reeltyme2002[at]yahoo.com writes:

- quote -

See:
http://www.irs.gov/taxstats/article/0,,id=96625,00.html

In particular, look at the link under "Year 2002" on that
page which starts "Individual Income Tax Returns with
Positive Adjusted Gross Income (AGI): Number of Returns,
Shares of AGI and Total Income Tax...."

Once you open that Excel spreadsheet, you will see that cell
D167 tells you that in 2002 the top 5% of AGI paid 53.80% of
all individual income tax (and C167 tells you that the top
1% of AGI paid 33.71% of all individual income tax).

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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Rich Carreiro wrote:
- quote -

Do you have a link to the data? Thanks!

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Brian <user[at]sbcglobal.net> writes:
- quote -

I believe the top 5% of the gross income curve
pays 50% of all personal income tax.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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- quote -

That may be but take a look at "Perfectly Legal" by David
Cay Johnston. You will see that many of the rich "forget"
to include, creatively (and illegally) avoid tax on, etc. a
lot of income. Also see the recent media reports about the
Son of Boss tax shelter.

The "wage slob" can't so easily "omit" such income. He can
however claim his old raggedy long johns were worth $10 when
he gave them to charity.

I would guess the average cheat by the rich results in a
significantly higher percentage savings than the average
"wage slob" cheat.

NOTE: I am not saying the rich are over or under taxed just
that the situation isn't as black and white as it appears.

---
Drew Edmundson, CPA (NC)

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reeltyme2002[at]yahoo.com wrote:

- quote -

You are mistaken about subsidizing the rich. I don't have
it; but, hopefully someone else will post the link to the
IRS statistics that show that the "rich" pay the majority of
the income taxes collected.

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Sorry, my post should be corrected. In part it read "If you
can show your income was greater (should have been less) in
the first (or second) quarter try the form 2210 Schedule
AI.,

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"reeltyme2002[at]yahoo.com" <reeltyme2002[at]yahoo.com> wrote:
- quote -

Yeah, those people who pay 10x the tax you do and aren't
entitled to a fraction of the value of the deductions they
have are really cleaning up at your expense.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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Phil Marti wrote:
- quote -

Thanks phil....undoubtedly you're right. I'll just have to
bite the bullet. Ultimately, i guess i have to get out of
the "wage trap". Wage earners like me (with virtually no
control over income reported) and other wage earning members
of the middle and even the upper-middle classes are the
suckers this system relies on to subsidize everyone else. I
don't mind subsidizing the poor - it's subsidizing the rich
and super-rich that really GALLS me. Every time i think
about that i can feel my blood pressure rising...very
painful, but that's just the way it is..

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If you underwithholding is generally even over the year, or
your income in the first 1/2 the year was greater than in
the last 1/2, just file and let the IRS figure your penalty,
which is only 5 or 6 % simple interest , or 3.1% of the
total underpayment. If you can show your income was
greater in the first (or second) quarter try the form 2210
Schedule AI. If your tax last year was considerable less
than this year, complete form 2210 Regular Method to see if
that reduces your underpayment, and hence your penalty.

ed

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Phil Marti wrote:
- quote -


- quote -

You know I'll disagree with you, Phil.

and what about tax planning?

ChEAr$,
Harlan Lunsford, EA n LA
1 April 2005

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reeltyme2002[at]yahoo.com wrote:

- quote -

Take a look at www.naea.org, which is the web site for our
national association. You can find an Enrolled AGent (EA)
in your area I'm sure.

No matter how uncomplicated a situation may sound, one can
always benefit from consulting with a professional. In your
case there may BE some options to explore after the tax pro
knows your situation more fully, viz the extent of your
rental income or loss.

ChEAr$,
Harlan Lunsford, EA n LA
1 April 2005

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<reeltyme2002[at]yahoo.com> wrote:

- quote -

You'd be better off putting that money toward your tax bill.
You might be able to reduce your tax by making an IRA
contribution, but that would be more money out of your
pocket than tax saved. IOW, there's really nothing a tax
preparer can do for you.

--
Phil Marti
Clarksburg, MD

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I am in need of a good tax prep person to prepare taxes -
very straight-forward, uncomplicated filing for individual
who is wage-earner who rents apt. (i.e., no corporate, no
s-corp, no capital gains, etc). The complicating factor is
that i may have under-withheld somewhat on my w2 and i am
anxious to maximize every possibility to reduce my tax
liability. I am in the NYC area. THANKS!

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