Another super genius success story.

[JohnnyReb]

Yes, apparently it was mistakenly packed with a shipment of large springs, a coil of rope, an anvil, some dynamite, paint, and miscellaneous hardware shipped to a Mr. W. E. Coyote somewhere in the southwest.

 

...and that's why men never read the instructions that come in the box....the instruction never seem to match what's in the box.

[BlueStateSaint]

Yes, apparently it was mistakenly packed with a shipment of large springs, a coil of rope, an anvil, some dynamite, paint, and miscellaneous hardware shipped to a Mr. W. E. Coyote somewhere in the southwest.

 

You mean this guy?

[AllosaursRus]

Yes, apparently it was mistakenly packed with a shipment of large springs, a coil of rope, an anvil, some dynamite, paint, and miscellaneous hardware shipped to a Mr. W. E. Coyote somewhere in the southwest.

 

Don't forget the "Indestructible Steel Ball" and the "Rocket Roller Skates"!!!

[jukin]

Lie, total DUmmie bullshit lie, and not a very good one at that.

http://www.dinkytown.net/java/Tax1040.html

Input $14,500 income (AGI), with no itemization, assuming worst-case scenario (single filer or married filing separate), and the DUmmie's tax bill is $501, not $1750.  That's because there's a standard deduction of $5700, knocking him down to a taxable income of $8800, and then a $400 make work pay credit.  If we assume 3 jobs, none above $5000, going to the IRS website and calculating for 2010, with no deductions, filing single or married/separate, we now have a tax burden of a whopping $210.  If he files as head of household or married/joint, that now becomes nearly a $600 CREDIT.

DUmmie accounting FAIL.

Beat me too it. Worst case scenario: $14,500-$5700 (std deduction) -$3650 (1 exemption) = $5150 which equals a total tax of $508 then the make work credit of $400 = $108 tax owed at most.

ZERO BONG!

As well, the only way an employer does not take tax out is if one files a W4 and puts in a large number of dependents.

[GOBUCKS]

Even other DUmmies are appalled by DUmmy intheflow's utter stupidity:

FarCenter (1000+ posts)      Thu Apr-15-10 02:01 PM
Response to Original message
19. 1040EZ from the info in your posts

Line 4      $14,500 adjusted gross income
Line 5        9,350 assuming single, not claimed on another's filing
Line 6        5,150 taxable income
Line 7           76 withhheld
Line 8          400 assuming single, making work pay credit
Line 9a           0 not eligible for EIC
Line 10         476 total tax withheld and credits
Line 11         518 tax from table on page 27 of the instructions
Line 13          42 tax owed

http://www.irs.gov/pub/irs-pdf/f1040ez.pdf Form 1040EZ
http://www.irs.gov/pub/irs-pdf/i1040ez.pdf Instructions 1040EZ

[DumbAss Tanker]

As well, the only way an employer does not take tax out is if one files a W4 and puts in a large number of dependents.

Not completely true, each employer's default is to withhold taxes as if they were your only employer all year, so if they project paying you less than your standard deduction over the whole year, they usually won't withhold anything for income tax.  This is where thinking ahead about his whole all-source income is required on the part of the taxpayer, which is to say that it is a disaster waiting to happen where DUers are concerned.

[AllosaursRus]

Not completely true, each employer's default is to withhold taxes as if they were your only employer all year, so if they project paying you less than your standard deduction over the whole year, they usually won't withhold anything for income tax.  This is where thinking ahead about his whole all-source income is required on the part of the taxpayer, which is to say that it is a disaster waiting to happen where DUers are concerned.

You got it Tank! Took me about 3 years to get mine close to zero! I was always gettin' back over a thou. Hell, the first year, was damn near 3 thou they would use against me! Finally have 'er figured so I can use my money rather than the FED!

[terry]

Beat me too it. Worst case scenario: $14,500-$5700 (std deduction) -$3650 (1 exemption) = $5150 which equals a total tax of $508 then the make work credit of $400 = $108 tax owed at most.

ZERO BONG!

As well, the only way an employer does not take tax out is if one files a W4 and puts in a large number of dependents.

If he was paid with 1099 though, he has to pay employee and employer share of FICA.  15% on the whole 14,500 I think.

[lastparker]

Somebody please enlighten me on the State Farm deal.  How could the DUmmy owe taxes on a policy unless, as a result of the cancellation for nonpayment of premium, they sent him a check for the value of the policy?

[zeitgeist]

Somebody please enlighten me on the State Farm deal.  How could the DUmmy owe taxes on a policy unless, as a result of the cancellation for nonpayment of premium, they sent him a check for the value of the policy?

By borrowing on it and not repaying from what I can tell.  If you get an insurance settlement you don't pay tax but if you take money out that has grown tax free it would seem the tax needs to be paid.  The actual amount sounds reasonable for a whole life policy but I the premium sounded a bit low.  Of course who knows, the first rule states: Dummies lie.

[AllosaursRus]

By borrowing on it and not repaying from what I can tell.  If you get an insurance settlement you don't pay tax but if you take money out that has grown tax free it would seem the tax needs to be paid.  The actual amount sounds reasonable for a whole life policy but I the premium sounded a bit low.  Of course who knows, the first rule states: Dummies lie.

Ahhhhh..........now I'm enlightened!

For the life of me, ( pun intended ), I couldn't figure out why the DUmbass owed taxes on it! Just 'cause you drop an insurance policy, it doesn't put you into another tax bracket!

[zeitgeist]

Ahhhhh..........now I'm enlightened!

For the life of me, ( pun intended ), I couldn't figure out why the DUmbass owed taxes on it! Just 'cause you drop an insurance policy, it doesn't put you into another tax bracket!

I don't file until the absolute last minute but I do the prep work as soon as the information is available.  These people wait until the last minute, run in to the tax preparer with a shoe box of register receipts, then blame someone else for all their problems .  Dummies.

[jukin]

If he was paid with 1099 though, he has to pay employee and employer share of FICA.  15% on the whole 14,500 I think.

That's very true and he would have to deal with the most evil form in the IRS quiver, Schedule SE.  In that case It would be 14,500*.9235=13,3918*.153 (FICA TAX)=2,049 + 13,918*.029 (soon to be .039 MEDICARE TAX)= 388 for a total of $2,437.  SO I don't think it is that. Of course we would have to guess at it's Form C.

Not completely true, each employer's default is to withhold taxes as if they were your only employer all year, so if they project paying you less than your standard deduction over the whole year, they usually won't withhold anything for income tax.  This is where thinking ahead about his whole all-source income is required on the part of the taxpayer, which is to say that it is a disaster waiting to happen where DUers are concerned.

I don't know about that.  When I made that there was always withholding and we have never not withheld according to their W4s.  I can't imagine taking the liability of not withholding on as an employer.

[DumbAss Tanker]

I don't know about that.  When I made that there was always withholding and we have never not withheld according to their W4s.  I can't imagine taking the liability of not withholding on as an employer.

Most employers, including the government, withhold based on what they project to pay you during the year, as if the job you work for them is the only job you have had, or will have, all year.  If you will earn only $5,000 from them before the end of the year, they aren't going to default to withholding anything at all, if you are actually an employee as opposed to a contractor.

You can of course claim fewer dependents than the W4 would indicate you could, or ask for additional withholding, if you know full well that on top of that $5000 from them by the end of the year starting in, say, September, your previous job had paid you $25,000, or you had two other $5,000 short-term jobs with other employers.

A little awareness of this will avoid the problem, since you can either claim fewer dependents than the W4 permits, or ask for additional withholding to cover the possible gap.