The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/i-always-tell-clients-that-the-government-doesnt-14623444.aspx

Subject:  Re: Tax rates: is it worth it to work? Date:  3/25/2001  6:37 AM
Author:  acm4tax Number:  48961 of 121164

I always tell clients that the government doesn't take away ALL your money when the second income is added. But you do have to work the numbers to make sure the proper taxes are withheld. If you look at Form W-4, after you claim S or M and the number of exemptions, there is a line to authorize the employer to withhold an additional amount. Everyone's tax situation is different, thus the flexibility of the
W-4 to accomodate differing tax situations.

Besides the money factor, there is the psychological one. To be a stay at home homemaker and mom/dad is a choice for some. For others, dispite the additional financial costs of having a job - clothing, transportation, daycare, there is a need to feel personally fulfilled as a human being. Having outside the home contact with other people is necessary for personal sanity for many, and to have a job fulfills this need. Volunteer work may do the trick too, but the added bonus of receiving a paycheck makes it worthwhile to others. Different strokes for different folks.


Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us