A real tax discussion..... by 6IXSTRINGJACK

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A real tax discussion.....

POSTED BY: 6IXSTRINGJACK
UPDATED: Thursday, February 7, 2013 04:21
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Wednesday, February 6, 2013 7:04 PM

I just want to state my own personal facts about my tax burden last year and see where other people stand on this. I will do my best not to put any personal bias at all either way, regardless of what people might have gleaned from things I've said before.

MY 2012 INCOME BREAKDOWN:

Withdrawls from a traditional IRA: 9,000

Income from two near-minimum wage jobs: 4,200

TOTAL 2012 TAX BURDEN:

FED: 1,258.00 (Regular income tax and exemptions plus 10% of IRA withdrawls)

STATE: 419.00 (3.4% of everything)/ 8 dollars actual

***** Thanks to the Lake Co property tax credit of 300 bucks to those making less than 18k and a 111 dollar one-year credit due to Mitch Daniels budget surplus this year, the adjusted tax burden for the state was only 8 dollars this year.

TOTAL REVISED 2012 TAX BURDEN: 1,266.00

PROPERTY TAX 2012: 1,100.00 (one year only reduction because of the mold)

ACTUAL EARNED INCOME 2012: 4,200.00

4,200.00
-
2,366.00
--------
1,844.00

Keep in mind that SS and Medicaid was raised 2% on us all for 2013 going forth....

Also, after trying to fight property taxes a second year in a row, I'm still left with the meager 400 dollar reduction they calculated late last year. My property taxes next year will be 2,000.

At my current, part time, near-minimum wage job, I optimistically hope to clear 9,000 next year.

If I can somehow manage to keep my expenses in check and not have to dip any further into "retirement" it's only because one more year has gone by and I didn't put a dime into my home repairs (some very necessary like gutters on the house, and a back-up sump pump and generator)......

Granted, if I can somehow manage this, FED deductions leave me tax free and assuming the Lake Co tax credit is in effect next year I can actually put a buck or two in my pocket after the state-run EIC credit.....

But then comes my 2,000 property tax. And the 800 dollar property insurance. And the 400 dollar car insurance. And the 40 dollar yearly car license......

9,000
-
2,000
-
800
-
400
-
40
------
5,760.....

5,760/12 months...

480 a month...

That's a lot to ask one person to make ends meet with without having to ask Capital One to pay for groceries....

My gas/electric last month was 178. Water was 45. Phone was 61. Internet was 50.

480
-
178
-
45
-
61
-
50
---
146

Okay... the basic bills are paid. Got 146 left..... how far does that go?

Gas for my car, even with my limited driving averages 40 a month.

Groceries, even all bought at Aldi, are about 90 a month.

I roll my own smokes, with pipe tobacco, and even though it's just shy of 1.20 a pack, it still adds up... that's another 50 a month.

Misc expenses, we'll call them, easily pile up to another 50 a month (and I'm VERY frugal, and know what I spend to the penny, so these aren't mindless frivolities)

146
-
40
-
90
-
50
-
50
---
-84

So.... with just the basics and zero frills covered, I'm at a negative 84 dollars a month.

84 * 12 = 1,008 dollars (either siphoned from my now meager nest egg, or borrowed from family, friends or Capital One).

Let's throw in some personal hygene costs.....

Toilet paper and paper towel at $18/yr each = 36 bucks/12 = 3
Long overdue haircuts at 5 per year... 13/per = 90 bucks (plus 25 tips) /12 = 7.5
My sad "Goodwill" budget of about 50 bucks a year/12 = 4.25

No cost here, but the fact that i only have about 8 pairs of socks left that I didn't throw out because of holes and half of my collection of boxers pre-date not only the rise of Justin Beiber, but probably had a birthdate before he was born. I should probably consider updating this part of my wardrobe when money allows......

-84
-
3
-
7.5
-
4.25
------
-98.75

Wow....

-98.75 a month.

Times 12, that's nearly $1,200 a year more than I make.

After taxes, I have to work nearly 300 hours to pay property taxes alone.

Maybe if I had 40 hours a week it wouldn't be so bad, but at only 24 hours a week average, it takes me about 3 1/2 months just to pay property taxes.

At the same time, I'm actually paying for car insurance that really doesn't cover anything, and if I ever got hurt or really sick, the hospital could take my house for payment, since I have ZERO health insurance.

I'm just throwing this all out there....

I'd like to hear your input.

Thanks for your time.

And I hope you're doing better than I am at the moment.

~6ix

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Wednesday, February 6, 2013 10:12 PM

6IXSTRINGJACK

Seriously.....

Been playing the "jester" in other threads, but really wondering what the big brains here at the RWED have to say about this.......

Help me out :)

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Thursday, February 7, 2013 2:45 AM

M52NICKERSON

DALEK!

Could your drinking problem have anything to do with your inability to not get full time employment?

You could also get a house mate to help pay some of the bills. Of course that would most likley involve you getting sober as well.

I do not fear God, I fear the ignorance of man.

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Thursday, February 7, 2013 3:22 AM

JONGSSTRAW

Ten suggestions for increasing your cashy money flow....

Rob a train
Rob a payroll station
Steal a priceless artifact
Steal drugs from a hospital
Go into salvage business
Smuggle cattle
Transport internal organs
Protect prostitutes (might only get paid in trade though)
Grow strawberries
Make mud

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Thursday, February 7, 2013 4:21 AM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)

Seriously, dude - you have only one part-time job? And you bitch about others being lazy?

At the very least you should go get another part-time job. Wash dishes in a restaurant. Or wait tables - if you're such a people whisperer, you should have no trouble making bank on tips.

"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero

"I was wrong" - Hero, 2012

Mitt Romney, introducing his running mate: "Join me in welcoming the next President of the United States, Paul Ryan!"

Rappy's response? "You're lying, gullible ( believing in some BS you heard on msnbc ) or hard of hearing."

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