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Joined: Sep 2003
Posts: 2,426
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Sep 2003
Posts: 2,426 |
Originally posted by Brian M:
My question is, what do you people do for a living that have already made $94,200 this year ?
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Joined: Mar 2001
Posts: 1,279
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Mar 2001
Posts: 1,279 |
I dont pay SS, so there  not taking a paycheck is a good thing 
Previous Owner of 00 SVT Contour #1077/2150 
95 Contour SE '01 3L 
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Joined: May 2000
Posts: 3,290
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: May 2000
Posts: 3,290 |
Originally posted by Brian M:
My question is, what do you people do for a living that have already made $94,200 this year?
 I have to admit all I thought when I saw this thread was, "Hmm, someone's curious if any CEGers make more than him."
E0 #36
'95 Ranger
'82 Honda CX500
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Joined: Jul 2000
Posts: 443
CEG\'er
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CEG\'er
Joined: Jul 2000
Posts: 443 |
Originally posted by RoadiJeff:
I'm pretty sure that my SS deduction is based on the gross amount for the week AFTER my 401(k) deduction. Had it not been for that $15,000 contribution which is now maxed out I would have reached the SS max withholding several weeks ago.
I could be wrong, it wouldn't be the first time. 
EDIT: By golly, you're right. I just looked up my Epay check statements for the last few weeks and the SS tax is around 1.5% since crossing the magic $94,200 threshold if I factor in the 401(k) contribution. Coolness. Thanks.
Yeah, your pre-tax deductions don't have any effect on the magic number from an SS withholding perspective.
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Joined: Jul 2000
Posts: 443
CEG\'er
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CEG\'er
Joined: Jul 2000
Posts: 443 |
Originally posted by Brian M:
My question is, what do you people do for a living that have already made $94,200 this year? (and do any of you want to buy a super-low mileage SVT with your huge disposable income )
Senior IT Manager at a top law firm. What can I say, law firms pay well.
I wish I had a lot of disposable income BTW. I had more disposable income when I was in college honestly (I made good money working collections at MBNA back then and had no bills really). Most of my paycheck goes toward our house, home improvements, two cars, insurances, private school tuition, and household/living expenses for a family of five. I've always maintained, no matter how much you make, it's never enough.
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Joined: Jul 2000
Posts: 443
CEG\'er
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CEG\'er
Joined: Jul 2000
Posts: 443 |
Originally posted by Mr. Hightower FTW:
I wonder, if I switched jobs mid-year, how does the second employer know when I have reached my taxable limit? Hmmm... 
They won't know unless you tell them and even then, their payroll system may not be able to handle the adjustment. I had this problem when I switched jobs back in 2002. If you have too much withheld via SS, you'll get it back when you file your tax return for the year in question.
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Joined: Nov 2002
Posts: 423
CEG\'er
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OP
CEG\'er
Joined: Nov 2002
Posts: 423 |
Originally posted by Brian M:
My question is, what do you people do for a living that have already made $94,200 this year?
Believe it or not I have a blue collar job. I had to just about live at work this year to get to this point by early July. At one time I was averaging over 80 hours per week. The long hours are not required by my employer but I wanted to see what I could do one year as I took a break from my usual busy bicycling summer schedule. Maybe I'll take the rest of the year off - now there's a thought.
I still managed to fit in a few vacations. Been to Vegas for a week back in Feb. and going back again in Oct. Except for the jackpot I won when I put a quarter in the only slot machine I've ever played in my life when I was 12 years old I've never gambled a cent there.
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Joined: Jun 2000
Posts: 3,496
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Jun 2000
Posts: 3,496 |
Originally posted by cjbaldw:
Originally posted by Mr. Hightower FTW:
I wonder, if I switched jobs mid-year, how does the second employer know when I have reached my taxable limit? Hmmm...
They won't know unless you tell them and even then, their payroll system may not be able to handle the adjustment. I had this problem when I switched jobs back in 2002. If you have too much withheld via SS, you'll get it back when you file your tax return for the year in question.
Exactly. I was in this position last year when I switched jobs mid-year. On form 1040 for 2005 it was Line 67 under the Payments heading where you placed your excess withholdings.
If your lazy and do not do them by hand, Turbo Tax will fill in this box for you as well.
Money doesn't always bring happiness. People with ten million dollars are no happier than people with nine million dollars ~ Hobart Brown
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Joined: May 2001
Posts: 8,770
Smurfette
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Smurfette
Joined: May 2001
Posts: 8,770 |
doing it by hand is for suckers and geeks that want to check the accuracy of the software. e-file ftw! (I do it by hand first on a worksheet and then use a free e-file company's software)
Kim
1995 Contour GL
Needs less "needs more"
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Joined: Aug 2000
Posts: 3,193
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Aug 2000
Posts: 3,193 |
Originally posted by frenchblueC2:
doing it by hand is for suckers and geeks that want to check the accuracy of the software.
e-file ftw!
(I do it by hand first on a worksheet and then use a free e-file company's software)
Exactly the same here...
Brad "Diva": 2004 Mazda 6s 5-door, Volcanic Red
Rex: 1988 Mazda RX-7 Vert, Harbor Blue.
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