How much will Torie pay in federal income taxes for the 2010 year?

[Torie]

Because I am not working very hard anymore (I just don't have enough time to fit "work" into my busy playboy schedule), I earned a measly $140,000 or so in income for 2010 (all of my real estate income is sheltered and not subject to tax due to the joys of deprecation and so forth).  Excluding social security taxes, how much do you think my federal income tax liability will be for 2010?  I calculated it on turbo tax, because today is the deadline for getting your fourth quarter estimated tax payment in the mail, if you don't want to start paying penalties for underpayment.

In a couple of days, I will reveal the answer of course.

[opebo]

I know nothing about such venalities, but it should be the higher figure.

[Sbane]

If you are taking advantage of all deductions, I doubt you would pay more than about 20-22%, yeah?

[Grumpier Than Uncle Joe]

The last option, clearly

[opebo]

Torie why don't you send all your money to me in cash and I will 'shelter' it here in Thailand.  By the way, real estate values are still going up quite a lot here, and the economy is growing like 8% a year.

[Torie]

Torie why don't you send all your money to me in cash and I will 'shelter' it here in Thailand.  By the way, real estate values are still going up quite a lot here, and the economy is growing like 8% a year.

Foreigners can't buy real estate in Thailand, silly boy. 

[opebo]

Torie why don't you send all your money to me in cash and I will 'shelter' it here in Thailand.  By the way, real estate values are still going up quite a lot here, and the economy is growing like 8% a year.

Foreigners can't buy real estate in Thailand, silly boy. 

That's OK, we'll invest it in other ways.  I'm thinking human trafficking.

[opebo]

Foreigners can't buy real estate in Thailand, silly boy. 

Actually I'm always reminding people of that here, because they're always telling me to invest in real estate (its still the number one hobby of the upper-middle and wealthy Thais). 

For example, every town and city here is surrounded by 'bungaloes' - little motel-like resorts that people use for assignations.  Just about 150-180 baht for 2-3 hours.  Those little places tend to make a lot of money.

I know one foreigner who brought over a million dollars over here in cash (about 100K per trip, hidden on his person), and he owns loads of stuff through his wife.  I always ask him if he's scared of losing it, but he doesn't seem to be, perhaps because he was a criminal back home (perhaps he has her mor scared of him than the othe way round).

[TeePee4Prez]

Because I am not working very hard anymore (I just don't have enough time to fit "work" into my busy playboy schedule), I earned a measly $140,000 or so in income for 2010 (all of my real estate income is sheltered and not subject to tax due to the joys of deprecation and so forth).  Excluding social security taxes, how much do you think my federal income tax liability will be for 2010?  I calculated it on turbo tax, because today is the deadline for getting your fourth quarter estimated tax payment in the mail, if you don't want to start paying penalties for underpayment.

In a couple of days, I will reveal the answer of course.

You sure you don't make too much to take advantage of the $25,000 real estate deduction?  Of course if you can't, you'll have carryovers until you retire.

[Smash255]

Well obviously this depends on a few factors being left out.

Filing single or married filing jointly?  If married filing jointly does your wife have any income?  Any kids/dependents still living at home?   How much are your property taxes?  What is your mortgage interest amount?

[ilikeverin]

Filing single or married filing jointly?  If married filing jointly does your wife have any income?  Any kids/dependents still living at home?

Uhhh... I think Mr. Torie needs to have a little sit down chat with you, Smash.  He has something very important to tell you

[memphis]

Good for you, jmfcst Torie, for the high income.  Kudos, enjoy it.. or at any rate what ever passes for 'enjoy' in your case.  You are very right to value your social position and its material reward, and to remind others of their inferior position.  This is good old fashioned simian behavior, and nothing the rest of us have any basis to question. 

I present my submission to you in (symbolic) kind:

[🐒Gods of Prosperity🔱🐲💸]

i wish i made as much as you'll be paying in taxes

[Torie]

The answer will be posted soon, but let me ask you guys a rather personal question. I have posted maybe 17,000 times or some God awful number, so I would think the regulars know me pretty well at this point. Do any of you really think I would ever put up a thread bitching about how much taxes I pay (or bragging about it for that matter)?   Have I ever made a post that remotely suggested that? Do you not think I would find such an endeavor totally infra dig? Just asking. I would hope most of you would give me credit for a more subtle mind than that.

Cheers.  

[Mr. Taft Republican]

Not nearly as much as you should

[Person Man]

$140,000.00? I think my folks in Wyoming were at that in 2008. It's in the 28% tax bracket. ..but I used to hear them talk about never having to pay anything close to that. I'm sure you still will have to pay like $20,000.00, though.

...and if I am being asked to comment on whether you are overpaid or underpaid, I would have to say neither. Kinda like having a seven inch peter, actually. Its 95th%tile, but in a huge world, people will ask you "where it is" when you show it to them when you brag...especially when you are amongst those who are expected to be well-endowed. It kind of makes you wish you sported a smaller.....salary, so you would know not to put it out there. Yes. Its a sexual innuendo but its a very good one for this thread. Kill me.

[Lief 🗽]

Under $10,000, probably. So it goes in this miserable little country.

[Grumpier Than Uncle Joe]

Filing single or married filing jointly?  If married filing jointly does your wife have any income?  Any kids/dependents still living at home?

Uhhh... I think Mr. Torie needs to have a little sit down chat with you, Smash.  He has something very important to tell you

About time, isn't it. 

[Torie]

Unfortunately Grumps, I have to run off to LA to meet a contractor, who will be installing a second bathroom in one of my units. So I will attend to it tonight, as well as put up Sam's Texas maps which in my little artistic hands were beautified.

[Torie]

OK, I took a screen shot of my turbo tax return, that I used to figure out approximately what my tax liability would be for 2010, with about $140,000 in income. My total income tax liability (not including SS self employment taxes) was $1,004. So the second option is correct (which I notice clocks in at 0% in my little poll (now locked ), so I fooled you all with my deviousness didn't I? ), with a margin of $4.00 to spare!  

Yes, it is true, that I had a big state income tax Schedule A deduction for this year, because I made a lot more in 2009, and wrote a big check to the state in April of 2010. What would my tax liability have been, if I paid a "normal" amount of state income tax which I deducted in 2010 on $140,000 in income? I calculated that too, and the income tax liability is $4,867, still in option 2.  Notice the huge pension plan deduction. That is one of the disgraces of our tax code, as I mentioned before.

Why am I going through this exercise of revealing a bunch of personal information? To illustrate the point I was chatting about in this prior post, that the "problem" with the US tax system vis a vis the size of our entitlement state, is that basically it is not so much "the rich" who are under-taxed, but the middle class, and in particular the comfortable middle class, making say from $85,000 to $200,000 per year.

So, since that is where the bulk of the posters here will end up I suspect, if you want an entitlement state the size that seems to be in the zone for a majority of voters (and one that I don't particularly oppose per se, although we waste a ton of money, and give a lot to the wrong people), it will be you who will be paying for it through higher taxes. Darn - instead of taxing the man behind the tree, they will be taxing me!

And there you have it.

[cinyc]

And despite the big state tax deduction, you don't get caught up in the AMT because?

[Torie]

And despite the big state tax deduction, you don't get caught up in the AMT because?

Because of the huge pension deduction, and to a far lessor extent the self employed insurance premium deduction, which are above the line deductions that are not re-added to your income amount of AMT purposes, like the state income and property taxes, and non purchase money mortgage interest on your home, and so forth. That gets my adjusted gross income down low enough, that the big state income tax deduction does not bite me for AMT purposes. AMT kicks in when your AGI gets a bit higher.

[cinyc]

And despite the big state tax deduction, you don't get caught up in the AMT because?

Because of the huge pension deduction, and to a far lessor extent the self employed insurance premium deduction, which are above the line deductions that are not re-added to your income amount of AMT purposes, like the state income and property taxes, and non purchase money mortgage interest on your home, and so forth. That gets my adjusted gross income down low enough, that the big state income tax deduction does not bite me for AMT purposes. AMT kicks in when your AGI gets a bit higher.

Well, there you have it.  The tax code legitimately brings your AGI lower due to a pension contribution - and if you weren't self-employed, you'd be entitled to put some of it in a 401(k) or your employer could make a pre-tax pension contribution instead, I suppose.   And your net income isn't really that high if you have legitimate itemized expenses.  Because your AGI is lower, the itemized deductions don't end up getting phased out, either.  (Frankly, the phase-outs make things far too complicated and should be abolished, but that's a separate topic).

[Badger]

Not nearly as much as you should

Taft was right.

[memphis]

So, it turns out that Torie's point was that those in the 90th+ percentile pay too little in taxes. I agree, but