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RE: Kansas out of money, refunds might be held - 2/17/2009 7:52:57 AM   
TreasureKY


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quote:

ORIGINAL: KatyLied

Are you talking about the state withholding tax on taxable wages?  I'm confused as I never receive a refund as I have the exact amount withheld from my paycheck as needed.  How are people getting refunds?


Unfortunately many people don't know how to properly calculate their exemptions so that there is only just enough withheld to cover their tax debt.  In my capacity as an HR Manager I discovered, however, that many like to use the government as a kind of savings account... they like getting that lump sum of money back when they file their taxes.  I never understood that because the government doesn't pay interest.

Of course, as we're talking about State taxes, this doesn't address the federal earned income credits that allow people to get more back than they paid in.  I don't know if many (or any) states have that kind of benefit.

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RE: Kansas out of money, refunds might be held - 2/17/2009 7:57:31 AM   
KatyLied


Posts: 13029
Joined: 2/24/2005
From: Pennsylvania
Status: offline 		Oh, state withholdings in Pennsylvania are a flat percentage, not dependent on the amount of withholdings (exemptions), it's a percentage of gross wages.

I find it odd that people can't figure out their withholdings when there are documents and calculators on-line to help with this tax.  (yeah, I do the tax stuff for my job).

< Message edited by KatyLied -- 2/17/2009 8:06:11 AM >

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RE: Kansas out of money, refunds might be held - 2/17/2009 8:00:17 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		i typically get refunds, and filed early this year and didnt have a problem.  if they withhold your refund, aren't you due interest on that amount?  not that i think they can pay the interest anytime soon.

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RE: Kansas out of money, refunds might be held - 2/17/2009 8:03:53 AM   
TreasureKY


Posts: 3032
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From: Kentucky
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quote:

ORIGINAL: KatyLied

Oh, state withholdings in Pennsylvania are a flat percentage, not dependent on the amount of withholdings (exceptions), it's a percentage of gross wages.

I find it odd that people can't figure out their withholdings when there are documents and calculators on-line to help with this tax.  (yeah, I do the tax stuff for my job).


Where I used to live in Kentucky, there was a city tax that worked like that... just a flat percentage of gross wages.  Made it easy on the city government... there was nothing for anyone to file and no refunds. 

The problem is, a lot of people don't want to figure out their withholdings.  They like that yearly "windfall" when they get money back.

Personally, I don't like letting the government use my money all year interest-free.  I can do a better job of putting my money to work for me than they can.

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Profile   Post #: 24
RE: Kansas out of money, refunds might be held - 2/17/2009 8:07:27 AM   
KatyLied


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From: Pennsylvania
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quote:

if they withhold your refund, aren't you due interest on that amount?


I'm not sure.  I think you'd have to contact your state to get that information.


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RE: Kansas out of money, refunds might be held - 2/17/2009 8:25:42 AM   
UncleNasty


Posts: 1108
Joined: 3/20/2004
Status: offline 		News I have heard indicates California is not paying refunds but is instead issuing IOU's.

It always gets my panties in a bunch when government, at any level, engages in activities that are prohibited to citizens.

It gets my panties in knots when citizens roll over and let them get away with such.

Fortunately I've been going commando for many years.


Uncle Nasty

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Profile   Post #: 26
RE: Kansas out of money, refunds might be held - 2/17/2009 8:27:23 AM   
KatyLied


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From: Pennsylvania
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quote:


Fortunately I've been going commando for many years.


hehe

I think this thread serves as a reminder to those who would permit the government to keep their wages, interest-free, to be a bit smarter in the future.


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RE: Kansas out of money, refunds might be held - 2/17/2009 8:48:54 AM   
hardbodysub


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quote:

ORIGINAL: TreasureKY

quote:

ORIGINAL: KatyLied

Are you talking about the state withholding tax on taxable wages?  I'm confused as I never receive a refund as I have the exact amount withheld from my paycheck as needed.  How are people getting refunds?


Unfortunately many people don't know how to properly calculate their exemptions so that there is only just enough withheld to cover their tax debt.  In my capacity as an HR Manager I discovered, however, that many like to use the government as a kind of savings account... they like getting that lump sum of money back when they file their taxes.  I never understood that because the government doesn't pay interest.

Of course, as we're talking about State taxes, this doesn't address the federal earned income credits that allow people to get more back than they paid in.  I don't know if many (or any) states have that kind of benefit.



"Not knowing how to properly calculate their exemptions", and "using the government as a kind of savings account", aren't the only reasons that people have withholdings greater than their tax liability. At the beginning of the year, you can only estimate the amount of your deductible expenses and other items that affect your taxable income. Many people prefer to play it safe, and have the government owe you a little bit at the end of the year, than to underestimate your tax, and have to pay the government some more. If you underestimate too much, you end up with a nasty penalty, too.

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RE: Kansas out of money, refunds might be held - 2/17/2009 9:16:48 AM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		So if they are not going to pay us BACK THE OVERAGE, I think they should pay a nasty penalty. How about that ?

T

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RE: Kansas out of money, refunds might be held - 2/17/2009 9:37:08 AM   
Lockit


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Status: offline 		Are they doing this and threatening job closure's in government and such to establish the need for some of the stimulus money?  You know... get it here before someone else can get it somewhere else?

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RE: Kansas out of money, refunds might be held - 2/17/2009 11:34:44 AM   
chezzy71


Posts: 412
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Status: offline 		Is Kansas out of money because they keep fighting the teaching of the theory of evolution in their schools and certain books to be banned??

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RE: Kansas out of money, refunds might be held - 2/17/2009 12:00:03 PM   
corysub


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quote:

ORIGINAL: Lockit

Are they doing this and threatening job closure's in government and such to establish the need for some of the stimulus money?  You know... get it here before someone else can get it somewhere else?



Duplicate of my previous post.  Absolutly they are doing it to get the government cheese...only this time it's a piece of a trillion dollars with interest with stench worse than any rotten cheese you can think of...  Even Pelosi's CBO Director thought that over a ten year period the country would be better off withhout this "Change" legislation.
http://www.washingtontimes.com/news/2009/feb/04/cbo-obama-stimulus-harmful-over-long-haul/

The Governors are playing hardball with peoples lives.  They are all lining up with their hands out for some of those hundreds of billions of dollars going to be directed to the States.  Obama said that he will create or "save" 4 million jobs...I dunno his number is a moving target...and what we are seeing is the talley sheet being created..Saving 10,000 jobs in Kansas..30,000 jobs in Cali...thousands more in  other States.   We are all being suckered into this mess of a Stimulus Package....Of all the people on CM at this very moment...I doubt if "anyone" is going to be helped by this farce the democrat party has pulled on the taxpayers of this country.  Please let me know in a year..that I was wrong

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RE: Kansas out of money, refunds might be held - 2/17/2009 12:14:15 PM   
Lockit


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quote:

ORIGINAL: chezzy71

Is Kansas out of money because they keep fighting the teaching of the theory of evolution in their schools and certain books to be banned??


LOL... good question... but I just moved to this area... so I would have no idea! lol

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RE: Kansas out of money, refunds might be held - 2/17/2009 12:34:22 PM   
Lockit


Posts: 11292
Joined: 5/7/2007
Status: offline 		On the recovery.gov site... they have a page that tells how many jobs they plan to create in each state in the next two years.  Kind of interesting.

http://www.recovery.gov/?q=content/estimated-job-effect

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RE: Kansas out of money, refunds might be held - 2/17/2009 4:07:59 PM   
Vendaval


Posts: 10297
Joined: 1/15/2005
Status: offline 		You heard right, Uncle Nasty. 


California may issues IOUs for tax refunds

1/05/09

"It is Day 61 of the state's budget stalemate and the state will run out of cash next month. It is at the point where the Controller will have to issue IOUs to pay the bills, including state tax refunds.

"An IOU is a registered warrant issued on behalf of the state's treasury that lets the individual receiving the IOU know that they will receive their funds at a later date," explained Jacob Roper with the State Controller's Office.

When asked, "How much later?" Roper replied, "We don't know.""

http://abclocal.go.com/kgo/story?section=news/politics&id=6586660

quote:

ORIGINAL: UncleNasty
News I have heard indicates California is not paying refunds but is instead issuing IOU's.


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RE: Kansas out of money, refunds might be held - 2/17/2009 10:04:29 PM   
TheGorenSociety


Posts: 116
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Status: offline 		What are they going to use for money to pay all of these deficits,stimulas plans, when  no one is buying new treasuries? Most other governments are trying to cash out the older treasury securities?Japan is now in a depression and they hold most of our debt as does China.China, India, most of the G20, are either in deep depressions or are heading there in rapidly. Just observations

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RE: Kansas out of money, refunds might be held - 2/17/2009 11:08:59 PM   
Hippiekinkster


Posts: 5512
Joined: 11/20/2007
From: Liechtenstein
Status: offline
quote:

ORIGINAL: KatyLied

Oh, state withholdings in Pennsylvania are a flat percentage, not dependent on the amount of withholdings (exemptions), it's a percentage of gross wages.

I find it odd that people can't figure out their withholdings when there are documents and calculators on-line to help with this tax.  (yeah, I do the tax stuff for my job).
Well, gosh, maybe some people aren't on-line.

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RE: Kansas out of money, refunds might be held - 2/18/2009 5:35:59 AM   
corysub


Posts: 1492
Joined: 1/1/2004
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quote:

ORIGINAL: TheGorenSociety

What are they going to use for money to pay all of these deficits,stimulas plans, when  no one is buying new treasuries? Most other governments are trying to cash out the older treasury securities?Japan is now in a depression and they hold most of our debt as does China.China, India, most of the G20, are either in deep depressions or are heading there in rapidly. Just observations


Lets just say that the life expectancy of a "tree" is going down rapidly.  They will be cutting down forests to make the paper to print the currency.  Watch the price of gold now trading towards $1,000/oz, and will probably trade much higher as people become less confident in the value of their currency.

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RE: Kansas out of money, refunds might be held - 2/18/2009 5:56:10 AM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
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quote:

ORIGINAL: corysub

quote:

ORIGINAL: TheGorenSociety

What are they going to use for money to pay all of these deficits,stimulas plans, when  no one is buying new treasuries? Most other governments are trying to cash out the older treasury securities?Japan is now in a depression and they hold most of our debt as does China.China, India, most of the G20, are either in deep depressions or are heading there in rapidly. Just observations


Lets just say that the life expectancy of a "tree" is going down rapidly.  They will be cutting down forests to make the paper to print the currency.  Watch the price of gold now trading towards $1,000/oz, and will probably trade much higher as people become less confident in the value of their currency.


The government has two options when it can't pay its bills - raise taxes or print more money, as corey says.  Raising taxes is going to be very tough to push past the GOP - the only argument against that is to be partisan and state "You fools spent the money and drove up the deficit - we're just paying off the bills you ran up."  Still, I doubt it would be successful.  Printing more money will devalue existing wealth.

Another option are adding to the deficit, kicking the can down the road.  Reagan is the guy who came up with the theory that deficits don;t matter, and Bush is the guy who disproved it.

Finally, the government can cut back its spending, at least in theory.  There are numerous problems with that, including lack of political will, and the fact that when it does, the government tends to cut back on benefits disbursed.  For example, a system that costs $10 mil for salaries and capital to administer and disburses $500K in benefits can save $500K by ignoring its mission and simply spend $10 mil to do nothing.



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RE: Kansas out of money, refunds might be held - 2/18/2009 9:01:16 AM   
TheUtopian


Posts: 259
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quote:

ORIGINAL: MasterG2kTR

The solution is simple.....change your withholding for the current tax year (2009) to ultimately have too little withheld then simply back charge the state for the refund you didn't get. Do this until the balance is even with the state. Then take your withholdings back to a normal level.




Ha!  That was good..... Everyone should follow this advice whether they're in Kansas or Cali.





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