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Withholding calculator
Posted by: Tia2 ()
Date: February 27, 2008 02:40PM

Tis the season for tax filing. I used to claim 0 exemptions on my W4 because I am single and have no children. I realized how stupid that was, and for the past 10 years or so have been satisfied claiming a much higher number. I still get a federal and state refund back, but the amount is not as large as it had been.

Check out this calculator:

http://www.kiplinger.com/tools/withholding/

The way I figured it, who better to INVEST my income than me? The additional amount of income I receive in my paycheck has been invested into savings vehicles chosen by me, and is no longer being "saved" for me by Uncle Sam INTEREST FREE.



Edited 1 time(s). Last edit at 02/27/2008 02:41PM by Tia2.

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Re: Withholding calculator
Posted by: bdimag ()
Date: February 27, 2008 02:59PM

man, i need to learn this whole tax thing... would probably be useful..

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Re: Withholding calculator
Posted by: Tia2 ()
Date: February 27, 2008 03:10PM

There ARE some money savvy folks who visit this site. What kind of things do you feel you need to "learn"?

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Re: Withholding calculator
Posted by: Harry Beaver ()
Date: February 27, 2008 03:14PM

sooo, what are you asking?

what do to with extra money? LOl

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Re: Withholding calculator
Posted by: duh ()
Date: February 27, 2008 07:56PM

I haven't gotten a tax refund for over 30 years....and my quarterly estimated payments would curl your hair.

But, I know a lot of people who eagerly await their tax refunds. They know that Uncle Sam is just giving them their own money, sans interest....but the fact of the matter is, when living paycheck to paycheck, they could never, ever save several thousand dollars on their own.

It's a "forced savings account" that works for many, many people. Some even claim less exemptions than they are entitled to...just to increase their refund.

If you are disciplined enough, and sophisticated enough to invest your own money, then of course that's better. But the tax refund thing works for a lot of people.

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