PSA - Prepare To Pay What You Owe In Taxes

My friend just sent me a note saying the IRS SS Tax Deferment is over. They're going to be collecting taxes from your checks come January. You'll have to pay back what is owed over 8 installments.

You heard it here first!!

a reply to: Snarl

There were people saying back in the spring that they wouldn't have to pay this back because it wasn't a deferment or that Trump was going to make it permanent. How'd that work out? You still think the government doesn't want it's pounds of flesh?

Better to have not locked anyone down.

a reply to: Snarl

You mean they're going to collect payroll taxes from my check twice? Real nice to find out after the Christmas shopping is done.

originally posted by: AugustusMasonicus
How'd that work out? You still think the government doesn't want it's pounds of flesh?

They got theirs from me. I was over the threshold by like $800 bucks.

a reply to: Snarl

I don't qualify for any of this crap and I'm glad, it's all smoke and mirrors.

Good thing I've been employed and paying taxes all year.
Just like so many years before.

Not looking forward to the bonus taxes they'll come up with.

a reply to: a325nt

Those are economic stimulus taxes. Not to be confused with bonus taxes which are taxed at 30 percent!

We went ahead and pay the taxes and SS through out the year, my accountant advised us to . So I guess it doesn’t matter to me.

originally posted by: JinMI
a reply to: a325nt

Those are economic stimulus taxes. Not to be confused with bonus taxes which are taxed at 30 percent!

I'm not qualified for any stimulus.

Last I heard they were going to charge us about 4 grand per citizen to give some people a couple hundred bucks.... But I still have to work to afford food so I make too much money to get that change.

Not too much to be stuck with the bill, of course.

originally posted by: Cigarettes
a reply to: Snarl

You mean they're going to collect payroll taxes from my check twice? Real nice to find out after the Christmas shopping is done.

The choice to participate or not was at the disgression of your employer.

A competent CEO and corporate accountant should've ascertained that participation would not be in the best interest of the employee or employer.

An informed employee should have been aware that if their employer was a participating idiot, then it is his or her reponsibility to not be an idiot and save the extra money that was not paid until either:

a. the taxe exemption was codified at a later date by law, and forgiven, or

b. the taxes were collected later on, in which case, the saved funds would cover the difference inthe reduced take home pay.

Ultimately, the onus falls on the individual to do their homework. If you find extra money in your paycheck, you better understand why, and what the potential down side of "free stuff" is.

ETA: Failure to repay the taxes not collected fall on the employer, and failure to pay back in a timely maner will result in penalties against the employer, not the employee. Part of why I said that the employer should've seen that this was in no one's best interest.

I've been having them take extra out of my checks so... neener, neener on them.

No such thing as a free lunch. Only a deferred one.

a reply to: a325nt

Never too much to much to pay your fair share..(and theirs, and theirs over there, and theirs)

originally posted by: AugustusMasonicus
a reply to: Snarl

There were people saying back in the spring that they wouldn't have to pay this back because it wasn't a deferment or that Trump was going to make it permanent. How'd that work out? You still think the government doesn't want it's pounds of flesh?

Better to have not locked anyone down.

For once, we agree

a reply to: Snarl

My taxes never stopped coming out.
I don't know anyone's that did.

a reply to: Snarl

An OP link would have been super nice.

www.irs.gov...

Thank God I retired in April and got the hell off that gravy train. Now all I have to do is wait for them to take my brokerage accounts. Gonna be fun converting to cash before they do.

People getting steam-U-lated 😃🚬

Many people thought the "deferment" was for employers, and employees kept getting the taxes taken ❓🔗❓

originally posted by: Snarl
My friend just sent me a note saying the IRS SS Tax Deferment is over. They're going to be collecting taxes from your checks come January. You'll have to pay back what is owed over 8 installments.

You heard it here first!!

This is why my work opted out of this. Smart.

a reply to: Snarl

I dont know any fools that jumped on this federal tax pause. Dont feel sorry for anyone that did ot willingly, I heard some military and federal workers didnt have a choice though.

a reply to: cognizant420

Oh there are going to be lots of people crying I think. The same people that didn’t pay their power bill because they “didn’t have to”. The man is going to come calling and there are going to be quite a few folks upset that they owe what they owe and nobody is going to swoop in and save them at the last minute. Some folks never learn. Doesn’t matter how painful the lesson is they will just keep coming back for more.