How much is the HIT on all wages? « Thread Started on May 30, 2011, 12:13pm »
So is the HIT going to be 20% on all gross wages or what? Maybe under ten percent?
But anyway, here comes another ten percent tax...FICA 15.3% sales and use tax 10%, FCC Al Gore phone tax ten percent, utility tax of ten percent, local real estate tax of ten percent, income taxes, State and Federal 40%, gas tax of ten percent (includes sales tax on the State and Federal gas taxes)...
So is the HIT going to be 20% on all gross wages or what? Maybe under ten percent?
But anyway, here comes another ten percent tax...FICA 15.3% sales and use tax 10%, FCC Al Gore phone tax ten percent, utility tax of ten percent, local real estate tax of ten percent, income taxes, State and Federal 40%, gas tax of ten percent (includes sales tax on the State and Federal gas taxes)...
Lalaland has had the HIT for years, by-the-way.
HAM
Why do you care? unless I'm mistaken, you're an accountant and as such you'll make bucks no matter what the tax code happens to be. I don't expect a reply because you never defend your comments, but I argue the point in hope that sooner or later you might get off your cowardly ass and do so.
Re: How much is the HIT on all wages? « Reply #2 on Jun 28, 2012, 12:19pm »
Well your Scrotum just called it, and its official, it is a tax. Health Insurance Tax or HIT will hit you in your paycheck January 1, 2013, in six short, and economically depressed months.
So, there are 20 taxes in the osamacare plan...did you read the 1099 reporting penalty is 31% of the amounts you were supposed to have reported (this means it is the opinion of the govt stooge who believes you should have reported more and not less)?
Re: How much is the HIT on all wages? « Reply #4 on Jun 28, 2012, 8:05pm »
Quite true that the Republicans, thank God for the Bush team, did repeal the 1099 requirement IN THE OSAMACARE bill that required all businesses and rental property owners to 1099 all payees for goods, services, and barter...that was a NIGHTMARE!
Thank you Republicans.
But, the 31% "backup" withholding penalty still applies to small business owners and it is the death squad waiting to strike at every small business every where...
Last year, the government did add the new, "1099-K" and THAT is crimminal. You can take in a customer payment by credit and get TWO duplicated 1099s. One, the newly created for addition death, the 1099-K which is issued by the merchant card company and the other the payor who must issue you a 1099-MISC. Did you government take any due care to avoid duplicated 1099s processed into the IRS' computer?
NO. They did not. So watch out for the CP-2000 attack coming to a theatre near you, this summer.
Re: How much is the HIT on all wages? « Reply #7 on Jun 28, 2012, 8:11pm »
Billhammett: there are still over 100 types of 1099 forms small businesses must be aware and file to do the work of the government or get whacked to death by the 31% backup withholding penalty for not sending in to the IRS computer a correct address, for sending in a miss-pelled word, for not getting the payee's social security number correct, for not licking the stamp from the left side first etc.
This was one big way the Prezident was going to pay for the fee health care for those on the left: attack all small businesses with this 31% penalty on the amount of total payments the business was supposed to have reported for each and every calendar year. Think about it.
Joined: Jul 2009 Gender: Male Posts: 9,818 Location: Valley Center/Escondido
Re: How much is the HIT on all wages? « Reply #9 on Jul 1, 2012, 2:59pm »
Dang! 21 new taxes? Biggest single tax hike in world history? Obama does not seem to know yet that it is a tax. How many of his supporters know about it?
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