TNL US Tax Thread 2011

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Originally Posted by icarusfall

Start pay around here's about $10, so it's similar. You've got a couple years/restaurants under you, right?

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Yeah, I'm about 5 years in and have been a line cook now for 3+ years. My new job is at a classic fine dining restaurant where I'll be starting out as I guess what you could call the "pantry chef". I'll be responsible for specials and working with the pastry chef on desserts and the like. I'm hoping to be sauteing there pretty quick though.

I am making net under poverty this year I think, whoooo!

I'm getting like a $1600 refund. Love taxes. (only made 3 months worth of salary)

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Originally Posted by Rich

I'm getting like a $1600 refund. Love taxes. (only made 3 months worth of salary)

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http://www.the-nextlevel.com/tnl/att...1&d=1296332074

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Originally Posted by GohanX

It turns out that after getting married, apparently I didn't fill out the w4 correctly and I'm not having enough tax taken out and have to pay quite a bit. Crap. The amount my wife has paid may balance it out if we file jointly, but that still sucks.

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You have this all backwards. It sounds like you got it exactly right.

I'm venturing into the world of capital gains this year, so I suspect I am going to have to pay more than usual. Thankfully, my last promotion also doubles the percentage of my bonus and increased the base it is against.

I like getting a return though. It's just my personality; I forget about that money, don't budget for it and then it shows up.

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Originally Posted by Yoshi

http://www.the-nextlevel.com/tnl/att...1&d=1296332074

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I started working in October. I couldn't have been bothered to figure out how much I should have been paying for 3 months instead of the full year. I'd rather just give them a $1600 interest free loan for 4 months when current rates are at a whopping 1%. So it cost me what, $6 in opportunity cost? Oh yes, what a jackass I am.

My significant other was only employed for a portion of this year so that wound up messing up my deductions. Will wind up paying federal taxes, but most of that is returned in my state.

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Originally Posted by Rich

I started working in October. I couldn't have been bothered to figure out how much I should have been paying for 3 months instead of the full year. I'd rather just give them a $1600 interest free loan for 4 months when current rates are at a whopping 1%. So it cost me what, $6 in opportunity cost? Oh yes, what a jackass I am.

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What did the market do in the last four months? Your alternatives include more than a basic savings account.

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Originally Posted by Yoshi

What did the market do in the last four months? Your alternatives include more than a basic savings account.

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Considering my only investment in the market right now is in my 401k, and I would not have increased that if I were paying less taxes, the money would have been sitting in my savings and will continue to sit in savings until it reaches a sizable enough amount to make investments worthwhile.