Jump to content

The Taxman Is A Knockin'


Are Your Taxes Done?  

44 members have voted

You do not have permission to vote in this poll, or see the poll results. Please sign in or register to vote in this poll.

Recommended Posts

  • Replies 50
  • Created
  • Last Reply

Top Posters In This Topic

Yes and no. My accountant has done ours, but the forms are still awaiting our signatures.Of course, up here in Canada our deadline is April 30th (we're very progressive up here, but our taxes are higher, too! ;)

Some of my tax refund will be heading south of the border and a couple of Mosaic sets will be heading northward (in addition to the JJ which I've already saved for.) Hmm. let's see - the JJ, the Chambers/Kelly, how about a couple of Selects - maybe the Green and the Reece. (Yeah, it's a nice refund). Oh darn there's also the roof which needs fixing and new carpet for the bedroom and new tires or the car....Nahh, Mosaics come first.

Link to comment
Share on other sites

Finished them last month. Will mail it in at the last minute.

Sounds like me. Very bad type of procrastination -- do a lot of work and then can't get the final part together. Finished 3 of them (my Federal, son's Fed & state)in the first week of February, but just mailed them last week. Copier at work made bad copies. So in March paid to make copies at a stationery store. Then couldn't find stapler. Then couldn't find stamps. Finally got everything done last Tuesday. One benefit to procrastination -- state helpline finally was answered by humans who explained I could take an EXTRA credit not fully explained in their pamphlet (hadn't wanted to pay a tax guy just to answer this one question).

Link to comment
Share on other sites

Quick question:  do you have to pay Social Security and Medicare taxes on capital gains (stock sales)?  I always thought those were payroll taxes--but I'm thinking I better make sure.  :ph34r:

I think so -- the way I understand it is that FICA and Medicare are taxes on *earned* income only. Since capital gains are considered unearned income, those taxes would not apply.

Usually, employers handle all of the required deductions of those taxes (straight percentages up to $87,000 dollars), so most people would not have paid too much or too little over the year. Since I'm self-employed, I get to pay *twice*: 7.65% for me, and 7.65% for the "self-employment" tax.

I'm sure the answer is there somewhere on irs.gov, but I'd be surprised if it was easy to find.

Link to comment
Share on other sites

Quick question: do you have to pay Social Security and Medicare taxes on capital gains (stock sales)? I always thought those were payroll taxes--but I'm thinking I better make sure. :ph34r:

You do NOT pay or owe taxes for Social security or medicare on capital gains. (stock sales)

Those are payroll taxes or self-employment taxes only.

(answer is alittle late)

Link to comment
Share on other sites

My wife drives me nuts every year because she insists on doing the taxes (and for a while her stock holdings made for a good excuse for her to do so, that she does not now have) and she procrastinates and procrastinates and. . . I would have them in the mail in early February if I could, but instead. . . I mailed the return off April 13! :wacko:

Link to comment
Share on other sites

  • 3 years later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.

×
×
  • Create New...