I've never quite got this - do you really not pay any tax all year and then
suddenly get hit for it all in one go? Seems insane to me - just for once,
I'm thankful for PAYE...
No, you get to pay all year, then find out you didn't pay enough and have to
cough up more money for the anti-progress machine in D.C.
On Wed, May 02, 2001 at 06:31:19PM -0400, Edward A. Dimmick wrote:
Not to be rude Clint - and not that it's an excuse exactly - but a lot
of us USAns just paid our annual taxes. It's easy to forget Harly when
one is short of cash and the rent is due.
I've never quite got this - do you really not pay any tax all year and then
suddenly get hit for it all in one go? Seems insane to me - just for once,
I'm thankful for PAYE...
I've never quite got this - do you really not pay any tax all year and then
suddenly get hit for it all in one go? Seems insane to me - just for once,
I'm thankful for PAYE...
No, you get to pay all year, then find out you didn't pay enough and have to
cough up more money for the anti-progress machine in D.C.
How come the most technologically advanced nation on earth (so they say) is
unable to do the simple maths needed to work out how much to pay each month
so that the total comes out close to correct...?
How come the most technologically advanced nation on
earth (so they say) is
unable to do the simple maths needed to work out how
much to pay each month
so that the total comes out close to correct...?
its not that easy. Some people's income varies, ie say
I get a christmas bonus of $1000. I pay tax on that,
and the percentage is pretty small on $1000.
But come EOY, its added to my total pay. Since my
normal tax rate is higher than the tax rate for an
one-off income of $1000, I end up paying extra tax.
I also give money away to religious causes (the local
church school fund - its supposed to mean poor
students can go to school for free, but the slack
school gives everyone a hard time if they apply. This
means I can claim back a refund.
_____________________________________________________________________________ http://store.yahoo.com.au - Yahoo! Store
- It's time you had your business online!
its not that easy. Some people's income varies, ie say
I get a christmas bonus of $1000. I pay tax on that,
and the percentage is pretty small on $1000.
But come EOY, its added to my total pay. Since my
normal tax rate is higher than the tax rate for an
one-off income of $1000, I end up paying extra tax.
It's very easy. In the UK, your employer would deduct tax and social
security charges at the basic rate so you'd actually get about $650 in your
bank account. Then, towards tax time, there'd be a further adjustment based
on the actual income for the year.
In the French system, which is probably closer to the US system, you can
elect to pay ten instalments this year (to cover last year's income) based
on your assessment from the previous year. If you reach your total due
before the ten months are up, because you earned less last year than in the
previous year, you stop paying. If you have extra to pay, you split it over
two months at the end of the year. Assessments come out about half way
during the tax year, so there are usually no surprises.
Really I thought they had the bonus/overtime tax almost to 50%.
Din wrote:
···
>
> How come the most technologically advanced nation on
> earth (so they say) is
> unable to do the simple maths needed to work out how
> much to pay each month
> so that the total comes out close to correct...?
its not that easy. Some people's income varies, ie say
I get a christmas bonus of $1000. I pay tax on that,
and the percentage is pretty small on $1000.
But come EOY, its added to my total pay. Since my
normal tax rate is higher than the tax rate for an
one-off income of $1000, I end up paying extra tax.
I also give money away to religious causes (the local
church school fund - its supposed to mean poor
students can go to school for free, but the slack
school gives everyone a hard time if they apply. This
means I can claim back a refund.
_____________________________________________________________________________ http://store.yahoo.com.au - Yahoo! Store
- It's time you had your business online!
