The Down Range Forum
Member Section => Down Range Cafe => Topic started by: david86440 on November 02, 2009, 11:22:55 PM
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As if they will have the money to return to us. I see more vouches in the future.
State withholding more from your paycheck
November 02, 2009 04:21:00 PM
By Judy Lin/Associated Press
SACRAMENTO — Californians will see a little less money in their paychecks as the result of a tax-withholding plan devised to help plug the state's gaping budget deficit.
Starting this week, employers must withhold 10 percent more in state income taxes — a move equivalent to taxpayers giving the state a $1.7 billion cash advance through next June, the end of the fiscal year.
Gov. Arnold Schwarzenegger and the Legislature included the accelerated withholding as part of a budget deal reached in February.
A single wage earner making $51,000 a year with no dependents will see a $4.06 increase in weekly state income tax withholdings. A couple earning $145,000 a year with no dependents will notice a $16.90 increase in weekly withholdings.
The action is technically not a tax increase because the state is supposed to return the extra money after people file their tax returns, said Brenda Voet, a spokeswoman for the California Franchise Tax Board.
Because the move begins in November, it will have a minimal effect on 2009 tax returns. The effect on future tax returns could be more profound because the stepped-up withholding will remain in effect indefinitely.
The Franchise Tax Board is urging California workers to review their state withholdings and contact their tax adviser.
Those who file quarterly estimated income taxes, such as the self-employed or those who generate significant income from stock options and dividends, also must speed up tax payments.
Starting Jan. 1, the state will require them to pay 70 percent of their estimated taxes during the first six months of the calendar year, up from 60 percent.
Under the new quarterly schedule, tax filers making estimated payments will pay 30 percent in the first quarter, 40 percent in the second, nothing in the third and 30 percent in the fourth.
Separately, the February budget deal also increased the personal income tax rate temporarily by 0.25 percent. The increase will expire at the end of 2010.
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Just one more reason I'll not be moving to the Granola State anytime soon.
You folks out there have now officially been Californicated. ;D
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Its not a tax. Just an interest free involuntary loan. See, all better now. ::)
FQ13 who wonders what will happen when they have to cut all those refund checks. Will the money be there?
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They keep saying that California is the socialist model for the rest of the country. So what happens when all the people who actually pay taxes in California finally get fed up and make the mass exidus? The state is already belly up, do we just leave it to Mexico? I still say that solvent States should be able to buy socialist dumps like California, but with the stipulation that, if we buy you out, you have to live by our rules. You don't get to have your own legislature anymore. Because you obviously can't figure out how to effectively govern yourselves.
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You only get a refund if you can squeal like a pig.
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You only get a refund if you can squeal like a pig.
Deliverance style? ;D
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You only get a refund if you can squeal like a pig.
what is this thing you call a refund? I have never gotton one. I should not owe them any money this year( thats a 1st), but I know I'm not getting any back.
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Sounds like there is no longer any vaseline in the sand. :o :o :o