 NI and tax?? |
| At my part time job we are currently in the process of employing a new accountant.. In the meantime each of us are putting our contributions aside so as we dont owe any come the end of the tax year.. ... |
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 Living w/ parents and recently they want me to pay them $500 for rent/live in. Can I get a tax break? |
| i live with my parents at there home and am 25 years old. they recently told me that I would have to to chip in monthly expenses. My friends pay up to $250 a month but they expect $500 from me. Is ... |
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 When can I claim a tax rebate? |
| I started a new job in August and have been paying too much tax - when can I claim it back?... |
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 Should i file taxes this year if i only made $4000? |
| i am single and live in CA...or can i wait until next year to file for 07 and 08?... |
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 I just got a $5000 bonus, but only got about $2700 after Taxes; are we paying too much in taxes? |
Additional Details
Thanks everyone for educating me on the fact that bonuses are taxed at a higher rate. I didn't know that. :)... |
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 Can my wife's boyfriend claim her and my 4 children on his return? |
We are separated for 21 months. My wife lives with her boyfriend and my kids.
Additional Details
She does not have income except my son's SSI disability.... |
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 When do I need to pay taxes quarterly? |
| I am working part-time and getting paid with a check, but he is not taking out the taxes. So it will be my responsibility to pay them. But at what point do I need to start paying on a quarterly ... |
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 Do you have to pay taxes on the previous years refund? |
| My boyfriend was recently told he had to pay taxes on last years return. Is this true?... |
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 Should i be paying tax? |
student nurse getting emergency taxed
Additional Details
i get a 498 quid bursery a month, i work 2 jobs part time, the first job i only work 12hrs a month on and i pay no tax on it, ... |
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 How bad is to skip filling taxes for more than 3 years? |
| Here is my problem I didn't file taxes in 02, 03, 04, 06 and 07, and the IRS just send me a letter that I need to pay for 06 and 07 close to 6000 dollars, if not they will go to my employer and ... |
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 Which state in the US have the lowest income tax? |
| Which state in the US have the lowest income tax, or is it all for the same rate?... |
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 Divorced Couple, Unsure Who Should Claim Child? |
| I have a friend who is trying to figure out who should claim their child. This is the first year they are filing separately and the divorce decree has nothing in it about who gets to file. Here is ... |
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 What do we do about an employer that doesn't take out deductions? |
| my hubby has a new job,great pay,but we didn't know that STRAIGHT PAY ment there would be No deductions taken out. no taxes,no ss, nothing.he also gets no overtime pay,no sick pay, no holiday ... |
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Joey | What would happen if there was no income tax in the U.S.? |
Where do the proceeds go after you pay your income taxes? I heard U.S. Debt and nothing goes into what we see everyday such as schools, roads and the such. |
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Jeff G
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You might be confusing income tax with other taxes. Property taxes, sales tax, gas tax and other taxes usually pay for much of the things you use every day such as police, fire, roads etc. Your federal income taxes usually go to pay for things such as the military, lobster dinner for politicians :), and other itmes used on the federal level. That's not to say that some of that federal money doesn't get used locally, as some of it gets brought back to your area by your elected representatives in congress and the senate. Lately, you have heard a lot about ear marks, which are provisions added to spending bills that seem like a waste of tax payer money. Well, some argue that if their representatives paid taxes, then they should have some of the money spent in their district, so your local politicians try to get money spent in a way that will not only benefit his or her area the best, but will end up getting him the most support when he or she runs for office the next time around. So, to answer your question; a lot of the money collected by income taxes does go to every day uses. Unfortunately, our debt is starting to eat up most of what is collected. Last year the IRS collected over 2.4 trillion dollars, which is roughtly one third the national debt. In fiscal year 2008, we spent 451 billion on interest alone. Both candidates running for office have made promises that will increase spending, and that coupled with the bailout and other items will almost double our national debt, which will in essensce double our interest to almost a trillion. So, to answer your original question; almost 25% of the taxes collected go to pay down the debt and 75% of the money collected in taxes goes for new spending. |
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bostonianinmo
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Federal income taxes fund many things. National Defense, certain entitlement programs, federal employees, the deficit -- or at least the interest on it which is a "must pay" item. While local roads, schools, protective services, etc. are primarily funded by local taxes, Federal funds ARE used to supplement local taxes for many programs.
It's a common misconception that income taxes only pay the national debt or fund the Federal Reserve. There's no truth in that at all. The interest on the deficit is around $500 billion but total income tax revenues are well over $1.5 TRILLION. And the Federal Reserve actually generates income itself, 100% of which is swept back into the US Treasury's General Fund each year.
Without an income tax, the government would have to resort to some other tax to raise the revenue. There's not a lot that can be taxed that would raise the kind of money needed, other than possibly a 30% or higher national sales tax. That would crucify the poor and middle class while giving the wealthy a huge tax break, so it would never make it out of the House of Representatives. |
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Charles G
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If there were no income tax, the government would tax something else to raise the money it needs.
The government currently expends about 6% for interest on the national debt. http://www.gao.gov/atext/strobj34.txt |
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C J
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schools, roads, military, congress, welfare programs, law enforcement and all government agencies rely on income tax. Government gets its money from taxes. All of these things get their money from the government.
The dept is something entirely different. That is when the government spends more money than it takes in from taxes. Not having an income tax would therefore raise the debt. Most of the current dept comes from the expense of the war in Iraq. When Clinton left office there was no debt but a surplus. |
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wartz
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There would have to be some other taxes to replace it. |
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costcogal07
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prisons
government officals probably |
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cirrus74
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Wouldn't the income inequality get worse and worse? Since the higher income are in higher tax brackets and the whole idea about income tax is to decrease the gap between the rich and the poor. However, since governments are so corrupt nowadays, who knows where the money goes... |
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Iris
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Fairtax.org
^ that's what would happen |
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Im stuck in your brain
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If government spending was reformed, and people were held accountable for wasting tax money, I think we'd all be shocked at how little they actually need to get their jobs done.
Political favors, contractors getting paid 20 times what they should, useless projects literally designed to do nothing but waste money... in all reality, we could probably eliminate the income tax completely and lower other taxes if they didn't use our money like it was their own private piggy bank. |
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Plondaranera
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Our military would be dead, and Mexicans will take over the USA. Schools would close, because nobody would be paying them. All Gov't agencies would be gone. |
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