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Taxes and Whatnot - cellophane — LiveJournal
the story of an invisible girl
Taxes and Whatnot
Had a very productive day yesterday. I went to my parents' house to do my taxes (what? I'm not procrastinating! Procrastinating would be waiting until today to do them...), because they buy TurboTax every year. I specifically wore a pair of exercise pants that are too long, in the hopes that I could convince my mom to hem them while I was there. It took a little bit of convincing, but she agreed to do it. So now my pants fit right! Plus, I ended up being there long enough that I got invited to stay for dinner. All in all, a very successful afternoon! The only downside is that I ended up owing on the darn taxes - I'd forgotten that I converted my traditional IRA to a Roth IRA last year, and owed for that. Oh well, I can afford it...I was just looking forward to seeing my bank account grow, not shrink.

To continue in yesterday's productivity, I went running last night. I'm running in the Race For the Cure on Saturday. It's a 5 kilometer run to help support breast cancer research. (A very worth cause...my mom is a 3-year breast cancer survivor so far.) You would think this means I've been conditioning for months in preparation, right? Well....no. But I did run a mile both yesterday and today. Hopefully I'll survive the run Saturday. I plan on doing a little bit more this week, and hoping for the best....
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radiantsoul From: radiantsoul Date: April 15th, 2002 06:48 am (UTC) (Link)
As a boring side note in the UK we have PAYE(pay as you earn) this means that tax is deducting from your wagepacket by your employer. No forms to fill in, it just happens automatically.

Good luck on your run.
renniekins From: renniekins Date: April 15th, 2002 07:08 am (UTC) (Link)
Thanks! We do kind of the same thing here: some money in taxes are taken out of every paycheck and given to the government. But that's just an estimate of how much you acutally owe. Then on April 15 (or before), you have to fill out a complex form, and do all kinds of math based on countless factors, to decide how much you really were supposed to have paid in taxes the previous year. If it turns out more money was taken out of your checks than you owed, you get a refund. If less was taken out, then you owe the remainder, like me.
radiantsoul From: radiantsoul Date: April 15th, 2002 08:22 am (UTC) (Link)
But there are no calculations at all for us. Well unless you are self-employed or own a business. The US system is crap.
renniekins From: renniekins Date: April 15th, 2002 08:25 am (UTC) (Link)


*shrug* I never said it was any good - was just describing how it worked.
From: ladynotatramp Date: April 15th, 2002 09:10 am (UTC) (Link)
Well thats providing you're put on the right tax code, providing you know what tax code you SHOULD be on of course.

I applied for tax rebate on Jan 4th. I'm still waiting.
radiantsoul From: radiantsoul Date: April 15th, 2002 09:58 am (UTC) (Link)
Understood. However as you only worked for a few months it is more complex. For most people it is a much better system than that in the US where everyone has to complete a very complex tax return. The UK PAYE system is fairly simple(so is VAT and NIC). Corporation tax is a bit more complex.
encorecrazay From: encorecrazay Date: April 15th, 2002 03:40 pm (UTC) (Link)
May be simplier but much higher tax rates, 40% on income over 28,800 pounds after personal allowances, only about 30.5% in the US for the same income. And the much higher National Health costs.
radiantsoul From: radiantsoul Date: April 16th, 2002 10:05 am (UTC) (Link)
True on the higher rate but that is charged only on each pound after £28k remember. Most people only pay at 22%.

The National Health Service is free at the point of delivery and costs about half as much as a percentage of GDP as the US system.
From: nicegeek Date: April 16th, 2002 11:12 pm (UTC) (Link)
Wouldn't per-capita cost be a more appropriate measure for healthcare than percentage of GDP? And even then, to get a fair comparison, you have to factor in the relative amount and quality of services made available for that cost. Some of the differences simply reflect differing societal views on how large a role the government should play in such things.
radiantsoul From: radiantsoul Date: April 17th, 2002 05:24 am (UTC) (Link)
Undoubtable true. All political parties in the UK seem to support higher taxes for spending on health.
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