(Topic ID: 249137)

I love the IRS !


By ralphs007

4 months ago



Topic Stats

  • 77 posts
  • 36 Pinsiders participating
  • Latest reply 3 months ago by mkecasey
  • Topic is favorited by 2 Pinsiders

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    There are 77 posts in this topic. You are on page 2 of 2.
    #51 4 months ago
    Quoted from mcluvin:

    Much better, but you've now exposed data in the second image that wasn't visible in the first. You just have to tweak the image to see it. And now there are 2 sources to extrapolate from.
    I'd just delete the pic.
    Guys, even if you can obviously afford Lifelock, don't post pics of your checks on the internet.

    I understand completely why one does not want that info posted on the internet, but with that said, we have pretty much the same exposure every time we write a check to anyone. Once you mail the check off, you have no idea how many folks will come in contact with it. I get it, the internet is a lot bigger exposure, but I run into the same type of thinking every day. People will go to great lengths to protect themselves from exposure on one level, but will then subject themselves to exposure on an entirely different level because that is just what they have always done without an issue.

    #52 4 months ago
    Quoted from frankmac:

    Location has lots to do with income. Just saying..
    Just a comparison example:
    Median Household Income
    Households in Darien, CT have a median annual income of $208,848, which is more than the median annual income of $60,336 across the entire United States. This is in comparison to a median income of $208,125 in 2016,
    Wichita Kansas Household Income
    The Census ACS 1-year survey reports that the median household income for the Wichita Kansas metro area was $54,432 in 2017,

    I acknowledged that location could make a difference in perceptions. But since you do not reveal where you live I went with what was there and applied my location circumstances to that IRS check you wrote. I guess you live in Darien CT, where everything is probably more expensive than where I live. So, to try and put things on a relative scale, can I ask if paying that amount to the IRS broke the bank and leave you living in poverty? If paying the government is shredding you to ribbons, you do indeed have my sympathy.

    Quoted from cottonm4:

    Maybe $252,000 is not very much where the OP lives (which he does not reveal) but where I live, $252,000.00 in my pocket would last long time. A REAL LONG TIME. I could get a different house with more room and add some pins. Maybe even buy a new car. I could even afford to give some to a charitable organization.

    #53 4 months ago

    Dude, you gotta let it go.

    #54 4 months ago
    Quoted from cottonm4:

    I acknowledged that location could make a difference in perceptions. But since you do not reveal where you live I went with what was there and applied my location circumstances to that IRS check you wrote. I guess you live in Darien CT, where everything is probably more expensive than where I live. So, to try and put things on a relative scale, can I ask if paying that amount to the IRS broke the bank and leave you living in poverty? If paying the government is shredding you to ribbons, you do indeed have my sympathy.

    Did not break the bank
    No to poverty .
    It is not shredding me to ribbons.
    It is not the first and not the last.
    Its just the way it goes.

    I feel like I am on trial..

    #55 4 months ago

    Let's end this silly discussion about taxes once and for all.

    #56 4 months ago
    Quoted from DBLM:

    Deleted. I wrote a thoughtful post about all of us that are hustling every day and have great lives but would not consider ourselves rich but decided to scrap it before hitting submit. It's a mindset thing that you either get it or you don't. Instead, I will give kudos to everybody at all economic levels that are bringing positive economic impact to themselves, their communities, and the companies they work for. Keep pushing.

    World needs more of this.

    #57 4 months ago
    Quoted from frankmac:

    Did not break the bank
    No to poverty .
    It is not shredding me to ribbons.
    It is not the first and not the last.
    Its just the way it goes.
    I feel like I am on trial..

    Does the government charge you a gas guzzler tax for your 79 Camaro? More importantly, why are you so rude to your little sister?

    #58 4 months ago
    Quoted from DBLM:

    Let's end this silly discussion about taxes once and for all.

    Kerry Packer's thoughts. 1:40 is gold. Gotta love Australians...

    #59 4 months ago

    After reading this whole thread,I'm too depressed to buy a new pinball machine.

    #60 4 months ago
    Quoted from jandrea95:

    Does the government charge you a gas guzzler tax for your 79 Camaro? More importantly, why are you so rude to your little sister?

    “Stranger things” have been asked..
    Lol.

    #61 4 months ago

    Most likely he is paying quarterly estimated taxes based on 1099 or pass through income. I do the same, just don't brag about it on forums.
    Your analysis is most likey completely off.
    Nobody pays 100% of yearly tax with one check.

    Quoted from cottonm4:

    I'm not judging the man for doing well. And we all feel the tax bite. What I am looking at is a check made out to the IRS for income. We have 7 income tax brackets at the federal level. The brackets range from a low of 10% up to $9700.00 on up to a high of 37% for an income range of $510,000.00.
    The 35% tax bracket is the only one that works in this situation. I see a check made for income for $98,000.00. Run the numbers
    $46.000 + 35%*(X- $204,100) = $98.000. Solve for X. X =354,000. $46,000 + 35% * ( 354,000 -204,000) = $98,000
    $46,000 + 35%* 150,000 = $98,000
    $46,000 + 52,000 = $98,000
    To have a total federal income tax of $98,000 means the total in come was $354,000. So, $350,000 - $98,000= $252,000 income.
    That's $252,000 to live on and play with after you pay your taxes of $98,000.00
    [quoted image]
    Maybe $252,000 is not very much where the OP lives (which he does not reveal) but where I live, $252,000.00 in my pocket would last long time. A REAL LONG TIME. I could get a different house with more room and add some pins. Maybe even buy a new car. I could even afford to give some to a charitable organization.
    But someone coming on and raising a stink because he only has enough money leftover to buy 4 new mid-engine Corvettes instead of 5 is my problem.
    As I said to the OP, he does not get my sympathy. I'm glad he is making a lot of money. But I don't care that he had to "suffer" the standard percentage tax bite.
    The ones who I do feel sorry for are those who make $9700.00 and have to pay 10% of that and is left with $8700.00 to live on for a year.

    #62 4 months ago
    Quoted from ralphs007:

    After reading this whole thread,I'm too depressed to buy a new pinball machine.

    Jurassic Park is streaming on flipnoutpinball on twitch. Great game to scope up with the extra cash.

    Anyway good luck finding a pin!

    #63 4 months ago
    Quoted from ralphs007:

    After reading this whole thread,I'm too depressed to buy a new pinball machine.

    Get your family a Corropolese red tomato pie because I see where you're from and thinking of one. MET Pro is a great game and sometimes miss mine too.

    #64 4 months ago
    Quoted from jonesjb:

    Kerry Packer's thoughts. 1:40 is gold. Gotta love Australians...

    that's brilliant.

    I agree what he said minimize the taxes *I* owe. In that way I take advantage of 401K tax shelters and when I retire will be able to convert some when I'm not in a high tax rate into Roth IRAs to minimize my taxes as well as will be moving to Florida (no state income tax) to minimize my taxes. I don't want to dodge taxes but will do what's allowed to minimize what I pay the government.

    #65 4 months ago
    Quoted from rai:

    that's brilliant.
    I agree what he said minimize the taxes *I* owe. In that way I take advantage of 401K tax shelters and when I retire will be able to convert some when I'm not in a high tax rate into Roth IRAs to minimize my taxes as well as will be moving to Florida (no state income tax) to minimize my taxes. I don't want to dodge taxes but will do what's allowed to minimize what I pay the government.

    This. I had some similar thoughts in what I originally wrote but did not think it would have landed with some so I deleted it.

    Maybe I am too John Galt but I do not look down on the poor but I also don’t look up to the rich. I respect those that are out there working and creating value for their families, communities, and companies. However, if I do not take advantage of every tax break, preferred financing, etc that is available to me, then I am doing a disservice to my family.

    #66 4 months ago
    Quoted from dmacy:

    Get your family a Corropolese red tomato pie because I see where you're from and thinking of one. MET Pro is a great game and sometimes miss mine too.

    I love their tomato pies,and they're always a staple at family gatherings! My brother had a whole one left at his birthday party this past June,and I turned him down when he told me to take it home. I would have eaten the thing in two days.

    #67 4 months ago

    It looks like the machine I have my eye on is probably history. I'm also interested in a Metallic Premium LE if I can find a HUO locally. If I can't find a used one,I was wondering if the Metallica Premium is still being produced,or is it just the Pros that are still in production?
    Thanks in advance
    P.S
    Is it okay to pm someone who has their game listed in the archives as no longer for sale? I figured it might be worth a shot incase they changed their mind.

    #68 4 months ago
    Quoted from dmacy:Get your family a Corropolese red tomato pie because I see where you're from and thinking of one. MET Pro is a great game and sometimes miss mine too.
    Quoted from dmacy:

    Corropolese red tomato pie

    Dave,
    they sell these in north wales at the deli.
    those things are gross ! come down and visit Ill treat you to a real Tomato pie DeLorenzo's!

    #69 4 months ago
    Quoted from ralphs007:

    Is it okay to pm someone who has their game listed in the archives as no longer for sale? I figured it might be worth a shot incase they changed their mind.

    thats what PM's are for

    #70 4 months ago
    Quoted from freddy:

    thats what PM's are for

    Thanks

    #71 4 months ago
    Quoted from freddy:

    Dave,
    they sell these in north wales at the deli.
    those things are gross ! come down and visit Ill treat you to a real Tomato pie DeLorenzo's!

    I can’t eat them anyway but thanks!

    #72 4 months ago

    Sweet. A trip too perhaps.

    #73 4 months ago

    I think the IRS blows!!

    #74 4 months ago

    Hold on to it until next year when the IRS will hit you for the extra "earned" income penalty.

    Nothing is free.

    #75 4 months ago
    Quoted from Atari_Daze:

    Hold on to it until next year when the IRS will hit you for the extra "earned" income penalty.

    Nothing is free.

    Just make a quarterly payment now.

    #76 4 months ago
    Quoted from Atari_Daze:

    Hold on to it until next year when the IRS will hit you for the extra "earned" income penalty.

    Nothing is free.

    I'm going to roll it over into one of my IRA's, and if I find a machine that I want,then I'll withdraw the amount needed. I'm hoping that my house will be sold,and I'll be in my new house late fall or early winter.Until that happens, I can't buy a new pinball machine.My realtor already hates my Dialed In machine,parked in my dinning room.
    I know I'm going to pay taxes on it, it's no different than when I withdraw money from my IRA now. I also watch how much I take out every year,so that I don't jump into a higher tax bracket.My brother is a CPA,so he keeps an eye on me.
    P.S
    Maybe I should turn the money down,so I don't have to pay taxes on it?

    #77 3 months ago

    Disappointed to learn this wasn't a thread about this guy.

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