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How much is your tax return this year?

I owed the last two years...

FUgging 1099 taxes and Corp taxes... FUCKERZZZZZZZZZZZZZZZZZZZZZZZZZZ
 
This was my last year's return. I'm so badass, I'm not cashing it in. I'm framing it.



2yyxehl.jpg
 
mightymouse69 said:
I think I paid around 40k last year...olololol
Click to expand...



Paid at tax time or paid IN taxes total? Do you avoid any penalties for paying that much? If so, you're a rich fucker.

MTSW?
 
calveless wonder said:
self employed, 1099....

gotta love claiming a loss :)
Click to expand...




Is there a quick way to estimate how much more it costs to be self employed over a salaried employee? Let's say for example, one makes $40/hour. They pay normal taxes and their employer pays their part, lowering the employees burden. If the employee is self employed or works as a contractor, how much would they have to make to break even with the $40/hour employee salary?

Anyone? I know it varies, but there is probably a guideline of some sorts, right? 25% more? 50% more? Self employed pays a lot of stuff otherwize forgotten by the employee. Taxes, insurance, EVERYTHING.

Ahhh, fuck it, too complicated. Yeah, i just fucked up this thread.

Fuck you.

ANSWER!
 
gonelifting said:
Is there a quick way to estimate how much more it costs to be self employed over a salaried employee? Let's say for example, one makes $40/hour. They pay normal taxes and their employer pays their part, lowering the employees burden. If the employee is self employed or works as a contractor, how much would they have to make to break even with the $40/hour employee salary?

Anyone? I know it varies, but there is probably a guideline of some sorts, right? 25% more? 50% more? Self employed pays a lot of stuff otherwize forgotten by the employee. Taxes, insurance, EVERYTHING.

Ahhh, fuck it, too complicated. Yeah, i just fucked up this thread.

Fuck you.

ANSWER!
Click to expand...

There is no guideline.....depends on your line of work and how much you can write off at the end of the year...and what type of business you're in and what your overhead is.
What you're talking about is different from an accounting perspective than it is from a practical personal revenue perspective. There's so many different variables in what type of overhead and reoccuring costs you have to carry...

my CPA rocks.....having a good one goes a long way.
i drive alot, go out to eat alot,travel, purchase alot of business related expenses and constantly put money back into my business(in the form of marketing, etc).
 
gonelifting said:
Is there a quick way to estimate how much more it costs to be self employed over a salaried employee? Let's say for example, one makes $40/hour. They pay normal taxes and their employer pays their part, lowering the employees burden. If the employee is self employed or works as a contractor, how much would they have to make to break even with the $40/hour employee salary?

Anyone? I know it varies, but there is probably a guideline of some sorts, right? 25% more? 50% more? Self employed pays a lot of stuff otherwize forgotten by the employee. Taxes, insurance, EVERYTHING.

Ahhh, fuck it, too complicated. Yeah, i just fucked up this thread.

Fuck you.

ANSWER!
Click to expand...
seems like there would be a guideline but based on what tax bracket you're in. insurance is whatever it is, but as a worker gets older obviously their insurance gets much more expensive and the benefits of being employed by someone else increase. I don't know what the guideline would be but it's a good question.
 
gonelifting said:
Paid at tax time or paid IN taxes total? Do you avoid any penalties for paying that much? If so, you're a rich fucker.

MTSW?
Click to expand...

that was my total fed nut due, no penalties.
 
bran987 said:
seems like there would be a guideline but based on what tax bracket you're in. insurance is whatever it is, but as a worker gets older obviously their insurance gets much more expensive and the benefits of being employed by someone else increase. I don't know what the guideline would be but it's a good question.
Click to expand...

I highly suggest you never put that in writing at any future employment young padwan, esp. if you become a manager.
 
heatherrae said:
I haven't gotten money back in 10 or more years.

:bawling:
Click to expand...
I'm not quite as bad, but yeah, I haven't seen a refund since my son moved out, so that's four years ago.

I'm still waiting to hear from my CPA, have NO idea what the damage is yet, should be null for Feds and about $500 or so to the state. I just need to know what to pay for my estimated taxes this quarter.

Self employed is a riot.
 
I got 2700 back due to a lot of deductions and being in school
 
I am getting 3,700 from feds 600 from one state and owe 500 to another state - Thought I was getting a low return but I guess not.
 
I'm getting $5000 this year. Way too many medical bills. WAYYYY too many. Life sucks.
 
gonelifting said:
Is there a quick way to estimate how much more it costs to be self employed over a salaried employee? Let's say for example, one makes $40/hour. They pay normal taxes and their employer pays their part, lowering the employees burden. If the employee is self employed or works as a contractor, how much would they have to make to break even with the $40/hour employee salary?

Anyone? I know it varies, but there is probably a guideline of some sorts, right? 25% more? 50% more? Self employed pays a lot of stuff otherwize forgotten by the employee. Taxes, insurance, EVERYTHING.

Ahhh, fuck it, too complicated. Yeah, i just fucked up this thread.

Fuck you.

ANSWER!
Click to expand...

well. . .for starters. . .it costs an extra 7.65% in FICA tax (up to the soc sec limit, then it's 1.45% thereafter. . .the medicare portion). . .this is the portion that your employer matches. . .when you're self-employed, you pay it yourself. . .if you incorporate and make an s-election, you can avoid some of this. . .
 
digimon7068 said:
well. . .for starters. . .it costs an extra 7.65% in FICA tax (up to the soc sec limit, then it's 1.45% thereafter. . .the medicare portion). . .this is the portion that your employer matches. . .when you're self-employed, you pay it yourself. . .if you incorporate and make an s-election, you can avoid some of this. . .
Click to expand...



Thanks! I mistakenly thought it was 15%, but now i remembered it was half and that you shared it with the employer. That's a nice bonus. Hadn't calculated it like that yet.

I may PM you again. lol
 
and Thanks mm69. Sadly, the medical bills are still coming this year. Ehhh, there's always next year. I have a good feeling about 2008.
 
gonelifting said:
Thanks! I mistakenly thought it was 15%, but now i remembered it was half and that you shared it with the employer. That's a nice bonus. Hadn't calculated it like that yet.

I may PM you again. lol
Click to expand...

:nerd:
 
gonelifting said:
and Thanks mm69. Sadly, the medical bills are still coming this year. Ehhh, there's always next year. I have a good feeling about 2008.
Click to expand...

do you have a lot of out-of-pocket medical expenses? do you itemize deductions?? if so, you may be able to get a lot more use from your medical expense deductions (because they are subject to 7.5% of your adjusted gross income) by you and your spouse filing as "married filing separate". . .my wife and i had some big out of pocket med expenses a few years back (in vitro fertilization ain't covered by insurance) and by filing separate returns and putting almost all of the medical expenses on her return (her procedures were a lot more expensive than mine) we got back an extra $3,000 that year. . .the way that it works is this. . .since medical expenses are subject to 7.5% of your adjusted gross income, and 7.5% of $75,000 (for example is a hell of a lot less than 7.5% of $150,000) and if one person has a lot more medical expenses than the other, you can see how you would be able to get a lot more utility out of your money by putting it on one, "separate" return. . .rather than a "joint" return. . .
 
digimon7068 said:
do you have a lot of out-of-pocket medical expenses? do you itemize deductions?? if so, you may be able to get a lot more use from your medical expense deductions (because they are subject to 7.5% of your adjusted gross income) by you and your spouse filing as "married filing separate". . .my wife and i had some big out of pocket med expenses a few years back (in vitro fertilization ain't covered by insurance) and by filing separate returns and putting almost all of the medical expenses on her return (her procedures were a lot more expensive than mine) we got back an extra $3,000 that year. . .the way that it works is this. . .since medical expenses are subject to 7.5% of your adjusted gross income, and 7.5% of $75,000 (for example is a hell of a lot less than 7.5% of $150,000) and if one person has a lot more medical expenses than the other, you can see how you would be able to get a lot more utility out of your money by putting it on one, "separate" return. . .rather than a "joint" return. . .
Click to expand...



Very good. Thanks. We've been on a medical expenses adventure for the past few years and counting. lol

Nerd.



jk


n
 
gonelifting said:
Very good. Thanks. We've been on a medical expenses adventure for the past few years and counting. lol

Nerd.



jk


n
Click to expand...

that's ok. . .don't let the wide, lumpy back fool you. . .i AM a nerd :)
 
Very little. I claim 10 enough to not get much back. why let the gov earn interest on it when you can yourself?

Whiskey
 
If you travel for work can you deduct things such as:
Airline tickets/costs if not reimbursed
Luggage/accessories etc needed for traveling etc?
 
stilleto said:
for some unknown reason, i'm getting back around $8,000
Click to expand...

black out the names and addresses on your 1040 from 2005 and 2006, scan them into your computer and e-mail them to me. . .i'll tell you exactly why :)
 
digimon7068 said:
black out the names and addresses on your 1040 from 2005 and 2006, scan them into your computer and e-mail them to me. . .i'll tell you exactly why :)
Click to expand...
i don't have a working scanner, but i'll take a look and see if i can copy it or take a pic for you.
my accountant is e-filing for me.
 
All this is confusing me. So is it better to be self employed or be an employee.

We got back 10,000 this year, (me and my woman filled together)
I do have a mortgage and a kid plus plenty of other loans that Im getting charged interest on. Thats probably why its so high. Plus I have my pay deducted higher so I do get more money at the end of the year. Im not very good at saving money so I do it this way to get more money back at the end of the year.
 
i was expecting double french doors, back yard deck, paving stones for the remainder and a fountain.








not gonna happen THIS year..... :(





time to sharpen the lawn mower blade.
 
As I'm out of the country during tax season I haven't filed yet. I'm hoping to take enough deductions and shit to not owe. Zero payed and zero recieved would be fine by me and get my tax guy a good bottle of scotch or some such.

Cheers,
Scotsman
 
mightymouse69 said:
I think I paid around 40k last year...olololol
Click to expand...

I paid 135,000$ last year for nothing :(
I hate this thieving government, take my money and bother me with police giving me tickets.
I demand some respect
 
pintoca said:
I got a whooping 2276 €

(3072 US$)... kids are good for your tax returns
Click to expand...

BTW, that was last years... now I know were the deductions come from and that ain't hapenning again, those mofos ain't working with my money 2 years in a row.
 
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