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Taxes
Aug 16, 2020 9:06:59 GMT
via mobile
Post by juju on Aug 16, 2020 9:06:59 GMT
So here’s a question - do you do your own tax return or does your employer deduct for you? Here in the UK we have PAYE if (Pay As You Earn) if you are an employee, so your taxes are dealt with at source by your employer, usually monthly - you just see a bunch of figures on your wage slip. If you’re self employed you must do them yourself.
Am I right in thinking in some countries everyone has to do their own tax returns even if they are employed? If so, I wonder if that affects how people feel about the concept of paying taxes? In the US for example, there seems to be far more antipathy and resentment towards taxation.
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Taxes
Aug 16, 2020 9:31:35 GMT
Post by Kye on Aug 16, 2020 9:31:35 GMT
Here in Canada, we get taxes deducted at source, but still have to do them once a year to make sure there is no discrepancy. I for example, always have to pay extra because I have several sources of income and they don't take off enough at source.
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Taxes
Aug 16, 2020 22:00:42 GMT
Post by Moose on Aug 16, 2020 22:00:42 GMT
I've never had a job that was not PAYE. I have wondered if I should be paying on Turk earnings but I honestly don't think I am earning enough to be - also, it's vouchers
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Taxes
Aug 17, 2020 18:05:49 GMT
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Post by Mari on Aug 17, 2020 18:05:49 GMT
Here it works like in Canada unless you're self-employed. You can also deduct posts on your annual tax return, like when you buy a house or started a new study course. I usually don't hate doing them, but since Peter started his webshop, our taxes became so complicated that even as a fairly intelligent person I wasn't sure we did it correctly that year. Ever since that year we had a professional do it for us. Expensive business I can add.
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Taxes
Aug 17, 2020 22:18:16 GMT
Post by kingedmund on Aug 17, 2020 22:18:16 GMT
Here in Canada, we get taxes deducted at source, but still have to do them once a year to make sure there is no discrepancy. I for example, always have to pay extra because I have several sources of income and they don't take off enough at source. Same here. I do my personal ones because that’s easy. But an accounting firm does my other businesses. Yes. Taxes are definitely not fun. It can destroy a business or a person if it gets out of control or if one doesn’t take the steps necessary.
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Taxes
Aug 28, 2020 10:32:40 GMT
Post by maurusian on Aug 28, 2020 10:32:40 GMT
In Germany the employer deducts the taxes, but you still have to do your tax return for the previous year (this is especially good if you were newly employed and had a lot of job search related expenses). There's a website where you can fill all the relevant information, and they do the paperwork for you, for something like 20-25 Euros.
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Taxes
Sept 9, 2020 14:39:48 GMT
Post by whollygoats on Sept 9, 2020 14:39:48 GMT
In the US, it usually depends upon the taxed individual. If they are an employee of another, a firm, then the firm usually deducts taxes from each paycheck and the worker is responsible for filing an annual return, which adjusts any differentials. Independent earners usually make quarterly estimates of earnings and submit a quarterly estimated tax amount, which is then adjusted via the annual tax return. I, as an employee, had some discretion in selecting the relative amount withheld by the employer for taxes. My wife and I always selected the highest level of withholding, knowing that after the annual filing, we would get a refund (rather than having to pay additional), which my wife would then use for new furniture or other significant household expenditures. In other words, my wife constructed it such that it was a 'forced savings' program using the Infernal Revenue Service as the savings mechanism. I got a lot of high-grade wooden furniture out of it.
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Taxes
Sept 10, 2020 6:02:56 GMT
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Post by Mari on Sept 10, 2020 6:02:56 GMT
Hehe, I use that system with our subsidies. I usually "save" about a 1000 euros a year this way, which was used for home improvements like the garden this year.
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