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re: I've about had enough of sending the gubmint my money
Posted on 4/15/15 at 11:55 pm to Vols&Shaft83
Posted on 4/15/15 at 11:55 pm to Vols&Shaft83
quote:
it sucks big fat purple hippopotamus dicks.
Something all self-employed can agree on. I understand what it's for, but I sure as hell don't understand why it went up so much. No need to answer and I think the answer would probably just piss me off more.
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Posted on 4/16/15 at 12:26 am to rootisback
Leave it up to dumb Americans to not be able to tell the difference between paying paycheck to paycheck and paying on April 15
Posted on 4/16/15 at 5:52 am to wmr
And the self employment isn't even subject to your expenses correct? They deduct that off the top and then factor in your expenses before applying the standard tax rate for your bracket. At least that's how it seemed to work for me.
Posted on 4/16/15 at 7:37 am to CheeseburgerEddie
quote:
And the self employment isn't even subject to your expenses correct? They deduct that off the top and then factor in your expenses before applying the standard tax rate for your bracket. At least that's how it seemed to work for me.
I believe that's correct, but I think the first $18,000 is exempt. I may be wrong.
Posted on 4/16/15 at 7:48 am to Vols&Shaft83
Yep, I spent most of last year as a contractor. That check I just wrote sucked.
Posted on 4/16/15 at 7:53 am to Hurricane Mike
quote:
Leave it up to dumb Americans to not be able to tell the difference between paying paycheck to paycheck and paying on April 15
Pray tell, exactly what is the difference, other than timing? I am working under the assumption that the end result is the same either way. Enlighten me if I am wrong.
Posted on 4/16/15 at 8:11 am to Vols&Shaft83
I don't think there's any exemption on the front. After you make $400 in SE income you gotta file SE.
There is a limit to the SE tax. It applies to your first $117,000 of income for 2014.
There is a limit to the SE tax. It applies to your first $117,000 of income for 2014.
Posted on 4/16/15 at 8:29 am to PrivatePublic
If you're self employed and wait to pay all your taxes on 4/15, you're most likely going to get hit with underpayment penalties. That's about the only difference in regards to the bottom line of taxes paid.
Posted on 4/16/15 at 8:43 am to PrivatePublic
quote:
taxes suck in general. We should be able to run a basic government without them.
I always laugh at people who blame the government and taxes. You do realize without a government, we would essentially be like Africa right? The government NEEDS taxes to run.
Things that would not exist without taxes:
Roads
Military
Education system
government jobs
Just a few examples.
Can the tax code be improved? sure. But blaming the "gubmint" or taxes is not the answer.
Posted on 4/16/15 at 8:45 am to 5thTiger
Who will build the roooooooaaaaadddddddssss!???!!!
Posted on 4/16/15 at 8:46 am to the808bass
I think Canadian roads, maybe just the highways, are privatized. Idk. I've heard that.
Posted on 4/16/15 at 8:48 am to 5thTiger
I think you'd be surprised at how little of certain taxes, like income tax goes to infrastructure and the like.
Much of it goes right down the drain, paying interest on loans.
Much of it goes right down the drain, paying interest on loans.
Posted on 4/16/15 at 8:51 am to hipgnosis
Oh, I'm very aware of the percentages of the federal government and taxes. Economics is one of my degrees.
Posted on 4/16/15 at 10:29 am to deltaland
quote:But then you miss out on an incredible amount of tax breaks (home, car, mileage, "equipment," season tickets, fine restaurants, etc.) that, for me anyway, easily outweigh any self-employment tax.
That's why you start the business in a relatives name and pay yourself a salary plus a "bonus" at the end of the fiscal year. The bonus puts your company 1 dollar in the red for the year. your relative writes off loss on his/her taxes and you only pay the regular income tax since you're listed as being employed by your relative.
ETA: This is in no way saying that self-employment tax isn't a crock of shite.
This post was edited on 4/16/15 at 10:34 am
Posted on 4/16/15 at 10:32 am to the808bass
quote:It's much easier to control people with bribery. Especially when you can use other people's money to do it.
Aid to Israel: $3.1B
Total welfare spending: $393B
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