ugh, Taxes- Page 2

[Bluemoon]

Posted: 4/12/08 at 9:59am

Started mine yesterday - not pretty. I'd vote for a flat tax, too. Just tell me what you want and take it. When I showed my husband our gross income he said, "We can't make that much money - look at how we live. Where did it all go?"

Not pretty at all.....

[blueroses]

Posted: 4/12/08 at 10:17am

I'm getting mine done in an hour. Bleah.

How would a flat tax be detemined?

[Bluemoon]

Posted: 4/12/08 at 10:35am

The plan that was proposed back in the lates 70's (I think)was a 10% tax with no deductions or exemptions. If you make $30,000, you pay $3,000, if you make $200,000, you pay $20,000. It comes off automatically with each pay, so there should be much paperwork involved every April.

[circusliz]

Posted: 4/12/08 at 1:33pm

Does anyone here file as self-employed? I am trying to understand how this Schedule SE thing works and why it feels like I am getting taxed twice.

[LePetiteFromage]

Posted: 4/12/08 at 2:17pm

Updated On: 1/27/09 at 02:17 PM

[circusliz]

Posted: 4/12/08 at 3:16pm

To answer my own question on getting taxed twice when filing as self-employed (in the hope that it might help someone else on this site):

Self-employed individuals do get taxes twice. You have to pay the portion of the FICA tax (social security etc) which is usually covered by an employer out of your own pocket.

$10,000 gone in a flash. I hope my boyfriend enjoyed his business class flight to Pakistan (he's traveling on business for the State Dept.) 'Cause I just paid for it.

[circusliz]

Posted: 4/12/08 at 3:17pm

To answer my own question on getting taxed twice when filing as self-employed (in the hope that it might help someone else on this site):

Self-employed individuals do get taxed twice. The portion of the FICA tax (social security etc) which is usually covered by an employer is paid by the self-employed individual out of his/her own pocket.

$10,000 gone in a flash. I hope my boyfriend enjoyed his business class flight to Pakistan (he's traveling on business for the State Dept.) 'Cause I just paid for it.

[iflitifloat]

Posted: 4/13/08 at 6:08pm

I am very proud that we have done ours early this year...last Friday. But seriously early for us.

[DG]

Posted: 4/13/08 at 6:32pm

The one thing about taxes - if you have to pay them, it means you're making money.