Love, Taxes, and the Diet Soda
Being in the lowest income brackets means we're in a higher risk group, particularly healthwise. This is probably a combination of diet, education, and access (or lack of access) to medical care. So while it's important for people at all income levels to take an active interest in their own health, it's even more important for minimumwagers. While I don't get too worked up over every article with a new medical suspicions, this one sounds better researched than most, and it's not the first thing I read that indicates diet soda (or sugar substitutes) may not be as good for you as they first appear.
Diet Soda May Increase Stroke Risk
All things in moderation. I don't think the answer is to replace your daily diet soda with a daily regular soda... but to limit your soda intake and replace it with naturally healthy options like water and 100% juice (again in moderation).
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You may notice a little extra in your paycheck this year...or that the SS Withholding has dropped. I was checking out the IRS publications this morning and employee Social Security Withholding had changed in Publication 15 from 6.2% to 4.2%
While this will put a bit more in your immediate pockets, I'd direct that 2% into a retirement account. Social Security benefits were already projecting to be exhausted by 2037 which is around the time I'd be retiring and there's a good chance they'll either cut benefits or raise the age limits before then. So don't depend on Social Security to fund your retirement.
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By Febuary 14th you should have all your W2s, if not....
From the IRS mailings...
Here is What to do If You Are Missing a W-2
Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until January 31, 2011 to send you a 2010 Form W-2 earnings statement.
If you haven’t received your W-2, follow these four steps:
1. Contact your employer If you have not received your W-2, contact your employer to inquire if and when the W-2 was mailed. If it was mailed, it may have been returned to the employer because of an incorrect or incomplete address. After contacting the employer, allow a reasonable amount of time for them to resend or to issue the W-2.
2. Contact the IRS If you do not receive your W-2 by February 14th, contact the IRS for assistance at 800-829-1040. When you call, you must provide your name, address, city and state, including zip code, Social Security number, phone number and have the following information:
3. File your return You still must file your tax return or request an extension to file April 18, 2011, even if you do not receive your Form W-2. If you have not received your Form W-2 by the due date, and have completed steps 1 and 2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due while the information is verified.
4. File a Form 1040X On occasion, you may receive your missing W-2 after you filed your return using Form 4852, and the information may be different from what you reported on your return. If this happens, you must amend your return by filing a Form 1040X, Amended U.S. Individual Income Tax Return.
Form 4852, Form 1040X, and instructions are available at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
Links:
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Febuary 14th is also Valentine's Day. What's your favorite low cost but still romantic date idea?
Or if your dateless (like me) this year what's your favorite way to distract yourself from this Single's Awareness Day?
Diet Soda May Increase Stroke Risk
All things in moderation. I don't think the answer is to replace your daily diet soda with a daily regular soda... but to limit your soda intake and replace it with naturally healthy options like water and 100% juice (again in moderation).
-------------------------
You may notice a little extra in your paycheck this year...or that the SS Withholding has dropped. I was checking out the IRS publications this morning and employee Social Security Withholding had changed in Publication 15 from 6.2% to 4.2%
While this will put a bit more in your immediate pockets, I'd direct that 2% into a retirement account. Social Security benefits were already projecting to be exhausted by 2037 which is around the time I'd be retiring and there's a good chance they'll either cut benefits or raise the age limits before then. So don't depend on Social Security to fund your retirement.
------------------------
By Febuary 14th you should have all your W2s, if not....
From the IRS mailings...
Here is What to do If You Are Missing a W-2
Before you file your 2010 tax return, you should make sure you have all the needed documents including all your Forms W-2. You should receive a Form W-2, Wage and Tax Statement, from each of your employers. Employers have until January 31, 2011 to send you a 2010 Form W-2 earnings statement.
If you haven’t received your W-2, follow these four steps:
1. Contact your employer If you have not received your W-2, contact your employer to inquire if and when the W-2 was mailed. If it was mailed, it may have been returned to the employer because of an incorrect or incomplete address. After contacting the employer, allow a reasonable amount of time for them to resend or to issue the W-2.
2. Contact the IRS If you do not receive your W-2 by February 14th, contact the IRS for assistance at 800-829-1040. When you call, you must provide your name, address, city and state, including zip code, Social Security number, phone number and have the following information:
- Employer’s name, address, city and state, including zip code and phone number
- Dates of employment
- An estimate of the wages you earned, the federal income tax withheld, and when you worked for that employer during 2010. The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible.
3. File your return You still must file your tax return or request an extension to file April 18, 2011, even if you do not receive your Form W-2. If you have not received your Form W-2 by the due date, and have completed steps 1 and 2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due while the information is verified.
4. File a Form 1040X On occasion, you may receive your missing W-2 after you filed your return using Form 4852, and the information may be different from what you reported on your return. If this happens, you must amend your return by filing a Form 1040X, Amended U.S. Individual Income Tax Return.
Form 4852, Form 1040X, and instructions are available at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
Links:
- Form 4852, Substitute for Form W-2, Wage and Tax Statement
- Form 1040X, Amended U.S. Individual Income Tax Return
- Instructions for Form 1040X
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Febuary 14th is also Valentine's Day. What's your favorite low cost but still romantic date idea?
Or if your dateless (like me) this year what's your favorite way to distract yourself from this Single's Awareness Day?