Taxes
02-03-2019 | 07:55 AM
#42
Gets Weekends Off
Joined: Apr 2018
Posts: 3,579
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IOW...put your probation w2 into the 2018 tax program an report back if u care to on whether it went up or down
02-03-2019 | 08:11 AM
#43
Line Holder
Joined: Jun 2015
Posts: 1,997
Likes: 177
Refund numbers mean nothing because of different schedules of employer withholding year to year. Look at 1040 (and state equivalent) for the line “total tax” (line 60). Take your earnings (line 22) divided by this line and compare YOY. If the percentage went down this year, trump’s tax plan did you a solid.
02-03-2019 | 08:26 AM
#44
New Hire
Joined: Oct 2017
Posts: 4
Likes: 0
I think you are missing the point. Of course your rate went up...you prolly doubled your income...with a graduated income tax, your top end dollars fall into a higher bracket. If we are discussing the new tax laws as opposed to the old ones, the only valid approach is to keep the income constant and input it into the 2 different tax codes
IOW...put your probation w2 into the 2018 tax program an report back if u care to on whether it went up or down
IOW...put your probation w2 into the 2018 tax program an report back if u care to on whether it went up or down
I wish I doubled my income. But, I enjoy dropping trips too much for that.
For brevity and the fact it's a public forum, I didn't include information on that many variables. Suffice it to say, because my itemized deductions were already above the new standard deduction amount in both years, missing out on the exemptions isn't good for me. I'm glad so many others have gotten a benefit, though, and I'm surely not hurting. So, no complaints, just an anecdotal piece of data to throw out there.
02-03-2019 | 09:04 AM
#45
Gets Weekends Off
Joined: Jul 2010
Posts: 12,823
Likes: 169
From: window seat
)Way too many people (voters) would rather pay more at the end of the day than lose the perception of their plethora of savvy deductions. There's not much you can do with that intelectually.
02-03-2019 | 09:19 AM
#46
Gets Weekends Off
Joined: Jun 2015
Posts: 3,362
Likes: 58
I agree it would be too simplistic. There has to be a way to define "income:" whether it be from an employer, self-employed, dividend, interest. Once it's defined it should all be taxed at the same rate (perhaps some gradation for higher incomes.)
As far as simplification goes, we can start with getting rid of ...
Mortgage interest,
Charitable contributions,
Depreciation.
As far as simplification goes, we can start with getting rid of ...
Mortgage interest,
Charitable contributions,
Depreciation.
"Any undeniable accession to wealth,
which is clearly realized by the taxpayer, over which the taxpayer has complete dominion."
If you paint a farmer's barn and the farmer pays you for that service with meat from half a cow, the value of the meat is income.
The issue(s) revolve(s) around what part and how much of that income is either exempt or deductible under the Federal Tax code. That's where the CPAs and tax lawyers make their $$$. 😁
02-03-2019 | 09:23 AM
#49
Gets Weekends Off
Joined: Jul 2010
Posts: 12,823
Likes: 169
From: window seat
02-03-2019 | 09:24 AM
#50
Gets Weekends Off
Joined: Mar 2007
Posts: 2,193
Likes: 10
From: Petting Zoo
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