US Taxes - Page 2

cardcounter0 · #11 12-09-2006, 06:36 PM

Yap, every year it is later and later until I cap out Social Security and see a little raise in income.

At one time it was July, this year it wasn't until October.

Silent A · #12 12-09-2006, 06:52 PM

It blows my mind that you consider social security to be a "tax". It's not like you're not going to get most of it back later on, if not all with a little interest if you take care of yourself.

PerDoom · #13 12-09-2006, 07:18 PM

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It blows my mind that you consider social security to be a "tax". It's not like you're not going to get most of it back later on, if not all with a little interest if you take care of yourself.

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By the time I am eligible to receive Social Security, I fear that Social Security will be bankrupt.

Reef · #14 12-09-2006, 07:26 PM

[ QUOTE ]
[ QUOTE ]
It blows my mind that you consider social security to be a "tax". It's not like you're not going to get most of it back later on, if not all with a little interest if you take care of yourself.

[/ QUOTE ]

By the time I am eligible to receive Social Security, I fear that Social Security will be bankrupt.

[/ QUOTE ]

QFT

Silent A · #15 12-09-2006, 08:09 PM

[ QUOTE ]
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It blows my mind that you consider social security to be a "tax". It's not like you're not going to get most of it back later on, if not all with a little interest if you take care of yourself.

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By the time I am eligible to receive Social Security, I fear that Social Security will be bankrupt.

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Paranoia. The worst that will happen is that benefits will be cut back. All this bankrupcy talk is propaganda.

MyTurn2Raise · #16 12-09-2006, 08:33 PM

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After that it was 2% not 15% Self Employment.

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Interesting. Wasn't aware of that (because it didn't apply to me).

Really need to get an accountant or something.

I'm really freaking ignorant on a lot of this stuff.

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you're too smart a guy to pay for an accountant to do this stuff

just get JK Lasser's income tax guide

oh yeah....maxing out IRA contributions for self-employed reduces the tax rate alot, although it does put that money off limits for quite some time

The4Aces · #17 12-09-2006, 08:51 PM

I suggest everyone see an accountant/financial advisor to see if you can put money into a SEP IRA.

Guthrie · #18 12-09-2006, 09:20 PM

I remember to this day filing my first income tax return in 1963 to get back the few dollars withheld from my job as a sack boy at a grocery store. The top tax rate was 91%. I was stunned.

http://www.truthandpolitics.org/top-rates.php

EMc · #19 12-09-2006, 10:56 PM

also too half the FICA and SS are deductible, if you are filing as a pro.

DrPhysic · #20 12-10-2006, 08:48 PM

Probably some combination of the two. Cutback until it does go bankrupt which staves the truth off for a while.

The origin of the problem is not that you or your parents did not put enough into the system. The problem is that the congress, (primarily the Democratic congress under Johnson) decided that there was plenty in the Social Security fund and they could just help themselves to it to fund "The Great Society" instead of telling the American people what that fiasco was really going to cost. Now Medicaid, Medicare, and all the programs of the great society are about shot also, and Social Security is broke.

(Note: Johnson was not the only one guilty of this, just the primary one.)

Doc