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| Name: |
Swimmer27
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| Subject: |
My sister, the LIB
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Date:
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10/21/2008 9:40:17 PM
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It seems that my very liberal sister may be having second thoughts on her liberakism It seems she actually had her best month ever last month earning right at 10K. It seems she only got home with about 3K after taxes. Now if that don't wake you up, what will? It is lot easier to be against the 'haves' untill you actually become one.
I reminded her of the famous Churchill quote...."If you aren't a liberal at twenty , you have no heart, if you aren't a conservative at forty, you have no brain." It just took her a little longer, she is 55.
She was also reminded that with the one, the Bush tax cuts will expire and she would have gotten even less. The truly AMAZING thing is, she is MORTGAGE BROKER!!
Her mistake was in the way the deals fell on the calender. She is paid bi-weekly and all of these mortgages closed in one two week period. The way our 66.500 page taxe code works is that when payroll is done, the clerk enters the earnings for the period and then the computer looks up on a table to fiind the rate based on the bi-weekly tax table and assesses the amount of withholding. The payroll system 'thinks' she is making 20K/month. This is a problem with commissions, the compurter 'assumes' that you make that EVERY pay period amd puts in the higher bracket. Had she been smart she should have had the income spread over several pay perioids to reduce the tax liabillity.
She is at least now on the fence instead of on the left side. I feel certain she will still vote for the one, but at least she in thinking now. I am sure there was a way to avoid this but we are taliking about a bunch of libs who aren't used to thinkig for themselves.
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| Name: |
GoneFishin
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| Subject: |
My sister, the LIB
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Date:
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10/21/2008 9:59:49 PM
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Swimmer, tell her to take her tax from last year and just make certain she pays the same estimated tax this year. She can stop or adjust the deductions anytime during the year. Then, she will not be subject to any penalty for underpayment. Then, when she files her tax for 2008 she may owe or be entitled to a refund. However, as long as she pays an amount equal to her total 2007 tax during 2008, there will be no penalty for any underpayment.
Tell that LIB we are proud of her big check. Taxes are just a function of success!!!!!!
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| Name: |
MartiniMan
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| Subject: |
Tax advice from GF
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Date:
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10/22/2008 8:19:47 AM
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GF, correct me if I am wrong but in order to avoid penalties (ie, safe harbor) you have to make estimated payment equal to 110% of last year's total tax payment. If I am wrong about that my CPA has been having me overpay taxes each year.
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| Name: |
GoneFishin
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| Subject: |
Tax advice from GF
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Date:
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10/22/2008 11:18:57 AM
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Martini== 100% unless adjusted gross income more than $150,000 then it is 110%.
I assumed as a LIB she was not above $150,000!!!! I am not an accountant. It is spelled out in the 1040 instructions. Cheers!!
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| Name: |
MartiniMan
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| Subject: |
Got it...
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Date:
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10/22/2008 12:23:12 PM
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another example of sticking it to the "rich"! Sorry, I couldn't resist....
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| Name: |
MartiniMan
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| Subject: |
Got it...
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Date:
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10/22/2008 12:23:13 PM
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another example of sticking it to the "rich"! Sorry, I couldn't resist....
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