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Sexy Magick

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    Monday, January 05, 2009

    so the state of california may not be able to pay you your income tax refund and might possibly send you an IOU for your refund.  Not that it will affect me because I always owe income tax, although it would be nice to send the state an IOU for what I owe - what about us? the people that can't afford to pay their income taxes, if the state can send out IOUs, why can't we the people send out IOUs?

    Although, here's a good idea I ran across - instead of having state income tax withheld from your paycheck, calculate how much it would be per paycheck, put that amount from your net check into a savings account and at the end of the year, when you do your taxes - you'll have the money you owe to the State sitting in that savings account making interest and available to pay your taxes.

    Which makes for an interesting thought, instead of having federal taxes withheld, social security taxes, medicare taxes, state disability taxes, federal insurance contribution (which is fica), state income taxes all withheld from your paycheck, why not put that money to good use, make some interest off the money and guarantee that you will have social security and medicare available when you reach retirement. Take the total deductions from your gross pay that you would normally get deducted and put it into your own savings account. Why put it into the government anyways? Especially a government that is can not guarantee that social security money will be available when I retire. And even moreso, especially a government that doesn't seem to be able to budget their money. How hard is to figure out - you can't spend more than you make? ok, yea, you can borrow some on credit but even with credit you have to pay it back.

    So how would this work?

    So lets say you make 70K annual salary and you get paid every 2 weeks, total tax deduction is 853 per paycheck x 2 (per month) = 1706 per month deducted from paycheck for taxes x 12 = 20472 for taxes. You would get taxed 25% on total income if you didn't take taxes out of your paycheck = 17500. You have made yourself 2972 so far, but remember your not going to be taxed on that whole 70K anyways, because you'll have deductions on your tax return and if you got a really good CPA, you'll have great deductions to reduce that 70K. And remember, you will have made interest on that 20472 that you didn't pay the government right away. The only downside to this plan is that your employer wouldn't be making like contributions into your social security, medicare, unemployment funds but that might actually help the small business employer. I don't know, good plan, maybe, maybe not so good. Its worth a ponder or a gander.

    11:48:45 PM    comment [] trackback []

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