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Tax Time

R

Rick W

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Remember the tax cut Obama gave us called "Making Work Pay"?

The government didn't take out as much in withholding tax to give us that tax cut. (6.2% to be exact) Thing is it doesn't work out evenly at the end of the year.

Bottom line:
You will have to pay back anything over the allowed tax cut, $400 single or $800 married.

Rarely have I owed anything to the feds. Both my wife and I claim "0". This year however it didn't work out even. (both of us got our last pays for the year) Fortunately I'd been saving the excess above the tax cut from every pay throughout the year to cover it.

If you find you owe quite a bit more than usual then thank Obama for the "tax cut" and the media for not publicizing this as it ought to have been.
 
Rick W said:
Remember the tax cut Obama gave us called "Making Work Pay"?

The government didn't take out as much in withholding tax to give us that tax cut. (6.2% to be exact) Thing is it doesn't work out evenly at the end of the year.

Bottom line:
You will have to pay back anything over the allowed tax cut, $400 single or $800 married.

Rarely have I owed anything to the feds. Both my wife and I claim "0". This year however it didn't work out even. (both of us got our last pays for the year) Fortunately I'd been saving the excess above the tax cut from every pay throughout the year to cover it.

If you find you owe quite a bit more than usual then thank Obama for the "tax cut" and the media for not publicizing this as it ought to have been.
Click to expand...
Good lord i already have them take money out of my wifes ss check so that i wont pay each yr.
 
I got my $800 tax cut long ago. The rest that had been "given" has to be paid back.
 
Fri Apr 10, 2009 4:12 am

Rick W said:
Over the years the wife and I usually zero out as far as federal income tax is concerned.

The good news about the "Making Work Pay" stimulus plan...
I DID get extra money in my last paycheck. (2 week pay)
The plan calls for a 6.2% reduction in Federal Withholding tax.

The bad news...
Using the calculator on the IRS website to project our tax liability for 2009 with the stimulus plan considered...
We will OWE $1263
:o

In the summary is a suggestion of how much the employer should withhold to balance that liability. That suggestion told me how much more I need to have withheld per pay.

OK, so if I do that I still come out ahead each pay. Somewhat, not a whole lot.

BUT....
How many people are going to know to do this?
There are going to be a LOT of irate people come the next tax season IF they don't take action. Now!
:angry2


The Making Work Pay Tax Credit

IRS Withholding Calculator
Click to expand...
 
i will remember this, this election yr and the next one after that. bye bye those that are for this.
congress will be very :verysad and i will be :D
 
Obama gave us a tax cut.
You did not have to pay 6.2% of your normal withholding tax.
In other words, the government estimated that by not taking 6.2% out of withholding you would be paid a tax cut of $400 by the end of the year. $800 if married filing jointly. It was not a one lump sum as Bush did with the $600 tax cut.

The problem lies in the government's estimate. It was too high. I believe one would have to be earning minimum wage or close to it for it to work out evenly. Therefore, anything the government overpaid you will have to be paid back.

this was not publicized as it should have been. It would have put Obama's tax cut in a negative light.
 
But how could they have been so wrong? Don't they have smart math people who are paid to come up with these estimates? That is a big mistake to make :o
 
caromurp said:
But how could they have been so wrong? Don't they have smart math people who are paid to come up with these estimates? That is a big mistake to make :o
Click to expand...
:biglol that's funny :biglol. You would think that they would have thought of that one.
 
It was no mistake. It was another "stimulus plan". Since the government wasn't taking the money you spent it.

Bush gave $600 lump sum. Many put that into savings instead of spending it. But Obama gave it to us a little at a time so that wouldn't happen.
Now we owe the difference.
 
jasoncran said:
are you saying that this was deliberately done. Rick W
Click to expand...

yes

And the media was not about to publicize this. Heck, I knew about it in April. But I'm not the media.
 
:mad i will remember this with a passion. :mad Dems and those who supported this in congress beware! Looks like i will be owing money this tax year, as i get a 1099 for the paper route.
 
They can also claim this as part of the "loss" of revenue for 2009.

They are good, very good.
 
I heard about this on the radio back in April. Anyone care to guess who the talk show host was?
 
I will ask my accoutant, an anti-obama, pro military, christian, on this thing when tax time occurs.
Rush Limbaugh, or Hannity
 
jasoncran said:
I will ask my accoutant, an anti-obama, pro military, christian, on this thing when tax time occurs.
Rush Limbaugh, or Hannity
Click to expand...

Rush :yes
 
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