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#1
11-07-2007, 05:35 PM
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Re: Taxes and Timing
[ QUOTE ]
do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] The notice that they get paid 55k, they don't think about what they could have done with the other 20k because they're conditioned to consider it as not their money. To them, it's the same as the company saying "We're paying you $55,000 to do the work and giving $20,000 to someone else". 
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#2
11-07-2007, 05:38 PM
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Re: Taxes and Timing
[ QUOTE ]
[ QUOTE ] do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] The notice that they get paid 55k, they don't think about what they could have done with the other 20k because they're conditioned to consider it as not their money. To them, it's the same as the company saying "We're paying you $55,000 to do the work and giving $20,000 to someone else". [/ QUOTE ] You can fill out a form to have no taxes withheld if you're a W-2 wage earner. I've heard it will take about 6 weeks for the IRS to come around and start asking question though.
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#3
11-08-2007, 01:46 AM
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Re: Taxes and Timing
[ QUOTE ]
[ QUOTE ] [ QUOTE ] do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] The notice that they get paid 55k, they don't think about what they could have done with the other 20k because they're conditioned to consider it as not their money. To them, it's the same as the company saying "We're paying you $55,000 to do the work and giving $20,000 to someone else". [/ QUOTE ] You can fill out a form to have no taxes withheld if you're a W-2 wage earner. I've heard it will take about 6 weeks for the IRS to come around and start asking question though. [/ QUOTE ] Would this also increase the chances of an audit? I don't mind some questions if that's all it is.
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#4
11-07-2007, 05:46 PM
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Re: Taxes and Timing
[ QUOTE ]
[ QUOTE ] do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] The notice that they get paid 55k, they don't think about what they could have done with the other 20k because they're conditioned to consider it as not their money. To them, it's the same as the company saying "We're paying you $55,000 to do the work and giving $20,000 to someone else". [/ QUOTE ] QFT. Having to write a check at the end of the year for 20K would sure as hell be a lot more painful than having it taken out little bit by little bit.
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#5
11-08-2007, 12:32 AM
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Re: Taxes and Timing
[ QUOTE ]
[ QUOTE ] [ QUOTE ] do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] The notice that they get paid 55k, they don't think about what they could have done with the other 20k because they're conditioned to consider it as not their money. To them, it's the same as the company saying "We're paying you $55,000 to do the work and giving $20,000 to someone else". [/ QUOTE ] QFT. Having to write a check at the end of the year for 20K would sure as hell be a lot more painful than having it taken out little bit by little bit. [/ QUOTE ] haha try being a poker player. i had to write a check for $85,000 last year. i really wanna know where it went. to bomb iraq? to feed laquisha and her 5 kids? surgery to remove a bullet from rodrigo?
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#6
11-08-2007, 03:52 PM
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Re: Taxes and Timing
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do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] Of course they know. This entire thread is a strawman.
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#7
11-08-2007, 04:55 PM
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Re: Taxes and Timing
[ QUOTE ]
[ QUOTE ] do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] Of course they know. This entire thread is a strawman. [/ QUOTE ] Wrong. If you asked 100 people how much they paid just in federal income tax last year - an amount that is explicitly listed on a piece of paper they signed and mailed into the government - I'd be surprised if more than 5 could tell you. Now consider all the other taxes people pay (sales, property, etc) and I'd guess that well under 1% of people could tell you within 5% how much they paid in taxes last year.
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#8
11-08-2007, 06:39 PM
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Re: Taxes and Timing
[ QUOTE ]
[ QUOTE ] [ QUOTE ] do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] Of course they know. This entire thread is a strawman. [/ QUOTE ] Wrong. If you asked 100 people how much they paid just in federal income tax last year - an amount that is explicitly listed on a piece of paper they signed and mailed into the government - I'd be surprised if more than 5 could tell you. Now consider all the other taxes people pay (sales, property, etc) and I'd guess that well under 1% of people could tell you within 5% how much they paid in taxes last year. [/ QUOTE ] I was referring specifically to income/payroll taxes, though when you look at total taxes paid you are probably wrong also. The bulk of what you are claiming are hidden taxes are paid in the form of state/local sales taxes and people know what that rate is. For the total of all taxes to be as far off as you claim would mean incredible ignorance. As far as income taxes, go poll the hundred people, and I guarantee that theyll know the number within a percent or two. As a personnel professional I can tell you from first hand experience that people spend more time on completing their W-4 forms to manage their withholding than all other employee orientation matters combined, including their 401(k) contribution level. (But with the exception of 401(k) asset allocation, where a lot of time is spent in education.)
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#9
11-08-2007, 06:33 PM
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Re: Taxes and Timing
[ QUOTE ]
[ QUOTE ] do ppl really not know how much they pay in taxes? i mean if theyre on an annual salary and and its say 75k a year, dont they notice when they only get paid 55k? [/ QUOTE ] Of course they know. This entire thread is a strawman. [/ QUOTE ] LOL. I would be willing to bet that a majority of people could not even tell you the names of all the different taxes that come out of their paycheck, let alone the total dollar amount.
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#10
11-08-2007, 12:13 AM
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Re: Taxes and Timing
I don't think this is a serious problem. The majority of people in the United States disdain taxation and think that taxation is too high. The problem is that the majority also support government programs. In fact, surveys have consistently shown that, when asked on a program by program basis, most people favor more government programs than are currently provided and more funding for the majority of current gov't programs.
And, of course, in order to provide the programs, gov't must either tax or go into debt (which people also tend to oppose). So the problem is that the majority want the impossible: less taxation, and more government spending. The reality in the U.S. reflects a 'reality-based' compromise between the two desires of the majority that are impossible to achieve simultaneously.
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Hybrid Mode
