loan. Why would anyone want to do that?
Those that get huge amounts back are essentially giving the U.S. government an interest free loan. Why would anyone want to do that?
It is pretty risky too. If congress defunded the IRS it could delay your refund indefinitely.
Few people want to pay a lot in taxes especially when they see people getting thousands back in taxes when they paid nothing in. My wife paid close to $40,000 in income tax in Canada last year and it was on unearned income. Something not right about that either.You are either over exaggerating your taxes paid or under reporting your actual income.
When people who make a ton of money complain about paying a lot in taxes, I have very little sympathy. If you are paying THAT much as you claim in taxes, you are doing VERY well for yourselves.
You make under 134,000 net and pay 67,000 in taxes?
$20,000 in payroll taxes on 134,000 net?