Holy Witholding!!

[Gogar]

So, I received a check of a nice size last month, for which I (have previously filed) "Single 0" status on the w-4. I was excited because it would have erased all my 'playtime' debt, Porsche parts, etc. and I would have been able to pay off my small business loan 20 months early.

Total witholding?

43%. Federal was 30% of the total witholding.

Now I know why Hugh is so mad. I'm going to refile my w-4 as "Single-2" for the rest of the year, fck 'em.

Paid off my fun-time debt, so I guess it's not a total anger-fest.

[Porsche-O-Phile]

Just be glad you're not in CA.

I once got a check for some side work with over 55% withheld. No joke. And it's only getting worse.

[Hugh R]

Yeah when it's your Ox getting gored, you have a different perspective.

[lm6y]

With holding? I thought the government said we would get rid of that at the end of WWII. Get rid of it now, make the Dumb Masses write a check for taxes owed on April 15th, and there will be a tax revolution on April 16th.

I need to quit dreaming.....

[A930Rocket]

Nothing worse than seeing half a big bonus check gone down the toilet.

[cgarr]

Everyone should be paid Gross every week and forced to send in (write a check) all taxes due weekly, now this would change things!

[Zeke]

Originally Posted by Gogar

So, I received a check of a nice size last month, for which I (have previously filed) "Single 0" status on the w-4. I was excited because it would have erased all my 'playtime' debt, Porsche parts, etc. and I would have been able to pay off my small business loan 20 months early.

Total witholding?

43%. Federal was 30% of the total witholding.

Now I know why Hugh is so mad. I'm going to refile my w-4 as "Single-2" for the rest of the year, fck 'em.

Paid off my fun-time debt, so I guess it's not a total anger-fest.

You have to change your w-4. The IRS has made the deduction higher just this year.
They want to use your money to keep up. Then next year if you have a tax refund coming, you might get an IOU.

[mjohnson]

Originally Posted by cgarr

Everyone should be paid Gross every week and forced to send in (write a check) all taxes due weekly, now this would change things!

+1

The only better option would be to put your annual tax check in the bucket on your way in to vote in November.

I'm not sure Washington would go for that...

mike

[Gogar]

Originally Posted by milt

You have to change your w-4. The IRS has made the deduction higher just this year.
They want to use your money to keep up. Then next year if you have a tax refund coming, you might get an IOU.

Yep. Redoing my w-4 to 'single-2' for at least the rest of the year.

[Joeaksa]

Just wait until these idiots bring on a VAT, and we pay an additional 20% or so on everything.

Please everyone, wake up and vote these jerks out of office! All of them! They have no concept of "Stopping spending" so its out with the lot of them!

[campbellcj]

I have my accountant apply custom witholding to my checks based on the actual amount I will owe. Last couple years we were almost dead-on despite my income being highly variable. My wife's situation is a different story unfortunately due to K-1 income that's completely unpredictable.

[McLovin]

Gogar, do you have to pay state taxes in all the states you work in??

[Gogar]

Originally Posted by McLovin

Gogar, do you have to pay state taxes in all the states you work in??

Our corp. has to pay in every state, for my ind. contractor business i don't.