BS: Income Tax

Subject: Income Tax
From: Louie Roy
Date: 14 Apr 01 - 08:48 PM

This is something I put together in 1945 and I thought maybe some of you could use it since Monday is the dead line
Check exemptions add them up
And enter total here
Wages tips and salaries received within the year

Deduct the cost of traveling,attach required sheet
Hotel charges,porter tips and what you spent to eat

Subtract line 6 from 5 above and write the total down
Then make a tidy package of receipts from out of town

Profits made from businesses on seperate schedule C
Other income gained or lost bring over from page 3

Add 7,8 and 10 and print the answer on 11
Then check your figures once again from 10 thru 8 thru 7

Now 11 is your ajusted gross and to figure doctor bills
Take 3 percent of this and then take 1 percent for pills

Overage you may deduct plus hospital insurance
Then have a cup of coffee black to keep up your endurance

Contributions interst paid auto license fees
Safety features tools supplies employement agencys

Entertaining customers taxes paid to state
Glasses denetures union dues instructions on page 8

But just before you sign your name you'll have a twing of fear
So you'll take it to a CPA just like you done last year

Subject: RE: BS: Income Tax
From: Gypsy
Date: 14 Apr 01 - 11:43 PM

Thats rigggghhhhhttttt!!!!!! Good on ya, thanks. :O)

Subject: RE: BS: Income Tax
From: Naemanson
Date: 14 Apr 01 - 11:55 PM

Except in Maine where we have till the 17th! Nyah, Nyah, Nyah, Nyah! :))

Subject: RE: BS: Income Tax
From: Gypsy
Date: 15 Apr 01 - 12:23 AM

WHAT!!!!! Howdja do that, for pity's sake? I want the secret to work on the other end (where the water is blue, rather than green, neener, neener!)

Subject: RE: BS: Income Tax
From: Joe Offer
Date: 15 Apr 01 - 03:38 AM

Hey, that looks pretty good, Louie. I got a kick out of what you wrote, and you did the HTML just fine. I guess everybody has a secret for income tax. Mine is an electric iron. I bought an iron and ironing board 9 years ago. I was procrastinating doing taxes, but I figured it was better than ironing. All these years, later, the iron is in the box and the ironing board is still wrapped in plastic - but my taxes have always been done on time, even if my shirts are a bit wrinkled.
Happy tax day, Louie!
-Joe Offer-

Subject: RE: BS: Income Tax
From: gnu
Date: 15 Apr 01 - 08:46 AM

I suppose everyone's seen the newest T1 - General Income Tax Form from Revenue Canada, but, in case someONE hasn't.....

1.What did you make last year $________

2.How much tax was deducted at source last year $________

3.Subtract line 2 from line 1 $________

4.Send in amount on line 3

Subject: RE: BS: Income Tax
From: Liz the Squeak
Date: 15 Apr 01 - 01:03 PM

I'm going to print this out and take it to work.... yes I AM that dreaded Income Tax worker!!!!

LTS

Subject: RE: BS: Income Tax
From: Gypsy
Date: 15 Apr 01 - 02:55 PM

And i thought that was just for the states! Misery loves company.

Subject: RE: BS: Income Tax
From: Louie Roy
Date: 15 Apr 01 - 06:49 PM

I hope all that looked at this enjoyed the humor Louie

Subject: RE: BS: Income Tax
From: Kim C
Date: 16 Apr 01 - 10:49 AM

Heehee! I loved it. I hate figuring taxes. I feel like I should get to keep all my self-employment income since it isn't my full-time income. And this year I had to report dividends on a mutual fund that was originally supposed to be tax-exempt. Whatever.......

Subject: RE: BS: Income Tax
From: Burke
Date: 16 Apr 01 - 11:33 PM

Hooray for Mass. & Patriot's day! All of New England & most of New York State get an extra day. Nyah, Nyah, Nyah, Nyah, Nyah. I'm going to go mail it now.

Subject: RE: BS: Income Tax
From: ddw
Date: 16 Apr 01 - 11:41 PM

Thanks for the explanation, Burke. I thought maybe it was just the IRS being kind to Mainers 'cause they know they're slow.....

:>) david

Subject: RE: BS: Income Tax
From: Louie Roy
Date: 17 Apr 01 - 10:13 PM

These are good lyric to sing to the tune of 8 more miles to Louisville with some Swiss Yodeling between verses try it Louie

Subject: RE: BS: Income Tax
From: Louie Roy
Date: 09 Apr 02 - 12:27 AM

This event is fast approaching so I thought I'd refresh this thread Louie Roy

Subject: RE: BS: Income Tax
From: Mrs.Duck
Date: 09 Apr 02 - 01:28 PM

Of course over here it's a lot simpler. Virtually nothing is tax deductable and the Inland Revenue keep any allowances as a big secret so you can only apply for them if you know they exist! Then when you accidently find out about one that you could have been claiming for 12 months they tell you it can't be backdated.

Subject: RE: BS: Income Tax
From: Kim C
Date: 09 Apr 02 - 01:45 PM

Well, we are going to have to pay $105, which means we get to keep most of the "rebate" we got earlier in the year.

Subject: RE: BS: Income Tax
From: wildlone
Date: 09 Apr 02 - 02:09 PM

Liz,income tax in the UK was introduced to help finance the war against Napoleon.
I would like to point out we beat the little Corsican bugger in 1815.
dave

Subject: RE: BS: Income Tax
From: katlaughing
Date: 09 Apr 02 - 05:28 PM

Well done, Louie! I like it!

Some "rebate." We haven't owed any income tax since we've been together, 23 years, always got a refund. Now because of the "prepayment" which we didn't ask for, we have to pay in $218!

Subject: RE: BS: Income Tax
From: DougR
Date: 09 Apr 02 - 07:17 PM

So you still netted $82 and had use of your $218 for a few months time. That's better than a stick in the eye, isn't kat?

DougR

Subject: RE: BS: Income Tax
From: katlaughing
Date: 09 Apr 02 - 07:42 PM

Nope, don't think so, DougeR. There's a third option I prefer: no sleight-of-hand "giving you a tax rebate" political ploy by ANY politician.:-)

Subject: RE: BS: Income Tax
From: DougR
Date: 09 Apr 02 - 09:53 PM

kat: :>)

Subject: RE: BS: Income Tax
From: JohnInKansas
Date: 10 Apr 02 - 12:22 AM

Goooolly Geeeee.

I just visited the IRS website to get a look at some last minute stuff.

Mudcat's my home page, direct from there to www.irs.gov. Locked up when I hit exit IE from the .gov site, and when I got back up I find ONE copy of "doubleclick" and TWO different copies of something called "Transponder," both identified by Ad-Aware as being "tracer" cookies.

Nah... big Bro ain't watchin'.

John

Subject: RE: BS: Income Tax
From: Mrs.Duck
Date: 10 Apr 02 - 12:19 PM

Just as a point of curiosity what is this $218 surely not all the income tax you have to pay? What is the rate in the US. Total deductions on my salary are around the £600 mark which represents about 30% of which around £350 is income tax and the rest National insurance and the like.

Subject: RE: BS: Income Tax
From: SINSULL
Date: 10 Apr 02 - 01:03 PM

You are on my S-list, Louie. I saw the date on your original post - April 14 - and nearly went into cardiac arrest. I thought I had a couple of days left to file...and I did. Next year start a new thread. PLEASE!!!!

Subject: RE: BS: Income Tax
From: Deda
Date: 10 Apr 02 - 01:37 PM

Dear Mrs. Duck, That $218 is probably just what she actually has to send in now, in a check, because of how her annual figures come out, comparing what she's already paid in to what she made. The rest has been being deducted from her paycheck every month over the year by her employer -- at least I presume, that's what happens to most of us. The tax rate is pretty comparable to yours, a lot of us are in the bracket of 28 or 29%, I think it is. But I'm a financial moron, someone else will know more exactly.

Subject: RE: BS: Income Tax
From: Fortunato
Date: 10 Apr 02 - 01:49 PM

And the horse it rode in on.

Subject: RE: BS: Income Tax
From: katlaughing
Date: 10 Apr 02 - 01:50 PM

That's right, Deda, only it was Roger's wages being taxed more than mine.:-) The $218 is what the IRS says we owe over and above what has been taken out of each paycheck over the past year. So, If Dumbya hadn't done his "prepayment" thing, we would have actually had a refund of about $400, instead of paying the $218. It's not the paying that really rankles. It's that he used it as a blatant "cake for the masses" ploy. I hope the general populace understands it for what it was. Also, IF it is done again this year, we should have the option to opt out!

Subject: RE: BS: Income Tax
From: JohnInKansas
Date: 10 Apr 02 - 02:52 PM

US Tax Rates (approximate) for year 2001

Single person, 15% of first $27,050; plus 27.5% of income between $27,050 and 65,550; plus 30.5% of income between $65,550 and 136,750; plus 35.5% of income between $136,750 and $297,350; plus 39.1% of anything more than $297,350.

Married filing joint return: 15% up to $45,200; plus 27.5% of amt $45,200 to $109,250; plus 30.5% of amt from $109,250 to $166,500; plus 35.5% of amt from $166,500 to $297,350; plus 39.2% of anything over $297,350.

You're allowed to deduct a personal exemption of $2,900 per person, and to deduct a few "expenses" like mortgage interest, some taxes, large medical expense, etc. before coming up with the "taxable income" on which you pay.

An average $60K "upper-middle-class" tech worker filing joint with no kids could expect to actually pay tax on something like $35K, with a total tax in the $6K to $12K range.

Then most places, there's the State income tax, and in some places a City income tax. Plus the real estate tax, vehicle tax, personal property tax, sales tax(es), etc.

The same $60K person probably pays about 41% of gross in direct taxes - but most of them don't know it.

John

Subject: RE: BS: Income Tax
From: 53
Date: 10 Apr 02 - 10:26 PM

Got a refund this year.

Subject: RE: BS: Income Tax
From: DougR
Date: 10 Apr 02 - 10:41 PM

Arghhhhhhh, 53! Your are going to send it back, right! How dare you keep your own money! UnAmerican! :>)

DougR