stupid tax question - I had over 10K withheld for SS and Medicare.

[Lucky Luciano]

Does this count towards my federal taxes paid?


I sure as fuck hope so :scared:

I ask because I calculated a tax and then I was asked to enter the Fed Taxes withheld from my W-2, I had about a 11,000 difference - but if you include the SS and Medicare taxes withheld, then I am square. I sure hope I don't have to pay any more than I already have. Would be quite painful.

[Zuiderelle]

1. Nope.

[leftyclimber]

2. Only fed withholding counts.

If it's more than you can afford, file for an extension, then during the extension period make an appointment with your local IRS office to set up a payment plan. They will do this.

Taxes suck. :hug:

[Critters2]

3. Self-delete, because I only know how it works for people who file an SE.

It's been too long since I only went by my W-2. Sorry!

[Zuiderelle]

4. Edited since you edited :)

[Critters2]

5. Don't I know. My self-employment tax, which covers SS and medicare,

is more than twice my actual income tax. Damn big house!!

[Zuiderelle]

10. Another incredibly unfair thing about our taxes. That you have to pay employee and employer taxes

simply because you are industrious enough to be self-employed.

[Critters2]

13. And the thing is, by any sane way of thinking, I'm NOT self-employed.

I'm a pastor. I work for the church. The church pays me and gives me a W-2. But I have to list other things on my schedule SE, that aren't on my W-2. Like the value of my house. Yes, I earn the value of my house and it is income, in that I'm saving the money by not paying rent or a mortgage. But why can't that just be included on my W-2? And why can't it be withheld, like a normal person.

I learned early on to put the amount I'll need to send the IRS in a separate checking account, so I wouldn't be tempted to spend it. But, again, my life would be easier with withholding.

[Zuiderelle]

14. I think they think of ways to fuck people over. Like having to pay taxes on the employer portion

spent on health benefits for a domestic partner, not to mention that the employee part is an after-tax deduction in the first place, as opposed to the before-tax health benefit (and non-taxed employer portion) for married spouses. I mean, WTF? How many ways can we all get fucked?

[Critters2]

15. Exactly!! WTF?!!

I know the problems with the flat tax proposals, but there's got to be a more logical way to do this!!

[Lucky Luciano]

6. This blows.

What a fucking ripoff. I pay all these fucking taxes and all I get to show for it is this lousy war.


Time to file for the extension and then get hyper-creative.


Thanks...

[Zuiderelle]

9. It definitely does blow.

The tax structure in this country is incredibly unfair.

[Critters2]

11. I've heard a lot of people talking about what a big bite taxes took this year.

It was true for me as well. I got'em paid, but will need to watch spending for a while. Something to do with the economy, I suppose.

[suninvited]

7. They don't count

if I didn't know that much about taxes, I think I would have them done by a professional. It is possible you are missing some deductions. You never know.

[leftyclimber]

12. Yeah; hie thee to a CPA.

They find the loopholes for a living. There are probably a zillion writeoffs you haven't thought of.

Just get that extension done tonight. :hug:

[Lucky Luciano]

16. was filing the extension...they wanted me to estimate

my taxes and I was appalled. I did a very back of the hand calculation, so I am sure I am missing something...Will files the extension now and say that I owe roughly, ummmm....nothing. Will find the cleverest guy in NYC and go from there...I will wait a few weeks for tax stress to die down for the CPAs and then get a CPA when said CPA has time to deal with me face to face.

....and we could all use some :grouphug: after today!

My taxes screwed me hard this year because I made twice as much in 2006 as compared to 2007...same job different bonus due to a bad year.

[leftyclimber]

18. You may be missing something.

I'm a kid of a CPA, not a CPA, so I can't offer sound advice any further than get the extension in and find a good accountant (word of mouth is usually a good way if you're not sure). I hope it works out for the best.

:hug:

[nuxvomica]

8. SS and Medicare don't count but state and local do if you itemize

That along with any mortgage interest might close the gap for you.

[Lucky Luciano]

17. Really? State and NYC tax can be applied?

So can I subtract that from my federal tax liability or from my income? Even if I can only subtract it from my income, it will help substantially! There may be hope!

[Zuiderelle]

19. You should be able to subtract it from your income.

Definitely not from your liability. Damn, that would be nice though.