If you make $110k a year do you pay taxes? - GoFuckYourself.com

Ohm · 07-07-2006, 06:44 AM

Or do you get a refund check at the end of the year? My buddy just got his salary bumped up to $110 a year and doesn't believe that he'll have to pay taxes and still thinks he's going to get a refund check.

His only real write off is his child support payments of $1300 a month.

Anyone here know the definitive answer to this?

SomeCreep · 07-07-2006, 06:49 AM

Quote:

Originally Posted by Ohm

Or do you get a refund check at the end of the year? My buddy just got his salary bumped up to $110 a year and doesn't believe that he'll have to pay taxes and still thinks he's going to get a refund check.

His only real write off is his child support payments of $1300 a month.

Anyone here know the definitive answer to this?

Anyone who makes over $100k/year does not need to pay taxes. Only poor people who make very little money pay taxes.

Tom_PM · 07-07-2006, 06:51 AM

Depends on whether or not he's getting more than he needs to pay deducted from his paychecks. If so, he'll get a refund.
Ideally, no refund, nothing more owed.

fallenmuffin · 07-07-2006, 06:52 AM

Refund isn't about how much you made but how much you paid in.

BT · 07-07-2006, 06:53 AM

Uncle sam will be knocking

ADL Colin · 07-07-2006, 06:54 AM

Quote:

Originally Posted by Ohm

His only real write off is his child support payments of $1300 a month.

How does he write-off his child support payments? I didn't think you can do that.

Ohm · 07-07-2006, 06:56 AM

Quote:

Originally Posted by ADL Colin

How does he write-off his child support payments? I didn't think you can do that.

He's paying for a dependant, can't he claim that as being non-taxable income?

seven · 07-07-2006, 06:59 AM

Quote:

Originally Posted by ADL Colin

How does he write-off his child support payments? I didn't think you can do that.

yea how do ou write off child support??

Tdog · 07-07-2006, 06:59 AM

If he does not pay in then he will not get a refund check.

Ohm · 07-07-2006, 07:08 AM

"Are child support payments considered taxable income?

No. Child support payments are neither deductible by the payor nor taxable to the payee. When you total your gross income to see if you are required to file a tax return, do not include child support payments received. For additional information, refer to Tax Topic 422, Nontaxable Income, or Publication 504, Divorced or Separated Individuals."

I guess you guys were right. This is straight from the IRS website. Ouch!

en21 · 07-07-2006, 07:09 AM

depends on which country u r in

wdforty · 07-07-2006, 07:13 AM

Quote:

Originally Posted by Ohm

"Are child support payments considered taxable income?

No. Child support payments are neither deductible by the payor nor taxable to the payee. When you total your gross income to see if you are required to file a tax return, do not include child support payments received. For additional information, refer to Tax Topic 422, Nontaxable Income, or Publication 504, Divorced or Separated Individuals."

I guess you guys were right. This is straight from the IRS website. Ouch!

payments are not income

Linkster · 07-07-2006, 08:13 AM

If the guy was smart he got a signed agreement during the divorce stating that he can claim the child as a dependant and therefore gets the dependant deduction - which wouldnt be as much as he's paying in child support but it does take away from the gross income

ADL Colin · 07-07-2006, 08:19 AM

Quote:

Originally Posted by Ohm

"Are child support payments considered taxable income?

No. Child support payments are neither deductible by the payor nor taxable to the payee. When you total your gross income to see if you are required to file a tax return, do not include child support payments received. For additional information, refer to Tax Topic 422, Nontaxable Income, or Publication 504, Divorced or Separated Individuals."

I guess you guys were right. This is straight from the IRS website. Ouch!

Tell him he owes you a consulting fee.

jayeff · 07-07-2006, 08:32 AM

Quote:

Originally Posted by Ohm

Anyone here know the definitive answer to this?

Despite what has been written here, your friend may be able to claim to be supporting his children, providing their mother isn't already claiming their support. He should take professional advice on that. What he cannot do is claim the amounts of the payments themselves.

But there is no definitive answer to your question because in the US it is possible to deliberately overpay tax during the year in order to get a refund, or to pay correctly or underpay. Certainly he is on a high enough income that he will have tax to pay one way or another.

Sosa · 07-07-2006, 08:50 AM

tell him to goto a fucking accountant.

Manowar · 07-07-2006, 08:52 AM

Quote:

Originally Posted by Sosa

tell him to goto a fucking accountant.

yep so true

scottybuzz · 07-07-2006, 08:54 AM

shit thats loads!

CaptainWolfy · 07-07-2006, 09:43 AM

i think anyone who earn more than 100 k pay taxes!

slapass · 07-07-2006, 09:44 AM

Quote:

Originally Posted by Ohm

Or do you get a refund check at the end of the year? My buddy just got his salary bumped up to $110 a year and doesn't believe that he'll have to pay taxes and still thinks he's going to get a refund check.

His only real write off is his child support payments of $1300 a month.

Anyone here know the definitive answer to this?

It is amazing that they will pay him 110k a year and he appears to be mentally challenged. The world is so cool.

SomeCreep · 07-07-2006, 10:00 AM

Quote:

Originally Posted by slapass

It is amazing that they will pay him 110k a year and he appears to be mentally challenged. The world is so cool.

Paris Hilton makes millions of dollars per year and she didnt even know you cant put metal in the microwave. Same with Jessica Simpson, she thought "buffalo wings" came from buffalos.

07-07-2006, 06:44 AM	#1
Ohm So Fucking Banned Join Date: Jun 2006 Posts: 128	If you make $110k a year do you pay taxes? Or do you get a refund check at the end of the year? My buddy just got his salary bumped up to $110 a year and doesn't believe that he'll have to pay taxes and still thinks he's going to get a refund check. His only real write off is his child support payments of $1300 a month. Anyone here know the definitive answer to this?

07-07-2006, 06:51 AM	#3
Tom_PM Porn Meister Industry Role: Join Date: Feb 2005 Posts: 16,443	Depends on whether or not he's getting more than he needs to pay deducted from his paychecks. If so, he'll get a refund. Ideally, no refund, nothing more owed. __________________ 43-922-863 Shut up and play your guitar.

07-07-2006, 06:53 AM	#5
BT Confirmed User Join Date: Apr 2002 Location: Ft liquordale FL Posts: 6,481	Uncle sam will be knocking __________________ IS Prime Hosting Bald Head Shine "BT" The American Dream, baby! " THE HOST WITH THE MOST!" My ICQ 122994792

07-07-2006, 07:09 AM	#11
en21 Confirmed User Join Date: May 2006 Posts: 2,640	depends on which country u r in __________________ Free Asian Sex : http://www.asian4free.com Free Amateur Sex : http://www.lustamateur.com Free Porn : http://www.mysexbookmark.com Free Sex : http://www.goliathlist.com Free Hardcore : http://www.xlust.com Sex For Free : http://www.sexforfee.com

07-07-2006, 08:13 AM	#13
Linkster Confirmed User Join Date: Feb 2003 Location: DeltaHell Posts: 3,216	If the guy was smart he got a signed agreement during the divorce stating that he can claim the child as a dependant and therefore gets the dependant deduction - which wouldnt be as much as he's paying in child support but it does take away from the gross income __________________ Porn Links Crak for your bank account - Get Addicted FREE LIVE CAM SHOWS

07-07-2006, 06:52 AM	#4
fallenmuffin Confirmed User Industry Role: Join Date: Nov 2005 Posts: 8,170	Refund isn't about how much you made but how much you paid in.

07-07-2006, 06:59 AM	#9
Tdog Confirmed User Join Date: May 2006 Posts: 2,707	If he does not pay in then he will not get a refund check.

07-07-2006, 07:08 AM	#10
Ohm So Fucking Banned Join Date: Jun 2006 Posts: 128	"Are child support payments considered taxable income? No. Child support payments are neither deductible by the payor nor taxable to the payee. When you total your gross income to see if you are required to file a tax return, do not include child support payments received. For additional information, refer to Tax Topic 422, Nontaxable Income, or Publication 504, Divorced or Separated Individuals." I guess you guys were right. This is straight from the IRS website. Ouch!

07-07-2006, 08:50 AM	#16
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	tell him to goto a fucking accountant.

07-07-2006, 08:54 AM	#18
scottybuzz Too lazy to set a custom title Industry Role: Join Date: May 2006 Location: NY Posts: 14,800	shit thats loads! __________________ $$$$$ MAKE HUGE MONEY IN CAMS - CLICK HERE $$$$$

07-07-2006, 09:43 AM	#19
CaptainWolfy Playa Industry Role: Join Date: Dec 2005 Location: Somewhere on the Earth Posts: 8,439	i think anyone who earn more than 100 k pay taxes!