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   Author  Topic: Holy Crap....Tax man cometh  (Read 332 times)
Redd
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Holy Crap....Tax man cometh
« on: Jan 12th, 2007, 7:46pm »
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I cant believe this...I got paid today..when I saw what was withheld I about shite my drawers.  
 
$796.11 withheld in taxes.   Thats unbelieveable.
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Re: Holy Crap....Tax man cometh
« Reply #1 on: Jan 12th, 2007, 7:48pm »
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 WTF, Pegg did you get one of those CEO jobs?
 
gives another meaning to OUCH Kiss.....Tim
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Redd
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Re: Holy Crap....Tax man cometh
« Reply #2 on: Jan 12th, 2007, 7:50pm »
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Also gives a whole mew meaning to earning commissions.... Angry
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Re: Holy Crap....Tax man cometh
« Reply #3 on: Jan 12th, 2007, 7:51pm »
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Can I come work with you?
 
Thats more than take home for me and I own the company.....LOL
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Re: Holy Crap....Tax man cometh
« Reply #4 on: Jan 12th, 2007, 7:51pm »
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And thats just from your check. Wait till April!
 
Sorry, just trying to cheer you up.
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Redd
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Re: Holy Crap....Tax man cometh
« Reply #5 on: Jan 12th, 2007, 7:54pm »
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Base pay isn't great, but the commissions make up some of it.  But the comission is capped, so there is only "so much" I can earn.  But they tax the hell out of commission so whats left to live on is....well....you see...
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Re: Holy Crap....Tax man cometh
« Reply #6 on: Jan 12th, 2007, 7:55pm »
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on Jan 12th, 2007, 7:51pm, Jonny wrote:
Can I come work with you?
 
Thats more than take home for me and I own the company.....LOL

 
 
Weekly or bi weekly Bro?
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Re: Holy Crap....Tax man cometh
« Reply #7 on: Jan 12th, 2007, 7:59pm »
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on Jan 12th, 2007, 7:54pm, Redd715 wrote:
 But they tax the hell out of commission so whats left to live on is....well....you see...

 
I see you being taxed more than I gross for 40 hours.....LOL
 
You rich in my book Grin
 
"Live on".....LMAO  laugh
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Redd
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Re: Holy Crap....Tax man cometh
« Reply #8 on: Jan 12th, 2007, 8:08pm »
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I will admit, I've never in my life seen checks like I do now once a month when comission is paid.  I'm budgeting on my base pay...comission is never a certainty...
 
I did miss one comission goal this quarter so I'm $500 shorter than I could have been today.  
 
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Re: Holy Crap....Tax man cometh
« Reply #9 on: Jan 14th, 2007, 9:19pm »
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I see it more like the tax man 'never leaveth'.  
 
A step in the right direction is here iffn' you're interested:  
  www.fairtax.org
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Re: Holy Crap....Tax man cometh
« Reply #10 on: Jan 15th, 2007, 2:56pm »
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In the year 2006, I finally paid off my 2000/2001 tax bill.  It took everything I had (literally).  If I told you all the story, you would not believe it.  In a nutshell I made (and lost) a lot of money in those two years.  All of the money I made was on paper and counted as Ordinary Income.  All of my losses could only be counted as 'Capital Loss'.  Those two do not offset each other, so basically, I had to pay ordinary income tax on a shitload of money that I never saw.  The IRS nailed me for over $572,000.  I lost my house, my 15 year old business, my 'stuff'... almost everything.
 
All the while, I have been chronic with these bastard headaches, and I even had to stop working for a while.  Believe me, I pretty much gave up hope.
 
Now, I am very happy, and my tax nightmare is over.  I am working at a great company with a very respectable title and income, and all seems to be on track again.
 
The major lesson for me in this was simple... money has little/nothing to do with happiness.  I can be happy when I'm broke, and I can be happy when I'm not broke.  Pretty simple.
 
I never thought I would ever be able to say I paid that tax bill off.  WOW.  I remember when the full impact hit me... my whole world was spinning like crazy... It was seemingly impossible.  Yet, somehow I did it, and it really didn't kill me.  I still disagree with the tax bill, but that is in the past.  Whew.
 
-Fu
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