The government take a tax right, which is mandatory. For argument sake lets say this tax gets deducted from your pay each week. Wouldn't you say the government owns your money (since you have no say whether they take it or not) and they are just letting you keep some of it?
2007-12-20 15:34:03 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You own your money - if you wanted to, you could set your deductions so high that little or no money would come out of your paycheck - you would just owe the government more during tax time (and there are some penalties associated with having to write a big check at tax time).
However, you can also earn untaxable money - interest from municipal bonds, et al - which the government takes nothing. Same thing as income from a Roth IRA.
So it is a matter of perspective and personal tax situation which determines what the government takes at paycheck time and at tax time.
2007-12-20 15:40:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Chain of Events: Where LuniBear's Money goes.
1. Percentage to Boss
2. Percentage to Gov.
3. Percentage to bank
4. Spouse
5. Kids
6. Me
Not fair! How am I last on the list when I earn the money?!? :D
2007-12-20 15:42:09 · answer #2 · answered by henriette 2 · 0⤊ 0⤋
First, she should additionally be certain if her father and mom are going to make her pay for the canine vet charges, nutrients, flea administration, and so on. I possibly spend a minimum of $500 a three hundred and sixty 5 days on my canine now, and the 1st 3 hundred and sixty 5 days of possessing a canine is in many cases extra high priced through fact of all the photos and neutering. She would desire to undertake her canine from an animal look after, as they're in many cases merely approximately $60-$a hundred, and in many cases will contain a chit for neutering and photos from a community vet. by ability of saving up any Christmas or birthday funds, she does no longer would desire to earn a bargain till now she would desire to undertake the domestic dog. Babysitting, backyard artwork, or a paper path would devoid of postpone earn the funds she needed.
2016-10-09 00:48:24 · answer #3 · answered by freitas 3 · 0⤊ 0⤋
Not really,though it may appear to be so.Tax deductions are with your consent (Law provides for it) and the taxes collected by the Government are off set by providing you,me and every body with services like roads,water,security,law and order and what not.So,as an on going process,we pay taxes for which we receive services.Both are quits and we and the government don't owe each other any thing as outstanding.
2007-12-20 16:03:48 · answer #4 · answered by brkshandilya 7 · 1⤊ 0⤋
Actually you do own it, and you can stop some of it by claiming more dependants on your w-4. Just don't try claiming extras on your 1040.
2007-12-20 15:40:46 · answer #5 · answered by Jeffrey T 4 · 0⤊ 0⤋
Oooh J03, Don't even get me started on the government taking OUR money. My eye is twitching just thinking about it!! Merry CHRISTmas..........
2007-12-20 15:38:23 · answer #6 · answered by diamondrob1 4 · 0⤊ 0⤋
Fill Surveys Get Money : http://OnlineSurveys.uzaev.com/?qZZL
2016-07-07 15:22:39 · answer #7 · answered by Oleta 3 · 0⤊ 0⤋
You do have a say. You control how much is dedcuted from each check.
2007-12-20 15:44:48 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Actually my wife owns it..I never see it.
2007-12-20 15:37:36 · answer #9 · answered by Monte T 6 · 1⤊ 0⤋
Never thought of it that way, but I guess it's true.
2007-12-20 15:37:44 · answer #10 · answered by just wants to know 7 · 0⤊ 1⤋