Recent comments in /f/LifeProTips

keepthetips t1_j5505nw wrote

Hello and welcome to r/LifeProTips!

Please help us decide if this post is a good fit for the subreddit by up or downvoting this comment.

If you think that this is great advice to improve your life, please upvote. If you think this doesn't help you in any way, please downvote. If you don't care, leave it for the others to decide.

1

keepthetips t1_j54wii3 wrote

Hello and welcome to r/LifeProTips!

Please help us decide if this post is a good fit for the subreddit by up or downvoting this comment.

If you think that this is great advice to improve your life, please upvote. If you think this doesn't help you in any way, please downvote. If you don't care, leave it for the others to decide.

1

Jaded_Prompt_15 t1_j5308d7 wrote

You can even claim "exempt" from withholdings for social security...

Every year, lots of idiots find that out. And they assume it means they're somehow exempt from it. Like, there's just a secret opt-out that no one knows about.

So they change it, and because they think it's a secret life hack, they don't tell people they found it.

Then Social Security calls their employer, locks them at a high deduction, and give them a giant debt.

Just pay taxes as you earn money, it's not worth the hassle

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Send_Your_Noods_plz t1_j52x954 wrote

Yeah, 50 extra on your paycheck means you can go out 1 night. Most people are not taking that money and investing for essentially pennies over the course of a year. If you make enough that it's not just pennies of interest this makes sense but for a lot of people out there were talking a hundred or two at best

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Send_Your_Noods_plz t1_j52wu6y wrote

This is financially the best decision because you can invest the money each check... if you actually do that. If you are the type of person who looks at their bank before deciding they can go out that week to dinner, or get fast food on a whim and never seem to really be saving money, it is kind of a forced savings account that you can't touch. It's not just a 0% loan you gave to the government, if you save the money you would have spent otherwise that's your interest. Me personally 50$ a paycheck missing isn't hurting, it forces me to tighten my belt. What I do enjoy is getting 2300 lump sum. I'd of spent it on other things throughout the year, but now I can buy bigger things like a vacation.

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ryjohn429 t1_j52vojj wrote

I have a friend who is constantly broke and trying to figure out how to stretch his groceries until next payday. But every year he gets a $6k tax refund. He can't seem to wrap his head around the fact that he's loaning the government $500/mo, interest free, and has to wait the whole year to get it back. Foolish.

I've set mine up so I pretty much break even every year. Most years I get a small refund, this year I'll probably owe a bit.

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