Post #2,943
7/27/01 11:37:47 AM
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The tax rebate scam
That Tax "rebate" the IRS is sending out? It's really an advance on your estimated refund for next year. Or so says this [link|http://www.detnews.com/2001/politics/0107/26/-254330.htm|article].
"When it crosses my mind to do something, I don't ask why, I ask why not. And usually there's no reason not to, so I just go ahead. It's given me the strangest collection of hats"
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Post #2,945
7/27/01 11:48:58 AM
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So?
The tax rate reduction was effective 1/1/01.
Withholding hasn't changed, and won't until 1/1/02.
Do people really believe that check is from prior year(s)?
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Steve
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Post #2,946
7/27/01 11:53:56 AM
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Umm, yes
Most of us (according to my co-worker poll) most certainly did believe it was a "refund" from the previous year's taxes. After all, it was called a "refund" wasn't it? And you can't refund in advance. The words don't work that way.
Besides which, if the amount of the "refund" is based on what you paid in taxes, it's only valid if you pay mostly the same amount of taxes in each of the two years. If that's the case, I'd be glad to keep paying the same amount each year from now on, whether my income increases or not.
But if my "refund" was calculated on last year's income, and my tax rate this year is based on this year's income, there's a fair chance I will lose more from the higher rate and higher salary then they calculated I was owed based on last year's figures.
This is my sig. There are many like it, but this one is mine.
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Post #2,947
7/27/01 12:00:12 PM
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The confusion is the "year".
Most people seem to forget that April 15th is *last* year's taxes.
The "refund" comes from what you've already paid in witholdings *this year*, hense, it being a "refund". Rather than waiting until after 1/1/02 to get it, you're getting "refunded" what you overpaid, based on the new tax rate.
Or something like that.
Addison
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Post #2,975
7/28/01 11:36:59 AM
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It depends on what the definition of "refund" is.
Sorry. That was mandatory.
[link|http://www.angelfire.com/ca3/marlowe/index.html|http://www.angelfir...e/index.html]
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Post #2,981
7/29/01 5:15:49 PM
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Yeah I got my token 'notification' too - laughable.
Fact is:
All those who do not make enough to even file income tax or, file but are below poverty level anyway:
Got, get Zippo. Nada.
(That includes most workers at nursing homes caring for the cast-off er 'parents', all housekeepers and a raft of other uninsured, underemployed -- the impoverished as grow in numbers daily)
Middle-class get some %. Higher get the whole Big $300 or so. One dinner at Spagos. Pure politico- massaging. "Give that money back to The Peepul". Suuure. But just the Good people, natch.
Meanwhile continue to gut welfare (already accomplished - perhaps Bill C's most cynical sell-out for political one-upmanship of the Repos everywhere - rilly pissed em off too.) But killed lots o' poor folk for collateral damage, then and now. And gut... well, see post in Politics re our current budget priorities.
A.
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Post #2,958
7/27/01 12:55:21 PM
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Withholding has changed
My last two paychecks, 13th and 27th, are up about $50 from before. I discovered that last week when I updated Quicken(older version that runs under OS/2's Win3.x environment) with the paystub from the 13th. I have direct deposit, so I don't normally look at the paystub until I update Quicken to pay bills. I did look at today's stub to confirm it was still $50 up.
Darrell Spice, Jr.
[link|http://home.houston.rr.com/spiceware/|SpiceWare] - We don't do Windows, it's too much of a chore
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Post #2,959
7/27/01 12:59:30 PM
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Re: Withholding has changed...or maybe not
Since you are highly paid Information Technologist, you may have simply run up against the FICA limit. Check your stub and see if your FICA withholding has suddenly dropped to a pittance. If so, then the income tax withholding hasn't changed a bit.
jb4
(Resistance is not futile...)
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Post #2,976
7/28/01 1:41:15 PM
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It was the IncomeTax- but only $15
the check went from xx38 to xx53 - which is where I mistakenly remembered the "about 50" from.
Darrell Spice, Jr.
[link|http://home.houston.rr.com/spiceware/|SpiceWare] - We don't do Windows, it's too much of a chore
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Post #3,124
7/30/01 7:34:06 PM
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What refund?
I don't *get* refunds. I've paid something like $200-$600 every year for the past five years or so. Except in very unusual circumstances, people who get refunds are mismanaging their money and being duped by the income tax withholding scheme.
French Zombies are zapping me with lasers!
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