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Thread: Money

  1. #831
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    What do you have your withholding set at? Your employer can only withhold what you tell them to and even then it's calculated at each paycheck assuming you are making exactly that amount each paycheck all year.

    We had to pay a bit last year so we've changed our withholding to 0 exemptions and "married filing joint, but withhold at the single rate" because the withholding calculations assume you are the sole income earner when married which results in under-withholding. If we still owe a sizable amount this year I'll have to update it to 0 exemptions, "married filing joint, but withhold at the single rate", and withhold an extra $X per pay period.

    You could do something similar and it is something you can change over the course of the year depending on how your ESPP/RSUs actually shake out.

  2. #832
    Darth Small Macheath's Avatar
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    Quote Originally Posted by liuv View Post
    What do you have your withholding set at? Your employer can only withhold what you tell them to
    In the old W-4, I tried to keep things simple. I had 0 dependents, then I was married with 1 dependent, then I was divorced and had 0 dependents again. I did the counting on the form walkthrough, I plugged in the appropriate number, then I didn't think about it anymore.

    If I have 0 exemptions, I should be able to trust that the company will evaluate my tax bracket based on current paycheck, then withhold appropriately. But no, now on the new W-4, it seems like they're just throwing their hands up in the air. "We don't know how much to withhold, oh god, you the employee must tell us!" How fucking stupid.

    This got a lot more complicated since the last time I looked:

    https://www.irs.gov/individuals/tax-...ding-estimator

    Apparently I need to give my employer a kick in the penis, and tell them a specific dollar amount I want withheld from each paycheck above and beyond whatever their calculations are. Great, so convenient and easy.

    I can't even do the calculations right now, because I'm throwing 50% of every paycheck (pre-tax) into my 401k. The amount of federal income tax I'm paying right now is not representative of the normal number. Once my 401k is full, then I can finally try to do an assessment and tell the rest of the world what my taxes should be.

    This burns me up. Christ. Why do my employer and government need me to tell them how to tax me?

  3. #833
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    Quote Originally Posted by Macheath View Post
    In the old W-4, I tried to keep things simple. I had 0 dependents, then I was married with 1 dependent, then I was divorced and had 0 dependents again. I did the counting on the form walkthrough, I plugged in the appropriate number, then I didn't think about it anymore.

    If I have 0 exemptions, I should be able to trust that the company will evaluate my tax bracket based on current paycheck, then withhold appropriately. But no, now on the new W-4, it seems like they're just throwing their hands up in the air. "We don't know how much to withhold, oh god, you the employee must tell us!" How fucking stupid.
    Yeah, the whole process has always been shit and the trump changes certainly didn't improve it. Did you try entering JUST your W-2 to Turbotax? I'd be curious to know what that showed. For us, married filing jointly usually showed myself with a comfy refund, then adding the wife's w-2 deleting that refund, then adding 1099s increasing the amount owed. I haven't started mine for 2019 yet, but I'm hoping that switching us both to 0 and married withheld as single will change that.


    Quote Originally Posted by Macheath View Post
    This got a lot more complicated since the last time I looked:

    https://www.irs.gov/individuals/tax-...ding-estimator
    Right!? I both understand why and HATE that figuring out your correct withholding (to get $0 refund/due) essentially requires that you have perfect knowledge of your income from all sources for the entire year. Shit's just too complicated.

    Quote Originally Posted by Macheath View Post
    I can't even do the calculations right now, because I'm throwing 50% of every paycheck (pre-tax) into my 401k. The amount of federal income tax I'm paying right now is not representative of the normal number. Once my 401k is full, then I can finally try to do an assessment and tell the rest of the world what my taxes should be.
    Samesies! Our current pay stubs are useless for the presumptive process that these calculations use. It gets even MORE fun when you set it to 100% then have expense reimbursement that replaces the income tax withholding

    Quote Originally Posted by Macheath View Post
    This burns me up. Christ. Why do my employer and government need me to tell them how to tax me?
    I agree, and there's a webcomic to that effect but I can't find it from my blocked connections at work. It's two dudes talking about "taxes." One says you have to tell us what you made and what you owe, the other says something along the lines of "how do I know if I get it right," and the first responds something like: "don't worry, we'll tell you."

  4. #834
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    Drew's Option Trading Adventure!

    3/6/20
    So, last Friday I did my first every option trade. I bough 1 Put contract for 100 shares of DIS, to expire on 4/9 at a price of $90/share. When I bought the contract, it was valued at $1.82/share, so $182 and Disney was trading around $112. I reasoned that if they closed the North American parks, the stock would tank. As is the way of things, the stock immediately recovered about $2 and the value of my option cut itself in half.

    3/9/20
    Monday hits and the market tanks. My option jumps in value again and the circuit breaker is tripped due to the sharp market sell off. I figure it was an over-correction, so I start buying Call options, but instead of 1 at a time, I start buying heavy and more risky. I buy 5 contracts for $117/share at $.86/each with a March 13th date (x500 cause I was buying 5, 100 share contracts) so now I've tied up $430 in that.

    I then decided to take the cash from my Friday option and sell that contract at $2.63, so I make a profit of $81. (44.5% profit)

    Then I go and buy more Call options for 3/13 with a $116 price at $.42/share, for another $210 tied up in this mess.

    The market free-falls all day and I panic. I sell the $116 Calls at .35/share for a loss of $35. (16.7% loss)

    I decide to reverse course again and buy 1 $90 Put for $3.60/share good til 4/3, so now I'm back in for $360.

    I decide to dump my $117 Calls for .13/share, so I get back $65 of my $430 investment. (84.8% loss)

    3/10/20 and 3/11/20
    I finally get smart and do nothing. The volatility in this shit is nuts!

    3/12/20
    Huge drop again. Disney finishes the day over 20% off the high close last Friday. My Put has increased in value from $3.60/share to $9.08/share, but I haven't sold. The position is currently up 152.22%, or $548.

    So how did I do so far?
    Trade 1 - In for $182, out for $263
    Trade 2 - In for $430, out for $65
    Trade 3 - In for $210, out for $175
    Trade 4 - In for $360, current value - $908

    $1182 invested for $1411 current value (19.4% gain) in 5 days.

    I do not recommend this. It's stressful and fucking crazy making.

  5. #835
    Tiny Dancer Drewbie's Avatar
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    Oh, and for giggles, had I held that first trade til today, I could have sold it for $970 instead of the $263 I took during my Monday panic.

  6. #836
    Tiny Dancer Drewbie's Avatar
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    And they just closed Disneyland! Holy shit!

  7. #837
    Darth Small Macheath's Avatar
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    I'm not built for it. More power to you.

  8. #838
    Tiny Dancer Drewbie's Avatar
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    Overnight, they announced the closure of the Florida and Paris parks as well. Naturally, pre-market they're up 7%. FML.

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