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Discussion » Statements » Rosie's Corner » Anyone besides the wealthy believe they are better off with dumb don than they were before he rose from the fires below?

Anyone besides the wealthy believe they are better off with dumb don than they were before he rose from the fires below?

Posted - February 6, 2020

Responses


  • 34670
    Here, here. 

    I not wealthy. But I am much better off now than before. 
      February 6, 2020 10:41 AM MST
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  • 19937
    Well, I'm not.  I rarely, if ever, owe money at tax time because I claim -0- for withholding.  Last year, I had to pay $3700 to the feds, an amount which would not come to all the moneys I've had to pay over the last 55 years.  
      February 6, 2020 10:43 AM MST
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  • 34670
    It is not a matter of what you had to pay in at the end of the year. It is a matter of what your tax due was LINE 16 on your 1040. (this is before any payroll taxes or other credits are applied) And the only way to compare is to take your taxable income (Line 11b from 1040) and put that amount from 2017 on a 2018 1040 and see if the amount in Line 16 increased or decreased.  I did this and by tax due would have been over $1000 less. 
      February 7, 2020 4:41 AM MST
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  • 19937
    My income increased, but the new tax deduction tables were incorrect and I owed more than I ever did before.
      February 7, 2020 9:28 AM MST
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  • 34670
    I know you have said you only work 3 days a week...I wonder if that effected the withholding rate? I do hope you got it adjusted for this year. 
      February 7, 2020 9:53 AM MST
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  • 19937
    Working three days a week has reduced my income from employment.  I've had to take some required minimum distributions which made up for that.  It may be that I didn't have taxes taken out of those RMDs.  I have now asked to have 25% withheld.  Hoepfully, that will help.
      February 7, 2020 10:03 AM MST
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  • 34670
    Makes sense.
      February 7, 2020 10:05 AM MST
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  • 113301
    I guess the definition of "wealthy" is variable m2c. You and your husband own your own business and have employees and are not hurting. That can be considered wealthy by some standards. I'm going to ask. Thank you for your reply! :)
      February 7, 2020 2:04 AM MST
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