Quote:
Originally Posted by cykoe6
You really must not understand payroll taxes. They are not refunded. They are paid at a straight percentage regardless of income. If you made only $50 of wages in a year you would still pay 7.5% of that $50 in payroll taxes. There are no deductions or exemptions from payroll taxes. They are withheld from your check and they most certainly are not refunded.
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Keep paying to have you taxes done homie, 'cause your shit is wack.
First I will give you a little credit for what "you meant to say" :
You meant to say that social security and medicare taxes will be paid no matter
what.
But it can all be negated by the following :
- Everybody can claim the "Standard Deduction" on all Fed tax forms.
- Everybody eligible can claim "Earn Income Credit"
- Everybody eligible can now claim, since Obama took office, "Making Work Pay"
- Everybody can deduct health care cost exceeding 4% of the income.
- Everybody eligible can claim "Head of House hold".
- Everybody with kids can claim deductions for each child
- Everybody can claim a dependent spouse, relative, guardianship
- Everybody can deduct charitable or political contributions
- Everybody can deduct business expenses(I made $50, and the yard rake cost $10
)
With that combination, it is possible for someone with really low income to get back all
taxes THEY PAID (employer paid for them too, not getting that back) plus another
$100 to $x,xxx back.
**But keep in mind that this money goes to people in the spirit of : "
Thanks for working because at this income you
could have been on welfare/food stamps and collected more".