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BoneMan
Shrimpin ain't easy


Registered: 02/09/05
Posts: 2,032
Loc: new new england
Last seen: 12 years, 2 months
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Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT!
#14337910 - 04/23/11 11:24 AM (12 years, 9 months ago) |
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This sucks. For the first time in my life I'm earning enough money to support myself. But I just came to find out that the federal government is now taking 25% of my pay. I don't feel like doing that math, but I'm probably bringing home the same amount of post-tax income as someone who makes a lot less money than me and is in the 15% tax bracket.. WTF.
On top of that, my state is taking another 5% of my money. After both income taxes and other taxes, I only get to keep 2/3 of my money. wow. this is insanity. I never really thought about this before because I was always only losing 15% to the federal income tax. Now that its 25%, I'm pissed. I'm planning on marrying my girlfriend as soon as we get a place and live together for a while. That way I'll be back in a 15% bracket.
Taxes are a bitch. Fuckin shit. I'm earning $750 a week, and I'm only taking home $525 or so. Thats less than I took home when I was earning $33,000/year. Now I'm earning $39,000/year and bringing home about $100 less every week. what the fucking fuck?! Where the hell is that $225 a week going?
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rackem



Registered: 11/27/09
Posts: 14,024
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: BoneMan]
#14337916 - 04/23/11 11:26 AM (12 years, 9 months ago) |
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and it only gets worse.
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Patlal
You ask too many questions



Registered: 10/09/10
Posts: 44,797
Loc: Ottawa
Last seen: 18 hours, 29 minutes
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: rackem]
#14337923 - 04/23/11 11:28 AM (12 years, 9 months ago) |
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If you want to make money, you gotta your taxes.
You are now helping your country get out of shit, you should be proud son.
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JT


Registered: 02/28/07
Posts: 7,027
Loc: athens
Last seen: 4 years, 6 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: rackem]
#14337924 - 04/23/11 11:28 AM (12 years, 9 months ago) |
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Quote:
rackem said: and it only gets worse.
qft
wait until you start making $115,000 per year and get stuck in the 33 bracket. after sales, state, local, property, you'll be lucky to walk away with 60k.
America = fuck over the middle class.
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BoneMan
Shrimpin ain't easy


Registered: 02/09/05
Posts: 2,032
Loc: new new england
Last seen: 12 years, 2 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: JT]
#14337938 - 04/23/11 11:31 AM (12 years, 9 months ago) |
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seriously. Now I see what all the bitching and moaning is about from the middle class. We're keeping less of our hard-earned money than anyone!
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BoneMan
Shrimpin ain't easy


Registered: 02/09/05
Posts: 2,032
Loc: new new england
Last seen: 12 years, 2 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: BoneMan]
#14337945 - 04/23/11 11:32 AM (12 years, 9 months ago) |
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I just can't get over the fact that I was bringing home more money making $33,000/year than I am at $39,000/year. that just blows my mind.
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rackem



Registered: 11/27/09
Posts: 14,024
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: BoneMan]
#14337956 - 04/23/11 11:35 AM (12 years, 9 months ago) |
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ohh and the 'middle' class is undefined. it will keep on changing and changing and changing to fit politicians best interest.
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Silversoul
Rhizome


Registered: 01/01/05
Posts: 23,576
Loc: The Barricades
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: BoneMan]
#14337960 - 04/23/11 11:35 AM (12 years, 9 months ago) |
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Hey, look at the bright side: At least the top 1% got to keep their tax cuts.
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Doc_T
Random Dude




Registered: 03/06/09
Posts: 42,395
Loc: Colorado
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: BoneMan] 1
#14337969 - 04/23/11 11:37 AM (12 years, 9 months ago) |
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Quote:
BoneMan said: I just can't get over the fact that I was bringing home more money making $33,000/year than I am at $39,000/year. that just blows my mind.
There's a few spots in the brackets where this happens, and it always sucks. A creative accountant might be able to help you prepare for next year better.
-------------------- You make it all possible. Doesn't it feel good?
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Kid_Orgo



Registered: 09/24/03
Posts: 5,514
Loc: Hale-Bopp
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: JT]
#14338024 - 04/23/11 11:48 AM (12 years, 9 months ago) |
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Quote:
JT said: wait until you start making $115,000 per year and get stuck in the 33 bracket. after sales, state, local, property, you'll be lucky to walk away with 60k.
America = fuck over the middle class.
115k/yr middle class?
That puts you in the top 20% (or so) of american households
-------------------- He was a cowboy in one of the seven days a week fights. No business, no hangout; no friends, nothing; just what you pick up and what you need.
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The Vapor
Lost In A Tea Daze


Registered: 03/22/10
Posts: 8,433
Loc: Misty Mountains, B.C.
Last seen: 1 year, 11 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: Kid_Orgo]
#14338045 - 04/23/11 11:52 AM (12 years, 9 months ago) |
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Christ, taxes are bad in the states.
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sjfrockerdude
Dead Inside




Registered: 04/12/11
Posts: 82
Loc: Hell
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: The Vapor]
#14338052 - 04/23/11 11:54 AM (12 years, 9 months ago) |
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Thats like the week I worked right at 90 hours.. Bastards took out over 1/4 of my pay!
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"It is better to be a human being dissatisfied than a pig satisfied. Better to be Socrates dissatisfied then a fool satisfied. And if the fool or the pig are of different opinion, it is because they only know their side of the question." John Stuart Mill
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rackem



Registered: 11/27/09
Posts: 14,024
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: The Vapor]
#14338053 - 04/23/11 11:54 AM (12 years, 9 months ago) |
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they are fuckin horrendous
and keep gettin worse, varying by state to state.
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ben_dover0802
shroom addict



Registered: 09/21/08
Posts: 648
Last seen: 7 years, 8 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: Kid_Orgo]
#14338072 - 04/23/11 11:57 AM (12 years, 9 months ago) |
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I thought it went in steps?
Like this (For example your income was 100000):
($ 8,025 minus 0 ) x .10 : $ 802.50 (32,550 minus 8,025 ) x .15 : 3,678.75 (65,725 minus 32,550 ) x .25 : 8,293.75 (100,000 minus 65,725 )x .28 : 9,597.00 Total: $ 22,372.00
This puts you in the 28% tax bracket, since that's the highest rate applied to any of your income; but as a percentage of the whole $100,000, your tax is about 22.37%.
I haven't had a real job in a few years but I remember something like this so it's impossible to take home more for earning less.
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Patlal
You ask too many questions



Registered: 10/09/10
Posts: 44,797
Loc: Ottawa
Last seen: 18 hours, 29 minutes
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: ben_dover0802]
#14338087 - 04/23/11 12:00 PM (12 years, 9 months ago) |
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Quote:
ben_dover0802 said: I thought it went in steps?
Like this (For example your income was 100000):
($ 8,025 minus 0 ) x .10 : $ 802.50 (32,550 minus 8,025 ) x .15 : 3,678.75 (65,725 minus 32,550 ) x .25 : 8,293.75 (100,000 minus 65,725 )x .28 : 9,597.00 Total: $ 22,372.00
This puts you in the 28% tax bracket, since that's the highest rate applied to any of your income; but as a percentage of the whole $100,000, your tax is about 22.37%.
I haven't had a real job in a few years but I remember something like this so it's impossible to take home more for earning less.
Thats how Canada works. Dunno for the states
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Humility
Working on it



Registered: 10/07/08
Posts: 6,745
Last seen: 6 years, 11 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: Patlal]
#14338140 - 04/23/11 12:10 PM (12 years, 9 months ago) |
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2/3rds of your paycheck huh?
Yearly that means you don't start working for yourself until May or so.
Withdrawl your cooperation from the slave plantation.
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circularvortex
Bass Head




Registered: 08/31/06
Posts: 12,148
Loc:
Last seen: 5 months, 16 hours
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: Humility]
#14338175 - 04/23/11 12:16 PM (12 years, 9 months ago) |
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Time to hire an accountant.
You can itemize a lot of shit and deduct it if you put in the time.
-------------------- No statements made in any post or message by myself should be construed to mean that I am now, or have ever been, participating in or considering participation in any activities in violation of any local, state, federal, or fashion police laws. All posts are works of fiction. For well you know that its a fool who plays it cool By making his world a little colder. Under closer inspection I realised it was a funky ball of tits from outer space.
 
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rackem



Registered: 11/27/09
Posts: 14,024
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: circularvortex]
#14338188 - 04/23/11 12:19 PM (12 years, 9 months ago) |
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or just throw it all in the stock market..
the idea is to make it look like your income is lower than what it is
its another fucked game.
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BoneMan
Shrimpin ain't easy


Registered: 02/09/05
Posts: 2,032
Loc: new new england
Last seen: 12 years, 2 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: circularvortex]
#14338194 - 04/23/11 12:20 PM (12 years, 9 months ago) |
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I'm gonna talk to my dad's accountant for sure. This is fucked up. I want to do everything I can to get back as much in overpaid taxes as possible next year.
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rackem



Registered: 11/27/09
Posts: 14,024
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: BoneMan]
#14338200 - 04/23/11 12:21 PM (12 years, 9 months ago) |
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totally.. its a must.. hell im in a higher tax bracket than that and i still ended up oweing
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