Is there a tax withholding cap? - Chicagoland Sportbikes
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post #1 of 36 (permalink) Old 09-29-2011, 06:02 AM Thread Starter
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Is there a tax withholding cap?

In just 4 months claiming 1 dependent just Over 13k has went into uncle SAMs pocket for now.

Just wondering.



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post #2 of 36 (permalink) Old 09-29-2011, 06:35 AM

 
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post #3 of 36 (permalink) Old 09-29-2011, 07:57 AM
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Quote:
Originally Posted by Odysseys View Post
In just 4 months claiming 1 dependent just Over 13k has went into uncle SAMs pocket for now.

Just wondering.
No, only SS gets limited when your annual comp exceeds $106,800.

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post #4 of 36 (permalink) Old 09-29-2011, 07:59 AM
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If you want the Feds and/or state to take less $$$, increase the # of dependents on your W2.
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post #5 of 36 (permalink) Old 09-29-2011, 08:19 AM
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A cap on how much tax you'll pay? hahahahhaha, no. The only certainties in life are death and taxes.

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post #6 of 36 (permalink) Old 09-29-2011, 08:25 AM
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Quote:
Originally Posted by Bek View Post
If you want the Feds and/or state to take less $$$, increase the # of dependents on your W2.
This works, but crunch the numbers, will you end up paying out the ass at tax time. The goal is to be at zero at tax time, not owe and not have a refund. If you have a refund then Uncle Sam has been hold your money intrest free, if you owe, it just sucks. I use turbotax and there is a place to do some spreadsheet work to see what needs to be adjusted. Dave claims 3, and we usually get back a small refund, but it's for the interest on the house and the child tax credit, donations etc. I'm really good about keeping my records in order, and I deduct EVERYTHING, froms Dave's work clothes, the cell phones, tolls, and union dues. We were paying a tax person and it was costing a fortune, then I looked into turbotax and found it just as simple to do myself with their higher end software. And Dave has a different retirement setup than SS so his stuff is more complicated than even when I was self employeed. It might take you a few hours of figuring, but it's worth the time if you end up with more money in your check each week.

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post #7 of 36 (permalink) Old 09-29-2011, 09:07 AM
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Quote:
Originally Posted by Vcook View Post
A cap on how much tax you'll pay? hahahahhaha, no. The only certainties in life are death and taxes.

and taxes keep going even after death

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post #8 of 36 (permalink) Old 09-29-2011, 09:13 AM
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Quote:
Originally Posted by bio-nuke View Post
and taxes keep going even after death
Not really. Unless your estate is worth over $2 Million.

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post #9 of 36 (permalink) Old 09-29-2011, 09:43 AM
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post #10 of 36 (permalink) Old 09-29-2011, 09:50 AM
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Quote:
Originally Posted by Odysseys View Post
In just 4 months claiming 1 dependent just Over 13k has went into uncle SAMs pocket for now.

Just wondering.
You can tell your employer you don't want anything withheld from Fed or State if you want. FICA and MEDICARE is required I believe.

I'm taking that you think they are taking too much money from you. The other option is you can add dependents even if you don't have them to have less taxes taken from your check.

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post #11 of 36 (permalink) Old 09-29-2011, 09:52 AM Thread Starter
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Thanks guys. Yeah this is the first time in 17 years working for someone else and me controlling my taxs and sending them in had its perks. But for some reason in the tax code a while back I remember reading about a cut off. Maybe I crossed something up. Just wanted to see if someone knew before me calling up my old thief of a tax guy.



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post #12 of 36 (permalink) Old 09-29-2011, 09:52 AM
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Take your current paystub to a tax accountant and he/she will figure out how much you will owe for this year and then he/she can tell you how many withholdings to claim without owing. Its pretty simple and your theif of a tax guy really shouldn't charge you for that if you are going to have him do your taxes for you.

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Last edited by jrock; 09-29-2011 at 09:55 AM.
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post #13 of 36 (permalink) Old 09-29-2011, 09:53 AM
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Quote:
Originally Posted by MoparBoyy View Post
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How is this relavent?

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post #14 of 36 (permalink) Old 09-29-2011, 09:55 AM
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Quote:
Originally Posted by Vcook View Post
How is this relavent?
tax hikes on the "rich" clearly Ken falls into that, and you are taxed at an enormous rate.

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post #15 of 36 (permalink) Old 09-29-2011, 10:08 AM
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Ken, the cut off you are referring to is for social security withholding. My favorite time of the year is when it kicks in and I start to get a bigger paycheck until January.

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post #16 of 36 (permalink) Old 09-29-2011, 10:16 AM
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I would consult your tax accountant and change your withholdings to take more money home. That being said, if you only worked part of the year, won't you be getting alot of that back? They are currently taxing you based on your salary and at tax time they base what you owe on what you made that year, correct?

I may be wrong and it may vary based on income, but I think a withholding is worth about $850, so once you know what you'll get back you can figure out the correct number of withholdings from there.

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post #17 of 36 (permalink) Old 09-29-2011, 12:31 PM Thread Starter
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<~~ me rich? Buhahhahahahahahahahha!!!!!

Thanks Jrock

Craig, yep I think that's what it was. You know the cap amount?$$



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post #18 of 36 (permalink) Old 09-29-2011, 12:40 PM
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Max your dependent exemptions, take all money and deposit into Cayman account, don't file taxes for several years, move to Canada once letters start coming in. Easy. By the time they go after you BHO will have destroyed the country anyways, so you will get to keep it all.
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post #19 of 36 (permalink) Old 09-29-2011, 12:43 PM
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Quote:
Originally Posted by beac83 View Post
Not really. Unless your estate is worth over $2 Million.
We let people on CLSB with less than $2 mil net worth?

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post #20 of 36 (permalink) Old 09-29-2011, 01:12 PM
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Quote:
Originally Posted by Odysseys View Post
<~~ me rich? Buhahhahahahahahahahha!!!!!

Thanks Jrock

Craig, yep I think that's what it was. You know the cap amount?$$
its been $106,800 for the last few years i believe.

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post #21 of 36 (permalink) Old 09-29-2011, 01:30 PM
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Quote:
Originally Posted by Kegger View Post
its been $106,800 for the last few years i believe.
SS and Med care gets cut, I think...

#19
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post #22 of 36 (permalink) Old 09-29-2011, 01:32 PM
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Quote:
Originally Posted by Kegger View Post
its been $106,800 for the last few years i believe.
Yeah I hit that in week 1 over here. Sounds about right.
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post #23 of 36 (permalink) Old 09-29-2011, 03:27 PM Thread Starter
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Thanks Craig.



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post #24 of 36 (permalink) Old 09-29-2011, 04:07 PM
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Quote:
Originally Posted by Odysseys View Post
<~~ me rich? Buhahhahahahahahahahha!!!!!

Works out to 50k a year in taxes. You're rich to me considering that's the most gross income I've ever had in a year. You are now a six figga nigga = rich

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Originally Posted by Loki047 View Post
As long as their tits are bigger than their dicks, im in.

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post #25 of 36 (permalink) Old 09-29-2011, 04:33 PM Thread Starter
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6 figures is not rich bro. Lol

Its all relivant to how one lives.



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post #26 of 36 (permalink) Old 09-29-2011, 04:37 PM
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if i made 6 figs id be rich.

Quote:
Originally Posted by Loki047 View Post
As long as their tits are bigger than their dicks, im in.

-"You will meet your destiny on the road of avoidance."

-"Yesterday is history, tomorrow is a mystery, and today is a gift. That is why we call it the present."

-"It's not considered premarital sex if you don't plan on getting married."
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post #27 of 36 (permalink) Old 09-29-2011, 04:42 PM Thread Starter
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+ a girlfriend with 2 kids= poor ass nigga be broke!!! Lmao!!!



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post #28 of 36 (permalink) Old 09-29-2011, 04:45 PM
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that's where you fukd up. Tell that gf of yours to get a job!

Quote:
Originally Posted by Loki047 View Post
As long as their tits are bigger than their dicks, im in.

-"You will meet your destiny on the road of avoidance."

-"Yesterday is history, tomorrow is a mystery, and today is a gift. That is why we call it the present."

-"It's not considered premarital sex if you don't plan on getting married."
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post #29 of 36 (permalink) Old 09-29-2011, 04:46 PM Thread Starter
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Oh she got a job!!! Lol



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post #30 of 36 (permalink) Old 09-29-2011, 04:48 PM
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Is this the part where I say pics or it didn't happen...oh wait, nevermind

Quote:
Originally Posted by Loki047 View Post
As long as their tits are bigger than their dicks, im in.

-"You will meet your destiny on the road of avoidance."

-"Yesterday is history, tomorrow is a mystery, and today is a gift. That is why we call it the present."

-"It's not considered premarital sex if you don't plan on getting married."
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