Where Does All the Money Go?

In 2013, the major entitlement programs - Social Security, Medicare, Medicaid, and other health care consumed 49 percent of all federal spending. These programs, and interest on the debt, are on track to consume an even greater share of spending in future years, while the portion of federal spending dedicated to other national priorities will decline.

SHARE OF FEDERAL SPENDING IN 2013



http://blog.heritage.org/2014/04/15/taxe...ium=social

Ugh

(04-15-2014 09:04 AM)HeartOfDixie Wrote:  Ugh

You're telling me. I actually owed money. How does a student owe money? I guess my tuition leftovers are going to good (cough) use right? So Harry Reid can send the BLM out to a cattle standoff.

(04-15-2014 09:05 AM)ncbeta Wrote:  

(04-15-2014 09:04 AM)HeartOfDixie Wrote:  Ugh

You're telling me. I actually owed money. How does a student owe money?

Really? How did you manage that?

Put my check in the mail this morning. I could have made better use of that money by just burning it.

(04-15-2014 09:07 AM)HeartOfDixie Wrote:  

(04-15-2014 09:05 AM)ncbeta Wrote:  

(04-15-2014 09:04 AM)HeartOfDixie Wrote:  Ugh

You're telling me. I actually owed money. How does a student owe money?

Really? How did you manage that?

I think because my internship last summer failed to take tax $$ out of the few paychecks that I received. "If you make under a certain amount you don't have to pay taxes." I think I made like $12 over that amount and got stuck with a $300 bill.

WSJ's version:

(04-15-2014 09:08 AM)ncbeta Wrote:  

(04-15-2014 09:07 AM)HeartOfDixie Wrote:  

(04-15-2014 09:05 AM)ncbeta Wrote:  

(04-15-2014 09:04 AM)HeartOfDixie Wrote:  Ugh

You're telling me. I actually owed money. How does a student owe money?

Really? How did you manage that?

I think because my internship last summer failed to take tax $$ out of the few paychecks that I received. "If you make under a certain amount you don't have to pay taxes." I think I made like $12 over that amount and got stuck with a $300 bill.

Are you a dependent on somebody else's return? Your tuition should have been reported and killed that bill.

(04-15-2014 09:11 AM)HeartOfDixie Wrote:  

(04-15-2014 09:08 AM)ncbeta Wrote:  

(04-15-2014 09:07 AM)HeartOfDixie Wrote:  

(04-15-2014 09:05 AM)ncbeta Wrote:  

(04-15-2014 09:04 AM)HeartOfDixie Wrote:  Ugh

You're telling me. I actually owed money. How does a student owe money?

Really? How did you manage that?

I think because my internship last summer failed to take tax $$ out of the few paychecks that I received. "If you make under a certain amount you don't have to pay taxes." I think I made like $12 over that amount and got stuck with a $300 bill.

Are you a dependent on somebody else's return? Your tuition should have been reported and killed that bill.

First year of not being a dependent. Still learning.

Does ANYBODY know how much money the 350 million (or so) citizens send IN to the gov.????????????

We donate a lot of monies to charity so I have a refund coming but I'm still keenly aware that I get fleeced by the tax man every day..

(04-15-2014 09:15 AM)tigerjaws Wrote:  Does ANYBODY know how much money the 350 million (or so) citizens send IN to the gov.????????????

Not sure how many end up owing but apparently $1,175,536,000,000 is the total amount of income tax received. $2,472,542,000,000 is the total yearly tax revenue.

Not exactly sure about the accuracy of the website.

(04-15-2014 09:14 AM)ncbeta Wrote:  

(04-15-2014 09:11 AM)HeartOfDixie Wrote:  

(04-15-2014 09:08 AM)ncbeta Wrote:  

(04-15-2014 09:07 AM)HeartOfDixie Wrote:  

(04-15-2014 09:05 AM)ncbeta Wrote:  You're telling me. I actually owed money. How does a student owe money?

Really? How did you manage that?

I think because my internship last summer failed to take tax $$ out of the few paychecks that I received. "If you make under a certain amount you don't have to pay taxes." I think I made like $12 over that amount and got stuck with a $300 bill.

Are you a dependent on somebody else's return? Your tuition should have been reported and killed that bill.

First year of not being a dependent. Still learning.

I think your tuition can lower your taxable amount by either $3500 or $4000.

You can amend your return and get your $300 back though.

Good luck with it man.

(04-15-2014 09:15 AM)tigerjaws Wrote:  Does ANYBODY know how much money the 350 million (or so) citizens send IN to the gov.????????????

http://www.cbpp.org/cms/?fa=view&id=3822

Every once in a while, people kick around the idea of letting citizens designate how 1% of their taxes will be spent. I'd select scientific research or NASA.

I'm getting a small amount back. I'm in year 2 of a 30 year mortgage though, so I had a good bit of interest I was able to write off. It'll only go down from here.

I'm afraid I'll owe big for 2014. There is a pretty good chance I'll get >$20,000 in bonuses this year and my company doesn't take income taxes out of those, so I'm going to have to set aside a big chunk of that for taxes since bonuses are taxed at a ridiculous level.

(04-15-2014 09:22 AM)HeartOfDixie Wrote:  

(04-15-2014 09:14 AM)ncbeta Wrote:  

(04-15-2014 09:11 AM)HeartOfDixie Wrote:  

(04-15-2014 09:08 AM)ncbeta Wrote:  

(04-15-2014 09:07 AM)HeartOfDixie Wrote:  Really? How did you manage that?

I think because my internship last summer failed to take tax $$ out of the few paychecks that I received. "If you make under a certain amount you don't have to pay taxes." I think I made like $12 over that amount and got stuck with a $300 bill.

Are you a dependent on somebody else's return? Your tuition should have been reported and killed that bill.

First year of not being a dependent. Still learning.

I think your tuition can lower your taxable amount by either $3500 or $4000.

You can amend your return and get your $300 back though.

Good luck with it man.

Thanks, I'll look into that. I know it's a drop in the bucket to many, but I try to be a self sufficient student when I can.

(04-15-2014 09:25 AM)Hitch Wrote:  Every once in a while, people kick around the idea of letting citizens designate how 1% of their taxes will be spent. I'd select scientific research or NASA.

Improving saltwater aquaculture harvests. We can always used more seafood.

First time I've gotten a nice chunk. Getting married last year helped. I only had to pay in $8 in taxes this year.

I am tired of doing taxes AND paying taxes. Not even going to get into how much we have donated to the federal and state governments the last few years of paying. Utterly ridiculous!

(04-15-2014 09:17 AM)Bull_In_Exile Wrote:  We donate a lot of monies to charity so I have a refund coming but I'm still keenly aware that I get fleeced by the tax man every day..

It's pretty sickening when, as you do your taxes, you see the total tax paid throughout the year exceeds $20,000 and at the end you STILL owe money to the federal govt.