Comments for Student Loan Interest 101

Comment on I have an underwater mortgage but would like to move up. Will I qualify? by Judy

Judy — Thu, 16 Feb 2012 07:45:46 +0000

You’d most likely save taxes by getting married in 2011. And if you could then be covered under her health insurance, that might be worth more than the tax savings.

Comment on I have an underwater mortgage but would like to move up. Will I qualify? by tro

tro — Thu, 16 Feb 2012 07:11:06 +0000

it does not appear getting married now will make much difference in your tax situation
as filing single on each of your incomes, you are taxed at that rate(depending on the income)
combining your incomes puts you in a higher bracket and will pay more income tax because of it

Comment on I have an underwater mortgage but would like to move up. Will I qualify? by Bobbie

Bobbie — Thu, 16 Feb 2012 06:35:27 +0000

You and her can play some games with the below estimated tax calculator for this purpose to try and get and estimate what your estimated tax liabilities might be using each different filing status and then you might be able to make you own choice about when you may want to become legally married.

http://www.dinkytown.net/java/Tax1040.html

http://www.dinkytown.net/java/Tax10402011.html

Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2011. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2012. In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the “Tax Hike Prevention Act of 2010″ left the existing tax brackets in place through 2012. Please note that this calculator uses the preliminary 2011 tax tables.
.
OK now go for it you now have a starting point for your future plotting.
Have fun and play some games with the estimated tax calculator.
Standard deduction to use (after any income phase-out)$
Deduction for exemptions$
Taxable income$
Tax*$
Hope that you find the above enclosed in rank useful for your situation and excellent luck to you in your future. 05/17/2011

Comment on I am starting a private musical studio…questions about Self-Employment tax? by Max Hoopla

Max Hoopla — Tue, 14 Feb 2012 20:01:53 +0000

Self-employment tax is Social Security and Medicare for self-employed people. You pay it on your profit just like you would pay it on your wages if you were an employee. If you are confused, get professional help from someone who knows taxes and spend your time doing what you are excellent at.

Comment on Do I get to pick my Air Force job? by jeeper_peeper321

jeeper_peeper321 — Tue, 14 Feb 2012 06:47:06 +0000

1. ASVAB scores are excellent for two years from the date taken

2. There are no enlistment bonus’s

3. No, you do NOT get to choose your job

Comment on Do I get to pick my Air Force job? by Michael Parker

Michael Parker — Tue, 14 Feb 2012 06:20:18 +0000

1. Those are fantastic scores but you may have to take the test again. It all depends on your recruiter.
2. Do NOT drop out of college for the United States Air Force! End school, THEN become an officer. Better pay and more availability of computer jobs that you say you want.
3. Yes, you will receive a signing bonus. It depends on the job you get, your contract length, etc.

Mainly, Once you sign your contract… you are GUARANTEED the job you are signing for, but until then, NO!

Comment on Why do liberals ignore the facts about our deficit? They believe it when the media spins it? by Jesus Jones

Jesus Jones — Sun, 12 Feb 2012 01:54:16 +0000

Why do so-called conservatives keep ignoring the facts about our deficit? Look at how it has risen since Bush & Co. has been in charge with a compliant Republican Congress.

Comment on Why do liberals ignore the facts about our deficit? They believe it when the media spins it? by Bert T

Bert T — Sun, 12 Feb 2012 01:00:01 +0000

Oh yes we’re so successful we’re borrowing money from Communist China.

http://budget.house.gov/

Since youre so successful, go ahead and pay MY share of the National Debt. It’s a small over $ 29,000 as you can see from the link (see real people with actual provable positions provide links so people can see for themselves). That $ 29,000 is due from the littl baby which was just born in Dallas, she owes $ 29,149 before she even gets her ID chip and SS number.

Yaah we’re in excellent shape. The Earth still flat where you live?

Comment on Why do liberals ignore the facts about our deficit? They believe it when the media spins it? by Ken C

Ken C — Sun, 12 Feb 2012 00:28:19 +0000

Thank you. And as a couple of the answers show, they didn’t read it or didn’t know it.
Economics for most is a tough subject. Most folks look at it as a Snapshot in time. Like we can directly compare point A to point B. Economics is also not an simple discussion topic. Folks who talk about the National Debt reckon it’s like a Credit card and how much you owe. It is really based on a method of forecasting used first by the Ancient Greeks, then the Romans. It is NOT a tool to measure “How much we owe”.
Borring from China? Really they Borrow from the U.S. when they buy our Securities and Treasuries.
Again, there is no “Simple, MTV” version as people want to know about today.
As such, most discussion on the Economy and what folks say is rather amusing. Quoting figures that have nothing to do with subject they refer to.
For the guy who questioned “What does 47 million houses in the last 27 years mean”. How can you have a exchange with someone who dosn’t know jobs, and a strong Economy?
Excellent work.

Comment on Why do liberals ignore the facts about our deficit? They believe it when the media spins it? by tommypinkerton

tommypinkerton — Sat, 11 Feb 2012 23:47:13 +0000

This article omitted the #1 factor in our spending since Bush got what he wanted: a war with Iraq.
We cannot have a blind spot and say that all these billions spent on Iraq don’t count as spending and don’t deepen our debt. My question to Republicans is: “Who’s to pay for this war?” Every time the neo-cons criticize the Dems for being tax and spend but they don’t see anything incorrect with “borrow and spend” Again, who’s going to pay for this war? You give tax cuts to the super rich; shouldn’t those with the most property to protect pay for the protection?
Wasteful spending is crazy on all sides, but too often the GOP treat education as “wasteful spending.” As a teacher, I’m a Democrat and I don’t hear any intelligent reasons to be otherwise.
By the way, the media is very moderate in my opinion, except Fox News, which are avoiding the topic of who’s going to pay for this war.