this post was submitted on 23 Feb 2025
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In the Norwegian tax system, if you pay too much taxes trough the year from your paycheck, you get interest on the amount you paid to much. Likewise, if you pay too little taxes throughout the year, you will have to pay interest on the amount you have yet to pay. So the system is supposed to be balanced in that regard. The interest is on the level of a savings account (3.51% annual atm), so you could make an argument that saving that in a index stock or good bond is a better ROI though, so still recommended to try to not pay too much during the year.
How do you pay too many taxes? Aren't you supposed to be able to know how much to pay?
Taxes can get extremely complicated depending on your situation. In my relatively simple case as a contractor, I'm on the hook for calculating and paying taxes quarterly (since my employer(s) don't do it for me). The exact amount I'm meant to pay is
yearly income/4, which means I need to predict how much I'll earn throughout the entire year, which is impossible without a crystal ball.So I just pay what I think I'll earn, and at the end of the year calculate the difference from what I actually earned, and either send or receive a payment from the government. From the IRS point of view, whatever interest they end up paying me is probably less than the cost of government having a cashflow issue throughout the year without those quarterly payments.
Okay well that makes a lot more sense for someone that has to pay quarterly I guess. I guess this is a US thing. Luckily I never had to do my own taxes in Canada and looks like I'm never going to have to learn, but I'm interested in US accountingd