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Did you pay taxes this year?

The whole 47% thing got me thinking.... So

Did you end up paying taxes?

Did you get what you paid in back?

Did you get more then what you paid in back?

Anon is fine its more of one of those just curious things.

 
Charis76

Asked by Charis76 at 2:50 PM on Apr. 19, 2011 in Politics & Current Events

Level 23 (16,182 Credits)
This question is closed.
Answers (44)
  • Pay pay pay..my hubby's paycheck and quarterly. I ended up making my last payment when I filed on Friday.

    I wonder if people realize that if they get back everything or more than everything they paid in they did NOT pay taxes? Just because they take it out doesn't mean you paid it if you get it back.
    yourspecialkid

    Answer by yourspecialkid at 3:04 PM on Apr. 19, 2011

  • THIS!! And we too, broke even...well actually we got back $8.00 from the state!! WOOT!! :o)

    Wow, EIC isn't paying you very well either? I got 24 back.
    Carpy

    Answer by Carpy at 6:09 PM on Apr. 19, 2011

  • Are members of Congress posting here?
    Sisteract

    Answer by Sisteract at 8:28 PM on Apr. 19, 2011

  • Yes, we paid quite a lot in taxes...quite a lot. No refunds. In fact, we usually owe additional amounts when our accountant does our tax return.
    I haven't gotten any back since I was young and broke, lol.
    vicesix

    Answer by vicesix at 3:01 PM on Apr. 19, 2011

  • Just how much money are refund recipients giving up by overpaying their taxes? It depends. Let's do the math on alternatives for that typical $145 a month:

    Investing. The biggest bang for the buck probably would be to divert the overwithholding to a 401(k) plan if your employer sponsors one and you're not already contributing the maximum.
    The extra contribution to the plan may draw a bigger matching contribution from your employer. Because the extra contribution is tax deferred, it would trim your tax bill by $487 if you're in the 28% bracket. And invested in common stocks with the average historical annual return of 12%, that $145 a month would grow to more than $500,000 in 30 years.

    jewjewbee

    Answer by jewjewbee at 3:18 PM on Apr. 19, 2011

  • Saving. For such a relatively small sum trickling in over the course of a year, a passbook savings account is probably the most likely resting place for the $145 a month.
    At the going interest rate of about 2.5% for such accounts, your $145 invested monthly would earn you $20 interest after a year. So you've effectively given the government that interest. But the government, by storing the money for you, has saved you the time and trouble of going to the bank every month to deposit your $145.

    You might be able to double that $20 in interest by putting the money in a bank money-market account, but, unless you already have one, you'd have to meet the requirement for a minimum deposit.

    Paying debts. Anyone who owes money on high-interest credit cards should be putting every available cent toward retiring the debt.
    jewjewbee

    Answer by jewjewbee at 3:19 PM on Apr. 19, 2011

  • But they sure do love the refund!!
    The whole time wondering why some HAVE and some HAVE NOT.
    Again, bad math skills.
    jewjewbee

    Answer by jewjewbee at 3:20 PM on Apr. 19, 2011

  • We paid 8% and no we don't get a refund.
    Why in the hell would anyone let the government have their money interest free for 14 months? Your loaning your money for free to the government. If anything you should break even, or pay a little on the 15th.
    I've been paying for over 20 years.

    ***
    THIS!! And we too, broke even...well actually we got back $8.00 from the state!! WOOT!! :o)
    LoriKeet

    Answer by LoriKeet at 5:25 PM on Apr. 19, 2011

  • LMAO!! A down vote for saying I paid taxes.
    Carpy

    Answer by Carpy at 6:07 PM on Apr. 19, 2011

  • We have it figured so we always get back about $200. That way, we don't have a 'surprise' in April, but we don't let them use our money free either.
    jesse123456

    Answer by jesse123456 at 6:14 PM on Apr. 19, 2011