Tag Archives: TAXES

Did You Know – 10/22/2018

 

Team of UK researchers have found a specific protein in the tissue of women in the early stages of ovarian cancer. It appears they have a 90% success rate in the detection.

 

2. Researchers at the University of Manchester have found a receptor called OR2AT4 which is known to stimulated by sandalore – synthetic sandalwood – and which can be found in the outer layer of hair follicles. They found that applying their synthetic sandalwood to the scalp tissue they could increase the hair growth and decrease cell death.

3. Some Converse sneakers have a thin layer of felt on the sole. The reason being shoes with a fuzzy sole can technically qualify as slippers which have import taxes up to 30% lower than regular shoes. Source

 

4. A study has shown that duct tape is more effective than liquid nitrogen at removing warts. source

 

 

5.

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How Much Do You Take Home?

 

 

Well the Mega Millions lotto in USA has reached the jackpot of $950 million – Imagine. 

Would that amount make you happy. I certainly would give it a good try. I remember going to a financial  seminar a few years ago and the speaker was saying how money does not necessarily make you happy but – It would be better crying in the back of a Rolls-Royce than crying in the back of a VW. My grandkids of course would prefer the VW only because of the make of vehicle not the lack of money.

Anyway don’t imagine for too long as you do not get the whole $950 million so the imagining will be cut short by a few million as Uncle Sam has to get his bit.

After taxes you can take it out in one lump sum or you can pick the annuity option.

Annuity after a 24% federal tax your payment comes out to $US24,573,333 per year for 30 years. (I’m thinking “will I be around in 30 yrs?”)

The Lump sum comes to $416,936,000 (this is all calculated on winning $950 Mill)

Then there is State taxes – California and Delaware levy no tax on Lottery earnings – means more money in those states. Now if you live in New York there is an 8.82 State taxes. Annuity $2,851,800 Taxes in NY and you end up with $US21,721,533 (30  payments of you get $651,645,990. Lump sum $US368,549,480.

So depending on how you get your winnings wether it be Lump sum (then you lose apron 2/3rds depending on what State you live in) or annuity (then you lose approx  1/3rd (depending on what State you live in)

So between Uncle Sam plus the State Government taxes your winnings are basically approximately cut in half. On saying that its one heck of a lot of money. As much as I don’t approve of Governments stealing our money it would take me some time to get through that many millions (I Think)

Good Luck to Those Who Have Bought Tickets and that includes me 🎉🎉🎉

Read More on this it is interesting

 

 

 

 

 

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Lesson in Taxes

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October 14, 2018 · 2:15 AM

Small Savings – Big Fortune

  1. Celebrate your birthday with free eats.  – Go Website Thrillist . This website has a list of 75 major food chains that offer free items on your special day. Benihana restaurants for example offer $30 off during your birthday month.

 

2. Buy glasses online – It can be 70 percent cheaper to buy at sites such as Zennioptical.com than at the store. That is $210 off a $300 pair of specs. AARP embers can save at EyeMed.

 

3. Get taxes done for free – AARP foundation offers a free tax preparation to people with a low to moderate incomes. Go to aarp.org/taxaide. or call 888-687-2277 – Save on average $273

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The Forbidden History Of Terrible Taxes

I know I go off on a lot of different tangents, mostly on about the things I am passionate about. Food, being healthy, being rich and independent and having fun and riding motorbikes of course. When I heard this video, I had that need to share as I do. 

This 13 min video is certainly worth the watch. I for one hate the Tax system. I personally believe it is hard-earned money stolen by a group of people who have never done an honest days work in their life. We complain but do nothing I know, but I think the day will come when we will rebel against the amount of tax we pay and how it is wasted.

Where does our tax go and how much do we really pay is all explained in this video.  Topher’s explanation is in-depth and very informative.

Topher is talking about the Australian tax system but it is  the same for many welfare countries and is a direction that America is heading. Look out America like the Aussies you will be taxed out of existence and under the control of a non productive Government because you will get used to Government hand outs and wont know how to live any other way. 

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Did you Know » 10/17/2011

Did you know these interesting facts about the IRS

The President Abraham Lincoln created the IRS during the civil war to help pay for the military expenses.

The federal government spends about $10 billion per year to pay the IRS’s 114,000 employees

While we are on that subject here are 13 other facts you may not know about the IRS.

1. When it was first created, the IRS was known as the Bureau of Internal Revenue. In the 1950’s the name was changed to the Internal Revenue Service.

2. The initial income tax was only 3% tax on individuals making over $800. Today the top tax bracket consists of a 35% tax.

3. In order for the IRS to print the necessary forms and documents over 300,000 trees are cut down every year.

4. The IRS collected $2.2 trillion in 2006, with $1.2 trillion coming from just federal income taxes.

5. Prior to the introduction of the Taxpayer Bill of Rights in 1998, the burden of proof was put entirely on taxpayers, meaning taxpayers had to prove themselves innocent.

6. The IRS sends out an average 8 billion page of paper every tax season. If all the pieces of paper were laid out end-to-end, it would wrap around the earth 28 times.

7. Over 229 million income tax returns were filed with the IRS in 2006.

8. The federal government spends $200 billion per year on federal tax compliance, which is more money than it takes to produce all of the cars in the United States.

9. The IRS employs over 114,000 people. That’s over double as many as the CIA and five times more than the FBI.

10. The United States tax systems is widely known for being confusing and difficult to understand. Therefore, over 60% of taxpayers seek professional help preparing their tax returns.

11. The average family pays over 38% of their total income to the IRS, which is more than the average family spends on food, clothing, and shelter combined.

12. The IRS has a whistleblowers program designed to help catch tax evaders. In 2005 they paid over $27 million to informants that resulted in nearly $350 million in revenue.

13. Tax Day, the date when tax returns must be filed with the IRS usually lands on April 15th. However, if the 15th is a weekend or holiday, Tax Day is moved to the next business day.
SOURCE

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Saving Tip For Today » 7/19/2010

Turning 70.5 yrs?

This advice comes from AARP. If you have turned 70 1/2 years of age you will have to take money out of your 401(k) or IRA by April 1, 2011. Do it this year not next. Some experts say income tax rates may rise next year, which would mean a bigger bite our of your withdrawal.

SOURCE: AARP

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