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-   -   April 15th = Bonus Check Day for 40% of US (http://www.wakeworld.com/forum/showthread.php?t=778340)

skull 04-08-2010 9:16 AM

April 15th = Bonus Check Day for 40% of US
 
This will only get worse with the Chicagoland Conman and Democrats determined to punish success and hard work.....

WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.

About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.

Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the only way to get a refund of all the income taxes withheld by employers.....

...The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment...
.

http://finance.yahoo.com/news/Nearly....html?x=0&.v=1

magic 04-08-2010 9:25 AM

fail

sidekicknicholas 04-08-2010 9:26 AM

Real Extra Paycheck
http://www.therepublic.com/view/stor...inn-Paychecks/

fly135 04-08-2010 9:38 AM

However, those 47% will pay 15% FICA tax on all of their income. Which is the same total tax many investors will pay on their income.

deltahoosier 04-08-2010 9:49 AM

Except FICA is actually a tax to pay for social security 12.4% and medicare 2.9%. That amount is also matched by your employer on your behalf. They typically also pay for some if not all your health care on top of that. Why would FICA be a big deal. I thought most of America wanted government health care and retirement?

psudy 04-08-2010 10:22 AM

FICA is split between you and your employer, so to say an individual pays 15% is a stretch at best.

guido 04-08-2010 10:41 AM

Luckily I qualify for the Alternative Minimum Tax. I wouldn't want any freebies at the hands of our government. Ha, ha, ha. I'd much rather they determine that I make too much to get any further write-off's. Who sets that number anyway?

fly135 04-08-2010 10:42 AM

FICA isn't a big deal, but it is a tax that stems from employment. In the end it's revenue that comes from your labor. An employed person that pays no fed tax is still an income producing asset to the govt and not deserving of being dissed by pretending they pay no tax. The last place we should be directing our anger is at a working individual at the bottom of the pay scale. There are plenty of people on welfare to fill that role.

Paul the bottom line is that the FICA tax is paid on behalf of your services and time spent working. When an employer continues to pay half an individual's FICA tax after they are no longer employed then I'll be convinced otherwise. It's a stretch to try and disassociate the employee from the tax.

skull 04-08-2010 10:46 AM

A liberal bitching about failed liberal programs "paid for" by FICA taxes. .. SS is nothing more than a Ponzi Scheme really so "paid for" really isn't appropriate.

fly135 04-08-2010 11:56 AM

Rob, who are you quoting when you say "paid for" in your post? It's hard to decipher your ranting, but your own logic seems like a contradiction. The claim of Ponzi scheme demonstrates the very person you claim isn't paying a tax, really is.

bflat53212 04-08-2010 1:27 PM

I am completely confused about what your point is John. FICA is not a Federal Income Tax, it is a Payroll Tax, you don't claim returns on Payroll taxes.

fly135 04-08-2010 1:56 PM

Skubz, when you pay a tax does it matter more to you what they call it, or that you have to pay it? I don't care that they break my taxes up into two lines on my paycheck.

diamonddad 04-08-2010 3:47 PM

The worst part is the fact that we are currently spending a ton more than we take in so we should be paying a ton more taxes vs stealing it from our children.

ord27 04-08-2010 5:49 PM

a flat tax is the only real solution

everybody pays 12-15% with no deductions

everybody pays

same % on investment income (all income)

wake77 04-08-2010 7:20 PM

"Ponzi scheme" sure has become a popular word. A close second to "Socialist".

wakeboardingdad 04-08-2010 7:44 PM

Quote:

Originally Posted by ord27 (Post 1571472)
a flat tax is the only real solution

everybody pays 12-15% with no deductions

everybody pays

same % on investment income (all income)

I agree in a flat tax is the way to go, but not an income tax. I believe a consumption tax would be the answer. It would capture all the monies which are spent, which are earned as cash, and by those who are on government assistance, and social security, who still seem to have money to blow. One of the best advantages of this is that it would capture monies which are accumulated illegally from prostitution, drug sales, etc. The problem with this is that it would create a black market and ultimately reduce taxes taken in by the states.

dh03r6 04-09-2010 8:02 AM

Are you talking about the "fair tax" ? The only problem with that is any money earned and saved has been taxed already so when you spend it you will get taxed twice, bummer for retirees living off there savings.

dh03r6 04-09-2010 8:07 AM

Quote:

Originally Posted by wake77 (Post 1571512)
"Ponzi scheme" sure has become a popular word. A close second to "Socialist".

Kind of like "spring" or "summer" i think its because they are happening so people talk about them. Hey but as long as everybody thinks " it could never happen here in America"
then im sure that will be enough.

skull 04-09-2010 10:44 AM

Social Security and most union pensions are indeed genuine Ponzi Schemes. Get in early and you make out good, get in late and well..... bend over. When you hear about a union with a 4 billion dollar underfunded pension that should make it clear. When a school teacher in NJ call retire at 50 and pull up to 2 million dollars in retirement from a pension they paid less than 100K into it ought to tell you something- when something sounds too good to be true it probably is.... Madoff should be let go immediately. He is absolutely no different than union bosses and Democratic politicians that run and/or support legalized ponzi schemes.

bflat53212 04-09-2010 12:27 PM

Quote:

Skubz, when you pay a tax does it matter more to you what they call it, or that you have to pay it? I don't care that they break my taxes up into two lines on my paycheck.
Actually, it makes a big difference to me. Your FICA, unless you are over 110K a year is actually aprox. 7.6% and not 14%. Of the 7.6%, 6.2% of that is going to SS, of which (if and it's a big if) I will actually be drawing an income from later in life. Yeah, a really big difference in my opinion between the Federal Income Tax and FICA. The remainder FICA is going to pay Medicare, which will aford me health insurance at some point later in life.


Now the heart of the question, yes I would like to see a complete itemized list of my taxes on every paycheck. It would help me be informed into exactly how my tax dollars are being spent. It matters to me.

guido 04-09-2010 12:43 PM

I totally agree with Cliff or akadirtbikingdad. Flat tax is the only fair tax IMO. I'm also a fan of paying tax on purchases without a income tax. I think it's b.s. that we're essentially taxed twice right now. I don't even want to do the math, but I guarantee that more than 50% of my salary goes to taxes. Individuals that don't own their own business, but are upper middle class get absolutely hammered. It's rediculously unfair. What's the incentive to make more money? Pay more taxes?

Liberal/conservative....c'mon. Nobody has their head out of their a$$es. They're both just digging a deeper hole. Only each has their own method.

bflat53212 04-09-2010 12:57 PM

By the way, be gentle, but here is a little blog I wrote on this subject sometime last week. A little lengthy, but if you are interested, check it out:

http://skubz.com/content/?p=70

fly135 04-09-2010 2:16 PM

Quote:

Originally Posted by bflat53212 (Post 1571876)
Actually, it makes a big difference to me. Your FICA, unless you are over 110K a year is actually aprox. 7.6% and not 14%. Of the 7.6%, 6.2% of that is going to SS, of which (if and it's a big if) I will actually be drawing an income from later in life. Yeah, a really big difference in my opinion between the Federal Income Tax and FICA. The remainder FICA is going to pay Medicare, which will aford me health insurance at some point later in life.

But you have no legal right to that money. And if you don't believe it's 15%, try working for yourself. I find it funny that people are arguing about the half that's barely hidden from you.

bflat53212 04-09-2010 3:51 PM

Quote:

And if you don't believe it's 15%, try working for yourself
Are you just arguing to argue or do you really work for yourself? Because it is my understanding if you are self employed you are not subject to FICA tax per say, but something similar called SE Tax and it is based off of Net Earnings, not gross earnings as those of us who are not self-employed.

Legal right to the money, no, but to consider FICA tax some how on par with income tax, in my opinion is misleadin, but that's just my opinion.


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