crewchief
New Member
I pay no state taxes and usualy get around 1,500 back. but iam in a low tax bracket and claim 1, no dependents. i probably make a shit load less than most of you though.
MESO-Rx
Anabolic Steroids
TAXES...what do ya'll pay?
- Thread starter joe shmoe
- Start date
Ok, I just got around to finishing my taxes. Sucks having to write a check to the govt.
Hogg, no self emplyment tax. For some reason I was exempted from that. But I am paying SS to the tune of 35% AGI.
Hogg, no self emplyment tax. For some reason I was exempted from that. But I am paying SS to the tune of 35% AGI.
thick
New Member
Tell me about it. You outta try getting money from them for a living. They are the biggest pain in the ass. I hate medicare
Medicare is a real bitch too.....they get their piece on every dollar of earnings regardless.
Medicare is a real bitch too.....they get their piece on every dollar of earnings regardless.
Hogg
New Member
Bob Smith said:
SS is FICA....how in the hell are you paying 35% of AGI in FICA? That makes absolutely no sense.
Ok, I think I had that mixed up. Its about the 15.3%, of AGI, the 35% number was after some other deductions and whatnot.
Either way, I dont like writing checks. Can the FDA ban the IRS?
Either way, I dont like writing checks. Can the FDA ban the IRS?
Hogg
New Member
Bob Smith said:Ok, I think I had that mixed up. Its about the 15.3%, of AGI, the 35% number was after some other deductions and whatnot.
Either way, I dont like writing checks. Can the FDA ban the IRS?
What is your effective tax rate for state and fed?
25% and 8%, respectively. Well, those would be the rates before any deductions.
Hogg
New Member
Bob Smith said:
Ok Smith, EFFECTIVE TAX RATE....take dollars paid fed vs gross income and dollars paid state vs. gross income....the result is your effective tax rate for fed and state respectively.
If you need a hand, I can send my accountant Murray Goldstein out to give you a hand
thick
New Member
lmao. tax tutorage 101 is now open for registration
Hogg said:Ok Smith, EFFECTIVE TAX RATE....take dollars paid fed vs gross income and dollars paid state vs. gross income....the result is your effective tax rate for fed and state respectively.
If you need a hand, I can send my accountant Murray Goldstein out to give you a hand
Hogg
New Member
LOL.....(ring)(ring)Good morning. Hogg, Liebowitz, Stein & Shapiro. Can I help you?
thick said:
Geez...cant get a break today! 
0% and 0%.
0% and 0%.
pumppumppuk
New Member
this is a true mf
Heres something that happened to me and pissed me the fuk off.
Had a relative die and left me around 80K. I waited two years before going thru probate court because my grandmother is ill and was going have to move in with my parents. My intention were to give the money to my parents for an addition on to their house and help pay for my grandmothers needs.
After going to court I got 47,000, and if i "legally" gave the 47k to my parents, they would have pay 18,000 in taxes leaving a net sum of 29000. The fukin gov't would get 51k.
Got a tax lawyer working on it now.
MADDER THAN HELL RIGHT NOW
Heres something that happened to me and pissed me the fuk off.
Had a relative die and left me around 80K. I waited two years before going thru probate court because my grandmother is ill and was going have to move in with my parents. My intention were to give the money to my parents for an addition on to their house and help pay for my grandmothers needs.
After going to court I got 47,000, and if i "legally" gave the 47k to my parents, they would have pay 18,000 in taxes leaving a net sum of 29000. The fukin gov't would get 51k.
Got a tax lawyer working on it now.
MADDER THAN HELL RIGHT NOW
What about inheritance gifts?
pumppumppuk
New Member
?
Since its cash (over 10k) tax lawyer say they have to pay capitol gains fed and state, but he is working on sum type of health aid clause so I can give it to my grandmother, and she pays for a place to stay and services rendered. Just a bunch paperwork BS that Ill have to pay for.
PPP
Bob Smith said:
Since its cash (over 10k) tax lawyer say they have to pay capitol gains fed and state, but he is working on sum type of health aid clause so I can give it to my grandmother, and she pays for a place to stay and services rendered. Just a bunch paperwork BS that Ill have to pay for.
PPP
Hogg
New Member
pumppumppuk said:
You can give a 'gift' of $ 11K per year tax free.
The fact that your $ 80K got chopped to $ 47K puzzles me. Was it real property? Were their any liens on the parcel? Did your relative receive Medicaid and was thus subject to a medical expense grab-back lien?
A person can inherit up to $ 500 and some odd K tax-free however, if any of the money was IRA or annuity, you are responsible for the taxes on the money. If you inherit stock and sell the shares, you are responsible for the capital gain based on the share value the day the person died vs. the sold value of the security(s) and the result is taxed at the long term capital gains rate.
There must be special circumstances in your inheritance....the government should not get a piece of that $ 80K except for the reasons I cited above.
Hogg, Stein, Tannebaum, Schwarz, and Cohn at your service
Hogg
New Member
Bob Smith said:Geez...cant get a break today!
0% and 0%.
How did you go from 25% fed and 8% state tax brackets to 0%/0% effective tax???
pumppumppuk
New Member
?
Fed tax was 32.5 %--26000
State was 7%---5600
rest was court, doc, lawyer, broker fess cost--1400
I rounded these figs
25K was cash rest was stock, and I cashed the stock in thats the reason for the 2 year wait. I was in no hurry. But this really makes no difference. The way to avoid inheritance tax is in the way the will is set up. This one was just a simple I leave this to so-and-so basically.
PPP
Hogg said:You can give a 'gift' of $ 11K per year tax free.
The fact that your $ 80K got chopped to $ 47K puzzles me. Was it real property? Were their any liens on the parcel? Did your relative receive Medicaid and was thus subject to a medical expense grab-back lien?
A person can inherit up to $ 500 and some odd K tax-free however, if any of the money was IRA or annuity, you are responsible for the taxes on the money. If you inherit stock and sell the shares, you are responsible for the capital gain based on the share value the day the person died vs. the sold value of the security(s) and the result is taxed at the long term capital gains rate.
There must be special circumstances in your inheritance....the government should not get a piece of that $ 80K except for the reasons I cited above.
Hogg, Stein, Tannebaum, Schwarz, and Cohn at your service
Fed tax was 32.5 %--26000
State was 7%---5600
rest was court, doc, lawyer, broker fess cost--1400
I rounded these figs
25K was cash rest was stock, and I cashed the stock in thats the reason for the 2 year wait. I was in no hurry. But this really makes no difference. The way to avoid inheritance tax is in the way the will is set up. This one was just a simple I leave this to so-and-so basically.
PPP
Last edited:
Hogg
New Member
pumppumppuk said:
Were you a primary beneficiary of a brokerage house account where the stock certificates were held by the brokerage or did he physically hold the stock certificates himself? The latter case would result in a delay albeit, I would suspect that you still would have been able to resolve the transaction within one year from the date of appointment of the executor/executrix of the will.
A living trust has advantages but I believe that direct beneficiary designation is the best method....it works quite well with bank accounts, annuities, brokerage accounts, CD's, etc. With this method, all one has to do is notify the institution of the account holder's death, fill out the appropriate claim forms, and send along a sealed copy of the death certificate. None of this goes through the estate.
In your case, it sounds like this person held the stock certificates and was thus wrapped under the estate....and thus subject to review by the probate court. As far as the tax on the stock, you got nailed on capital gains but there is no way around that...someone has to pay the cap gain whether it is in a living trust or not. The only way to dodge cap gains is if the securities are held in a retirement account and you are the spouse of the deceased....that is the only way. Anyone other than the spouse cannot do a rollover IRA, you have to take the money and pay the tax.
pumppumppuk
New Member
stocks
I physically got handed the stocks. Bellsouth. The Bellsouth stocks were old. At first it did not seem to be much, but when I checked into it, the stocks had three splits. Got excited. Now all this.
Taxes are out of hand.
I physically got handed the stocks. Bellsouth. The Bellsouth stocks were old. At first it did not seem to be much, but when I checked into it, the stocks had three splits. Got excited. Now all this.
Taxes are out of hand.
Hogg
New Member
pumppumppuk said:
I agree, we're fucked. There is no incentive to go out and try to make a buck because they just take keep taking more as you grow your earnings.
One word of advice that my accountant gave me-
Max out your 401K. That is $ 13K a year that you can hide. It grows and the cap gain is taxed as income at retirement age but the cap gain is like getting free money anyway.
In addition to maxing out your 401K, you should do charitable contributions and gifts, whatever it takes, to get your AGI under $ 110K (last year's limit) so that you can bury another $ 3K in a Roth. This money grows tax free so if you trade like hell and manage to turn that $ 3K into $ 100K over 25-30 years, then you get the $ 100K tax free.
