It's almost the end of the year:

**littleplum** · 12-07-2010, 12:03 PM

Originally Posted by Telephus44

Beside, I'm not making a loan payment late. I'm just making the January payment in January, instead of early.

I thought you said you were making your last payment in January. That would be December's payment. I'm confused.

Oh, and it looks like if they get this all worked out and through the House and Senate by the end of the year, total tax bills will be down.

4.2% for Social Security withholding instead of 6.2%. Not sure how they will pay for that. Makes me wonder what kind of drugs the Republicans are on when they whine about cutting the budget to pay for unemployment extensions but then immediately agree to cut FICA withholdings.

**McD** · 12-07-2010, 12:13 PM

Reminder: Political discussions are best-suited for our sister site IQuarrel.

Political debates, insults, etc. will not be tolerated here.

**littleplum** · 12-07-2010, 12:27 PM

Originally Posted by McD

Reminder: Political discussions are best-suited for our sister site IQuarrel.

Political debates, insults, etc. will not be tolerated here.

That's an interesting reminder to post in a thread about taxes.

**McD** · 12-07-2010, 12:32 PM

Tax discussion is fine.

Making comments such as this: Makes me wonder what kind of drugs the Republicans are on when they whine about cutting the budget to pay for unemployment extensions but then immediately agree to cut FICA withholdings.
(bolded emphasis is mine) is not.

**Vanilla** · 12-07-2010, 01:20 PM

I have been a little aggressive in claiming exemptions on DH's w-2, (though not to the maximum allowed), we like to 'break even' or pay a little on tax return. But, the new company I am working for now has medical allowance (no tax withholding on that check), probably need to pay taxes on that 'income'. I'm expecting to pay some taxes for ty2010.
Glad to hear that TPTB has compromised on the tax cuts & extending the unemployment benefits, possibly that's why the social security taxes is reduced, something/somewhere has to give, sad.

**Nishu** · 12-07-2010, 01:38 PM

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I can't wait to get my money! That's going to be an entire credit card gone! It might even be my last!

**littleplum** · 12-08-2010, 01:55 PM

Originally Posted by Vanilla

Glad to hear that TPTB has compromised on the tax cuts & extending the unemployment benefits, possibly that's why the social security taxes is reduced, something/somewhere has to give, sad.

It's actually not a compromise. Obama is now trying to convince the Democrats to give in completely to Republicans and then some.

Reduced FICA and extended unemployment benefits actually seem to be things that the Republicans are giving up in order to win on the tax breaks for the wealthy.

Again, still doesn't add up to say that we can't afford to extend unemployment and then not only extend it, but also cut taxes further.

**Neeley** · 12-08-2010, 02:07 PM

DH is a CPA and handles all of our tax/money/investment/budgeting related issues. He makes adjustments to our withholding and such throughout the year so that we do not owe and only get back a bare minimum refund, if any. Our goal every year is to come as close to breaking even as humanly possible.

**khaski** · 12-10-2010, 07:55 AM

Have mixed feelings about it. As my hubby is a small business owner (machine shop) we usually get a HUGE refund every year. It can't be spread out over the 12 months, it has something to do with a tax credit for the de-valuing of his machines, so it's only claimed once a year, can't be claimed quarterly, and we get thousands back. That is always good! BUT on the flip side....
we are finally hitting the amount of 'gross' income in our state (NH) that triggers the small business tax. We will have to pay the state 8% of the net, after expenses and his salary (which we have to figure out how to calculate). A bit of a pain! While we are religious about putting 25% away every paycheck for federal taxes, it's the first time in 5 years of business we've had to pay the state small business tax, so we'll have to find that money elsewhere (we can do this without a big fuss, just don't 'like' to, of course!). Will probably be $1500-2500 or thereabouts. The real bummer is we hit this state sales tax trigger by only $300 or so...but such is life, and taxes!

**xtena** · 12-10-2010, 10:57 AM

This will be a different tax year since STBX and I separated in April. Divorce is not final so I guess we will be married filing separately. I think I won't be filing till early April this time around.