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  • Wait a minute: I have to do taxes?

    I just realized, now that I'm working do I have to taxes?

    I have no idea how long I'll be with Hawaiian Telcom, as we're under contract to help with the transition (from what I remember, it'll last a few weeks) from another company (NetWorks Inc.).

    I'm all for paying the gov't and stuff, but is there a pamplet or seminar where I can attend to explain the technical terms?
    How'd I get so white and nerdy?

  • #2
    Re: Wait a minute: I have to do taxes?

    Originally posted by doc1456
    I just realized, now that I'm working do I have to taxes?

    I have no idea how long I'll be with Hawaiian Telcom, as we're under contract to help with the transition (from what I remember, it'll last a few weeks) from another company (NetWorks Inc.).

    I'm all for paying the gov't and stuff, but is there a pamplet or seminar where I can attend to explain the technical terms?
    HAHAHAHAHA! Easier for you Adrian, go to H&R Block or some other Tax Services. - No moa Headache.

    (And just like Tita Miulang said you going get most of um back! )

    Auntie Lynn
    Last edited by 1stwahine; April 15, 2006, 09:16 AM.
    Be AKAMAI ~ KOKUA Hawai`i!
    Philippians 4:13 --- I can do all things through Christ who strengthens me.

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    • #3
      Re: Wait a minute: I have to do taxes?

      You no need worry about filing taxes for 2005, Adrian, because da kala you making now is for 2006. And no hilahila...dey going take out da taxes from your paycheck right off da top so no freak out when you see that about 18-20% of what you thought you were going to bring home disappears before you can even think about spending it. (But you probably going get most of it back in a refund next year, too).

      Miulang
      "Americans believe in three freedoms. Freedom of speech; freedom of religion; and the freedom to deny the other two to folks they don`t like.” --Mark Twain

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      • #4
        Re: Wait a minute: I have to do taxes?

        Yep! What Miulang said. But...did you earn any money, in paycheck form , during 2005?

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        • #5
          Re: Wait a minute: I have to do taxes?

          Originally posted by tutusue
          But...did you earn any money, in paycheck form , during 2005?
          Nope, this is my first job, so I no need worry until next year?
          How'd I get so white and nerdy?

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          • #6
            Re: Wait a minute: I have to do taxes?

            I don't think Adrian's gonna get most of it back next year. How many exemptions did you claim in your W-4's. If just yourself then you may see something, but if more than 1 is what you checked then more than likely you'll be paying taxes.

            If you own a house then you can claim your interest from your mortgage but I don't think that applies in your case.

            You don't have any children so you can't claim any of the child credits.

            Did you start your employment effective Jan 1st, 2006 or did you receive a paycheck prior to the new year? If worked prior to this year and collected a paycheck, you should have received a W-2 in triplicate and must I repeat MUST file for last year. Today is April 15th, the deadline for filing federal if you owe anything. If you owe money then you'd better file the 1040EZ and stuff the federal copy of the W2 and a check for the amount owed and get it postmarked by midnight tonight.

            State is further out and not an immediate concern for now.

            This brings me to a major educational point. I truly believe all high schools should be teaching juniors and seniors basic principles regarding writing checks, online banking, and filing income taxes. These are basic tasks required when becoming adults. Filling out job applications should be another task to be taught in High School.

            I can't believe my 19-year old freshman in UH/Hilo cannot fill out a job application without some help from his parents. He was shocked when he learned taxes were taken out from his summer job at the Volcano National parks.

            For someone who could master calculus he never got the training for the mundane everyday stuff like filing taxes, job applications or simply writing a check. Maybe Business Math should be required teaching in High School.
            Last edited by craigwatanabe; April 15, 2006, 10:27 AM.
            Life is what you make of it...so please read the instructions carefully.

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            • #7
              Re: Wait a minute: I have to do taxes?

              For this year since the 15th of April falls on a Saturday, the deadline to file your federal taxes is Monday April 17th.

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              • #8
                Re: Wait a minute: I have to do taxes?

                Originally posted by craigwatanabe
                I truly believe all high schools should be teaching juniors and seniors basic principles regarding writing checks, online banking, and filing income taxes. These are basic tasks required when becoming adults. Filling out job applications should be another task to be taught in High School.
                Amen to that, Craig. Amen! And it also wouldn't hurt to teach them the importance of saving for retirement.
                .
                .

                That's my story, and I'm sticking to it.

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                • #9
                  Re: Wait a minute: I have to do taxes?

                  It's Adrian's first paid job, and he lives at home with his parents (who are probably claiming him as a dependent), so he'll probably just claim 1 and get most of what he makes back from the feds. I dunno about the State though.

                  Miulang
                  "Americans believe in three freedoms. Freedom of speech; freedom of religion; and the freedom to deny the other two to folks they don`t like.” --Mark Twain

                  Comment


                  • #10
                    Re: Wait a minute: I have to do taxes?

                    Originally posted by doc1456
                    I just realized, now that I'm working do I have to taxes?
                    The simple answer is no if you just started working. Also if you claimed 0,
                    on your W-4 withholdings form you will get a refund guaranteed. If you claimed more 0 you will be owing money...I should know I learned that the hard way.
                    Check out my blog on Kona issues :
                    The Kona Blog

                    Comment


                    • #11
                      Re: Wait a minute: I have to do taxes?

                      Originally posted by craigwatanabe
                      [...]Today is April 15th, the deadline for filing federal if you owe anything. If you owe money then you'd better file the 1040EZ and stuff the federal copy of the W2 and a check for the amount owed and get it postmarked by midnight tonight.
                      [...]This brings me to a major educational point. I truly believe all high schools should be teaching juniors and seniors basic principles regarding writing checks, online banking, and filing income taxes. These are basic tasks required when becoming adults. Filling out job applications should be another task to be taught in High School.
                      [...]Maybe Business Math should be required teaching in High School.
                      As Helen already mentioned, the deadline is Monday this year. Also, if Adrian did, in fact, back himself into a time corner (he didn't!) he could've filed for an extension.

                      I so hear you, Craig, when it comes to education about real life! I'd add a semester (or trimester) of basic home ec. for *all* students back into the curriculum. In my day (yah, yah...the good ol' days!) it was mandatory. When I was at my condo's laundry shack the other day I notice a young girl of about 10 doing the laundry. While I didn't pay super close attention she did appear to have some idea of what she was doing. I was so impressed.

                      IMNSHO kids shouldn't be able to graduate without a minimal knowledge of what you mentioned AND some very basic nutrition and cooking skills, kitchen hygiene knowledge, laundry skills (including ironing!), sewing on a button, changing a tire, the subject of insurance, yada, yada.

                      I remember getting married without the faintest idea of how to write a check much less open an account! My parents were from the 'old school'...all that stuff was a 'man's job'; a girl didn't need to know about such things! I'd had payrolled jobs from the time I was 15 and had only a saving account. My dad had my manini taxes done along with his...so I was never responsible for being responsible for them or the knowledge about them. I married a guy who had even less financial knowledge than I did and really didn't care to have any at all, ever! That first year was a real eye opener tax-wise! Put 2 full time incomes together with no deductions and that equaled a big chunk of change we never saw coming!

                      I vowed I'd never put my kids thru that. So...when they each turned 13 they got their own checking accounts and credit cards. Instead of an allowance they were given the monthly child support money...$100/month each!!! They were then required to pay for all of their "wants" and I continued to pay for all of their "needs". They had to reconcile their accounts. This was long before Quicken was even a glimmer in anyone's eye! They never overdrew their checking accounts nor did they ever abuse their credit cards (which were linked to my company...so I saw the bill every month!). I'll never forget the expression on their faces when they saw their first bank statements...with a service fee deducted! They learned how to do their laundry in 7th grade. And how to iron their uniforms. They had to as I was occasionally on location. They learned how to make school lunches. There was no cafeteria at their school. To earn extra money they took turns being my 'secretary' and writing the checks for my monthly bills. They learned the concepts of utilities, insurance, food costs...well, you get the picture.

                      When my oldest daughter was in town a couple of months ago we got to talking about their years at HSG and how responsible both of them were. To my surprise, it turns out Staci wasn't aware of my complete, total lack of financial knowledge when I was a teen. She thought all along I was doing for her and her sister what had been done for me. As she found out, it was in spite of rather than because of! They didn't enter the post high school world anywhere close to the dodo I was at that same point in my life. I mean, wasn't working just a means to indulge one's passion in surfing? Huh?

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                      • #12
                        Re: Wait a minute: I have to do taxes?

                        Originally posted by Aaron S
                        The simple answer is no if you just started working. Also if you claimed 0,
                        on your W-4 withholdings form you will get a refund guaranteed. If you claimed more 0 you will be owing money...I should know I learned that the hard way.
                        Well, after you've done it for a year you can figure out what your W-4 deductions should be. I've never felt there was a need to effectively loan the US Treasury your money until next April 15. Sure you get a refund, but if you'd had it in the bank in the first place you'd have earned interest on it, rather than the Feds.

                        Yes, yes, I know some people look at it like it's a form of forced savings. If you can't trust yourself to sock the money away during the year then over-withhold, but think about it for the following year.
                        http://www.linkmeister.com/wordpress/

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                        • #13
                          Re: Wait a minute: I have to do taxes?

                          Originally posted by Linkmeister
                          Well, after you've done it for a year you can figure out what your W-4 deductions should be. I've never felt there was a need to effectively loan the US Treasury your money until next April 15. Sure you get a refund, but if you'd had it in the bank in the first place you'd have earned interest on it, rather than the Feds.
                          Let me elaborate a bit more on my last posting. About 8 years ago I picked
                          up a second job.But I never changed my W-4 deductions at the other job.
                          I ended up paying approx 700.00 to the feds two straight years in row. Ever since that fiasco, I put zero on my W-4..I never wanted to owe money to feds ever again. Yes I know you don't earn interest on the money they hold,
                          but its the lesser of two evils...owing money is simply unacceptable.
                          Check out my blog on Kona issues :
                          The Kona Blog

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                          • #14
                            Re: Wait a minute: I have to do taxes?

                            Originally posted by Aaron S
                            Let me elaborate a bit more on my last posting. About 8 years ago I picked
                            up a second job.But I never changed my W-4 deductions at the other job.
                            I ended up paying approx 700.00 to the feds two straight years in row. Ever since that fiasco, I put zero on my W-4..I never wanted to owe money to feds ever again. Yes I know you don't earn interest on the money they hold,
                            but its the lesser of two evils...owing money is simply unacceptable.
                            Tell me about it...this is the first year in my life of filing taxes that I actually owe the feds (gee, I guess I didn't give enough money to charity or something). So on top of owing the IRS for taxes last year, I now have to pay an Average Minimum Tax every quarter this year of close to $400! And this is even with a deduction for having a mortgage and paying property tax. I'd better get that tax money back next year as a refund....grrrrr...

                            Miulang
                            "Americans believe in three freedoms. Freedom of speech; freedom of religion; and the freedom to deny the other two to folks they don`t like.” --Mark Twain

                            Comment


                            • #15
                              Re: Wait a minute: I have to do taxes?

                              Originally posted by Miulang
                              Tell me about it...this is the first year in my life of filing taxes that I actually owe the feds (gee, I guess I didn't give enough money to charity or something). So on top of owing the IRS for taxes last year, I now have to pay an Average Minimum Tax every quarter this year of close to $400! And this is even with a deduction for having a mortgage and paying property tax. I'd better get that tax money back next year as a refund....grrrrr...

                              Miulang
                              I think you mean Alternative Minimum Tax. Congress has continually dropped the ball on fixing that mess. It was originally intended to catch (I kid you not) about 150 high-rollers who were evading paying any taxes at all, and it's snowballed. It's not indexed for inflation, so as your wages (hopefully) go up, you stand a better and better chance of getting hit with it. Additionally, it has far fewer deductions (even the standard deduction is eliminated). And with deficits the way they are, anything which reduces revenue means they have to figure out a way to capture some to replace it, and heaven forbid they repeal the irresponsible tax cuts that Bush demanded in 2001 & 2003, or stop pushing for the repeal of the estate tax (which only hits about .0001 percent of taxpayers).

                              Congressional Republicans -- evading fiscal reality for 5+ years.

                              Oh, and as to paying quarterly estimates, try being self-employed. You get to pay both sides of FICA/Medicare, so you pay ~15% rather than the ~7.5% that gets taken out of your paycheck if you're getting wages.
                              Last edited by Linkmeister; April 15, 2006, 08:53 PM. Reason: Add self-employment grumble
                              http://www.linkmeister.com/wordpress/

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