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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, 42 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, 42 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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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: Patlal]
#14338202 - 04/23/11 12:21 PM (12 years, 9 months ago) |
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Quote:
Patlal said:
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
I think it's the same here. That's how I learned it in 2008.
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shadyy
aHhahhHA



Registered: 09/08/08
Posts: 21,330
Loc: winchestertonfieldville i...
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: BoneMan]
#14338225 - 04/23/11 12:26 PM (12 years, 9 months ago) |
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and that's not even THAT bad. welcome to the suck fest
--------------------
ga ga ga eets eets how you gone be mad on vacation? MONICA COULDN'T TELL TIME UNTIL SHE WAS 13
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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]
#14338241 - 04/23/11 12:30 PM (12 years, 9 months ago) |
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ok evidently it doesn't work out as badly as i thought. I've been conducting a bit of research and i found this:
Quote:
Consider a single individual earning $50,000. This puts him in the 25% tax bracket. That does not, however, mean that he pays 25% taxes on his full taxable income. Rather, he pays 10% on the first $8375 (bucket #1), 15% on the next $25,625 (bucket #2) and 25% on the remainder of his income (a partially filled bucket #3). In total, this works out to $8681.25 in taxes, or a “real” rate of roughly 17.4% (ignoring deductions, credits, and other adjustments).
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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]
#14338257 - 04/23/11 12:33 PM (12 years, 9 months ago) |
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still is a fistfull of suck
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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: BoneMan] 1
#14338267 - 04/23/11 12:34 PM (12 years, 9 months ago) |
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Haha I said that 35 minutes ago. But yeah, not as bad, you will still take home more than before. Congrats on the new job!
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vodka please
Stranger
Registered: 09/11/08
Posts: 41
Last seen: 12 years, 3 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]
#14338300 - 04/23/11 12:41 PM (12 years, 9 months ago) |
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is this 25% decided by weekly or yearly income? this is just great
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Anthony917
why dont we do it in the road



Registered: 05/14/09
Posts: 3,243
Loc: Earth
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: vodka please] 2
#14338310 - 04/23/11 12:43 PM (12 years, 9 months ago) |
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Isn't the U.S government fucked up?? They discourage success by taxing the fuck out of you.
Then, they spend that money on fucking retarded programs that do nothing.
-------------------- Prisoner#1 said: I got my ass kicked by a 9yo when I was 17 Trippin? Click Me
What is life? I'm tired of life...
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scienceguy
Instrument



Registered: 11/27/09
Posts: 1,983
Loc: One Mile High...
Last seen: 5 years, 3 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: Anthony917]
#14338480 - 04/23/11 01:26 PM (12 years, 9 months ago) |
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The interesting phenomenon to note is that the wealthiest of earners don't pay more than about 15% in taxes. Because their money comes from capital investments, rather than income, they aren't considered "income earners."
That's right. The fucks who own Walmart pay less as a percentage of their "income" than paramedics, auto mechanics, or construction workers.
-------------------- "Freedom starts between the ears." Edward Abbey
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Anthony917
why dont we do it in the road



Registered: 05/14/09
Posts: 3,243
Loc: Earth
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: scienceguy]
#14338495 - 04/23/11 01:30 PM (12 years, 9 months ago) |
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well he still pays insane taxes on his business income. although, these type of loopholes exist, where, if you have enough money, you can just stick it in a trust fund, and you are only taxed on what you take out. fuck the government
-------------------- Prisoner#1 said: I got my ass kicked by a 9yo when I was 17 Trippin? Click Me
What is life? I'm tired of life...
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scienceguy
Instrument



Registered: 11/27/09
Posts: 1,983
Loc: One Mile High...
Last seen: 5 years, 3 months
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: Anthony917]
#14338503 - 04/23/11 01:32 PM (12 years, 9 months ago) |
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The point is you don't have a business income at all! It's called income from capital gains, and you don't have to pay as much as a percentage. That's why it's so fucked up. Do you think the wealthiest of the wealthy take salaries? Fuck no! They sit back and pay less as a percentage just by having money.
-------------------- "Freedom starts between the ears." Edward Abbey
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Anthony917
why dont we do it in the road



Registered: 05/14/09
Posts: 3,243
Loc: Earth
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: scienceguy]
#14338508 - 04/23/11 01:34 PM (12 years, 9 months ago) |
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ah, touche.
wouldn't it be nice to be able to do that shit?? Instead, they make us bust our fucking asses until we die, just so we can fund their nonsensical shit
-------------------- Prisoner#1 said: I got my ass kicked by a 9yo when I was 17 Trippin? Click Me
What is life? I'm tired of life...
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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: Anthony917]
#14338666 - 04/23/11 02:09 PM (12 years, 9 months ago) |
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Who is 'they'?
-------------------- You make it all possible. Doesn't it feel good?
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pwnasaurus
Stranger



Registered: 07/16/08
Posts: 12,317
Loc: Canada
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Re: Got a great new job! YES! Now I'm in the 25% income tax bracket! DAMN IT! [Re: Anthony917]
#14338678 - 04/23/11 02:10 PM (12 years, 9 months ago) |
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I find it hilarious how only one person in this thread understands how taxes work 
Pretty sad guys.
Especially after he already posted how it works.
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Anthony917
why dont we do it in the road



Registered: 05/14/09
Posts: 3,243
Loc: Earth
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: Doc_T]
#14338699 - 04/23/11 02:14 PM (12 years, 9 months ago) |
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Quote:
Doc_T said: Who is 'they'?
government?
-------------------- Prisoner#1 said: I got my ass kicked by a 9yo when I was 17 Trippin? Click Me
What is life? I'm tired of life...
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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: Anthony917]
#14338703 - 04/23/11 02:16 PM (12 years, 9 months ago) |
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Quote:
Anthony917 said:
Quote:
Doc_T said: Who is 'they'?
government?
That would be "we".
Government is not a thing outside of you. You are the government, if you are over 18.
Stop taxing these rich guys, willya?
-------------------- You make it all possible. Doesn't it feel good?
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Anthony917
why dont we do it in the road



Registered: 05/14/09
Posts: 3,243
Loc: Earth
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: Doc_T]
#14338712 - 04/23/11 02:18 PM (12 years, 9 months ago) |
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Quote:
Doc_T said:
Quote:
Anthony917 said:
Quote:
Doc_T said: Who is 'they'?
government?
That would be "we".
Government is not a thing outside of you. You are the government, if you are over 18.
Stop taxing these rich guys, willya?
I am not government. I am forced to pay money that goes into entitlement programs like social security that likely won't even exist by the time I'm old enough to collect.
Fuck them. I didn't vote for these democrats who spend spend spend spend spend and tax tax tax tax.
-------------------- Prisoner#1 said: I got my ass kicked by a 9yo when I was 17 Trippin? Click Me
What is life? I'm tired of life...
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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: pwnasaurus]
#14338715 - 04/23/11 02:19 PM (12 years, 9 months ago) |
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I find it funny how you can't talk about making and average/good salary without the poor people instantly demonizing you for making some money.
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AntiEverything
im not a doctor



Registered: 07/07/06
Posts: 6,003
Last seen: 6 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: Doc_T]
#14338759 - 04/23/11 02:32 PM (12 years, 9 months ago) |
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Quote:
Doc_T said:
Quote:
Anthony917 said:
Quote:
Doc_T said: Who is 'they'?
government?
That would be "we".
Government is not a thing outside of you. You are the government, if you are over 18.
Stop taxing these rich guys, willya?
this is the fundemental flaw in "majoritarian" democracy. especially because we paint it all pretty colors with pluralist involvement, when in reality the political spectrum is completely polarized. the reason is because we vote and discuss politics as if we are directly involved, but the vote isn't even left up to the majority, its decided by the electoral college, which is partially decided by other politicians, then it splits the states into 2 equal parts, creating opposing sides that we are left to choose from. effectively disengaging people from politics and dissociating ideaology into polarized decisionmaking.
-------------------- You are at once both the quiet and the confusion of my heart. -Franz Kafka
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