Taxes? - U2 Feedback

Go Back   U2 Feedback > Lypton Village > Lemonade Stand > Lemonade Stand Archive
Click Here to Login
 
 
Thread Tools Search this Thread Display Modes
 
Old 02-03-2004, 11:27 PM   #1
Blue Crack Addict
 
Liesje's Avatar
 
Join Date: Mar 2002
Location: In the dog house
Posts: 19,557
Local Time: 07:30 PM
Taxes?

I'm 19, sophomore in college and not very good at understanding complex forms like W2's, FAFSA, etc. People always say "yeah, you pay income tax, but you'll get some back...." Is there some sort of fancy equation for guestimating if or how much I "get back"? Like 1%, 5%...? This past year (Jan '03-Jan '04) I worked 40 hrs/wk all summer and about 15 hrs/wk during school. Do I really get some money back? I've worked other jobs before, but they were full-time babysitting jobs and I never paid taxes on that so this is a new concept to me.
__________________

__________________
Liesje is offline  
Old 02-03-2004, 11:31 PM   #2
Rock n' Roll Doggie
FOB
 
*BOOMCHAA!*'s Avatar
 
Join Date: Aug 2002
Location: may I touch you?
Posts: 9,106
Local Time: 06:30 PM
I LOVE TAXES.
__________________

__________________
*BOOMCHAA!* is offline  
Old 02-03-2004, 11:59 PM   #3
Rock n' Roll Doggie
ALL ACCESS
 
ILuvLarryMullen's Avatar
 
Join Date: Jun 2002
Location: in the sunshine
Posts: 6,904
Local Time: 04:30 PM
you will probably get money back. do you have your W2 yet from your employer? It should say how much you paid in federal income tax this year on it, you will probably get most of that amount back.
__________________
ILuvLarryMullen is offline  
Old 02-04-2004, 12:13 AM   #4
Sizzlin' Sicilian
Forum Administrator
 
Sicy's Avatar
 
Join Date: Jan 2001
Location: Bay Area, CA
Posts: 69,297
Local Time: 04:30 PM
I usually get around $1200 back
__________________
Sicy is offline  
Old 02-04-2004, 12:17 AM   #5
arw
Blue Crack Addict
 
arw's Avatar
 
Join Date: Nov 2002
Location: walking around 10,000 lakes
Posts: 27,320
Local Time: 07:30 PM
I'm going to force my brother to do my taxes this weekend (he's tried to teach me.....I don't get it )

I want my money!
__________________
arw is offline  
Old 02-04-2004, 12:40 AM   #6
Blue Crack Supplier
 
IWasBored's Avatar
 
Join Date: Nov 2002
Posts: 36,504
Local Time: 08:30 PM
basically how i understand it, if you don't make over a certain amount of money (i don't know the number, and it might depend on where you are...although if they're federal i guess i that doesn't make a difference...) then you get it back. and if you do make over a certain amount of money, you get a percentage back based on various things you answer on the other lines of the forms.

all i know is that i don't make enough money to have to give them money, i get money back, and your work schedule (40 hour weeks during the summer 15 during school) look like mine...

FAFSA is the devil. i fucking hate filling that out. which reminds me i've got to do that soon...

i hope i didn't lose my W2 ...oh good, it's over there *points*
__________________
IWasBored is offline  
Old 02-04-2004, 06:24 AM   #7
Blue Crack Addict
 
meegannie's Avatar
 
Join Date: Oct 2001
Location: Norwich, England
Posts: 15,798
Local Time: 12:30 AM
I doing my taxes!! I can't WAIT until I get my W2. I've been anxiously checking my mail every morning as soon as I get up!

Come on, money!!
__________________
meegannie is offline  
Old 02-04-2004, 09:52 AM   #8
ONE
love, blood, life
 
MrBrau1's Avatar
 
Join Date: Aug 2000
Location: Verplexed in Vermont
Posts: 10,436
Local Time: 07:30 PM
GW has bankrupted the gvt. No tax returns this year.
__________________
"If you needed my autograph, I'd give it to you." Bob Dylan
MrBrau1 is offline  
Old 02-04-2004, 10:54 AM   #9
Blue Crack Addict
 
nbcrusader's Avatar
 
Join Date: Aug 2002
Location: Southern California
Posts: 22,071
Local Time: 04:30 PM
Lies,

You should have a W-2 from your employer (they must provide them by 1/31 each year). As you may know, the W2 will show your gross income as well as the amounts withheld for taxes.

How much you get back depends on how you set up your withholdings and the number of deductions you have. If you really want to put some effort into this, a program like TurboTax can help you decide the best way to file (1040EZ, 1040E or 1040). Without a mortgage, the standard deduction is probably best for you.
__________________
nbcrusader is offline  
Old 02-04-2004, 11:03 AM   #10
Rock n' Roll Doggie
VIP PASS
 
bammo2's Avatar
 
Join Date: Aug 2002
Location: In a car with House and Wilson :yikes: Let me out!! Let me oooooooouuut!!!
Posts: 5,660
Local Time: 01:30 AM
The US tax system seems really demented if you ask me

do you all have to fill in tax returns every year? The inland revenue do it all for us here.....
__________________
bammo2 is offline  
Old 02-04-2004, 11:46 AM   #11
Blue Crack Addict
 
nbcrusader's Avatar
 
Join Date: Aug 2002
Location: Southern California
Posts: 22,071
Local Time: 04:30 PM
The tax code is an unusual creature - essentially, everything is taxable, unless it is not.

And yes, for the vast majority of us, returns must be filed each year.
__________________
nbcrusader is offline  
Old 02-04-2004, 11:48 AM   #12
Blue Crack Addict
 
meegannie's Avatar
 
Join Date: Oct 2001
Location: Norwich, England
Posts: 15,798
Local Time: 12:30 AM
Also, if you have student loans, you may be able to deduct the interest you've paid. Your loan company should send you a form, and when you're filling out your 1040, you'll come to a box where you just fill in the amount. You can download the instructions on the IRS website, which are pretty helpful with the formulas and all. Also, in a lot of states you can file online, and it does all the calculations for you. You usually get your return faster that way, so just look at the requirements to make sure you qualify for online filing. Telefile isn't bad either.

It's pretty straight-forward for the most part, though I had a lot of issues last year because I lived in Washington, DC for most of January and Maryland for the rest of the year, so I had to file in two states and use weird forms since I didn't spend the entire year in either state.
__________________
meegannie is offline  
Old 02-04-2004, 11:58 AM   #13
Blue Crack Addict
 
meegannie's Avatar
 
Join Date: Oct 2001
Location: Norwich, England
Posts: 15,798
Local Time: 12:30 AM
Quote:
Originally posted by bammo2
The US tax system seems really demented if you ask me

do you all have to fill in tax returns every year? The inland revenue do it all for us here.....
The thing that's really confusing is that the US is one of the only countries that requires expats to file each year. Most income earned abroad is subject to exclusion (up to $80,000, adjusted each year for inflation), so they usually don't have to pay, but they're still required to report foreign earnings. There's no penalty for not filing, but if someone came back to the US after not filing forever, they'd have to file for the past three (I think) years.
__________________
meegannie is offline  
Old 02-04-2004, 12:32 PM   #14
BAW
The Flower
 
BAW's Avatar
 
Join Date: Dec 2001
Location: The OC....!!!!
Posts: 11,094
Local Time: 04:30 PM
I've always had good luck with TurboTax.com.

For students with the expected low incomes, preparation and electronic filing are free or very low cost. Its all self-explanatory and VERY simple. All you need is your W2 and they pretty much walk you through it all. Yesterday it took me a total of 20 minutes to prepare and file my stepson's taxes.
__________________
BAW is offline  
Old 02-04-2004, 12:49 PM   #15
ice
The Fly
 
ice's Avatar
 
Join Date: Dec 2003
Location: england ..someplace
Posts: 60
Local Time: 12:30 AM
hehehe, i pay no attention to taxes at all ^_^
might have too when im older though................
__________________

__________________
ice is offline  
 

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -5. The time now is 07:30 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Design, images and all things inclusive copyright © Interference.com