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Thread: Tax rate

  1. #41
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    I thought you said you knew something about tax law. The law simply says you pay 100% of last years liability, actually 110%, in quarter installments. I can figure mine out in 30 seconds. Writing of checks and mailing them takes another 5 to 10 minutes over the year.
    Then you are guessing in the early quarters what may or may not happen in future quarters!
    Let's just say a person is an idependent contractor say in IT.
    How would that person have any idea whether or not they will have work in future quarters? Again it is not really quarterly installments.
    The other thing an idependent contractor has to deal with comes down to timing issues.
    Lets just say they are owed money and they do not get the check prior to 12/31/??
    The check may or not be mailed but actually dated in a different year. The check may be sitting printed in a drawer but not mailed. The person doesn't have the money but it is included in a 1099 for that year.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  2. #42
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    Of course not. Disadvantaged are the people that lose their jobs or are in college that don't make enough money to live on. The people that are actually showing that they want to earn a good living but aren't right now for some reason. They have had a bump in the road, a temporary set back. I am not talking about the con artists you are referring to. What we should do with them is something that I will not say on a public forum, that just opens a big can of worms...and no, it isn't killing them.
    Maybe rather than going to college for a bs degree full time they should get a job and go to school part time one class at a time and actually pay for it like both my husband and I did. Although we didn't run around majoring in crap .
    Do you know that in NC some of our state colleges have SAT scores that are little more than what you get by signing your name and then the taxpayer has to foot the bill for this person to go to college?
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  3. #43
    Senior Member LokiMeister's Avatar
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    I think it is time for you to put down the firewater.
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

  4. #44
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    I thought you said you knew something about tax law. The law simply says you pay 100% of last years liability, actually 110%, in quarter installments. I can figure mine out in 30 seconds. Writing of checks and mailing them takes another 5 to 10 minutes over the year.
    In otherwords in the early quarters you are guessing future income!! The feds want 25% per non quarter, quarters. What if you had zero income the last two quarters? You just gave the feds a ton of money they have zero right to in order to avoid a future unknown penalty!
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  5. #45
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    I think it is time for you to put down the firewater.

    What firewater? What did I say that has you so annoyed? I have only stated tax law etc and the gooberments money grab!
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  6. #46
    Senior Member LokiMeister's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    In otherwords in the early quarters you are guessing future income!! The feds want 25% per non quarter, quarters. What if you had zero income the last two quarters? You just gave the feds a ton of money they have zero right to in order to avoid a future unknown penalty!
    That's why they call them quarterly tax ESTIMATES...
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

  7. #47
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    I think it is time for you to put down the firewater.
    Do you have an accounting degree? A CPA? Have you ever actually studied tax law?
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  8. #48
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by LokiMeister View Post
    That's why they call them quarterly tax ESTIMATES...
    And that is the problem. One must guess future income at times way over the amount due in order to avoid a possible penalty that has nothing to do with what is actually due at any given time.
    Let me add why are they demanding money based on something that may or may not happen???
    Why should a person give them money based on money that may or not be earned?
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  9. #49
    Senior Member LokiMeister's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    Do you have an accounting degree? A CPA? Have you ever actually studied tax law?
    Nope, but I know enough to not overstate and miss-state the way you are and to leave the details to my accountant. Are you?
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

  10. #50
    Senior Member LokiMeister's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    And that is the problem. One must guess future income at times way over the amount due in order to avoid a possible penalty that has nothing to do with what is actually due at any given time.
    It's not a guess. It is very clear, pay us 110% of last years liability by the end of this year or suffer interest and penalties. You are hoping you make enough to cover the taxes.
    Kevin Entwistle

    WGD (Worlds Greatest Dog) Cinci Redstocking "Loki", born: Jan. 22, 1999, RIP November 13, 2011
    "Lars" Chilian with the Rainmaker, born: Feb. 2, 2010


    "That which you manifest is before you" (The Art of Racing in the Rain)

    "Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Thomas Jefferson

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