W4 Tax Form question· Page 2

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DakotaT
Select Member

12 years ago

Why do you write a big check to the IRS every year? I get a check from them every year.

Originally Posted by: Zero2Cool

I have self employment income to report. If you get a refund from them, you are giving the government an interest free loan.

Zero2Cool
Elite Member Topic Starter

12 years ago

#12

I have self employment income to report. If you get a refund from them, you are giving the government an interest free loan.

Originally Posted by: DakotaT

Ooh, I see, cuz of the self employment thing.

What do you mean I'm giving the government and interest free loan because I get a refund? They take 20% out of my checks and sit on it and then give it to me at the end of the year??

Wade
Veteran Member

12 years ago

#13

Because they have the use of that 20% from the time it's withheld to the time you cash the refund. Use of money = ability to get return (interest).

And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)

Zero2Cool
Elite Member Topic Starter

12 years ago

#14

Because they have the use of that 20% from the time it's withheld to the time you cash the refund. Use of money = ability to get return (interest).

Originally Posted by: Wade

Why this is so horrible? If we didn't pay the taxes per paycheck, and rather paid a large sum at the end of the year. What's the benefit?

I'm trying to figure out the benefits to this thinking. I'm assuming it would be better to put that 20% in a savings account, and then build the interest yourself and then pay INTO your taxes at the end of the year?

Dexter_Sinister
Registered

12 years ago

#15

Originally Posted by: Zero2Cool

That is the most reasonable way to do it.

People are giving up interest by being so lazy they make the IRS same their money for them..

But imaging how many people would fail to have the discipline to save the money and fall behind on their taxes. Then we would have to spend tax money to collect it. It is more cost effective to have the money taken out before people can go spend it.

Personally I try to set it up so I have to pay in every year instead of getting a refund. I think refunds are bad. It means you had money that could have been working for you but didn't because the IRS had it.

I want to go out like my Grandpa did. Peacefully in his sleep.
Not screaming in terror like his passengers.

Wade
Veteran Member

12 years ago

#16

Originally Posted by: Zero2Cool

That's exactly it. If you have the funds, you can invest it. If the government has them, you can't.

Of course, if you are like me and tend to consume rather than invest, then it's smarter to use withholding as insurance.

For people who are disciplined with their wealth (DakotaT), withholding is either another case of government-as-coercive-thief (if you share my anarchist bent) or another opportunity to ensure the good things of government (if you share DakotaT's government-as-necessary liberalism). For people who are lousy with money (like me) its the price of ensuring we're able to pay our share.

And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)

Dexter_Sinister
Registered

12 years ago

#17

Everything you say before the dash is well-said. But the final, underlined statement does not follow from it.

Yes, a true Christian should act compassionately and in a giving manner toward those less fortunate and less capable. And we're going to have to account to Him for every one of our failures to do so.

But my paying taxes or not isn't going to be part of that accounting. Indeed, if I need the coercion of the state to get me to pay or do my share, that share isn't going to help me a bit with God. Because I'm doing it for the wrong reason. I'm simply doing it to cover my ass and keep out of jail and not look bad in the public eye. I'm not doing it to please God and follow his example.

Originally Posted by: Wade

Christ said pay your damn taxes. If you want to fight over taxes, you love your money than you love me.

I kind of paraphrased.

I want to go out like my Grandpa did. Peacefully in his sleep.
Not screaming in terror like his passengers.

Zero2Cool
Elite Member Topic Starter

12 years ago

#18

So, if a guy has around $650 taken out of every check, what can he do?

I would assume the guy couldn't do anything about the MED/EE or OASDI/EE deductions, but with Federal and State ... what can be done? I would also guess it would have something to do with a W4?

DakotaT
Select Member

12 years ago

#19

Originally Posted by: Zero2Cool

It has to do with how many exemptions you claim. Go talk to your payroll clerk and tell her you think you are having too much deducted because you are getting a refund from the IRS on your tax return. Tell her these faceless momolucs you take financial advice from think you should change your W4. Then take her advice.

wpr
Preferred Member

12 years ago

#20

I have self employment income to report. If you get a refund from them, you are giving the government an interest free loan.

Originally Posted by: DakotaT

I do too. It is the best way as far as I am concerned

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Zero2Cool (27-Dec) : Packers are gonna get 3rd place division schedule next year.

Mucky Tundra (27-Dec) : Kanata, seek help! lol

beast (27-Dec) : I was rooting for the Bears to win and hurt their draft pick status

Zero2Cool (27-Dec) : Forgot there was even a game last night haha

TheKanataThrilla (27-Dec) : That was terrible.

TheKanataThrilla (27-Dec) : Watching that game in its entirety yesterday is proof positive that I am a football addict.

beast (27-Dec) : And horrible time management multiple times... and not being able to score more than 3 points on a team with talent

beast (27-Dec) : Realizing the Bears didn't fix it from the previous week and do the same thing, getting the game to overtime

beast (27-Dec) : They probably are not tanking, but they've absolutely mismanagement some things, such as Vikings seeing the Packers blocked FG and realizing

Zero2Cool (27-Dec) : Crazy of Bears to have that mindset that is

Zero2Cool (27-Dec) : Hail Mary stop away from 5 - 2. Not sure how that flips to tanking. Crazy mindset if true

beast (27-Dec) : I've quietly questioned if Bears are tanking on purpose... they suddenly got a lot worse with some simple concepts like 101 clock management

wpr (27-Dec) : Watching bares fans melt down over how putrid their team is, so enjoyable. It's the gift that keeps on giving.

Mucky Tundra (27-Dec) : The Seattle Seahawks defeat the Chicago Bears 6-3. Jason Myers had 6 RBIs for Seattle while Cairo Santos had 3 RBI for Chicago

beast (27-Dec) : Not nessarily, he might of been injured either way. He's playing about 50% of the games the last 4 years

Zero2Cool (26-Dec) : If they'd been more patient with him, he'd be back already. Putting him out there vs Bears caused him to tweak it and here we are.

packerfanoutwest (26-Dec) : well this is his last season with the PAck, book it

beast (26-Dec) : Sounds like no Alexander (again), I'm wondering if his time with the Packers is done

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Mucky Tundra (24-Dec) : Jacobs gonna be OK???

Zero2Cool (24-Dec) : Watson gonna be OK???

packerfanoutwest (24-Dec) : Inactives tonight for the Pack: Alexander- knee Bullard - ankle Williams - quad Walker -ankle Monk Heath

packerfanoutwest (24-Dec) : No Jaire, but hopefully the front 7 destroys the line of scrimmage & forces Rattler into a few passes to McKinney.

packerfanoutwest (24-Dec) : minny could be #1 seed and the Lions #5 seed

Zero2Cool (23-Dec) : We'd have same Division and Conference records. Strength of schedule we edge them

Zero2Cool (23-Dec) : I just checked. What tie breaker?

bboystyle (23-Dec) : yes its possible but unlikely. If we do get the 5th, we face the NFCS winner

Zero2Cool (23-Dec) : Ahh, ok.

bboystyle (23-Dec) : yes due to tie breaker

Zero2Cool (23-Dec) : I mean, unlikely, yes, but mathematically, 5th is possible by what I'm reading.

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