2012 Federal/State/Local Estimated Taxes for Pennsylvania

Naturally, everybody situtation is going to be different, depending upon many

circumstances.

My situation, married, over 65, retired.

Income consists of social secuiry and pension; plus bonus money.

no other income.

My federal tax comes out to be 23.48%

My state income tax (Pa) comes out to be 2.73%

Local Tax comes out to be -0-.

Results by CPA.

 

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Replies to This Discussion

Permalink Reply by Linda A on February 16, 2012 at 11:32am

@Billy - what is a tax attorney?  From what I've read you want one of these if you have tax troubles with the IRS...

CPA is the best for doing taxes because they know and study the newest tax laws and are well worth the expense. They can advise you how to spend or use your money before the end of the year instead of paying it out in taxes.

BTW, my CPA's are located in Warren OH, we started using them when we lived in Lordstown (early 70's), and had our own business then but kept them because our tax returns are never simple, and utilizing farm deductions is tricky...


 Scott Loree
Oconnor, Hoso, and Loree, LLC
8700 East Market Street, Suite 1
 Warren, OH 44484
 330-856-9222

Permalink Reply by Terry W. on February 15, 2012 at 5:05pm

Years ago, I remember in putting some money in "Signal Finance" and got a guarenteed

return of 17%.  When it matured, got the 17%. 

But my oil/gas has given me a much higher return.

Permalink Reply by Nelson Roe on February 15, 2012 at 9:38pm

Glenn, my CPA & the HR lady at work told me the max contribution for my 401k for 2012 was 17%.  Not sure if there are differences in states, or age brackets, but that is what I am shooting for with mine. 

He also informed me that an amount can be gifted to another person & they will not have to claim it on their taxes next year, but the person doing the gifting will have to fill out a gift return to show that amount.  It still sounded like it would be counted as part of your income for that year & be taxed accordingly. you can actually gift over 13k also, but at that point anything above the 13k will be applied to your lifetime allowable gift amount, which I believe is now set at either 3 or 5 million for a person's lifetime. 

2s72s0k9mm8gdPermalink Reply by 2s72s0k9mm8gd on February 15, 2012 at 9:47pm

Thanks Nelson. Maxing out the 401K this year sounds like the best bet.

Permalink Reply by Billy Park Whyde on February 15, 2012 at 9:55pm

can you start your own business as a Oil consultant to put money into a different 401k? 

 Glenn did you see my post on the car idea? 

2s72s0k9mm8gdPermalink Reply by 2s72s0k9mm8gd on February 15, 2012 at 10:05pm

Great idea Billy but I doubt I'd get much of a writeoff for my rusted out '92 Toyota 4x4. :-)

Will probably just sell it and throw the money towards the taxes.

Permalink Reply by Billy Park Whyde on February 15, 2012 at 10:09pm

is it worth more towards a deduction in taxes? Usually they allow a owner to determine a market value upon a donation. 

Permalink Reply by Linda A on February 16, 2012 at 11:16am

PLEASE read this book about how to manage your OWN money - you will find it very enlightening.

" Killing Sacred Cows - Overcoming the Financial Myths that are Desroying Your Prosperity"

http://www.killingsacredcows.com/

Whether you have new income or want to know how to manage what you have, this book is a must read.

We have been raised with many myths about our money - those were handed down from generation to generation and we never questions them.  Financial planners plan YOUR finances and investments so HE can get the return - found that out the hard way.  401k are invested in the stock market = Gambling with others controlling YOUR money.

401k & IRA's are owned by the fed govt, thus they make the rules, and change the rules on HOW you can get your OWN money out, HOW much you are PERMITTED to withdraw, PENALTY for taking it early, and newest rules note than when you die, only HALF can be left to your estate, and the fed govt takes the other half.

PLEASE read how they will take over the 401k & IRA's - lots of detail in these links.

http://www.carolinajournal.com/exclusives/dems-target-private-retir...

http://politics.gather.com/viewArticle.action?articleId=28147497823...

http://www.gather.com/viewArticle.action?articleId=281474977940772

http://www.richerdaddy.com/the-biggest-scam-ever/

Invest the SAME percentage you are putting in a 401k into a separate savings account so you can control your investments. Invest from there only and put profits back in with original investment.  I call mine my "WCA" = Wealth Contribution Account.  Even if you do nothing, the % interest the banks pay is safe.

The tax deduction lulls you into them, and is nothing compared to what you loose in the market and in govt control.

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