Thread regarding SAS Institute layoffs

OP just keep in mind that 40% of $100.00 is only $40 bucks. Hardly impressive.

The layoff thread is in https://www.thelayoff.com/t/1jqc5vwrc

Who was laid off?

Dozens, perhaps hundreds, of your colleagues were just laid off.

And you want to talk about tariffs?

@hm+1jqap3jr7

Not so fast.

• - Foreign manufacturers can choose to reduce their prices so that they remain competitive without passing the cost on to distributors and consumers.
• - Buyers/distributors can choose to reduce their prices.
• - Consumers can choose to not buy.
• - Consumers can choose to buy a domestic alternative.
• - Foreign manufacturers can choose to move production to the USA to avoid tariffs. Jobs result in those moves, and there are then more employed people to add to the economy.

Anyone that doesn't like paying income taxes and wishing income taxes will be gone, your dream may come true...but you will pay more for imported things in the form of tariffs...

https://www.msn.com/en-us/money/markets/trump-wants-to-abolish-the-irs-and-replace-federal-income-tax-revenue-with-tariffs-on-imports-how-would-such-a-move-affect-middle-class-americans/ar-AA1BQ9wt?ocid=winp2fptaskbar&cvid=fd4df622e28c4ad982b3184f1e6bf8d9&ei=9

Dude figure it out. Take your previous year tax return, plug in current numbers, and you'll get your estimated tax liability. Or just withhold your previous year's tax to get within the safe harbor if you don't have any major changes in income.

This is almost as bad as the people that celebrate getting a massive refund each year. It doesn't mean the government was generous, it just means you don't understand taxes and overpaid taxes - basically gaving the government an interest-free loan.

Yeah I think this is a you problem

“ I can forecast our household income, deductions, credits, etc well enough by the end of Q3 to make a few final adjustments in Q4 to course correct and owe a small amount each year (who really wants a refund?). If you can’t do that, hire someone to who can tell you what to do. The fact that you didn’t arrive at that conclusion on your own after years at SAS tells me you probably shouldn’t be considering a vacation home regardless.”

Yes I’m capable of doing that myself and came to the same conclusion.
But just because I have to do that doesn’t somehow mean the question is without merit. The system is overly complicated and shouldn’t require adjustments throughout the year. It shouldn’t even require thought.

Whether you believe it or not there is a payroll system component to this and the questions stands about whether others at SAS fall into this.

And for what it’s worth owing money is ultimately the best case scenario as long as you don’t owe underpayment penalties. But it doesn’t make it the scenario everyone wants.

No need to be a condescending ahole.

Make adjustments to W4 as necessary. You can also pay extra estimated taxes every quarter so at the end of the year you owe a little bit and not a lot.
Even if you claim 0 on withholding allowances you could still possibly owe income taxes if your income is high enough or if you have additional income sources (like investments that are other than 401K or Roth IRA), you may still owe taxes.

Maybe this will help.
How to Adjust Your W4 Form, to Avoid Owing at Tax Time.
https://www.youtube.com/watch?v=GBBj9esk0ZM

Tax layers are the ones who suffer the most from reckless government spending. Those on the government te-t could not care less.

@bs+1jqap3jr7

The payroll system knows only what you earn from SAS, and what withholding information you tell it. It is possible that as you accumulate wealth over the years, you might also have a good bit of interest income, capital gains, a side hustle, a spouse who does not have enough withheld, and so on that drives up your taxes. At the same time, if you are itemizing deductions when you file, then the payroll system won't know about reducing your taxes.

Fortunately the circumventions are easy. If 6-10k is what you end up owing each year when you file, then update your W4 so that an extra $500-$800 is withheld each month. I do this each year to account for interest income and income from my spouse's side hustle.

Updating the W4 helps you pay your taxes, but does not help you lower them. To lower them (legally), try some strategies such as alternating years in which you make charitable contributions. One year give double, the next year give none. In the year that you double, doing so might put you over the standard deduction so that you can reduce your tax bill. In the year that you give none, then you can still take the standard deduction. In the end, you are still giving the same amount to charity. Using a donor-advised fund is a handy tool to facilitate such a strategy.

Here's a tip. Each summer, the AARP website updates its tax calculator so that it works for the next year. https://www.aarp.org/money/taxes/1040-tax-calculator/ So in say July, use that calculator to see whether your withholding is on track to approximate what you will owe in federal taxes. If you are off by more than what you want, then you can make an adjustment to your W4 in July so that you will be on track for year end. By July, you should have a good estimate of what your total income for the year is going to be. Run it again in August to see whether you need to adjust again.

Some combination of the above should help eliminate the tax bite.

I'm wondering what amount makes others feel "comfortable" vs. "extremely comfortable"?

I have some fairly complicated tax returns each year, but as an empty nester with no mortgage, I can forecast our household income, deductions, credits, etc well enough by the end of Q3 to make a few final adjustments in Q4 to course correct and owe a small amount each year (who really wants a refund?). If you can’t do that, hire someone to who can tell you what to do. The fact that you didn’t arrive at that conclusion on your own after years at SAS tells me you probably shouldn’t be considering a vacation home regardless.

@am+1jqap3jr7 Fortunately for me the post wasn’t really about attaining your sympathy. I’ll manage my way through life without it.

It was a legitimate curiosity about whether others find themselves in the same situation.

And no SAS doesn’t control the tax code. But every payroll system has an implementation that tries to decipher it. They are not all the same and it is not an exact science.

Should it be simple for each system to accurately determine taxes due on amount earned? Yes. Is it? No

Complaining that it’s harder for you to buy a vacation home will elicit zero sympathy from me. Heck, my sympathy level will probably even flip to negative! Yep, there it goes.

This doesn't sound like a SAS problem, it sounds like a you problem.

If you find yourself owing a lot in federal taxes every year, you would probably benefit from talking to an accountant to see where you're going wrong.

How is the US tax code a SAS failure?

As Tony Robbins once said, "You must have made a great deal of money last year! Congratulations!". These are good problems to have. Reframe your position. Try being unemployed.