Taxes

[ucfireman]

Just completed my 2023 taxes.
Worked a fair amount of OT and made 11000.00 more than my regular yearly salary, and 9k more than last year.
Even with the increased standard deduction I end up getting about 1000.00 less refund on federal, got about the same as last year for the state.
For the past 5+ years I've been getting about 1000-1100 federal refund and 3-500 state.
Guess the company software doesn't adjust for the OT, even though it sure looks like it on payday.
Makes no sense to me.

 

[bilgerat]

Brandon sending your $ to da u-crane

 

[fireman32]

If your taxable income got into the next tax bracket it would change your return. I did better this year income wise than previous years and lost a child tax credit. Wound up owing the state but came out $1,000 to the good after federal. My CPA did some magic, we figured we were gonna owe on both.
Uncle Sam and insurance do put a hurting on a paycheck.

 

[snookdoctor]

You don't get any back if you don't give them too much up front.
They get the goldmine...you get the shaft!

 

[B. White]

I'm tired of writing checks for thousands to the mafia every quarter and usually still owe. Cut back in the fall, but still overshot my estimated income for the year by a few thousand. Turned everything in to the CPA Thursday. Not looking forward to the results.

 

[sinclair1]

Getting mine piled up to send to the CPA. Pretty standard this year, maybe we can break the 15 years paying streak.

 

[buckmanmike]

If Bidens tax proposal passes you will pay a lot more. $5T increase.

 

[ucfireman]

If Bidens tax proposal passes you will pay a lot more. $5T increase.

"no one making less than 400K will pay more" (I think that is what he said), I don't believe it for a minute.

 

[Sixes]

I despise our tax system.

It's setup for married couples with decent jobs to be hammered, even with a child.

 

[elfiii]

I despise our tax system.

It's setup for married couples with decent jobs to be hammered, even with a child.

Actually it's set up to hammer everybody.

 

[ryork]

What’s a refund????

 

[elfiii]

What’s a refund????

The punishment you get for giving the government too much of your money all year last year.

 

[ryork]

The punishment you get for giving the government too much of your money all year last year.

There’s such a thing as too much?

 

[elfiii]

There’s such a thing as too much?

Yes, but it's definition as to amount changes from year to year.

 

[Redbow]

Our retirement income went up last year not by a lot but it put us in a higher tax bracket. We are getting about 600 bucks less back in federal this year. Gotta give Liden's illegals their share I suppose.

 

[deermaster13]

I'm just happy if I don't have to pay anything.

 

[bass4fun]

"no one making less than 400K will pay more" (I think that is what he said), I don't believe it for a minute.

Less than 2% of income earners make that kind of money. That will certainly not make up for an additional $5T. Get your wallets out fella's...and Sarah.

 

[ucfireman]

About 7-10 years ago I had to pay, don't remember why but started having an extra 10.00 federal and state taken out so I wouldn't have to pay again.
So a 34.00 federal refund is better than paying but still.

The difference in federal taxes from my salary to what I made is 2,112 on about 9000 income OT. not quite 24%, but thats what is in the book.
Dont know if its worth it.