Archive for the ‘Monthly Tax Bite’ Category

About Those Tax Bites

June 5, 2008

I’ve been negligent in keeping the weekly and monthly tax bites updated on this blog. I’ve been too busy traveling for work or, as of tomorrow, vacation. I’ve been keeping all of my receipts, though, and I’ll do the math as soon as I find the time — just in case anyone out there was wondering.

April Tax Bite

May 4, 2008

Social Security: $499.10
Medicare: $116.72
Federal Income: $636.88
Virginia Income: $400.14
Communications: $4.66
Utilities: $5.73
Week 14: $15.20 (partial week)
Week 15: $18.25
Week 16: $21.89
Week 17: $21.41
Week 18: $6.07 (partial week)

Total: $1,746.05
Year-to-date total: $12,607.11

The Math Skills Of Journalists

May 4, 2008

Journalists like me should never write blogs that require a good grasp of mathematical logic. When we do, we spend hours trying to compose entries that would take normal people minutes.

That’s my way of saying that some of the year-to-date numbers you’ll find on this blog are suspect. Specifically, the year-to-date numbers for entries that recap our weekly tax bite may be off.

It’s too complicated for me to try to explain why. Just trust me when I say that the most trustworthy year-to-date numbers are in the entries that calculate our monthly tax bite. No partial weeks are involved there, so I’m not as confused when I try to do the math.

I’ll keep tracking the year-to-date numbers in the weekly entries; you’ll just have to wait until the end of each month to see the more reliable numbers.

One other administrative note: I have revised the year-to-date numbers throughout this blog for two reasons: 1) I discovered some math mistakes and fixed them; and 2) I have dropped property taxes from the monthly calculations.

Our mortgage statements this year have yet to reflect any property taxes paid to the county government. I’m guessing that means our lender only pays the taxes quarterly. (See, you learn things when you blog about taxes.)

Rather than trying to estimate those taxes monthly as I had planned, I’m going to make note of them when they are paid. That will explain in part why a few of the monthly tax entries will be noticeably larger.

March Tax Bite

March 31, 2008

Social Security: $499.10
Medicare: $116.72
Federal Income: $636.88
Virginia Income: $400.14
Communications: $7.07
Utilities: $5.93
Week 9: $0.70 (partial week)
Week 10: $175.37
Week 11: $23.71
Week 12: $59.97
Week 13: $15.21
Week 14: $3.93 (partial week)

Total: $1,944.73
Year-to-date total: $10,861.06

February Tax Bite

March 16, 2008

Social Security: $499.10
Medicare: $116.72
Federal Income: $636.88
Virginia Income: $400.14
Communications: $5.76
Utilities: $6.94
Week 5: $4.87 (partial week)
Week 6: $27.21
Week 7: $57.99
Week 8: $16.24
Week 9: $23.62 (partial week)

Total: $1,795.47
Year-to-date total: $8,916.33

January Tax Bite

February 6, 2008

Virginia Income: $2088.72
Federal Income: $1,794.16
Social Security: $2,474.83
Medicaid/Medicare: $578.79
Property taxes: $0
Communications: $12.94
Utilities: $7.16
Week 1: $0.61
Week 2: $89.45
Week 3: $13.13
Week 4: $29.27
Week 5:  $31.66 (for partial week)

Total: $7,120.82

Note: Income, Social Security and Medicare taxes for this month include those on one-time payouts for severance and accrued vacation.