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Topic:
tax return toys [Locked] |
Taliesihne  Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
Yukishiro1 posted:
what sort of funds are you investing in that get a stable 6% return?
I get about a 3% return and 3% in matching Yuki.
I take 7% of my pay for my 401k, 10% is actually invested.
But from what I can remember, a 5\6% yield is average for a 401k over 30 years.
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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
Taliesihne posted:
Or divert 10% of that 100k tax free to an investment that will yield a ~6% return.
I'm not a business major, but it's generally a good thing to get more back then you put in. 
yes, but you still have to pay taxes out of your paycheck.
if you got $100k in paychecks through out the year, then you paid taxes on $100k that comes right out of your paycheck.
if your taxable income is only 20k then you are due back the tax money you paid on that remaining 80k.
so, unless youre not paying taxes at all on your 100k, then you will still get some back if you claim enough deductions.
correct?
investing 10% of that money is in addition to any loans you are giving the government.
-----signature-----
Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine
the original monotheism: http://en.wikipedia.org/wiki/Phallus
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Taliesihne Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
You don't pay taxes on retirement investments like a 401k and Roth Ira.
That money is taken straight off the top.
-----signature-----
Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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_Enkidu_  Title: Zen Badger
Posts: 280
Registered: 2001-12-24 05:02:15
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
Matching accounts are much higher than 3%! Try 103%. 
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(( )) ......Portrait
o.O ..........of
|||| ....Muhammad
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Yukishiro1 Posts: 3,243
Registered: 2002-9-20 23:52:57
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
Taliesihne posted:
Yukishiro1 posted:
what sort of funds are you investing in that get a stable 6% return?
I get about a 3% return and 3% in matching Yuki.
Oh well sure if you haven't yet maxed out your matching contributions that's a no brainer.
I'm already at the max there.
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Yukishiro1 Posts: 3,243
Registered: 2002-9-20 23:52:57
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
sweeny_comodore posted:
Taliesihne posted:
Or divert 10% of that 100k tax free to an investment that will yield a ~6% return.
I'm not a business major, but it's generally a good thing to get more back then you put in.
yes, but you still have to pay taxes out of your paycheck.
No you don't. Unless you work for some crap company that doesn't allow you to choose your exemptions.
Depending on how much you're abusing the tax code you might not be able to get rid of 100% of the interest free loan but you can get pretty close.
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
Taliesihne posted:
You don't pay taxes on retirement investments like a 401k and Roth Ira.
That money is taken straight off the top.
i am aware of that
theres also some insurance payments that come straight off the top.
so taking all that into account, you made 100k. you paid taxes on 100k.
using deductions, like donations to charities, large gifts, etc.. you should be able to get your taxable income below 100k.
the resulting difference in actual taxed income will be refunded to you.
if youre doing things right, then you cant not give the government a loan.
paying into a 401k is not in lieu of paying taxes to the government and is irrelevant to the discussion here.
unless you are saying you used your tax return to pay more into your 401k?
-----signature-----
Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine
the original monotheism: http://en.wikipedia.org/wiki/Phallus
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_Enkidu_ Title: Zen Badger
Posts: 280
Registered: 2001-12-24 05:02:15
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
If you aren't making a lot of money, just increase your deductions or check the 'exempt' box and keep all your cash. It's that simple. Just be ready to pay Uncle Sammy in April.
If you make enough, you can't help but pay in the end. I have 0 deductions and pay a pile every year anyway. Modeeb always tells me this is a good thing, but I still don't like it!
-----signature-----
(( )) ......Portrait
o.O ..........of
|||| ....Muhammad
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
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Slow down son you are going to run out of stupid.
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
then you need more deductions.
-----signature-----
Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine
the original monotheism: http://en.wikipedia.org/wiki/Phallus |
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