Homeworkd Assignment For Today

[PPHSfan]

I would like someone who has the time to perform the following test and post the results.

First: Find a program like Turbo-Tax and use it to determine the tax-paid/ tax-refund for the following three people for comparison.

Subject number one: Married with three children under the age of eighteen living at home with mom and dad. Rents a house and works as a draftsman. Earns $50,000.00 a year and wife works part-time and brings in an extra $10,000.00

Subject number two: Married with three children under the age of eighteen living at home with mom and dad. Rents a house and works as an attorney. Earns $140,000.00 a year and wife works part-time and brings in an extra $10,000.00

Subject number three:Married with three children under the age of eighteen living at home with mom and dad. Rents a house and works as a CEO of a mid-sized company. Earns $500,000.00 a year and wife works part-time and brings in an extra $10,000.00

Surbject number four: Married with three children under the age of eighteen living at home with mom and dad. Rents a house and bounces between jobs but still managed to earn $20,000.00 this year. Wife earned an extra $7,000.00 working at the cafe.

All of the above folks work for companies, and received a w2 at the end of the year.

Good Luck

There will be a nice prize for the best homework grade.

[Ranger Mom]

dont' we need to know how many they claimed on their w-4.....or how much tax was taken out on the w-2?

Taxact.com can figure it for you....just have to use bogus SS #'s, etc.

Also....doesn't the child credit stop at age 16??

They can still be an exemption but you can't get the tax credit if they are over 16.

I seem to remember something about that last year.

I no longer have dependents :weeping: so I didn't have to think about that his year.


Disclaimer: I am NOT crying because my kids have grown up and moved on, I am crying because my tax return sure don't look like it used to!!:p

[PPHSfan]

They all claimed exactly what they have, and the amount taken out during the year is irrelevant to the end result. You can just put in one thousand dollars for all four subjects.

[Black_Magic]

Originally posted by Ranger Mom
dont' we need to know how many they claimed on their w-4.....or how much tax was taken out on the w-2?

Taxact.com can figure it for you....just have to use bogus SS #'s, etc. yes you need more information.

[Ranger Mom]

Originally posted by PPHSfan
They all claimed exactly what they have, and the amount taken out during the year is irrelevant to the end result. You can just put in one thousand dollars for all four subjects.

Okay....well I edited above.....had another question!

[PPHSfan]

OK,

They are all under the age of 15

[Ranger Mom]

Originally posted by PPHSfan
OK,

They are all under the age of 15

I don't know why I am asking....I'm not even doing it!!:p

[PPHSfan]

I guess in fairness i should also replace the word "wife" with the word "spouse". As the woman could just as easily be the main breadwinner.

[SintonFan]

Prize?
Sweet!

[PPHSfan]

Originally posted by SintonFan
Prize?
Sweet!

Dinner for two at the restraunt of my choice. LOL

[IHStangFan]

LOL...I see where this is going and I like the way you think. I'm curious to see if my notion on how the results will turn out is right.

[pirate4state]

A prize? yeah right

[PPHSfan]

Originally posted by pirate4state
A prize? yeah right

Are you skeered to try?

[pancho villa]

I'm getting $7100 back! My peoples get all kinds of deductions.

[pirate4state]

Originally posted by PPHSfan
Are you skeered to try?

Not at all. I have prepared a dozen tax returns this year. I'm sick of doing it. I just remembered that you never bought Gary that DL t-shirt when you dished out a previous "assignment".

[PPHSfan]

Originally posted by pirate4state
Not at all. I have prepared a dozen tax returns this year. I'm sick of doing it. I just remembered that you never bought Gary that DL t-shirt when you dished out a previous "assignment".

That was not me who dropped the ball on that deal and Gary knows it. A former poster who.....nevermind. I can't believe you would stoop to that. et tu P4S?

[pirate4state]

Originally posted by PPHSfan
That was not me who dropped the ball on that deal and Gary knows it. A former poster who.....nevermind. I can't believe you would stoop to that. et tu P4S? If there is a backstory, I don't know it.

All I know is you offered a shirt and a shirt was never delivered. We can blame it on Aggie John! :D

[PPHSfan]

Originally posted by pirate4state
If there is a backstory, I don't know it.

All I know is you offered a shirt and a shirt was never delivered. We can blame it on Aggie John! :D

Never Delivered is the key word.

The shirt was ordered. I was not in control of manufacturing and distribution.

I can't believe I'm having to defend myself here.

You should ask Ranger Mom, Jason, Talena, Mark, and Rueben if I pay up when I promise.

[pirate4state]

Originally posted by PPHSfan
Never Delivered is the key word.

The shirt was ordered. I was not in control of manufacturing and distribution.

I can't believe I'm having to defend myself here.

You should ask Ranger Mom, Jason, Talena, Mark, and Rueben if I pay up when I promise.

Oh quit being a baby!

[PPHSfan]

Originally posted by pirate4state
Oh quit being a baby!


Bite me you phsyco hose beast:D

[pirate4state]

Originally posted by PPHSfan
Bite me you phsyco hose beast:D

I can't. My lips are chapped! :D

[Ranger Mom]

Originally posted by PPHSfan
Never Delivered is the key word.

The shirt was ordered. I was not in control of manufacturing and distribution.

I can't believe I'm having to defend myself here.

You should ask Ranger Mom, Jason, Talena, Mark, and Rueben if I pay up when I promise.

:weeping: :weeping: I'm the only one who doesn't have a name!!!

[PPHSfan]

Originally posted by Ranger Mom
:weeping: :weeping: I'm the only one who doesn't have a name!!!

Good Lord your hormones are raging today.:D

[Ranger Mom]

Originally posted by PPHSfan
Good Lord your hormones are raging today.:D

I am having the dreaded hysterectomy done next Thursday....so I guess y'all will have to deal with me until then!!:tongue:

You don't even know my name...do you!??:p

[PPHSfan]

Originally posted by Ranger Mom
I am having the dreaded hysterectomy done next Thursday....so I guess y'all will have to deal with me until then!!:tongue:

You don't even know my name...do you!??:p

Are you serious?

[PPHSfan]

Originally posted by Ranger Mom

You don't even know my name...do you!??:p

Do you think it say's Ranger Mom in my telephone?

[Ranger Mom]

Originally posted by PPHSfan
Are you serious?

About which one??

The surgery...yeah, I'm serious!!

And....I know you know my name!!:p