April 15th....Taxes.
Thread Starter
iClub Silver Vendor
iTrader: (25)
Joined: Nov 2002
Posts: 15,494
From: Participating in some Anarchy!
Car Info: 2005 LGT wagon
April 15th....Taxes.
Seeing that tomorrow is the 15th, I figured we could post how the Tax Man treated us.
Bottom line: Tonight, I get to write checks to the IRS & CA FTB for a total of $5K!!
Percentage-wise, I did better in 2004 than 2003; dropped from 11% effective to 8%.
This is due, partially, to the fact that I purchased two new vehicles in 2004 (thanks eric!), and could deduct the state sales tax from Federal Income Tax.
Because I sold an investment house, I got hit for capital gains, but not too bad.
The downer part is that the escrow company & myself failed to turn over 3% of the selling price to the State...oops.
Because of this, California has me paying $560/quarter for 2005.
Something about "estimated taxes", as I underpaid by $3K!!
Oh, well, guess the Oafettes will be attending Cal State instead of Princeton!
I haven't calculated it yet, but I guessing that at least 30% of my income went to all taxes(sales, income, capital gains, unemployment ins, SSI, disability, etc).
Bottom line: Tonight, I get to write checks to the IRS & CA FTB for a total of $5K!!
Percentage-wise, I did better in 2004 than 2003; dropped from 11% effective to 8%.
This is due, partially, to the fact that I purchased two new vehicles in 2004 (thanks eric!), and could deduct the state sales tax from Federal Income Tax.
Because I sold an investment house, I got hit for capital gains, but not too bad.
The downer part is that the escrow company & myself failed to turn over 3% of the selling price to the State...oops.
Because of this, California has me paying $560/quarter for 2005.
Something about "estimated taxes", as I underpaid by $3K!!
Oh, well, guess the Oafettes will be attending Cal State instead of Princeton!
I haven't calculated it yet, but I guessing that at least 30% of my income went to all taxes(sales, income, capital gains, unemployment ins, SSI, disability, etc).
VIP Member
Joined: Oct 2003
Posts: 2,064
From: Detroit, Where the weak are killed and eaten...
Car Info: 02 Impreza WRX Sedan & 2008 GMC Sierra 4x4
I guess I got off lucky....I got around 1k back from federal and 250 back from state but, I was in school part time all year and I bought a house this year too....Gotta love the education credits and the homeowner write offs.... 
Dirty Redhead
iTrader: (10)
Joined: Sep 2004
Posts: 7,204
From: Commuting? I don't know what that means anymore.
Car Info: 05 WRX Wagon (Crystal Gray)
Originally Posted by SilverScoober02
I guess I got off lucky....I got around 1k back from federal and 250 back from state but, I was in school part time all year and I bought a house this year too....Gotta love the education credits and the homeowner write offs....
Registered User
iTrader: (1)
Joined: Aug 2004
Posts: 3,312
From: UCIrvine
Car Info: '05 Crystal Grey Metallic WRX Sport Wagon
I made good decisions on my W-4 form so I got 950 from the feds and 400 from my favorite state.
*That and I started my job in August last year, so my yearly earnings for 04 didn't get me into the bracket I will be in for 05 on...
*That and I started my job in August last year, so my yearly earnings for 04 didn't get me into the bracket I will be in for 05 on...
Thread
Thread Starter
Forum
Replies
Last Post
OrangeDot3083
Meetings, Events & Donuts
242
May 8, 2008 12:02 PM
bigstrusk
New England
0
Feb 7, 2007 06:53 PM
PlatNmRex
Meetings, Events and Group Streaking
80
Jun 16, 2005 03:37 PM
PlatNmRex
Meetings, Events & Donuts
85
Apr 19, 2005 10:17 AM