Who's gonna owe taxes this year?

Discussion in 'Holding Tank' started by mnm99, Dec 27, 2018.

  1. MonacoMike

    MonacoMike Well-Known Member PLATINUM Sponsor

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    Everyone should have to write a check for their taxes. As it is, it is an abstraction and people generally base their perception of their income on their take-home.

    MM
     
    Jaybeaux likes this.
  2. boatman37

    boatman37 Well-Known Member

    Jun 6, 2015
    pittsburgh
    2006 Crownline 250CR. 5.7 Merc BIII
    Previous: 1986 Sea Ray 250 Sundancer. 260 Merc Alpha 1 Gen 1
    5.7 Merc BIII
    yeah and most of my payment is interest. like 75% of it. just started paying them a couple years ago. anywhere from 6-8% interest on them. so about $600 of that 800 is interest.
     
    MonacoMike likes this.
  3. Z-Worthy

    Z-Worthy Member

    387
    Jun 20, 2014
    Sandusky, OH
    1997 400 DA
    300hp CAT 3116s
    Try being a dentist. My colleagues and I are looking at $300k+ educational debt at 6.8% running $2k+/mo student loan payments for 30yrs and not one cent of it is deductible. Your average doctors, dentists, optometrists, and veterinarians will be in debt until well after they’ve already retired.
     
  4. JVM225

    JVM225 Well-Known Member GOLD Sponsor

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
  5. JVM225

    JVM225 Well-Known Member GOLD Sponsor

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
    I’m a big fan of the flat tax idea. One rate for all with no deductions for anything.
     
  6. Timeflys

    Timeflys Member

    186
    Dec 7, 2013
    Thousand Islands, Ontario, Canada
    "Frequent Flyer"
    2002 Sundancer 360
    Merc Horizon 8.1s
    As another member pointed out, you’re lucky you don’t live north of the border when it comes to taxes. Deductions are few (for me, anyway)We can not deduct mortgage interest on our residences, and boats don’t classify as secondary residences. You also cannot get mortgages on boats.
    Generally, consumption is discouraged with virtually everything subject to a “gst” - good&services tax at 13% in Ontariowe. Boats, cars, gasoline,heating costs for your house etc.
    Even trying to drown our sorrows is expensive due to tax.....a 24 of Budweiser in cans is $43!!
     
  7. MonacoMike

    MonacoMike Well-Known Member PLATINUM Sponsor

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    Now that is beyond all reason...

    MM
     
  8. Quint4

    Quint4 Well-Known Member TECHNICAL Contributor SILVER Sponsor

    Oct 6, 2006
    S.W. Ohio
    330 Sport Bridge
    5.7 MPI 350 Merc Bluewaters
    But dentists have big boats!
     
    MonacoMike likes this.
  9. Gofirstclass

    Gofirstclass Well-Known Member

    Apr 20, 2010
    Tri Cities, WA
    1995 550 Sedan Bridge,
    2010 Boston Whaler 130 Super Sport,
    1981 Boston Whaler 130 Sport,
    CAT 3406C's, 580hp.
    I'm just sitting here quietly watching this parade go by. Please don't stop, I'm enjoying it.

    WA is a heavily taxed state. No income tax, but our liberal Democratic government still has not learned to curb its spending habits.
     
    LG111 likes this.
  10. Golfman25

    Golfman25 Active Member

    283
    Sep 12, 2009
    IL
    281
    V8
    Holly chit. A case of bud is like $15 around here. At least you can smoke the weed. :)
     
    M Prod likes this.
  11. kvduff

    kvduff Member

    208
    Jun 22, 2011
    2006 320 da 6.2 mpi, v-drives, Raymarine c80 chart plotter/radar
    mercruiser 6.2 mpi mx horizon
    Long Island should be it’s own state. With the amount we contribute... alone we would be ranked in the the 10 economically, population, and in education. The shithole of nyc is sucking us all down!
     
    gmacd81 likes this.
  12. Blueone

    Blueone Well-Known Member SILVER Sponsor

    Jan 24, 2007
    Lake Erie, Ohio
    2004 420 Sundancer
    Cummins 6CTA 450's
    In Canada....How are you suppose to pay for free health care if not taxing gas, pot and liquor..... All of which the government controls.

    When the government controls .....money is wasted and there is no competition to self regulate... Socialism is not self sustaining.
     
  13. juggernaut1

    juggernaut1 Active Member

    851
    Apr 19, 2015
    Perth, Western Australia
    2006 38 Sundancer
    8.1S / ZF 63V Drives
    Sounds very much like the Australian system, except our GST rate has remained at 10% since inception on 1 July 2000. Sales tax was abolished at the introduction of our GST system and income tax rates were reduced. We also have a 50% tax exemption on assets held for more than 12 months (i.e. shares, rental properties etc) with your primary residence generally exempt from tax. Our company rates are being reduced from 30% to currently 27.5% and down to 25% for small/medium sized companies.
     
  14. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    With all the changes made I'm just going to wait until this years return is done and compare total tax liability as best I can.

    Some folks will come out better and some won't. No matter what happens we'll be told it's not good and that Trump messed everything up.
     
  15. mnm99

    mnm99 Well-Known Member

    Oct 2, 2015
    Long Island
    2004 340 SeaRay Sundancer
    Twin 8.1 Merc
    If NY knew we were in a bad spot and would have to owe more taxes because of the SALT and lack of deductions, Why in the hell did they take less out of out paychecks. I understand the lower brackets and all, but imagine all the people that were like " Wow this is great. Look how much more I'm getting in my check" To find out they have to give it all back and some. I was a little prepared at least when my accountant told me to take the difference out and put it aside. Just never thought it would be double. As Woody said..IRS will be getting payments from me this year if it's what I think. I'll just have to see what the difference really is.
     
  16. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    I'm curious how your property tax mill rate compares to ours. Mine is 15.17713 per thousand, 65% is education.
     
  17. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    Ah yes, Canada, soon none of them will receive any money at all, they'll have no need for it because all things will be free.
     
  18. KevinC

    KevinC Well-Known Member

    Feb 25, 2011
    Long Island, NY
    2004 340 Sundancer
    1988 Proline Center Console - 90hp Mariner/Mercury
    1969 Boston Whaler
    Twin 8.1 V-drives
    The FEDs and NYS each publish their own withholding formulas for employers. These are each independent of each other and establish the minimum withholdings for the employer based on your declarations. This has nothing to do with your taxes owed as you may have additional earnings not part of your salary that the employer may not even know about. It is simply a easy money grab in advance by the government.

    If withholdings are not properly made they will go after the company as well as the individual if the company defaults.

    Also don't forget that the employer is paying a tax on each and every employee to the feds for each hour they work.

    As stated before the government does not want people knowing what they pay so they make it intentionally obfuscated. Most people only know the take home and hope to get money back on fileing.

    So if you have to pay consider yourself lucky as you did not give the government a zero interest loan that was forced on you.

    -Kevin
     
    JVM225 likes this.
  19. Timeflys

    Timeflys Member

    186
    Dec 7, 2013
    Thousand Islands, Ontario, Canada
    "Frequent Flyer"
    2002 Sundancer 360
    Merc Horizon 8.1s
    “In Canada....How are you suppose to pay for free health care”
    I chuckle when people talk about free health care .... it’s not free....we pay for it in taxes. In the province of Ontario it takes up almost 40% of the annual $158 billion budget, most going to administrative bureaucracy. It is not unusual to have wait times of 6-12 months for surgery. Our hospitals in major cities have patients on gurneys in the HALLWAYS from overcrowding. Lots of misconceptions about Canadian healthcare.
    Fwiw...the last government (in power for 12 years) overspent budgets so that Ontario has the highest sub sovereign debt IN THE WORLD!
    Sorry for the rant. Somebody mentioned taxes and it flipped a switch.
    I remember when I used to drink for fun!
     
  20. MonacoMike

    MonacoMike Well-Known Member PLATINUM Sponsor

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    Too funny...

    MM
     

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