Get it off your chest thread - Page 2
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Old 02-27-2010, 12:19 AM   #11
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I haven't even gotten a job yet and I already don't like the IRS.
Man, why does something tell me that taxes are going to go up in my life time? This is gonna suck so bad. -_-
I will however, pay cash for everything. So I will never fall into the credit card trap. I plan on saving everything I make and living without for a long time. I have grown up this way so I already understand this.
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Old 02-27-2010, 12:50 AM   #12
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Welcome to the wonderful world of being "Your Brother's Keeper". And it's only going to get worse. I'm not gonn'a quote figures, but my military retirement goes to other people.
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Old 02-27-2010, 02:23 AM   #13
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There is a HUGE difference between bonus and reloacation pay. Something you need to sort out and get right before you file your taxes. If it was a bonus then expect to take that hit (40% seems to be a strech unless your making more than 250k a year). If it was relocation money with documentation it will be about 17% based on how much you make and the detailed expenses you provide. Contact a good tax prep company and sort it out.

If your making the 250k+ that puts you in the 27% range suck it up, still 40% doesn't sound right unles your making millions.
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Old 02-27-2010, 01:55 PM   #14
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Oh, it is relocation... didn't realize I would get that much of it back. And I wish I was making 250k/yr...don't think I'd be worried about that pocket change then.
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Old 02-27-2010, 03:03 PM   #15
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And Orangello...2 allowances (won't let me allow for the dog) and 202.74 state and 3,788.47 federal.
They withheld $3000 for federal income tax. $765 for the SS & Medicare that will be broke long before you get to collect it. Seems like they withheld at the rate for a married person making about $350,000/year to me, more or less, bummer; i guess they didn't look at that w4 for the "relocation pay". With those round numbers it doesn't seem like you are being reimbursed for your expenses, so they basically seem to be giving you some extra salary for relocating more or less.

You should keep track of all of your moving expenses for next years tax work & YES, get some help with that return. That is the way you will have a chance to get some of that withheld federal income tax back. I recommend finding the older CPA near the court hose in the less fresh looking office; they don't always remember to raise their rates over time. The good thing is unreimbursed moving expenses come off on the bottom of page 1 on the 1040, not the more limited Schedule A for the itemized deductions like mortgage interest, medical expenses, charitable donations and that kind of crap. Read over this publication on moving expenses, so you will know what to keep up with: http://www.irs.gov/publications/p521/ar02.html#en_US_publink1000203511

Tax time next year should be interesting for you.

edit* On the big + side, it certainly beats the heck out of severance pay.
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Old 02-27-2010, 04:02 PM   #16
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Ref: Raped by the IRS-
1. I feel your pain
2. No, the gubbmint is not gonna listen
3. Ummmmm... There is no 3.

My associated rant- my lady and I worked hard, paid our bills, raised our kids. I spent nights in school so I could advance, instead of staying home, drinking beeer, and watching the tube. Have retired from a couple of careers, and still working. Have reached a point in my life that I make REALLY good money. I now have to talk with my employer about deferring pay- since the IRS and State grabs nearly half of what I make. Yeah, I will work until about the end of June to give money to my no-good lazy uncle. We HAVE no deductions other than taxes and charity- our stuff is paid for, so no mortgage deductions- and they pretty much pulled the rest a bit at a time.

When I retire for good, I plan to sell everything we have, convert it to gold, silver, and platinum, move to the Carribean, buy a 48 ft motor/sailer, and become a gun runner.
Unfortunately your hard work and investment in your own career enhancing skills does not entitle your to keep the benefits of your labor in the eyes of a majority of people (Obama voters) in this country. You are just "fortunate" and have an obligation to give up some of your hard earned gains to provide for those less fortunate, i.e. too lazy to find their own damn job.
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Old 02-27-2010, 04:08 PM   #17
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Originally Posted by WDB View Post
There is a HUGE difference between bonus and reloacation pay. Something you need to sort out and get right before you file your taxes. If it was a bonus then expect to take that hit (40% seems to be a strech unless your making more than 250k a year). If it was relocation money with documentation it will be about 17% based on how much you make and the detailed expenses you provide. Contact a good tax prep company and sort it out.

If your making the 250k+ that puts you in the 27% range suck it up, still 40% doesn't sound right unles your making millions.
Aren't bonus payments that fall outside normal payroll hit with a flat 30% withholding? If not by statute it may be the company policy to reduce excessive calculations on irregular payroll disbursements. That plus SSI and Medi can get close to 40%. The excess will be refunded in 2011, Uncle Sam thanks you for the interest free loan...
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"A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government." - George Washington
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Old 02-27-2010, 04:20 PM   #18
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Sad, US Government has become Robin Hood! It really pisses me off. I make really good money. I have been the General Manager for the hotel that I run for 10 years. I have been in the industry for 17. I am one of the best at what I do. I am worth every penny. And yes I am full of myself. But every time I hear about someone getting a $5,000 refund when they only paid $1,200 in taxes because they get the earned income credit I cant' believe it. That is the same as reaching in my pocket and taking my money and giving it to them. I don't mind somebody poor not paying taxes. But, they should be given a refund of money that they never paid!!!!
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Old 02-27-2010, 05:49 PM   #19
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Several years ago when the large international corporation I worked for decided to "outsource" my job (as well as the other 250 people working at my plant), I ended up with a pretty nice separation package and it too was taxed at roughly 40%. I didn't get a very big chunk of it back at tax time either. And FWIW I'm in the $45K tax bracket, not the $450K bracket.
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Old 02-27-2010, 06:07 PM   #20
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Started my own business about 9 years ago. Fumbled around with taxes and tax laws till I finally hired a good cpa. Had five years of taxes to redo. Got mega penalties for not filing on time and a crap load of others. Anyways I got taxed almost 50 percent of my income when I only had to pay between 15 to 20 percent due to my type of business. I still had to pay back taxes from five years ago that I under paid, but the good ol IRS won't give me back my 50K that I over payed in 2006, because you have a 3 yr time line for amending taxes. I'm still trying to get back what I over paid for the last two years. Especially since due the the economy my income has dropped 90 percent since 2006. Still fighting, still struggling. I feel you. Things aren't fair, but sometimes you just have to role with the punches.
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