April 15th - Tax day

creepycoug

Let's just say that, after sending that check off to the Service, my mood darkened.

The point you make is fair ... and compelling. The question that goes along with it is too: on what are we spending it, and is that ok? I've been on record for entitlement reform, and I stand by that. The other source of big sucking sounds from the fed on tax revenue is the military. It is here where my views diverge a bit from many conservatives.

I think we spend too much on it. I also think in some respects it serves as a social program. It is a place for legions and legions of kids coming out of high school with no better options to land. That in and of itself is not a bad thing. But there is some social engineering going on there. I think a thorough review of graft and waste in what is the massive military budge should be thoroughly reviewed. Of course, it's a sacred cow to politicians, because who wants to make that promise during campaign time? It serves neither party's political platform.

YellowSnow

creepycoug said:

Let's just say that, after sending that check off to the Service, my mood darkened.

The point you make is fair ... and compelling. The question that goes along with it is too: on what are we spending it, and is that ok? I've been on record for entitlement reform, and I stand by that. The other source of big sucking sounds from the fed on tax revenue is the military. It is here where my views diverge a bit from many conservatives.

I think we spend too much on it. I also think in some respects it serves as a social program. It is a place for legions and legions of kids coming out of high school with no better options to land. That in and of itself is not a bad thing. But there is some social engineering going on there. I think a thorough review of graft and waste in what is the massive military budge should be thoroughly reviewed. Of course, it's a sacred cow to politicians, because who wants to make that promise during campaign time? It serves neither party's political platform.

Pitchfork51

Just filed that sweet sweet extension

2001400ex

CirrhosisDawg said:

HHusky said:

Thanks Mike.

If a supplemental wage payment, together with other supplemental wage payments made to the employee during the calendar year, exceeds $1 million, the excess is subject to withholding at 37% (or the highest rate of income tax for the year). Withhold using the 37% rate without regard to the employee's Form W-4.

And with social security, 401k deposits, employee portion of benefits, etc, the net cash to the employee from the bonus is about 50 pct. Much lower than a salary payment where your deductions apply. All of which substantiates the $40-$45k or so average monthly income on a gross $1 million income number (depending on the salary / bonus split and before you settle up with the IRS every April).

SS is capped at $128k in wages and 401k is capped at $18k in contributions. So....I disagree on 50% when talking a million in compensation.

SFGbob

I think we spend too much on it. I also think in some respects it serves as a social program. It is a place for legions and legions of kids coming out of high school with no better options to land. This speaks more about you then you'll ever realize.

SFGbob

And to the extent that the Military has turned into a "Social Program" you can blame the Rats. It's not Conservatives pushing women in combat and Trannie rights in the Military.

CirrhosisDawg

2001400ex said:

CirrhosisDawg said:

HHusky said:

Thanks Mike.

If a supplemental wage payment, together with other supplemental wage payments made to the employee during the calendar year, exceeds $1 million, the excess is subject to withholding at 37% (or the highest rate of income tax for the year). Withhold using the 37% rate without regard to the employee's Form W-4.

And with social security, 401k deposits, employee portion of benefits, etc, the net cash to the employee from the bonus is about 50 pct. Much lower than a salary payment where your deductions apply. All of which substantiates the $40-$45k or so average monthly income on a gross $1 million income number (depending on the salary / bonus split and before you settle up with the IRS every April).

SS is capped at $128k in wages and 401k is capped at $18k in contributions. So....I disagree on 50% when talking a million in compensation.

The 50 pct only concerned the income from bonus payments and the impact on net monthly cash flow. Bonuses are paid around February generally in the IB world. Before the caps are hit. As far as monthly income is concerned (and I used a $200k / $800k, salary bonus split for this example) $40k-$45k net monthly cash income, before settlement with the IRS in April, is reasonable, given the tax treatment of bonus income (especially if you live in California).

LebamDawg

damn I had an appt with my accountant but cancelled it because of this thread - thanx guys

creepycoug

SFGbob said:

I think we spend too much on it. I also think in some respects it serves as a social program. It is a place for legions and legions of kids coming out of high school with no better options to land. This speaks more about you then you'll ever realize.

Please amplify. I think you underestimate how much I'm able to realize.

creepycoug

SFGbob said:

And to the extent that the Military has turned into a "Social Program" you can blame the Rats. It's not Conservatives pushing women in combat and Trannie rights in the Military.

Good rhetoric. It appears that I might have hit a sore spot here.

It's not just those people who make it a social program, and I think you know that. A lot of straight men with nothing better to do, and no better prospects out of high school, look to the military as a default landing spot. It's the fucking truth dude. Like it or not. Everybody knows it.

Do I value those people over fat, government cheese-eating baby factories sucking on the welfare dole? You betcha.

But that doesn't change the facts. We have a massive military, and we still can't police the world with it. So why in the fuck bother? It's the isolationist in me. It is a huge chunk of the budget. If it makes you feel better to blame that, along with seemingly everything else that goes wrong in the world, on Democrats, have at it. I don't have the obsession with them you seem to, but I also don't feel too motivated to defend them either. Rat's fault? IDRGAF. Fine. It's their fault.

The issue remains. We'd need to tax a lot less if we had military spending under more control.

I suspect it's a social and cultural issue for most people, as 95% of things US citizens fight about tend to be.