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

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Ohm

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#1

If you make $110k a year do you pay taxes?

07-07-2006, 05:44 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?
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SomeCreep

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#2

07-07-2006, 05:49 AM

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.

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Tom_PM

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#3

07-07-2006, 05:51 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.

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fallenmuffin

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#4

07-07-2006, 05:52 AM

Refund isn't about how much you made but how much you paid in.
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#5

07-07-2006, 05:53 AM

Uncle sam will be knocking

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ADL Colin

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#6

07-07-2006, 05:54 AM

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.

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Ohm

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#7

07-07-2006, 05:56 AM

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?
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seven

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#8

07-07-2006, 05:59 AM

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??

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Tdog

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#9

07-07-2006, 05:59 AM

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

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Ohm

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#10

07-07-2006, 06:08 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!
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#11

07-07-2006, 06:09 AM

depends on which country u r in

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wdforty

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#12

07-07-2006, 06:13 AM

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

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Linkster

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#13

07-07-2006, 07:13 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

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ADL Colin

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#14

07-07-2006, 07:19 AM

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.

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jayeff

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#15

07-07-2006, 07:32 AM

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.
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Sosa

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#16

07-07-2006, 07:50 AM

tell him to goto a fucking accountant.
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Manowar

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#17

07-07-2006, 07:52 AM

Originally posted by Sosa

tell him to goto a fucking accountant.

yep so true
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#18

07-07-2006, 07:54 AM

shit thats loads!

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CaptainWolfy

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#19

07-07-2006, 08:43 AM

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

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#20

07-07-2006, 08:44 AM

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.
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SomeCreep

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#21

07-07-2006, 09:00 AM

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.

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