How much is your tax return this year?

[SC4EVA]

I am getting 3,700 from feds 600 from one state and owe 500 to another state - Thought I was getting a low return but I guess not.

 

[gonelifting]

I'm getting $5000 this year. Way too many medical bills. WAYYYY too many. Life sucks.

 

[SpyWizard]

$2256, was what i owed... bastards..

Even after the 74,000 miles i claimed for mileage..

 

[Raptorex]

It's the down side to being a DINK Double income no kids...


p.s Gonelifting, hope you medical bills disappear this year.

 

[DannoMight]

11,500

 

[digimon7068]

Is there a quick way to estimate how much more it costs to be self employed over a salaried employee? Let's say for example, one makes $40/hour. They pay normal taxes and their employer pays their part, lowering the employees burden. If the employee is self employed or works as a contractor, how much would they have to make to break even with the $40/hour employee salary?

Anyone? I know it varies, but there is probably a guideline of some sorts, right? 25% more? 50% more? Self employed pays a lot of stuff otherwize forgotten by the employee. Taxes, insurance, EVERYTHING.

Ahhh, fuck it, too complicated. Yeah, i just fucked up this thread.

Fuck you.

ANSWER!

well. . .for starters. . .it costs an extra 7.65% in FICA tax (up to the soc sec limit, then it's 1.45% thereafter. . .the medicare portion). . .this is the portion that your employer matches. . .when you're self-employed, you pay it yourself. . .if you incorporate and make an s-election, you can avoid some of this. . .

 

[gonelifting]

well. . .for starters. . .it costs an extra 7.65% in FICA tax (up to the soc sec limit, then it's 1.45% thereafter. . .the medicare portion). . .this is the portion that your employer matches. . .when you're self-employed, you pay it yourself. . .if you incorporate and make an s-election, you can avoid some of this. . .

Thanks! I mistakenly thought it was 15%, but now i remembered it was half and that you shared it with the employer. That's a nice bonus. Hadn't calculated it like that yet.

I may PM you again. lol

 

[gonelifting]

and Thanks mm69. Sadly, the medical bills are still coming this year. Ehhh, there's always next year. I have a good feeling about 2008.

 

[digimon7068]

Thanks! I mistakenly thought it was 15%, but now i remembered it was half and that you shared it with the employer. That's a nice bonus. Hadn't calculated it like that yet.

I may PM you again. lol

 

[digimon7068]

and Thanks mm69. Sadly, the medical bills are still coming this year. Ehhh, there's always next year. I have a good feeling about 2008.

do you have a lot of out-of-pocket medical expenses? do you itemize deductions?? if so, you may be able to get a lot more use from your medical expense deductions (because they are subject to 7.5% of your adjusted gross income) by you and your spouse filing as "married filing separate". . .my wife and i had some big out of pocket med expenses a few years back (in vitro fertilization ain't covered by insurance) and by filing separate returns and putting almost all of the medical expenses on her return (her procedures were a lot more expensive than mine) we got back an extra $3,000 that year. . .the way that it works is this. . .since medical expenses are subject to 7.5% of your adjusted gross income, and 7.5% of $75,000 (for example is a hell of a lot less than 7.5% of $150,000) and if one person has a lot more medical expenses than the other, you can see how you would be able to get a lot more utility out of your money by putting it on one, "separate" return. . .rather than a "joint" return. . .