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Old 11-05-2007, 06:46 PM   #1
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Default Tax Refund

This might be a little early for this but what do you guys plan on doing with your tax refund early next year? At least for those of you that work.

I'm going to file in late January and I'm expecting $1200 in return. For those of you going to school, wait for the 1098T Hope Credit email through your school. That will give you a lot of cash back. Then say that you rent too so you can get some renter's credit.

I'm thinking once again about a new PC like I have mentioned in the past year, but there's always something fun to do with the money. Or I could invest it (boring).
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Old 11-05-2007, 06:51 PM   #2
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Default Re: Tax Refund

can someone explain to me what a tax refund actually is?
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Old 11-05-2007, 06:57 PM   #3
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Default Re: Tax Refund

this is an educated guess, me being 15 i dont worry about taxes, BUT im guessing its a bonus for getting your taxes in on time? + some other things, but i think thats it, please correct me if im wrong
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Old 11-05-2007, 06:59 PM   #4
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Default Re: Tax Refund

Laser hair removal, never have to shave face again. It's such a pain in the ass.
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Old 11-05-2007, 07:01 PM   #5
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Default Re: Tax Refund

Haha, lol. I've had laser treatment on my face, but not for hair. Damn zits!!!

Anyways, a tax refund is the result of having taxes withheld on earnings that amount to more than a person owes in income taxes for a calendar year. Federal and state taxes are withheld at a specified amount each pay period, and when the year ends, each tax payer must file income taxes by submitting the proper filing forms. In many cases, people have paid more than they were required to pay. When the federal government or state treasurer receives the tax forms, they issue checks for overpayment. This is a tax refund.

I've been lucky to get a big check every year so far!!! Party time...
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Old 11-05-2007, 07:03 PM   #6
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Default Re: Tax Refund

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Originally Posted by ISOwner View Post
Haha, lol. I've had laser treatment on my face, but not for hair. Damn zits!!!

Anyways, a tax refund is the result of having taxes withheld on earnings that amount to more than a person owes in income taxes for a calendar year. Federal and state taxes are withheld at a specified amount each pay period, and when the year ends, each tax payer must file income taxes by submitting the proper filing forms. In many cases, people have paid more than they were required to pay. When the federal government or state treasurer receives the tax forms, they issue checks for overpayment. This is a tax refund.

I've been lucky to get a big check every year so far!!! Party time...
Did the lasering work for your acne? And does it permanently get rid of it instantly after the treatment is done? Does it hurt?

Anyway back on topic I don't worry about taxes so no tax return for me
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Old 11-05-2007, 07:09 PM   #7
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Default Re: Tax Refund

isnt it just getting money back youve been screwed out of over the year?
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Old 11-05-2007, 07:09 PM   #8
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Default Re: Tax Refund

The laser feels funny. You know how you get shocked when you walk across a carpeted floor and touch something metal? Imagine that feeling when they do the laser on your face. It's just like that. It can hurt a little, but you can tolerate it. They have topical anesthesia in case some patients can't stand it. I never had to do that. I hate pimples so I love the feeling of it getting tortured. I never got a tattoo before but some people say it's like tiny little needles hitting your face. I guess it can feel like that.

You have to wear these eye protection goggles because the laser gets really bright. It's hot too which is why they zap you in increments instead of a spread. You can literally smell the smoke from your skin and the small tiny hair folicles. Nasty smell. Afterwards, they give you this special cream to put on to prevent blister buildup and it has some healing agent in it. Your face is all read when it's done after each treatment and it bleeds too. After a few hours, you can see all the tiney blood scars all over your face. It comes off, which is why you need to wear the cream. It helps to prevent scarring too (like Neosporine).

There are a series of treatment and visits. I was only in for six treatments when they recommended 9-12 more visits. I couldn't afford it because it got expensive. Mine was like $4,000 for 6 treatments. So you can imagine how much it would cost to get more done. For what I've paid for, I can see a huge difference. There were still some leftover and that's because I didn't continue to extend my treatments.

It's the best way to get rid of acne because it's guaranteed.
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Old 11-05-2007, 07:11 PM   #9
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Default Re: Tax Refund

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Originally Posted by mark thorpe View Post
isnt it just getting money back youve been screwed out of over the year?

Yes, but we get screwed over even more. We pay tons more than the gov. gives us back. Every two weeks, I pay a total of $500 in taxes and other deduction crap. Throughout the year, I pay well over 12x500(2)= $12,000 in taxes!!!!!

All I get back is $1,000-$1200.
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Old 11-05-2007, 07:11 PM   #10
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Default Re: Tax Refund

Quote:
Originally Posted by borat_sagdiyev View Post
can someone explain to me what a tax refund actually is?

it depends on where you work and what the relevant tax laws are.


in the UK we have a scheme called PAYE (Pay as you earn).

if you're in school it's usually the case that you'll likely work more in the holidays.


with any PAYE sbheme you get a base allowance, that's the amount that you can earn in a year before you are taxed.

in the UK this is usually a few thousand pounds.


you pay a percentage of your wages - the base amount and tahe makes up the tax that you pay...

to make the sums easy I'll change the numbers.

first we'll say the base allowance is 5000, (i.e you only get taxed on earnings over 5000).
the tax amount we'll call 25%

if you earn 1000 a month, over a year you'll earn 12,000
so total amount - base amount is the taxable amount
(7,000)
this means that you'll pay 1750 in tax over a year

this is split up, and you pay an equal amount each year, (for this example it's about 145 (a little over)

so each month you work earning 1000 you're taxed 145

that's the basics of how PAYE tax works.

the reason you'll get a tax return as a student is that you likely only work for four months of the year.

in this example we'll say that you earn 1000 each month, an in accordance with PAYE rules you pay the percentage as if you earned that throughout the year...

so you work a month earn 1000 and pay 145 tax as above.

except if you're only working 4 months this means you're only earning 4000 in a year, this means that you're 1000 below the threshold for paying tax and you've paid tax where you shouldn't.

in this case you should get a rebate.

which would be all the tax you paid.

for exact amounts I suggest you look at your tax code and google for the exact percentages in your region...

(in the UK you'll rarely be contacted to say that the government owes you money, so if you think you're owed tax then read and re read the above, look at your tax codes and the amount you have earned over a year and then apply for a rebate)


(edit, this also applies if you've had time off that you're not paid for, for instance taking extended leave, swapping jobs, long term sickness etc).
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