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Friday's Serious Thread : Our Income Taxes  
User currently offline707CMF From France, joined Mar 2002, 4885 posts, RR: 29
Posted (9 years 8 hours ago) and read 988 times:

Here in France, we declare around March of each year how much we've earned the previous year, then in early september, we receive a notification of how much income tax we shall pay (usually, way too much).

After that, we have three possibilities for the payment of the aforementioned income tax.
Either one huge payment in Sept/Oct (almost nobody does that)
Three payements, one in March, one in June, (both an estimation of what we have to pay, based on what we have paid the previous year), and the remaining in Sept/Oct. (most people do that)
Or, we can pay each month... Before Sept, we pay an estimation as above, and after, we pay the remaining in the remaining months. (that is what I do, less hassle as I don't need to cash out huge ammounts of money three times a year - even though I cash out relatively large ammounts of money every months now...)

Oh, and last point... If we do not send out our declaration in time around march, we get a penalty... 10% of our entire income tax... (we then say RHAA).

How does it work in your countries ?

Cheers,

707

13 replies: All unread, jump to last
 
User currently offlineJasepl From India, joined Jul 2004, 3582 posts, RR: 39
Reply 1, posted (9 years 8 hours ago) and read 977 times:

In India, if you are a salaried employee, you:

* Declare in April to your employer your proposed investments and certain expenses for the year (April-March)
* Based on that declaration, your employer deducts taxes from your salary every month and passes it on to the central government
* During and at the and of the year, you have to show proof that you actually made the proposed investments & incurred the declared expenses
* After the end of the year, the employer gives you your Form 16, that shows the total income, deductions and taxes paid
* Based on the Form 16, you file your tax return, accounting for any other income or adjustments at that time


If you have a business or private income, you:

* Hire an accountant so that you can declare as little income as possible and evade as much tax as illegally possible!  

[Edited 2005-09-23 08:05:10]

User currently offlineUTA_flyinghigh From Tunisia, joined Oct 2001, 6495 posts, RR: 50
Reply 2, posted (9 years 8 hours ago) and read 969 times:

Here in Eire we get deducted 20% up to a certain threshold (don't remember).
If you are above the aforementioned threshold it is 20% up to it then 35% for the remainder.

All this is already deducted from your pay so WYSIWYG  Smile

UTA  checkeredflag 



Fly to live, live to fly - Air France/KLM Flying Blue Platinum, BMI Diamond Club Gold, Emirates Skywards
User currently offlineGordonsmall From UK - Scotland, joined Jun 2001, 2121 posts, RR: 21
Reply 3, posted (9 years 5 hours ago) and read 942 times:

Here in the UK the income tax system is a complete farce.

From my salary from my employer, in rough terms, AFAIK I get taxed around 22% on the first half of my salary and around 40% on the other half, in my previous job it was a split of about 2/3 and 1/3. In addition I have to make National Insurance contributions, which I think are a flat rate of 11% (deducted before tax) but someone else will need to clarify this. This is dedeucted before I get my salary so I don't have to worry much about it, some years I get a small tax rebate but it isn't much.

Regards,
Gordon.



Statistically, people who have had the most birthdays tend to live the longest.
User currently offlineGkirk From UK - Scotland, joined Jun 2000, 24936 posts, RR: 56
Reply 4, posted (9 years 5 hours ago) and read 934 times:

What is taxes?
Signed, Me Big grin



When you hear the noise of the Tartan Army Boys, we'll be coming down the road!
User currently offlineSkidmarks From UK - England, joined Dec 2004, 7121 posts, RR: 55
Reply 5, posted (9 years 4 hours ago) and read 914 times:

Here in the Isle of Man we pay 10% on salaries up to about £30K, 18% on anything over that. Threshold for this tax is about £8K - which means if you earn less than £8K you don't pay tax. If you are married you can claim your wifes threshold which takes the amount you can earn before tax to £16K+.

We also pay National Insurance at the UK rate, which is about 3 times the amout I pay in tax!! The tax rate is also helped by mortgage tax relief and tax relif on any loans taken out on the IOM and any Life Insurance.

However, thanks to the constantly increasing cost of living here (eg petrol app.£1.00.9 litre) the advantages of the low tax rates are gradually being eroded.

Andy  old 



Growing old is compulsory, growing up is optional
User currently offlineManuCH From Switzerland, joined Jun 2005, 3011 posts, RR: 46
Reply 6, posted (9 years 4 hours ago) and read 907 times:
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HEAD MODERATOR

In Switzerland it works exactly like in France (already explained by the OP). Fact is, in the last few years they have changed the computer systems doing the taxes, and I can now pay taxes for what I earned in 2003 *and* 2004 together, because last year the "forgot" me (even after I complained). This happened to about 35% of taxpayers in the region where I live... but as of 2006 it should be fixed  Smile

-Manuel



Never trust a statistic you didn't fake yourself
User currently offlineZKSUJ From New Zealand, joined May 2004, 7107 posts, RR: 11
Reply 7, posted (9 years 1 hour ago) and read 888 times:

I'm a student and I get taxed 20 bloody percent on what I work for. I think you get taxed more over a certain income in NZ.

User currently offlineAirlinelover From United States of America, joined Jun 2001, 5580 posts, RR: 22
Reply 8, posted (8 years 12 months 4 days 17 hours ago) and read 864 times:

I have my taxes done at H&R block, and I always manage to get a TON of money back thanks to the money I put towards school and stuff...

Chris



Lets do some sexy math. We add you, subtract your clothes, divide your legs and multiply
User currently offlineBNE From Australia, joined Mar 2000, 3183 posts, RR: 12
Reply 9, posted (8 years 12 months 4 days 1 hour ago) and read 844 times:

In Australia, a taxpayer's income is taxed progressively. Broadly, this means that as you earn more income your average tax rate rises.

The tax free threshold is $6,000; 15% for $6,000 to $21,600; 30% for $21,600 to $63,000. The highest tax rate is 47%.

The Australian tax year is July 1 to June 30.

If you are employed each week money is taken out of your pay, which your employer sends to the Australian Tax Office.

Every year you need to file a tax return which is due in November. Sometimes you can claim deductions and others will have to pay tax on bank interest and other investments. Then there is the pesky 1% medicare levy, which is added on top.



Why fly non stop when you can connect
User currently offlineMatt27 From , joined Dec 1969, posts, RR:
Reply 10, posted (8 years 12 months 4 days 1 hour ago) and read 842 times:

Here we pay about 30-33% income tax. If you earn more than 18.000 SEK(€1900) you will have to pay 55% from 18.000. Let's say you make 22.000:- a month then you pay 18.000 x 30% and 4.000 x 55%. And the VAT here is 25% on everything except food 12% and culture, books, newspapers 6%. The state gotta make a lot of money....

User currently offlineCptkrell From United States of America, joined Sep 2001, 3220 posts, RR: 12
Reply 11, posted (8 years 12 months 4 days ago) and read 834 times:

There are many tax payment options in the USA. Some circumstances to be considered are whether you are a salaried or an hourly employee working regular for a company or are a self-employed person or a part-time wage-earner or a retiree or etc., etc. Payment options include (most used) regular deductions from your pay, sent to the "tax man". If you owe more at the end of the tax year a balance to the local, state or fed govmt, you then send them that balance in a timely manner or you will be additionally penalized. If you paid into the tax system(s) an overage, that amount, without interest, will be refunded to you. Other options include paying (estimated) taxes on a time-schedule basis throughout the tax year. There are probably more pages to the USA tax laws than all of the combined pages written in every other book since Guttenburg (sp?). Hence, with serious sums, one really needs a professional accountant.

Bottom line, though, is that the government(s) take on your own-earned income is too much considering the fact that the lion's share is pissed away by the politicians instead of addressing the real collective needs of the populace in general. Regards...jack



all best; jack
User currently offlineLTBEWR From United States of America, joined Jan 2004, 13115 posts, RR: 12
Reply 12, posted (8 years 12 months 4 days ago) and read 832 times:

This is a bit simplified explaination as to the USA's Income Tax schemes.
In the USA, we have a progressive Federal income tax, with the rate rising with higher incomes, from roughly 10% to about 30%. The tax for the social security and old age medicade program is a separate tax paid. Most states also have progressive income taxes too. All income taxes are set on a calander year system, Jan. 1 - Dec. 31.
Usually the tax is deducted from each of your payroll checks by your employer at the approxment rate % you are expected to pay, based on your pay on an annualized basis and other adjustments made as to family size and other income. Your employer then forwards the payments monthly to the Internal Revenue Service (and correspondending State tax authorites if a State income tax). If your are self-employed or have significant other income beyond your payroll tax, then you make quarterly payments to the INS/state tax authorities at an approxment rate. It is generally expected that one pay at least 90% of taxes due on an ongoing basis.
By April 15th, one must file an income tax return for the previous calander/tax year, where you: 1)total up all your income including payroll, interest on bank accounts, stock dividends, any other income; 2) calculate deductions, usually standardized for each family member, with additional ones as a household, disabilities such as blindness, age or itemized for those and allowed deductions such as high local taxes, medical costs, mortgage interest if is over the standardized amount; 3) calaculate taxes due on the balance. You then either submit additional taxes due if you didn't pay enough or you get a refund (usually 3-6 weeks after filing) if overpaid. If one has a family and is low income, and generally this applies to the working poor not qualified for welfare or disability, there is not only a refund of most or all of your taxes, but additional payments made to you. In more recent years, one can file the return on your computer via the internet and Payments and refunds are often done electronically rather than using checks on your bank accounts.

[Edited 2005-09-24 15:59:12]

User currently offlineRobertNL070 From Netherlands, joined exactly 11 years ago today! , 4532 posts, RR: 9
Reply 13, posted (8 years 12 months 2 days 23 hours ago) and read 804 times:

Quoting 707CMF (Thread starter):
Here in France, we declare around March of each year how much we've earned the previous year, then in early september, we receive a notification of how much income tax we shall pay (usually, way too much).

Here (NL) approximately the same. Declare before 1 April. Notification around 1 July. I never have to pay out, mortgages are still tax deductable in NL (thank God!) so I get a tax rebate.

Regards, Robert  bouncy 



Youth is a gift of nature. Age is a work of art.
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