Earned $17,493 - Anyone want to guess what her tax refund amount was?

[slow99]

Girl I worked with make $10-12/hr and with her 3 chilrens she got something like $9k last year.. Me on the other hand paid $15k in FICA and still owe another $500

$15k in FICA?? Serious choooo$$$$ chooooo$$$$$$!

[Gargamel]

Girl I worked with make $10-12/hr and with her 3 chilrens she got something like $9k last year.. Me on the other hand paid $15k in FICA and still owe another $500

[8mpg]

Girl I worked with make $10-12/hr and with her 3 chilrens she got something like $9k last year.. Me on the other hand paid $15k in FICA and still owe another $500

[Danny46]

Wow, she was essentially given 8k for nothing. I didn't even know thats possible. I knew some people got refunds that were more than they put in but that much? I wish I knew as much about taxes back when I was 20 and making barely anything

[UserX]

at science bitch.

And on the orignal topic, since this lady does hair, I bet she made a lot more than $17k doing cash jobs in home. I'm beginning to feel like I'm a sucker for playing by the rules.

[black50]

From Forbes.com

The credit has been around since 1975. It was intended to offset the burden of Social Security taxes – a chunk of your pay over and above federal income taxes – and to provide an incentive to work since the credit is only available to workers who earn money from wages, self employment or farm income. Critics, however, claim that it’s nothing more than a glorified subsidy. Other critics, like me, recognize that it’s one of the “easy targets” for abuse in the system. The IRS estimates an error rate of 23%-28% on EITC returns, or about $13 to $16 billion paid out in error. Yes, billion with a b.

Also read that the government pretty much loves it because it acts as an automatic stimulus for the economy each year.

Me and the wife have ours setup to get back around 25% of what we pay in

[slow99]

You want me to pay MORE in a pay period to those assholes?

He asked how to break even.

[Nash B.]

Pay a little more now over the course of weeks, or pay a lot more on tax day.

[mstng86]

A few periods into the year, take a pay stub and extrapolate the remainder of the year. Take projected income, deductions, exemptions, and use the tax tables to estimate what you'll owe. Compare that to the amount projected to be taken out of your checks and divide the remainder by the number of pay periods left in the year. Have your employer take out that amount as additional withholding each period. Of course, I'm not ballin' as hard as the rest of the board, but it works for me.

You want me to pay MORE in a pay period to those assholes?

[emg]

Don't spend it all in one place.

I bet she buys rims or something ghetto like that.

Sent from my LG-D801 using Tapatalk

[quikag]

Oh yeah, the EIC is a joke and should be completely abolished. The IRS shouldn't be in the business or providing welfare. Instead they should concentrate on the 50% of the country that doesn't even bother filing taxes every year.

Amen and really sorry to hear about the major identify theft screw job you're trying to get fixed. I couldnt' imagine how pissed I would be if that happened to me. How does the IRS not have safeguards to mitigate that crap?!?!

[quikag]

A few periods into the year, take a pay stub and extrapolate the remainder of the year. Take projected income, deductions, exemptions, and use the tax tables to estimate what you'll owe. Compare that to the amount projected to be taken out of your checks and divide the remainder by the number of pay periods left in the year. Have your employer take out that amount as additional withholding each period. Of course, I'm not ballin' as hard as the rest of the board, but it works for me.

You're doing it wrong. Claim 15+ exemptions on your W-4 for 9 months out of the year, bank all the extra money, and then last few months of the year and bonus time file another W-4 with your payroll dept to change it to 0 exemptions and have extra withheld to get close enough to not incur the underpayment penalty. W-2 withholding is automatically calculated as having been paid in pro-rata over the whole year even if most of it was backloaded.

[Nash B.]

A few periods into the year, take a pay stub and extrapolate the remainder of the year. Take projected income, deductions, exemptions, and use the tax tables to estimate what you'll owe. Compare that to the amount projected to be taken out of your checks and divide the remainder by the number of pay periods left in the year. Have your employer take out that amount as additional withholding each period. Of course, I'm not ballin' as hard as the rest of the board, but it works for me.

[DON SVO]

A few periods into the year, take a pay stub and extrapolate the remainder of the year. Take projected income, deductions, exemptions, and use the tax tables to estimate what you'll owe. Compare that to the amount projected to be taken out of your checks and divide the remainder by the number of pay periods left in the year. Have your employer take out that amount as additional withholding each period. Of course, I'm not ballin' as hard as the rest of the board, but it works for me.

GTFO with that "accountant" BS. You know DFWM ballers ain't got time fo dat!

[slow99]

How do you "break even?"

I claim 0, get raped month to month and sometimes have to pay in 100 or sometimes pay in nothing.

A few periods into the year, take a pay stub and extrapolate the remainder of the year. Take projected income, deductions, exemptions, and use the tax tables to estimate what you'll owe. Compare that to the amount projected to be taken out of your checks and divide the remainder by the number of pay periods left in the year. Have your employer take out that amount as additional withholding each period. Of course, I'm not ballin' as hard as the rest of the board, but it works for me.