higher tax return than they pay in - PowerStrokeNation : Ford Powerstroke Diesel Forum
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post #1 of 36 (permalink) Old 03-07-2011, 02:37 AM Thread Starter
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higher tax return than they pay in

You got to love it when the harder you work and the more money you make, the more you pay in taxes. If im lucky I get a little back. If you work part time and you have a kid or two, you can get free food, free health care, pay less for rent, and grants for free college or schooling and you can get more money back in taxes than you even made. Yes its true I seen the tax papers. made $4,800 and got back $4500. yes 48 is more than 45 but. if she would have had another kid she would have gotton more back than she made. Makes me want to work more.


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post #2 of 36 (permalink) Old 03-07-2011, 02:42 AM
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Re: higher tax return than they pay in

Wait till you get to the point where they KEEP 6 figures. Makes you wonder why you work so hard.


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post #3 of 36 (permalink) Old 03-10-2011, 03:14 AM
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Re: higher tax return than they pay in

I never understood the child deduction. So I decide not to have kids and get hit harder...
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post #4 of 36 (permalink) Old 03-10-2011, 03:26 AM
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Re: higher tax return than they pay in

I Agree, you should not be able to get back more than u pay in.

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post #5 of 36 (permalink) Old 03-10-2011, 04:51 AM
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Re: higher tax return than they pay in

Show me the proof...

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post #6 of 36 (permalink) Old 03-10-2011, 11:33 AM
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Re: higher tax return than they pay in

Quote:
Originally Posted by genie144 View Post
Show me the proof...

Sam
I can help you with that Sam.

As can be seen, I didn't believe it either so I wrote my accountant buddy.

He's pretty damn sharp so I believe him.

Click Here

Quote:
Here was my scenario to him.

- Family of 4 (two kids)
- Total gross income of $30,000 from only 1 wage earner (stay at home wife)
- Will file short form (no itemization)
- No state income tax
- No child credits
- No other income or anything else to claim

Now the questions:

1. Would this theoretical family be eligible for the EIC?
2. And if so, does this mean that not only would they pay $0 in taxes (including FICA) but..........that they would actually receive a refund that is in excess of the taxes they paid (including FICA/Etc.)?


His Answer

Net income tax - -0-
FICA tax - $2295
Earned income credit - $3216
Additional child tax credit - $1597
Make work pay credit - $800

Net refund in excess of tax - $3318

Only the "Make work pay" credit is new. The rest of the credits have been available for years . EIC has been around for 30 years. Add'l child credit started during Bush administration.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #7 of 36 (permalink) Old 03-10-2011, 11:44 AM
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Re: higher tax return than they pay in

I thought this stuff was really common knowledge.

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post #8 of 36 (permalink) Old 03-10-2011, 11:48 AM
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Re: higher tax return than they pay in

Quote:
Originally Posted by PsRumors View Post
I thought this stuff was really common knowledge.


Haven't you ever heard?

The more you make, the more they take...

Modded L99


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post #9 of 36 (permalink) Old 03-10-2011, 12:32 PM
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Re: higher tax return than they pay in

Gandy's scenario is only for a family of 4. When we had all 4 kids at home (family of 6 w/ 1 income) we made a killing at tax time.

'97 SCLB 4x4, 3.55, D60 w/ TrueTrac, 6637, Banks Techni-cooler, BTS Trans, Tru-Cool 4921 Trans Cooler, 1.0 exhaust housing, no ebv, 3" DP, Straight Exhaust, E-Fuel, TW tunes, International WP, 203*, Isspro Gauges
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post #10 of 36 (permalink) Old 03-10-2011, 02:33 PM
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Re: higher tax return than they pay in

It is common knowledge. Its been that way for decades

Dave G

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