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Replies: 16
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All-In [46825]
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Ok cereal need halp jounge:re: I'm a ####### on taxes
Oct 17, 2019, 12:48 PM
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Back to the fleet car.
From my limited understanding there will be a year end true up of 3132 based on driving the car to work and back plus personal miles to and from babysitter, to work, etc. any additional miles after that will be added to end of year taxes as well.
What does this ####### mean?
I've had 3 people try to explain this to me.
Please explain like I'm 5 and have downs.
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Oculus Spirit [75717]
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It seems to me like any bit she drives that
Oct 17, 2019, 12:52 PM
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car is going to be added up and listed as income. No taxes will have been withheld on this income so you'll probably have to come out of pocket since I know good and well y'all have claimed married and 7 all year so you didn't have jack withheld to start with.
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All-In [46825]
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My thoughts too.
Oct 17, 2019, 12:54 PM
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The more she drives it the more comes out of our tax return at the end of the year.
Still better than her driving her normal car with gas, wear and tear, etc. Would only be about 650 out of the refund for taxes.
But there won't be no taking the car to the beach for the weekend.
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Oculus Spirit [75717]
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Be weary of the brackets though.
Oct 17, 2019, 1:00 PM
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You don't want to go from from 12% to 22%
Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable Income Over For Heads of Households, Taxable Income Over
10% $0 $0 $0
12% $9,700 $19,400 $13,850
22% $39,475 $78,950 $52,850
24% $84,200 $168,400 $84,200
32% $160,725 $321,450 $160,700
35% $204,100 $408,200 $204,100
37% $510,300 $612,350 $510,300
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All-In [46825]
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Trying to figure out if it's worth it.
Oct 17, 2019, 1:03 PM
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150/month
plus an additional 650 in federal taxes plus 375 for state puts us around 2800
She spends right at 2900 in gas alone.
So the only thing being saved is tires, oil change and miles
Message was edited by: FBCoachSC®
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Oculus Spirit [81061]
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Well, that, and the cost of a car.
Oct 17, 2019, 3:12 PM
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Unless you are getting them for free.
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All-In [46825]
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No cost of the car.
Oct 18, 2019, 9:16 AM
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just 150 personal use fee (I guess you could call that a lease fee?) then taxes on the miles.
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Oculus Spirit [81061]
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I meant your own car.
Oct 18, 2019, 9:19 AM
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If you decide NOT to do it, you still have to buy a car and pay maintenance, taxes, fix stuff that breaks...
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All-In [46825]
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Yeah that's the point. Right now
Oct 18, 2019, 9:24 AM
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her car is having a lot of issues mainly from the 30,000 miles she has put on it in the past 1.5 years.
So yeah I think it's worth it.
But using the fleet car like her friend and taking it to the beach etc is a no go.
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Oculus Spirit [81061]
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Every day you're saying the opposite.
Oct 18, 2019, 9:28 AM
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I responded to a post that said "I'm trying to figure out if its worth it"
Do it for a year and see. If it isn't, then stop doing it. I've never known anyone with a company car that didn't take the offer.
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All-In [46825]
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Am I saying the opposite or did I come to a conclusion
Oct 18, 2019, 9:39 AM
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thanks to math and this post?
Come on man.
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Oculus Spirit [81061]
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Come on man what?
Oct 18, 2019, 10:06 AM
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I have no idea if you've come to a conclusion. if you look at this thread, you haven't.
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Oculus Spirit [93667]
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You just explained to to me.
Oct 17, 2019, 12:58 PM
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Where the hail did you attend college and why didn't you pay attention in class?
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All-In [46825]
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Trying to figure out exactly what's coming out of my pocket
Oct 17, 2019, 1:00 PM
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for this and how much.
They also said something about an amount coming out every quarter. No idea what that is
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CU Medallion [54758]
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a quarter is 25% of something
Oct 17, 2019, 1:05 PM
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hthmf
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CU Medallion [54758]
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wait
Oct 17, 2019, 12:59 PM
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you DON'T have downs now?
this hole time....huh...
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All-TigerNet [14533]
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It means you need to drive that POS into a ditch
Oct 17, 2019, 3:10 PM
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about mid-December.
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Replies: 16
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