Taxes and having enough left over to buy PM's?
KUCH
Posts: 1,186
Well, our son/daughter-in-law met with the CPA this past week. They weren't taking enough out for taxes. GEEZ
They upped Fed income to take out 12%. However when you combine tax deductions for Fed, SS, Medicare, State and Local taxes, they are now deducting 23.5% out of their pay check.
So let's say combined they earn 2,000 per pay period, the government gets 23.5% = $470.00 That's $940 a month that they could be investing in PM's.
They upped Fed income to take out 12%. However when you combine tax deductions for Fed, SS, Medicare, State and Local taxes, they are now deducting 23.5% out of their pay check.
So let's say combined they earn 2,000 per pay period, the government gets 23.5% = $470.00 That's $940 a month that they could be investing in PM's.
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With PMs going up, it's hard to find an extra $30 bucks at a time to buy... Budget, budget, budget is all I can say. I hope to get into PMs in the hear future as I have yet to dive in. Sure I have a roll of mercs and a few odds and ends but I want to focus on obtaining some PMs to hedge against the dollar for the future.
Ray
Natural forces of supply and demand are the best regulators on earth.
<< <i>DINK used to be an advantage. >>
I used to be that until my wife quit work, then it was SINK.
I have a kid now and my wife still doesn't work, so I guess it's SIOK.
Too many positive BST transactions with too many members to list.
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<< <i>DINK used to be an advantage. >>
I used to be that until my wife quit work, then it was SINK.
I have a kid now and my wife still doesn't work, so I guess it's SIOK. >>
Ahhhh what are these?
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<< <i>
<< <i>DINK used to be an advantage. >>
I used to be that until my wife quit work, then it was SINK.
I have a kid now and my wife still doesn't work, so I guess it's SIOK. >>
Ahhhh what are these? >>
Got it...lol, thanks google.
<< <i>Well, our son/daughter-in-law met with the CPA this past week. They weren't taking enough out for taxes. GEEZ
They upped Fed income to take out 12%. However when you combine tax deductions for Fed, SS, Medicare, State and Local taxes, they are now deducting 23.5% out of their pay check.
So let's say combined they earn 2,000 per pay period, the government gets 23.5% = $470.00 That's $940 a month that they could be investing in PM's.
As long as you have to pay it why does it matter if you pay now or pay later? Would you prefer to have to maybe sell those PMs at a loss when pay later arrives?
It almost pays not to work, you seem to come out better. We had a few good years in the shop and paid in a ton of income tax, money that just disappears and goes to many who abuse the system (yes, there are some in my family as well as my wifes. GD low life dud balls.
This year I am trying to limit the profit down too just make enough to pay expenses.
jim
Knowledge is the enemy of fear
More facts:
Customer says price of cut wood out of China just went up 15% and 23% on certain products.
Unemployment at 23%
Gold up 115% since Oct of 2008
Dow just reached new high since Oct of 2008. (Most in this market are back to 2008 valuation)
<< <i>It almost pays not to work. US is slowly heading towards the point....and probably close to being there in certain parts of the country. >>
I have 90 people reporting to me. I'm waiting to hear someone say they don't want to earn more because some of it will go to taxes.
This week I'll be traveling to Baltimore for the coin show. I'm glad that the roads and bridges will be in good maintenance, the roads cleared if there's snow, and police patrolling the downtown area around the convention center. It would be a nightmare if Baltimore had no speed limits or traffic signals. Can you imagine?
I'm grateful that the dealers will be flying into town on safe, inspected airplanes and that the restaurants serving food have to meet certain standards. I could go on, but I won't. Just sayin'
Knowledge is the enemy of fear
Knowledge is the enemy of fear
But I might add it seems harder to digest for those who have to send in quarterly payments vs the normal person who have it deducted from their paychecks. Its still the same tax dollars being paid, but it seems like its more when you have to send the payments in vs having them deducted. Having them deducted , you never really had possession of the funds to start with, little easier to digest.
The thing that irritates me the most is I know of several people who live as good as I do, and don't pay a gd dime in taxes. The higher earners pay for all of these folks and more. The ones who really need it, doesn't bother me , but some of these other low lifes and dud-balls that free load the system do.
Knowledge is the enemy of fear
<< <i>I would like to see a major tax reform where all the corporate loopholes and subsidies disappear and where the burden on the self-employed gets diminished and simplified. There are many people living in fear of the tax police, self-employed people who need to hire workers occasionally, because they can't afford to hire them full time or even legally with all the trappings that the states and the fed require. >>
and have the 45%+ of US taxpayers, for the same reason quoted above, who pay no Fed/Income Tax, pay some.
<< <i>Flat tax. No deductions. >>
Nice idea, but it will never work.
I could buy my clothes and stuff from second hand stores, flea markets and come out even cheaper. I don't think second hand items are subject to this type of tax if implemented.
jim
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<< <i>Flat tax. No deductions. >>
Nice idea, but it will never work. >>
From what I read, what about "The Fair Tax Act". As I understand it you pay a flat tax on what you buy after the first XXX dollars. This way everyone (Including undocumented visitors) pays taxes.
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<< <i>Flat tax. No deductions. >>
Nice idea, but it will never work. >>
From what I read, what about "The Fair Tax Act". As I understand it you pay a flat tax on what you buy after the first XXX dollars. This way everyone (Including undocumented visitors) pays taxes. >>
What you are suggesting is a national sales tax or value added tax or consumption tax. A flat tax would be one where everyone who had earned and or reportable would pay the same or some fixed rate.
Well, yesterday son/wife found out on their new insurance policy, they have to pay $157 more a month for maturnity coverage. (Which is fine)
HOWEVER, they get NO coverage til January 14 when Obamacare kicks in! That's stealing.
<< <i>I would like to see a major tax reform where all the corporate loopholes and subsidies disappear and where the burden on the self-employed gets diminished and simplified. There are many people living in fear of the tax police, self-employed people who need to hire workers occasionally, because they can't afford to hire them full time or even legally with all the trappings that the states and the fed require. >>
You nailed it Chessman. As a self employed business owner I would not dream of hiring anyone - whether full or part time - due to the tax and regulatory shoals I would need to navigate.
As part of my work I already need to explain my hiring practices as it relates to affirmative action and equal opportunity. Mind you I am the only employee. I end up explaining that I won't discriminate against myself.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
<< <i>We need a tax system like Europe.
Yes, let's be more like europe.
Natural forces of supply and demand are the best regulators on earth.