Ok, I just got my commission check which was 16K Before taxes. I've earned 57K (including this check) this year so far. So why did I get 64.4% of my original 16K. I'm single. My tax bracket is 25%. My state tax is 3%. So that should be 28% right? Where the hell did the additional 7.5% tax come from?
I think I figured it out. 25% - Federal 3% - State 6.2% - Social Security 1.45% - Medicare I HATE TAXES
There is a simple solution to your tax problem, make more money. The highest federal marginal income tax is 35% but you pay NO Social Security Tax. So you are almost at the highest rate already. Additionally, if you could stash some of that away and invest it in some master limited partnerships you would pay no income tax for a very long time on the earnings from the master limited partnership. Get some good dividend income and pay only 15% income tax on the dividend income. So your tax problem is that you are in the middle class and have to work for a living. Your solution, get out of the middle class, earn more money as you pay little in the way of additional tax and can start to invest your earnings. Eventually you will be able to earn a living from your investments and pay a much lower tax.
Yes you figered it out (SS an Med)... lol... an serously... even tho you'r tax bracket coud go higher if you made mor... you'd still be beter off if you took on a part time job to boost the income a bit.!!!
Look at it this way: just take it as if you deserve a comission of 10K, and that your company is giving you extra 6K to pay tax, so that you don't have to pay the tax yourself. I know it doesn't sound convincing Please Register or Log in to view the hidden image!
Nah, your tax problem is that you are a working stiff. You need to get weatlhy and source your income from dividends, only 15 percent tax no matter how much you make and no Social Security Taxes.
This coud be interestin... wit-out necesarly tellin what you'r income was... tell how much you had to pay (not what you had wit-held) in federal taxes for the year 2008.!!! clueluss husbund an wife... 600$
So Clueless is not so Clueless after all only paying 600 bucks for the year damn that is good. I pay that in one week. If not more.
I'm a libertarian so you don't have to ask me how I feel about taxes. Except for national defense, the government should simply charge a fair price for its services like anybody else. If nobody wants to buy their services because they can get them better and cheaper somewhere else, then they bloody well shouldn't be in that line of business. My biggest complaint about the government is not necessarily that it takes all of my money, but that it spends it so wastefully. Most of it pays the salaries of thirteen layers of bureaucrats who do nothing all day except sit around and "administer" each other. Their primary job duty is not to fix problems, but to come up with really good excuses for why they can't be fixed. After all, if they fixed it then they wouldn't be able to justify their job of dealing with it every day. As I recently posted on another thread (and these numbers are a few years old and may be in need of inflation-adjustment): If the federal, state and municipal governments took all the money they collect to run their welfare programs and simply put it in a big pile and divided it up and gave it directly to the poor people, every family that is below the poverty line (something like $18K these days) would suddenly have an annual income of $40K. If you're going to ask me what happened to the other $22K, more than half of the total, then you haven't been paying attention.Please Register or Log in to view the hidden image!
