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Seek a professional - Advice from me (pg. 2)
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| starsearcher |
| Cool...although I don't really know how you end up having to pay to the government, I've been getting massive returns for the past few years cause they've ripped me off |
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| Jem_hadar |
| quote: | Originally posted by starsearcher
Cool...although I don't really know how you end up having to pay to the government, I've been getting massive returns for the past few years cause they've ripped me off |
You get money back if you OVER PAY your source deductions throughout the year when when your paid each month (or two weeks, whatever).
If they didnt take enough deductions off you each pay period, then BAM! you owe the government that deficit of deductions at the end of the year - hence you owe a large payment to them.
If they over deducted employee deductions on each paychq, you'll get a nice refund bc you shouldnt have lost that money in the first place.
(yes, there are other income tax credits and deductions too that also contribute to money you'd get back...)
EDIT:
You can change the amount of source deductions (EI, CPP, etc.) taken off your pay by your employer... they need to change your deduction code. They *should* be basing your deduction code on what they (or you) expect your yearly income to be for the coming year |
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| starsearcher |
| quote: | Originally posted by Jem_hadar
You get money back if you OVER PAY your source deductions throughout the year when when your paid each month (or two weeks, whatever).
If they didnt take enough deductions off you each pay period, then BAM! you owe the government that deficit of deductions at the end of the year - hence you owe a large payment to them.
If they over deducted employee deductions on each paychq, you'll get a nice refund bc you shouldnt have lost that money in the first place.
(yes, there are other income tax credits and deductions too that also contribute to money you'd get back...)
EDIT:
You can change the amount of source deductions (EI, CPP, etc.) taken off your pay by your employer... they need to change your deduction code. They *should* be basing your deduction code on what they (or you) expect your yearly income to be for the coming year |
AHA! Interesting...well good stuff now I get it...but that's totally ty that you have to pay the gov. It's not like they don't rip you off left right and centre already anyway... |
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| Jem_hadar |
| quote: | Originally posted by starsearcher
AHA! Interesting...well good stuff now I get it...but that's totally ty that you have to pay the gov. It's not like they don't rip you off left right and centre already anyway... |
True, but thats jsut the way it goes... you owe the gov't a portion of your yearly income in taxes. :clown: |
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| starsearcher |
| quote: | Originally posted by Jem_hadar
True, but thats jsut the way it goes... you owe the gov't a portion of your yearly income in taxes. :clown: |
When I'll start working (in 1 week) I'll be getting taxed at 31% - that's just ing rediculous :whip: :whip: :whip:
And if you get paid over 120K I blieve it's 50%... brutal...it's almost not worth working then lol :stongue: |
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| DJ_Elyot |
| quote: | Originally posted by starsearcher
When I'll start working (in 1 week) I'll be getting taxed at 31% - that's just ing rediculous :whip: :whip: :whip:
And if you get paid over 120K I blieve it's 50%... brutal...it's almost not worth working then lol :stongue: |
It's 50% OF WHAT YOU MAKE OVER 120K. The idea is that no matter what, the first few thousand are taxed free, the next few thousand are taxed a little, the next few thousand are taxed more, etc. Obviously... the money-made/money-kept function has to be continuous... :rolleyes:
I ended up paying zero since my only income was from scholarships. Lucky me. |
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| ChocolateTrance |
| quote: | Originally posted by nusty
I still ended up paying out my ass for various stock options that were cashed in over the year though. |
:conf: options on the stock of your fictitious company? |
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| dance2dabeat |
of friend of my dad's does ours...
my dad just buys in a case of beer in return :p
I am getting close to $1,000 back!!!
WOOHOO!!! |
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| VERTiG0 |
| I'm lucky to get $150 or so back each year. |
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| yankeeBaby |
| quote: | Originally posted by muzzybear
Even better, marry a forigner... I got 3000 back two years in a row. Now he's got his work permit and can fend for himself. My taxes will suffer next year. |
I am sure your love life is worth the $3000 from what I have seen ;) :) :crazy: :tongue2 |
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| nusty |
| quote: | Originally posted by ChocolateTrance
:conf: options on the stock of your fictitious company? |
no the company did actually exist and do work last fiscal year.
However, The stocks were from other investments that were time to be cashed out to meet other needs. Hence the Captial gains on those options are what killed me on taxes this year.
The business was a sole prop so being in control of it meant that I could use it's extra earnings to either reinvest or declare as personal earned income... I did a bit of both so as to minimize my taxes in that regard. |
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| *~LiSa-LoO~* |
| My dad does my taxes...thank god! I got 1,400 back this year!! |
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