|04-13-2014, 11:48 AM||#1|
Join Date: Sep 1999
Location: Orono, ME
Maine tax return… GRRRRR!!!
I am employed by the public school system, so I am REQUIRED to contribute to the Maine Public Employees Retirement System, which is a tax-deferred retirement program. It's tax-deferred for the feds; for the state tax return, we are required to add our PERS contributions INTO our federal income and then the state taxes us on the contributions. Of course, they'll tax us on the money when it's paid out during retirement, too. Tax deferred? To me, this seems to be DOUBLE TAXED… and no way to opt out.
|04-13-2014, 12:02 PM||#2|
Don't make me get out my spoon!
Now you know why I don't have time to clean my house!
Bananas just aren't appealing today
Proud owner of a Bunco Butt with dice bloomers
Join Date: Dec 2002
Location: Cranberry Twp, PA
According to their website, you will pay federal taxes when you receive your money during retirement. You will not pay state taxes on the distributions because you've already paid those up front with your contributions. You are not being double taxed. You are paying state taxes now, and federal taxes later.
|04-13-2014, 12:33 PM||#3|
Join Date: Aug 2012
Location: East of cleveland ohio
Most of the tax "scheme" are horse pooh.
Try investing more in retirement accts that are tax deferred, then the allotted federal except amt, you get "taxed" on the above exception amt first time around and taxed when you receive it.
But hey we get to retire before we die or too old to enjoy it
|04-13-2014, 04:02 PM||#4|
Join Date: Feb 2012
Try wanting to opt out of social (in)security.
-$15 various FICA
$60 Take home
Tank of gas:
13% minimum tax on gas.
$52.50 of actual earnings (best case for most folks) not spent on taxes out of $100 if that $100 is used to buy gas.
It's even worse if your try and spend your initial $100 of earnings on a cell phone bill, it goes up to about 55% of that $100 going to taxes overall.
People wonder why the economy can't get restarted? When half (or more) of everything most people earn goes to direct and indirect taxes, I'm surprised things are going as well as they are.
May 2011 POP for 6 days
Nov 2012 Contemporary for 7 days and MVMCP
Sept 2013 Contemporary for 8 days and MNSSHP
May 2014 cancelled due to FP+ debacle
and dozens of off site trip stays.
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