Thread: Tax Season
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      01-30-2012, 02:37 PM   #21
Mr Tonka
says, Drastic times call for drastic measures
 
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Quote:
Originally Posted by FwdFtl View Post
Just saw this, ouch.

If it makes you feel any better, my uncle and his wife pay around $40k that time of the year...BUT they do make about $500k annually
If that's true he's they had better get ready for an audit and lots of interest and penalties.

They likely pay in via W2 AND write a $40k check. My guess is that their total federal taxes should be in the hood of $100 & $200k depending on their situation. Would likely be right in the middle if they have a simple return.

I haven't seen a refund since 1999.

BTW, don't ever feel sorry for anyone who pays taxes on $500k or more of revenue.
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"Government is the great fiction, through which everybody endeavors to live at the expense of everybody else." — Frédéric Bastiat
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