Tax Paid 2004

[Spanky]

Our tax (fed + state) = $44,948
Social security and Medicare = 13,725
total = $58,673


Bummer!!!

 

[retire@40]

What do you want when you earn over $179,412 plus investment income?  

There are plenty of people that would want your problems.

 

[laurence]

Thanks for your contribution to our federal budget, I'm sure they'll spend it wisely!

I don't remember the amounts, I just remember we got our federal down to 10% of our gross. Tax deffered savings rules....

 

[unclemick]

6% combined Federal and State - mainly due to a partial Roth conversion. It's nice to have some control over your taxable income in ER. But 9 years to RMD. May do a bigger Roth conv.(and more taxes) this year.

 

[Spanky]

What do you want when you earn over $179,412 plus investment income?

There are plenty of people that would want your problems.

Well, it was an unusual year. The extra income was a result of a serverence package. The tax holding was short of $6K. We now have a tax due of that amount.

You are right - it's good problem to have.

For this year, I am considering to either increase tax withholding or pay the tax in advance to avoid a significant tax due since I am planning to exercise some of company stock options.

Spanky

 

[MNMax]

IRS Form 1040 2005 data

Line 62 (total tax) / Line 22 (total income)

equals 0.056 (5.6%)

Line 42 (taxable income) puts us in the 15% marginal tax bracket

Gotta love those education tax credits.

 

[Mr._johngalt]

Personal federal tax -0-
Personal state tax -0-
Corp. Federal tax -0-
Corp. state tax -0-

How am I doing?

JG

 

[uncledrz]

There are plenty of people that would want your problems.

yeah, but in a similar situation and I get a little tired of sending more money to the government, year after year, than we spend. I'd be a little less tired of it if there was some indication that the government was willing to look after the money with any degree of concern, but it seems that it doesn't.

 

[Eagle43]

Our tax (fed + state) = $44,948
Social security and Medicare = 13,725
total = $58,673


Bummer!!!

Thank you. I shall be receiving some of that on my first ss check, come July. I promise to spend it wisely!

 

[Mr._johngalt]

Me too, in 2006

JG

 

[uncledrz]

ok, so long as I know that my money is going to you two, and my parents, and fil, I guess I'll be happy sending the checks.

 

[gratefuled]

Sure, I'll bite.

2004 Federal: $100,789
2004 State: $19,863

I won't even get into SS, sales tax, etc. This is the time of year when I do way too much drinking.

You know what chaps my ass? It's when I pull up at a national park gate and the friendly ranger asks me for a $10 entry fee. Makes me want to hand him/her a copy of my 1040 and floor it.

Ed

 

[gratefuled]

Yeah, and like I said elsewhere, I guess it's a nice problem.

Ed

 

[nearly50]

Federal Taxes: $67000
State/Local Taxes: $23000
Sales/Excise/Sin/Gas/Etc Taxes: $10000

The look on my DWs face when I ask her to sign the check: PRICELESS!

 

[nearly50]

Ed, you have a good point. I think that anyone who pays more in taxes than the median household income ought to be eligible for some perks (which don't actually cost the guvmint thaaat much), such as

An autographed picture (suitable for framing) and thank you note from John Snow.

Free tours of the Dept of the Treasury and the Office of Public Debt.

10 dozen red, white and blue helium balloons courtesy of the National Strategic Helium Reserve.

12 free HOV lane "get out of jail free" passes.

VIP seating for the next Shuttle Launch/Nuclear Submarine commissioning/Robert S. Byrd highway dedication.

Complimentary admission to the next LebowskiFest in Washington DC, for all you achievers (and proud we are of all of them).

 

[Cut-Throat]

You know what chaps my ass? It's when I pull up at a national park gate and the friendly ranger asks me for a $10 entry fee. Makes me want to hand him/her a copy of my 1040 and floor it.

Not me! - I want to give them more! - Our National Parks are the best deal on the Planet! Thankfully some conservationists set aside these areas for future generations.

If you've ever been to Yellowstone, Glacier, The Grand Canyon, The Tetons, Or Yosemite you know what I mean. If you haven't been there, by all means get going! 8)

 

[Jarhead*]

Not me! - I want to give them more! - Our National Parks are the best deal on the Planet! Thankfully some conservationists set aside these areas for future generations.

If you've ever been to Yellowstone, Glacier, The Grand Canyon, The Tetons, Or Yosemite you know what I mean. If you haven't been there, by all means get going! 8)

Cutthroat: I really enjoy your non-political posts!
Totally agree with you on this. Have spent time in all the above, and a number of others. (Bamf, Canadian Rockies, Lassen, etc.). I love to see my tax dollars at work on places like these.
Incidentally, when you are age 62 you can purchase a life-time pass that allows you, and all passengers in your car, access free at any nat'l park.
I live a little over an hour from Lassen Nat'l park, and it has several places that allow catch-and release fishing, and use it quite often during the summer.
Although I live in an area that has high elevation lakes and streams in abundance, there is something special about Nat'l Parks, and hats off to Teddy Roosevelt, and the following generation of conservationists that were far-sighted enough to realize the importance of setting aside, and maintaining the "gems" for following generations.
It would be sad, indeed, if we did not have these beautiful pieces of real estate.
Hint though. Don't visit Yosemite in the middle of summer. (Fall or Spring is great).

 

[Mr._johngalt]

I have mixed emotions about our national parks.
While I fully understand the appeal, and have visited some, I am not too sure I wouldn't feel better if all
that land were in private hands, even assuming that
meant I could not visit it. I have no faith in the government to properly manage anything, and if I wanted to viist them, I would have to deal with
tourists! I'd prefer roaches, rats and a plague
of locusts. Tourists are only one notch up from liberals
on the John Galt evolutionary scale.

JG

 

[unclemick]

Ah John

Hustling tourists is the life blood of New Orleans. The wildlife on Bourbon street after midnight is pretty interesting.

Sport fishing and eco - swamp tours are big also.

I spent so much of my youth on/around Mt St. Helens(Gifford Pinchot) that I took National Parks for granted.

If I'd grown up in the city - well the location of exotic wildlife might be reversed.

 

[Mr._johngalt]

NO is a pretty cool city, if you like cities. I don't.
Nor tourists, politicians, liberals, do-gooders,
antigunners, PC types, etc etc. Speaking only for myself, the more public land that was returned to
private ownership the happier I would be. The government will only screw it up. With private
owners you at least have a chance.

JG

 

[gratefuled]

CT, Jarhead, JG, et al...

Sorry if I'm not being clear...yeah, the national park system is wonderful. Don't get me wrong on that one. And that Eagle pass is a good deal too. No, it's the mix of off-the-top and pay-as-you-go tax structures. Here, read the bottom line on my 1040 and get out of my face. I gave at the office.

But I have the same reaction at a toll booth. What, this on top of my gas and wheel taxes? It's pretty clear from both exercises that governments are horrible at allocating funds.

But then again, I can be too...which could explain why I get crabby on April 15th.

Ed

 

[laurence]

Can't agree with you there, JG. When I was getting my BA in Economics, one of the concepts we learned about was where the market breaks down. Externalities, both positive and negative, are not always captured in the free market. The benefits of these spaces being public land far outweigh the cost and provide more benefit than any private landowner could obtain. Plus, it only takes one greedy short sighted S.O.B. to fall into the inheritance path of Yosemite for it to become a clear cut strip mine. Indeed many of our parks were created to save lands just as the axe blade was swinging down. I empathize with your disdain for the government, but ours is still better than most, and does a lot of good.

 

[laurence]

gratefuled,

The economist Milton Friedman said one of his greatest regrets was helping set up the Federal tax withholding. By having the tax come out a little at a time in each paycheck, rather than be a big honking bill in April, he helped the government mask just how much they were taking. No way the common man would be down with a five figure bloodletting every April, but take it one pin prick at a time, you don't quite notice....death by a thousand pin pricks.

 

[cute fuzzy bunny]

Laurence...take out the word 'pin' from your last statement and I think you've got a fair assessment of our governmental overseers...

 

[charlie]

Well I had to pay the feds a total of $1450 in
2004 ..... hope they don't spend it all in one place.!

JG, have you noticed that us neo-cons seem to be
on the wrong side of the income tracks? Maybe
we should switch? Nah .... just kidding.

Cheers,

Charlie