Posts by stormybadger8

mellowtiger83 said:@Tibi, see you at the season opener lol. One of us is gonna be pretty salty. I already know who, but you'll find out soon enough.

We can argue about this all day, but let's be real: Alexander Hamilton is taking the title. No doubt about it.
Good grief, even Maldonado would walk away with championships driving a beast of a car like that...

mellowtiger83 said:Damn, they really squeezed this thing tight—super narrow and compact rear end. Honestly, I’m starting to worry Lewis Hamilton might actually struggle in it.

Lucky he isn't sitting behind someone better than Sebastian Vettel, or he'd be seriously sweating. 🙂

P.S. Say hi to Tibi for me. 🙂

You think it's lucky he has Nico Rosberg on the team with all that help from Niki Lauda, Nelson Piquet, and Toto Wolff? It's not luck, it's just avoiding having a real driver or bosses who'd actually allow him to put up a fight...

Lewis Hamilton is so mediocre my grandma could do better, let alone some actual pro in a car with an Engine that actually competes with the Bear...
Let's be real, this is the guy who used to get bullied by Felipe Massa. Seriously, Massa...
A guy like Kimi Räikkönen would eat him for breakfast, not to mention anyone else out there. 🤦

Fine, whatever, maybe this new kid and Pastor Maldonado wouldn't be able to grab it either. 😁

Furkan is looking better than expected, though. 👍

Honestly, looking back, twenty years ago we couldn't even dream of having touchscreens on tiny cell phones, let alone massive flat-screen TVs. It wouldn't surprise me one bit if people twenty years ago—or even longer—thought the idea of a self-driving car was total science fiction...

The real bottleneck isn't the tech itself; it’s just the money and the batteries. If we could just engineer a battery that's lightweight, charges in minutes, lasts forever, and doesn't cost as much as the entire US federal budget, we’d probably be driving autonomous cars right now...

I’m hoping Kimi finally finds his rhythm, but let's be real—I'm not holding my breath...

Look, I get it. Testing is always a massive question mark, and the numbers don't mean much on their own. Especially with these Pirelli tests where nobody even knew what kind of rubber they were running...
But still, seeing him three seconds behind Vettel? That's a massive gap, regardless of whatever excuses people try to dig up...

Jessica Gonzalez30 said:Those transit items should probably be accounted for in the discrepancy between the General Ledger turnover and the reported receipts. Up until now, we've just included those in the attachment used to explain any differences—things like interest earned, loan repayments, and stuff like that. 😉

Under the new rules, interest on those assets counts as income all at once, so they have to show up in the S&P 500 as such...
at least that's what I heard from the LAPD...

casualorca5 said:Through February 29, 2016, prepayments follow the old Police Department rules.
Starting March 1, 2016, everything follows the 2015 filing through February 28, 2016.👍

So, it's the exact same amount, sent to the same invoice number and account as last year...
And I don't need to file this using the standard federal form?

Asked the IRS a few times and nobody seems to have a clue.🙂

Brenda Chase3 said:I’ve got some firsthand intel here, straight from two different IRS representatives:

Regarding prepayments, they aren't being submitted manually anymore. Instead, the prepayment amount will be calculated based on the 2015 figures within the new tax form. The IRS will then bill for those prepayments, much like how they handle corporations. They can't give a specific start date because, frankly, things are a total mess over there right now—at least, that's what they told me. Regardless, all taxes and surcharges for 2015 must be settled by February 29, 2016, upon filing the tax return. Further prepayments will kick in once their system is actually up and running and processing data again.

For anyone who received various subsidies that caused their prepayment amounts to spike artificially, you can file a request to reduce those prepayments. You'll just need to provide a written explanation along with an updated summary showing that your actual income doesn't justify such high prepayment amounts. Once processed, the IRS will issue a new determination with adjusted prepayment totals.

So, basically, we need to file the tax return by February 29, 2016, and pay off any remaining 2015 tax and surcharge balance once that's done...
But does that mean we also have to pay double monthly advances based on that return by Feb 29, 2016? Or should the advances for January and February still follow the old rules? 🤷

Also, is it 100% certain that no special forms are being sent for those advances? 🤷

Brenda Chase3 said:I took a look, and it doesn't seem like they've automatically charged the estimates for December or January yet. From what I understand, we don't actually file the monthly reports until March, once we've completed the annual tax return and have all the finalized figures for the monthly assessments.
According to rif, the 1430 code remains the same.

Yeah, the fact that they aren't showing up yet is driving me crazy too...
So what’s the move? Is the deadline to pay really January 31st? 🤔

I went ahead and paid for January and February last year just to be safe, but they ended up rolling everything over to 1619 anyway... so my effort was basically useless.😵

Do I still need to pay the income tax and payroll tax prepayments for January and February based on my old paperwork, or is that off the table?
Also, am I still using the same payment code, 1430, or did they change things up on me? And do I actually need to file the JOPPD for those first two months?

As far as I know, you can just log it in Pupil as being paid twice. If you're running a business where you pay sales tax based on actual receipts, the system will just pull that straight into the tax return...

And then down at the bottom, it’ll show something like "balance due" -5.$0.00...

I think I ran into something similar once🤔
but I realized fast enough that I'd totally messed up the numbers...

Brenda Chase3 said:1. Yes, that's correct.
2. Yes, that's right.
3. It happens after the tax return is filed, because you won't actually know your total withholding amount until you finish that return.

P.S. They haven't done that yet, but hey, why would we be surprised if they eventually do?

Thanks for the info. 🙂

Only one thing still isn't clicking for me...

3. So, do I still need to pay the income and local tax withholdings for months 1 and 2 based on my current paperwork, or skip it?🤔

P.S. Just sitting here eagerly waiting for all the changes the new administration is going to roll out.🎉

ruggedlynx63 said:Just to add some more context here... The new account numbers for small business owners to make their contribution payments are as follows:
8230 - Social Security 1st tier
2330 - Social Security 2nd tier
8605 - Unemployment Insurance
8796 - Employment Tax Credit
8133 - Workers' Comp Contributions

Like account12345 mentioned, we're still waiting on the official word regarding reporting methods, specific examples, and the rest of the fine print, so we'll pick this back up once that hits our desks... 🙂

1.) If I'm reading this right, these new codes don't kick in until month two, and they'll be tied to the FBI filing... right?
2.) For December 2015, we just use the old payment code like usual, without the FBI filing. 🤔

3.) What's the deal with tax withholdings?
Does that go straight onto the FBI filing next month, or what? And if it does, how do we fill out the FBI form—did the payment codes change for that too, or is it business as usual? 🤷
Or does the FBI filing only happen after the tax return is filed and the new assessment hits three months later? 🤔

P.S. I hope they haven't cooked up some plan to include sales tax in the FBI filing too. Haven't heard anything about it, but honestly, given the nonsense they've been pulling lately, I wouldn't put it past them. 😬

rowdyrider12 said:People are saying Pastor Maldonado might just blow up in his own face... they're even floating Kevin Magnussen as a possible replacement...
My take? Just leave him alone. If he actually leaves, we’ll have way fewer crashes all season, and with viewership already tanking, the ratings will just crater even harder...
I honestly don't know how Bernie Ecclestone doesn't see that... 🙂

Maybe the best move is to just give Maldonado some crazy gadget like that, and let him tear up the track whenever Bernie feels like it, just to see who he can wreck next...
That would be Formula 1 in true NASCAR style—why bother with yellow flags when you can just have Crashdonad 🙏
instead? The casual fans would flock to the races just to witness the chaos and snap a selfie while Maldonado wrecks someone in the background. 🤣

Well, okay, fine 😁
I didn't catch that at all... I honestly thought they’d just come up with some new way to mess with us 😁

Richard Howard55 said:Yeah, it's spot on. 🙂

Hold up. Does this mean from now on, all those payroll taxes (Social Security, Medicare, CDC fees, etc.) for independent contractors are being calculated based on their net income? 😵
If so, then the info below isn't right. 😕

Carol Price4 said:Starting January 1, 2016, anyone running their own business—whether they're reporting based on gross income or net profit—is responsible for calculating their own payroll tax and health insurance contributions.

- These folks handle their own math, put together monthly reports—basically their W-2 filings—and send them straight to the IRS
- The payment deadlines haven't shifted, so you'll still need to have those contributions paid up by the 15th of each month for the previous month's work

Here’s how the monthly bases for self-employment insurance contributions look for 2016:

Small business owners (gross income) = $1741 (using a 0.65 multiplier)
Small business owners (net profit) = $2947 (using a 1.1 multiplier)
Freelancers (gross income) = $2947 (using a 1.1 multiplier)

Due to some updates in the regulations regarding how government revenue and mandatory contributions are handled, new specific tax codes for self-employed individuals were added, effective January 1, 2016.

8230 Social Security contribution (Part I)
2330 Social Security contribution (Part II)
8796 Employment tax
8605 payroll tax and health insurance contributions
8133 payroll tax and health insurance contributions

Annual Tax Return

- In Attachment UPO under section 971, we're looking at determining the income tax prepayments for self-employment for the upcoming tax year.
- They also updated the "Long-term Asset List."
- There's a new required form—Form P-PPI—which is basically a summary of all business income and expenses for the year; freelancers have to attach this to their annual return (Form DOH).

- Self-employed taxpayers pay their determined income tax when they file their annual return (which is due by February 29, 2016).
- For those specifically covered under Article 18, once the deadline for filing the 2015 annual return passes, any previous notices regarding income tax prepayments become void.
- Starting in March 2016, monthly prepayments will be calculated based on the numbers from the filed 2015 annual return.
- You'll start paying this monthly prepayment starting March 2016, which is also when you submit your W-2 (funds move from account 1430 to 1619).

- Income tax prepayments are due monthly by the last day of the following month, based on what was reported in the previous year's annual return—essentially, the 2015 tax liability is just split across the months you actually worked.
- If a taxpayer lists other types of income alongside their self-employment earnings on the annual return, the prepayment for the next period is only calculated based on the self-employment portion.
- These monthly prepayments cover the months immediately following the annual return deadline (so for 2016, that means March 2016 through February 2017).

Source: RIPUP, Milivoj Friganović, M.Sc.

Income is just what's left after you subtract expenses from revenue. Why on earth are we now calculating payroll taxes on top of that income? 😕

Richard Howard55 said:A colleague was asking me how year-end contributions are calculated. She’s got an office for her licensed engineering practice on top of her regular full-time job. I guess it gets complicated. Maybe.
Carol Price4 explained it all to me. I thought I had everything figured out until yesterday...
Honestly, I’m just completely lost today. Nothing makes sense anymore.

As I understand it, contributions are calculated at year-end based on the difference between total income and expenses. I guess.
Can I find out my totals? And if so, how do I actually pay them? Also... which accounts am I supposed to be using here? 🤔 ),
So, what’s next? How am I supposed to handle this in the KPI? Is this actually following the cash principle, or is it more like an exception—kind of like how we deal with depreciation? I guess I need to know if this gets recorded in the KPI for 2015, even though the filing isn't due until February 28, 2016. Maybe that's the catch.
Fellow accountants, I need some help here. This poor bookkeeper is in a bit of a bind. 😵 🙂

Is this actually how it works?

How did you manage to scroll through ten pages after the link when there's literally just one page after the link 🤔

Also, if those weren't insults, you've got nerves of steel😁
here's the gist...

And the cherry on top😍

I gotta hand it to them, though—leaving the AV tech without a moderator, or rather, with one single moderator who hasn't been seen in a year, was a stroke of pure genius. 👏

Look, Rubens knew he stood zero chance against the Number 1 driver...
so he complained about every tiny little thing, and man, did he make them pay for it...

Even if he somehow managed to piss off the Number 1 driver enough to actually win that duel,
he still wouldn't see a title because some other team would just snatch him up while he was busy fighting his own teammate...

It's the exact same story with Rosberg. Sure, maybe he's faster than Lewis Hamilton, but he'll never grab a championship... because there's no way he's outperforming Hamilton like that. 😉
In that scenario, they'd probably grab Vettel/Kimi, or maybe even Ricc/Kvyat, or Button/Alonso—depending on who gets the better car next year and who ends up dominating their teammate...

When two drivers spend the whole season bickering and stealing points from each other, someone else always walks away with the prize... we've seen it happen plenty of times over the seasons. 😉
A good example being 2007 🤣

That’s exactly why some teams set a clear Number 1 and Number 2 hierarchy with strict team orders...
It prevents wasting points, but the downside is the Number 2 driver is inevitably way worse than he'd be if he actually had a fair shot...
Just look at Rubens, Massa, or Kimi (back when Alonso was at Ferrari). It's hard to expect anyone to go all out trying to beat their teammate every single race when they already know they aren't allowed to finish ahead of him...

Kyle Edwards5 said:It's the latest curse—God forbid McLaren-Honda actually ends up being better than you. 😁

Otherwise, it's just pathetic from Red Bull. All those threats about leaving were totally empty, just as expected. They probably ended up begging Renault to just give them an engine anyway...

I just hope that engine doesn't end up being a pure Renault unit in the end. 😉
Basically, it's a Renault, but Red Bull will develop it independently from Renault—that's where Ilmor steps in...
Honestly, it wouldn't be a shock if the Renault in the Red Bull ends up way better and stronger than the standard Renault, but the opposite could happen too. 🤣

By the start of the season, those two engines could already be significantly different, and by the end, they might not even share 50% of the same parts. 😁

hat trick 👋
😁