Everyones taliking about taxes, Just how much do you Pay?

[olevetonahill]

Gonna do an anonymous Pole so wait for it. Talking JUST Fed Income tax Not State, or Capital gains and such.

[pphilfran]

$21063 in Fed on about 115k of income...on top of that I had the total SS since I am self employed, about 14k...

Outside my business I have no other deductions...no rugrats or wifey...no interest deductions...

[olevetonahill]

$21063 in Fed on about 115k of income...on top of that I had the total SS since I am self employed, about 14k...

Outside my business I have no other deductions...no rugrats or wifey...no interest deductions...

Not to derail this But you paid in 14K on SS. How in hell do people say Its an "Entitlement Program" It aint welfare peeps :rolleyes:

[Soonerfan88]

After itemizing mortgage interest, real estate taxes, charitable deductions, and educational expenses to subtract about $10,500 from my taxable income, I was taxed $3670 for a reported effective rate of 9%.

[pphilfran]

Beats me...but on 115k in income I pay nearly 50% with fed, SS, state, and sales taxes...

And to make that 115k I have over a quarter mill invested in my business...

[olevetonahill]

Beats me...but on 115k in income I pay nearly 50% with fed, SS, state, and sales taxes...

And to make that 115k I have over a quarter mill invested in my business...

Im sure you've said and I just ,missed it, But what business are you in?

[pphilfran]

Im sure you've said and I just ,missed it, But what business are you in?

Wholesale...just short of a mill a year in sales...

[cccasooner2]

Not to derail this But you paid in 14K on SS. How in hell do people say Its an "Entitlement Program" It aint welfare peeps :rolleyes:

Because we''re entitled to at least a small percentage of what we paid into it? Oh, I get it, we should just give it away, like Dean ;) . Seems like walking away from 200-300k+ of contributions is nothing to some people. What a great investment.

[pphilfran]

Because we''re entitled to at least a small percentage of what we paid into it? Oh, I get it, we should just give it away, like Dean ;) . Seems like walking away from 200-300k+ of contributions is nothing to some people. What a great investment.

SS is easily fixed...

Add two years to the minimum age limit...

Bump the withholding limit to 140k and keep the current %...or cut the % down to 6% total and increase the max to 250k...

[jkm, the stolen pifwafwi]

$21063 in Fed on about 115k of income...on top of that I had the total SS since I am self employed, about 14k...

Outside my business I have no other deductions...no rugrats or wifey...no interest deductions...

Heh, those were my quarterly estimated taxes 3 years ago :O

[pphilfran]

Heh, those were my quarterly estimated taxes 3 years ago :O

:)

i only work 20 hours a week...

[C&CDean]

I have no clue what I pay. My accountant handles everything, and last year my Federal return was ~$15K, and my state was ~$5K. It varies from year to year, but on average, my return is ~$20K.

It'll change some next year now that I'm retired. I don't have to pay state tax anymore (being a CSRS retiree), and I'll gross a little less than I did when working.

All I ask my accountant to do is be honest, be certain that I do not have to pay at the end of the year, and keep my fat *** outta jail. So far, so good.

[StoopTroup]

I have no clue what I pay. My accountant handles everything, and last year my Federal return was ~$15K, and my state was ~$5K. It varies from year to year, but on average, my return is ~$20K.

It'll change some next year now that I'm retired. I don't have to pay state tax anymore (being a CSRS retiree), and I'll gross a little less than I did when working.

All I ask my accountant to do is be honest, be certain that I do not have to pay at the end of the year, and keep my fat *** outta jail. So far, so good.

Thing is they don't want to put your fat *** in jail anymore....they don't want you to claim bankruptcy either. They want you to pay pay pay....that's all they want from us.

[jkm, the stolen pifwafwi]

:)

i only work 20 hours a week...

I averaged 61 :mad:

[pphilfran]

I averaged 61 :mad:

I probably avg close to 70 when I worked in the manufacturing/corp world...

[C&CDean]

I average...3?

[pphilfran]

I average...3?

You da man....

Your current exercise routine consists of many reps of 12 oz curls...

[C&CDean]

No. I spend an average of 12 hours a day in a tractor. But I'm doing what I love, so it ain't work...

[C&CDean]

Besides, I ain't a beer geek at all. Whiskey is where it's at.

[Peach Fuzz]

Nothin like gettin a dui in a hay bailer ;)

[REDREX]

:)

i only work 20 hours a week...---Better cut back Phil----You seem a little stressed

[pphilfran]

---Better cut back Phil----You seem a little stressed

If I could pull in another 100k in annual sales I would be working 1 hour a week...

[olevetonahill]

Because we''re entitled to at least a small percentage of what we paid into it? Oh, I get it, we should just give it away, like Dean ;) . Seems like walking away from 200-300k+ of contributions is nothing to some people. What a great investment.

WTF are you talking about?:confused:
Every dayum dime a person receives from SS they have already EARNED and then trusted the Gov. with. Believe me MOST peeps (even if they draw the rest of their lives) will never draw out what they paid in plus the interest it should have earned

[cccasooner2]

WTF are you talking about?:confused:
Every dayum dime a person receives from SS they have already EARNED and then trusted the Gov. with. Believe me MOST peeps (even if they draw the rest of their lives) will never draw out what they paid in plus the interest it should have earned

We must both be drunk. We agree with each other and don't know it. :confused: :O

[REDREX]

If I could pull in another 100k in annual sales I would be working 1 hour a week...---Think of the tax you are saving

[pphilfran]

We must both be drunk. We agree with each other and don't know it. :confused: :O

Cause you are in a wormhole and Vet is in the sticks...

But, yes, the two of you are in agreement...

[pphilfran]

---Think of the tax you are saving

It wouldn't cost me squat...my salary would be the same...gains would go out into payroll...

[diverdog]

Beats me...but on 115k in income I pay nearly 50% with fed, SS, state, and sales taxes...

And to make that 115k I have over a quarter mill invested in my business...

I am close to you Phil then you throw in the wifes pay and it goes up another 50%. Like you I have no deductions other than two kids and that does not help. We get killed on our income taxes and pay quarterly. The problem is we are not rich and we live a very middle class lifestyle. It is pretty expensive living in the East.

The thing that pisses me off the most is seeing people walking into the bank with $7000 refund checks who make less than my family does. I know I am financing their refund. That is why I say everyone should pay federal income taxes.

Oh and I work like a frickin dog.

[trwxxa]

SS is easily fixed...

Add two years to the minimum age limit...

Bump the withholding limit to 140k and keep the current %...or cut the % down to 6% total and increase the max to 250k...

I would think removing the cap completely will fix most of the issue. The corporations will complain because it increases their tax burden. So be it.

How about giving individuals the ability to opt-out? If you have enough wealth that collecting SS is mostly a burden, you can file with the government and collect a lump sum of the amount the individual put into the system, with some interest added. The employer contribution is not affected.
I trust someone smarter than I can figure out if this makes financial sense.

And since I am getting up in age, I disagree with moving the finish line.

[olevetonahill]

Cause you are in a wormhole and Vet is in the sticks...

But, yes, the two of you are in agreement...

I just got a whole lot durnker Did we make sense?:pop:

[olevetonahill]

I am close to you Phil then you throw in the wifes pay and it goes up another 50%. Like you I have no deductions other than two kids and that does not help. We get killed on our income taxes and pay quarterly. The problem is we are not rich and we live a very middle class lifestyle. It is pretty expensive living in the East.

The thing that pisses me off the most is seeing people walking into the bank with $7000 refund checks who make less than my family does. I know I am financing their refund. That is why I say everyone should pay federal income taxes.

Oh and I work like a frickin dog.

DD In the very early 70s when that ****in EIC shat started I was so pissed when a dude that I knew said he got 500 bucks "BACK" Prick had NEVER worked a day in his life , Yet he gets 500 "BACK . I say FROM WHAT?

I aint paid anything in years But I did Pay a bunch for years.;)

Dump the EIC and just do a National Sales Tax . Every one Pays that way.

[SanJoaquinSooner]

I'm paying more than I used to since my mortgage interest deduction ain't what it used to be. In previous years we got caught by the alternative minimum tax.

With respect to income, are you all talking about gross or taxable?

Maria and I paid 9% of our gross, unadjusted income in federal income tax.

Our taxable income is a lot less than our gross because of:

1. salary reduction plan for our medical, dental, vision plan.
2. mortgage interest deduction
3. charitable deductions
4. one partial child tax credit
5. two children dependent deductions
6. property tax deduction
7. state income tax deduction
8. tax deferred contributions to 403(b) plan
9. and of course all those dependents in Mexico

I'm a bit embarrassed we don't pay more, but the Tea Party insists on no rules changes that would increase tax revenues, as well as Obama's impotent attempt to let the Bush tax cuts expire. God Bless America.

[Bourbon St Sooner]

I pay an effective rate of about 14%. I don't get the child tax credit, because apparently I make too much. I thought, according to Obama, that only folks making over $250K are rich.

[pphilfran]

I would think removing the cap completely will fix most of the issue. The corporations will complain because it increases their tax burden. So be it.

How about giving individuals the ability to opt-out? If you have enough wealth that collecting SS is mostly a burden, you can file with the government and collect a lump sum of the amount the individual put into the system, with some interest added. The employer contribution is not affected.
I trust someone smarter than I can figure out if this makes financial sense.

And since I am getting up in age, I disagree with moving the finish line.

You can't remove the cap entirely....you would have people paying in more in one year than they would ever take out in their lifetime...and that is just not right...it would also give you far more money than is needed to make SS viable over the next 30 years...

[pphilfran]

I just got a whole lot durnker Did we make sense?:pop:

I knew what was going on...but I was not chug a lugging...not so sure about you two...

[sappstuf]

You can't remove the cap entirely....you would have people paying in more in one year than they would ever take out in their lifetime...and that is just not right...it would also give you far more money than is needed to make SS viable over the next 30 years...

Phil,

you have often talked about raising the cap to, I think, $140K. If a person made $150K, how much would their tax go up if they were in your position?

[SanJoaquinSooner]

phil is right, SS is an easy fix and it wouldn't affect those currently retired or close to it. The much bigger problem is medicare. Too many old sick f**kers living too long.

[pphilfran]

Phil,

you have often talked about raising the cap to, I think, $140K. If a person made $150K, how much would their tax go up if they were in your position?

Wouldn't really be that much...though more than I like,...but it has to be done...

That 140k is a ball park number...might be 130 or 150k...

I will use 140k...

Not self employed...

Currently we pay 1.45% of gross pay into Medicare...no limit on this 1.45% (the employer will also pay 1.45%)...so there will be no change to Medicare funding.

Currently we pay 6.2% of everything below $106,800 so for someone making 140k or more their SS cost would go up 6.2% of $33,200 or $2058.20....less than $40 bucks a week..the employer would also chip in the same amount

Self employed would be double the amounts above since we pay both the employer and employee sides of the tax...

If those numbers are too steep we could drop the rate to 3% above 106,800 and extend out to 250k instead of 140k...that would cause less hit on the folks on the lower end of the increase and add a little more to those making between 140k and 250k...

[pphilfran]

phil is right, SS is an easy fix and it wouldn't affect those currently retired or close to it. The much bigger problem is medicare. Too many old sick f**kers living too long.

yep...Medicare it the MF...I don't know what to do to control costs...far beyond my comprehension...

[sheepdogs]

WTF are you talking about?:confused:
Every dayum dime a person receives from SS they have already EARNED and then trusted the Gov. with. Believe me MOST peeps (even if they draw the rest of their lives) will never draw out what they paid in plus the interest it should have earned

Half of the working class doesn't pay taxes besides Social Security and Medicare. For these lowest wage earners, the Social Security system is biased in their favor. If these folks lived for twenty years past the 65 retirement age they will surely get back what they kicked in and more.

[hawaii 5-0]

I paid over $5K last year.



5-0


Trump/ I.P. Nichols 2012

[diegosooner]

Half of the working class doesn't pay taxes besides Social Security and Medicare. For these lower wage earners, the Social Security system is biased in their favor. If these folks lived for twenty years past the 65 retirement age they will surely get back what they kicked in and more.

and there's a 50% spousal benefit, even though they may never have contributed to SS.

[Chuck Bao]

I don't know. My accountant hasn't finished my 2010 income taxes yet. I could very well be in trouble if I have lost my foreign earned income exclusion last year after spending four months in the US after I retired. It would suck to have to pay US taxes on top of Thai taxes. Effectively, I could pay an effective tax rate above 50% on my severance pay and forced withdrawal of the company sponsored provident fund.

I think that is like kicking a guy in the head when he is already down with health issues.

Or, I could think of it as one helluva expensive trip home to convalesce.

But, whatever...I have always paid my full taxes and proud to do so. Maybe I am stupid that way when I know that others get part of their salaries deposited in secret Hong Kong accounts or elsewhere. I was never raised to be a squelcher or a cad. I mean really...what kind of employee is that? Yeah, Wall Street brokers do those crazy things to get more sharks on board. No surprise there.

[TheHumanAlphabet]

Not to derail this But you paid in 14K on SS. How in hell do people say Its an "Entitlement Program" It aint welfare peeps :rolleyes:

Yeah, but it ain't RETIREMENT either. It is a help to add on to your retirement, not the sole thing.

[MsProudSooner]

I paid 15%. Kids are grown so there's no deduction there. No mortgage, so no deduction there.