W4 Tax Form question· Page 2

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

Important Information:

The PACKERSHOME uses cookies. By continuing to browse this site, you are agreeing to our use of cookies. More Details Close

Fan Shout

Zero2Cool (3h) : doubt he wants to face the speedsters

beast (3h) : Dolphins offense can be explosive... I wonder if we'll have Alexander back

Zero2Cool (5h) : No Doubs could be issue Thursday

Mucky Tundra (9h) : Bears. Santos. Blocked FG

Zero2Cool (20h) : Bears. Vikings. OT

Mucky Tundra (21h) : Thems the breaks I guess

Mucky Tundra (21h) : Two players out and Williams had an injury designation this week but Oladapo is a healthy scratch

Zero2Cool (21h) : Packers inactives vs 49ers: • CB Jaire Alexander • S Kitan Oladapo • LB Edgerrin Cooper • OL Jacob Monk

TheKanataThrilla (23h) : Aaron Jones with a costly red zone fumble

Zero2Cool (24-Nov) : When we trade Malik for a 1st rounder, we'll need a new QB2.

packerfanoutwest (23-Nov) : Report: Aaron Rodgers wants to play in 2025, but not for the Jets

beast (23-Nov) : That's what I told the Police officer about my speed when he pulled me over

packerfanoutwest (23-Nov) : NFL told Bears that Packers’ blocked field goal was legal

packerfanoutwest (22-Nov) : 49ers are underdogs at Packers, ending streak of 36 straight games as favorites

Zero2Cool (22-Nov) : 49ers might be down their QB, DL, TE and LT?

packerfanoutwest (22-Nov) : Jaire Alexander says he has a torn PCL

Zero2Cool (20-Nov) : Even with the context it's ... what?

Mucky Tundra (20-Nov) : Matt LaFleur without context: “I don’t wanna pat you on the butt and you poop in my hand.”

beast (20-Nov) : We brought in a former Packers OL coach to help evaluate OL as a scout

beast (20-Nov) : Jets have been pretty good at picking DL

Zero2Cool (20-Nov) : He landed good players thanks to high draft slot. He isn't good.

Zero2Cool (20-Nov) : He can shove his knowledge up his ass. He knows nothing.

beast (20-Nov) : More knowledge, just like bring in the Jets head coach

Zero2Cool (19-Nov) : What? Why? Huh?

beast (19-Nov) : I wonder if the Packers might to try to bring Douglas in through Milt Hendrickson/Ravens connections

Zero2Cool (19-Nov) : The Jets fired Joe Douglas, per sources

packerfanoutwest (19-Nov) : Jets are a mess......

Zero2Cool (19-Nov) : Pretty sure Jets fired their scouting staff and just pluck former Packers.

Zero2Cool (19-Nov) : Jets sign Anders Carlson to their 53.

Zero2Cool (19-Nov) : When you cycle the weeks, the total over remains for season. But you get your W/L for that selected week. Confusing.

packerfanoutwest (19-Nov) : the total and percentage are the same as the previous weeks

packerfanoutwest (19-Nov) : the totals are accurate..nrvrtmind

Zero2Cool (19-Nov) : I don't follow what you are saying. The totals are not the same as last week.

packerfanoutwest (19-Nov) : ok so then wht are the totals the same as last week?

Zero2Cool (19-Nov) : NFL Pick'em is auto updated when NFL Scores tab is clicked

Martha Careful (19-Nov) : The offense was OK. Let's not forget the Bear defense is very very good.

packerfanoutwest (19-Nov) : Who updates the leaderboard on NFLPickem?

beast (19-Nov) : Has the Packers offense been worse since the former Jets coach joined the Packers?

Zero2Cool (19-Nov) : Offense gets his ass in gear, this could be good.

Zero2Cool (19-Nov) : Backup QB helped with three wins. Special Teams contributed to three wins.

bboystyle (18-Nov) : Lions played outside thats why. They scored 16 and 17 in the only 2 outside games this year

Zero2Cool (18-Nov) : The rest of the NFL is catching up to Packers ... kicking is an issue throughout league

packerfanoutwest (18-Nov) : Packers DL Kenny Clark: We knew 'we were going to block' Bears' game-winning field goal attempt

Zero2Cool (18-Nov) : Lions seem to be throttling everyone, but only (only) got 24 lol maybe the rain is why

Zero2Cool (18-Nov) : Packers vs Lions game doesn't seem so bad.

beast (18-Nov) : Dennis Green "They are what we thought they were, and we let them off the hook!"

Martha Careful (17-Nov) : comment of the day Z2Cool "Bears better than we want to admit. Packers worse than we think. It's facts."

Mucky Tundra (17-Nov) : my worst case scenario: Bears fix their oline and get a coach like Johnson from the Lions and his scheme

Zero2Cool (17-Nov) : Bears get OL fixed amd we might have a problem

Please sign in to use Fan Shout

2024 Packers Schedule

Friday, Sep 6 @ 7:15 PM

Eagles

29 - 34

Sunday, Sep 15 @ 12:00 PM

COLTS

16 - 10

Sunday, Sep 22 @ 12:00 PM

Titans

30 - 14

Sunday, Sep 29 @ 12:00 PM

VIKINGS

29 - 31

Sunday, Oct 6 @ 3:25 PM

Rams

24 - 19

Sunday, Oct 13 @ 12:00 PM

CARDINALS

34 - 13

Sunday, Oct 20 @ 12:00 PM

TEXANS

24 - 22

Sunday, Oct 27 @ 12:00 PM

Jaguars

30 - 27

Sunday, Nov 3 @ 3:25 PM

LIONS

14 - 24

Sunday, Nov 17 @ 12:00 PM

Bears

20 - 19

Sunday, Nov 24 @ 3:25 PM

49ERS

38 - 10

Thursday, Nov 28 @ 7:20 PM

DOLPHINS

Thursday, Dec 5 @ 7:15 PM

Lions

Sunday, Dec 15 @ 7:20 PM

Seahawks

Monday, Dec 23 @ 7:15 PM

SAINTS

Sunday, Dec 29 @ 12:00 PM

Vikings

Saturday, Jan 4 @ 11:00 PM

BEARS