Monday, April 15, 2013

Tax Day: Form 1040EZ-LIB

IRS Form 1040EZ-LIB

(an easy Income Tax form for Progressives who want to pay their fair share)

1) Enter your W-2 Wage income:

2) Enter your 1099 Interest/Dividend income:

3) Enter your capital gains income:

4) Enter any other income (see note A):

5) Sum lines 1-4, this is your total income:

6) See Table A and enter multiplication factor:

7) Multiply Line 5 by line 6, this is your tax due:

8) Enter total taxes witheld by employer:

9) Enter total quarterly tax payments made:

10) Sum Lines 8 and 9, this is the tax you paid:

11) Subtract line 10 from line 7:

12) If Line 11 is negative, see note B; if positive, see note C; if zero, see note D

Table 1: Factor Single Married/Joint

0.1: $ 1-$8,700 $1-$17,400

0.15 $8,701-$35,350 $17,401-$70,700

0.25 $35,351-$85,650 $70,701-$142,700

0.28 $85,651-$178,650 $142,701-$217,450

0.33 $178,651-$388,350 $217,451-$388,350

0.35 over $388,350 over $388,350

Note A: Be honest! Hungry children are depending on you.

Note B: You have over paid your taxes and are a noble citizen! Thank your for your kind donation to your government. Rest assured that these funds will be put the best possible use.

Note C: You should be ashamed! Underpayment of your taxes most likely caused some poor child go go hungry last night. Write a check to the US Treasury immediately! To help cope with the guilt you should feel, add a bit extra to the check.

Note D: You nailed it, but we are watching you!

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