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Thread: The Fiscal Cliff

  1. #61
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    Quote Originally Posted by gmhr1 View Post
    Get ready for a cut in pay. My daughter is a teacher was told today she will see a much smaller paycheck Jan 4 if we go over the fiscal cliff.
    My monthly bills are se up based on what my starting salary was 4 years ago. I have gotten a raise every year since I started. So if I get a pay cut in January, it's no big deal because I am living off of a salary from 4 years ago.

  2. #62
    Senior Member gmhr1's Avatar
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    Good for you! Enjoy the pay cut and wait till obamacare kicks in.
    Last edited by gmhr1; 12-11-2012 at 08:07 PM.
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  3. #63
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    Quote Originally Posted by murral stark View Post
    On a w-4 you can choose to have more money witheld from your check by claiming "0" so you don't have to pay in at the end of the year because you overpaid on your taxable income. Or, you can claim all of your dependants and get more take home money and probably owe taxes at the end of the year. Let's just go to a flat tax with no deductions or credits. that way everybody pays the same effective tax rate.
    I know all about w-4's and how they impact witholdings. A was a payroll manager for many years.
    This has nothing to do with how much the person has witheld from their check.
    Witholding has nothing to do with the actual federal tax liability but rather how close the amount witheld comes to that liability either under or over.
    WHen someone ends up with a credit kicking over to refundable they will get anything witheld back plus a nice little redistributive bonus added on courtesy of the actual federal payers.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  4. #64
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    I did not mention anything about rep. or dem. However, I am not 100% positive, but it is likely not the only horse they own.

    The vet employees a vet tech, secretary and possibly others vets if he works with the Romney's.

    He Purchases medicine, medical supplies, medical equipment, heat for his building, a special vet vehicle and who knows how many other items which directly or indirectly employes thousands of people

    Now I am not even getting into the farrier, trainers, farmers providing the grain and hay, airplane crew flying the horses to and from Europe, truckers moving them around the United States, people involve putting on events like Rolex and there are multiple other levels.

  5. #65
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    Quote Originally Posted by Dan Storts View Post
    I did not mention anything about rep. or dem. However, I am not 100% positive, but it is likely not the only horse they own.

    The vet employees a vet tech, secretary and possibly others vets if he works with the Romney's.

    He Purchases medicine, medical supplies, medical equipment, heat for his building, a special vet vehicle and who knows how many other items which directly or indirectly employes thousands of people

    Now I am not even getting into the farrier, trainers, farmers providing the grain and hay, airplane crew flying the horses to and from Europe, truckers moving them around the United States, people involve putting on events like Rolex and there are multiple other levels.
    One Horse one

  6. #66
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    Quote Originally Posted by luvmylabs23139 View Post
    I know all about w-4's and how they impact witholdings. A was a payroll manager for many years.
    This has nothing to do with how much the person has witheld from their check.
    Witholding has nothing to do with the actual federal tax liability but rather how close the amount witheld comes to that liability either under or over.
    WHen someone ends up with a credit kicking over to refundable they will get anything witheld back plus a nice little redistributive bonus added on courtesy of the actual federal payers.

    Did I read sometime back that you immigrated here? If I am correct, is it any better in your home land? If I am mistaken about you immigrating here, disregard?

  7. #67
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    Passive Activity

    Ann Romney incurred $77,731 of expenses related to Rob Rom in 2012. The Romneys did not deduct $77,731 of horse-related expenses. The passive loss rules don't let them do that. They deducted $49, the proportionate amount covered by passive income.
    The publicity given the matter so far makes it appear that the LLC owns only one horse. We don't know how large Ann Romney's equity interest is, but the partnership agreement requires her to pay for two-thirds of Rafalca's expenses.

    That would imply that Rafalca costs nearly $10,000 per month for upkeep, training, and flying around the world to shows. Sounds like a lot, but it is within the usual range of expenses for such a horse. Rafalca went to London on a chartered jet.

    This is from a summary of the tax return. As you can see she deduct 49 dollars and the 77k was though the LLC ownership. I can give you much more information if you wish. My wife has these hay burners.

    BTW she has 6 to 8 horses.

  8. #68
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    Quote Originally Posted by murral stark View Post
    Did I read sometime back that you immigrated here? If I am correct, is it any better in your home land? If I am mistaken about you immigrating here, disregard?
    It varies as to which is better. Overall here but with Obama and his crew its debatable and it gets worse by the minute here. Obama is destroying this country.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  9. #69
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    Quote Originally Posted by Dan Storts View Post
    Passive Activity

    Ann Romney incurred $77,731 of expenses related to Rob Rom in 2012. The Romneys did not deduct $77,731 of horse-related expenses. The passive loss rules don't let them do that. They deducted $49, the proportionate amount covered by passive income.
    The publicity given the matter so far makes it appear that the LLC owns only one horse. We don't know how large Ann Romney's equity interest is, but the partnership agreement requires her to pay for two-thirds of Rafalca's expenses.

    That would imply that Rafalca costs nearly $10,000 per month for upkeep, training, and flying around the world to shows. Sounds like a lot, but it is within the usual range of expenses for such a horse. Rafalca went to London on a chartered jet.

    This is from a summary of the tax return. As you can see she deduct 49 dollars and the 77k was though the LLC ownership. I can give you much more information if you wish. My wife has these hay burners.

    BTW she has 6 to 8 horses.
    From the New York Times
    In 2010, the Romneys reported a $77,000 loss on their tax returns for their share of Rafalca, which is owned by a partnership that includes Ebeling’s wife, Amy, Ann Romney and Beth Meyer.
    This was on ONE HORSE

  10. #70
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    Quote Originally Posted by luvmylabs23139 View Post
    It varies as to which is better. Overall here but with Obama and his crew its debatable and it gets worse by the minute here. Obama is destroying this country.
    Well, we all have options. I just choose to look at what I have and be happy. I just get angry when people don't appreciate what they have and be happy, they would rather focus on the negative things and be miserable.

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