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Floatin dirty
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Discussion Starter · #1 ·
There is information circulating around that beginning in November, the state of CA will with hold an additional 10% of your monthly income. The state officials describe it as an interest free loan for the state to help them get over the budget problems and that the tax payers will get their money back in 2011 after their 2010 tax filing if they are due a refund. The only way to cancel this 10% additional with holding from your check is to increase your allowances to make up for it on your DE 4.

Gotta love Cali, traffic, smog, gang violence, fires, earthquakes and never ending taxes.
 

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I am two steps away from getting my arse out of this state. I don't think the people are strong enough to hold the weight of the governments stupidity on their shoulders.

~Brian
 
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There is information circulating around that beginning in November, the state of CA will with hold an additional 10% of your monthly income. The state officials describe it as an interest free loan for the state to help them get over the budget problems and that the tax payers will get their money back in 2011 after their 2010 tax filing if they are due a refund. The only way to cancel this 10% additional with holding from your check is to increase your allowances to make up for it on your DE 4.

Gotta love Cali, traffic, smog, gang violence, fires, earthquakes and never ending taxes.
While it wouldn't surprise me if CA raised taxes again, I seriously doubt that the state is going to withhold an additional 10% of my monthly income. An additional 10% of the amount of State income tax withheld, I could see.

I will check it out.

EDIT

This summer, lawmakers and Schwarzenegger decided to withhold 10% more from workers' paychecks starting Nov. 1 -- an accounting scheme to collect taxes faster. Under another bookkeeping maneuver, individuals and businesses that make estimated tax payments will pony up more of that money sooner starting in the first half of next year.

http://www.latimes.com/news/local/la-me-taxes27-2009aug27,0,1796963.story

I read this as meaning if the State is deducting $5000 per year in State income tax, in Nov it will be $5500.
 
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This summer, lawmakers and Schwarzenegger decided to withhold 10% more from workers' paychecks starting Nov. 1 -- an accounting scheme to collect taxes faster. Under another bookkeeping maneuver, individuals and businesses that make estimated tax payments will pony up more of that money sooner starting in the first half of next year.

http://www.latimes.com/news/local/la-me-taxes27-2009aug27,0,1796963.story

I read this as meaning if the State is deducting $5000 per year in State income tax, in Nov it will be $5500.
 

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Floatin dirty
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Discussion Starter · #7 ·
Yes, Ultra you are correct it is an additional 10% on top of your existing state income tax. It amounts to a free loan of money to the state if you let this occurr without changing your deductions. You will get the money back after filing your tax return unless of course the state is issuing IOU's again at that time.
 
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Yes, Ultra you are correct it is an additional 10% on top of your existing state income tax. It amounts to a free loan of money to the state if you let this occurr without changing your deductions. You will get the money back after filing your tax return unless of course the state is issuing IOU's again at that time.
More IOU's wouldn't be a surprise :)sphss
 
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Pathetic.

Instead of reducing expenses they will once again raise taxes.

Only the government can autocratically increase revenue and not be held accountable for their actions.

They'll probably start up some sort of bureau to oversee the loans and hire a few thousand people along the way.:)sphss

What a joke.
 

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My favorite part of their "budget fix" was voting to have the June 30th payroll next year deferred to July 1st and into the following budget year. :|err
 

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R U or U R?
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I like California because they just paid me 5k to fix a sprinkler head at one of their courthouses.
See, they are really watching your money.;)
 
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