The tax man takes 16%??

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[ARCHIVED THREAD] - The tax man takes 16%??

M4_Aiming_at_U

Joined Oct 2001
Posts 382
EE Offline

CO, USA

Posted: 5/23/2002 4:41:50 PM EDT

I started a new job about a month ago and just got my first paycheck from them and damn am I suprised! When I was hired I claimed 2 on my W-4's. So when I looked at my pay check (this one being the largest pay check ever in my life) 16% was taken from taxes should that be right or did HR mess up? I have been self employed for the past 3 years so this taxed paycheck deal is a little new to me. Have any input?

GodBlessTexas

Joined Aug 2001
Posts 1514
EE Offline

TX, USA

Posted: 5/23/2002 4:46:25 PM EDT

I wish I got taxed at 16%. Last year I ended up being one of those top 5% taxpaying folks that everyone claims should be paying more because we won't miss it and are so rich. I guess I'll sell the mansion and fire the butler, except I don't have either of them, nor a car worth more than $20k or even a six figure home. Coming from being self employed you're probably used to being heavily taxed, but depending on how much you're making, 16% may be right. Personally, I'd ask an accountant how much should be taken out based on your income, and not your HR person. HR departments have been known to deduct too few taxes and get people screwed come tax time. God Bless Texas

MilkMan Joined Apr 2002 Posts 52 EE Offline USA	Posted: 5/23/2002 4:49:33 PM EDT To be honest, sounds a little low. Should check cuz come tax time you could be in for a nasty surprise.

M4_Aiming_at_U

Joined Oct 2001
Posts 383
EE Offline

CO, USA

Posted: 5/23/2002 4:51:42 PM EDT

[Last Edit: 5/23/2002 4:52:59 PM EDT by M4_Aiming_at_U]

Originally Posted By GodBlessTexas: I wish I got taxed at 16%. Last year I ended up being one of those top 5% taxpaying folks that everyone claims should be paying more because we won't miss it and are so rich. I guess I'll sell the mansion and fire the butler, except I don't have either of them, nor a car worth more than $20k or even a six figure home. Coming from being self employed you're probably used to being heavily taxed, but depending on how much you're making, 16% may be right. Personally, I'd ask an accountant how much should be taken out based on your income, and not your HR person. HR departments have been known to deduct too few taxes and get people screwed come tax time. God Bless Texas

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[v] I was actually complaining becuase I though 16% was too high. Is Texas a really High taxed state? I hope not, I always thought it to be the place where I could settle down one day.

GodBlessTexas

Joined Aug 2001
Posts 1515
EE Offline

TX, USA

Posted: 5/23/2002 4:54:13 PM EDT

Originally Posted By M4_Aiming_at_U:

Originally Posted By GodBlessTexas: I wish I got taxed at 16%. Last year I ended up being one of those top 5% taxpaying folks that everyone claims should be paying more because we won't miss it and are so rich. I guess I'll sell the mansion and fire the butler, except I don't have either of them, nor a car worth more than $20k or even a six figure home. Coming from being self employed you're probably used to being heavily taxed, but depending on how much you're making, 16% may be right. Personally, I'd ask an accountant how much should be taken out based on your income, and not your HR person. HR departments have been known to deduct too few taxes and get people screwed come tax time. God Bless Texas

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[v] I was actually complaining becuase I though 16% was too high. Is Texas a really High taxed state? I hope not, I always thought it to be the place where I could settle down one day.

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Texas has no state income tax, but federal taxes are a killer if you make too much money. God Bless Texas

Guzzler Joined Dec 2000 Posts 534 EE Offline AZ, USA	Posted: 5/23/2002 5:50:23 PM EDT 16% ?!?!?! Wow, wish I was only taxed 16%. Normally when I get done being bent over from the state and feds it runs around 24%. Don't forget the pre-tax 401K plan, post tax health insurance, dental plan, vision plan, etc. Then wish it was only 16%!

D348

Joined Mar 2001
Posts 148
EE Offline

ND, USA

Posted: 5/23/2002 9:09:06 PM EDT

As stated above, make sure enough is taken out of each check to cover your annual tax liability. Having to borrow money in April to settle up with uncle sam on taxes is very disappointing. About 20% was taken out of my checks for federal income tax, social security and medicare. I still owed more when April 15 came around. This has the potential to become yet another starve the poor thank the rich type of thread.

Aimless Member Joined Sep 2001 Posts 1491 EE Offline NY, USA	Posted: 5/23/2002 9:17:32 PM EDT Try paying self employment tax of 15 % instead of 7.5 % to social security

D348 Joined Mar 2001 Posts 150 EE Offline ND, USA	Posted: 5/23/2002 9:42:24 PM EDT My wife is self employed. The self employment tax really does take a bite out of the disposable income.

M4_Aiming_at_U

Joined Oct 2001
Posts 384
EE Offline

CO, USA

Posted: 5/23/2002 9:52:58 PM EDT

Thanks for everyones help! I guess on Tuesday after a weekend of honoring the people who died to keep this counrty free.I will go back to the HR dept. and fix my takes to help pay more to the people who I support lazy welfare recipients children for free.I really dont want to end up owing when I do my taxes. The future looks dim fella's. Do you think Bush/Cheny is going to do anything about this?

Troy

Member

Joined Nov 2000
Posts 6385
EE Offline

CA, USA

Posted: 5/23/2002 11:15:46 PM EDT

When your Fed & State taxes (only) come to 28%, then you can complain... -Troy P.S., remember, most things you buy will require you to pay additional taxes. In reality, about 50-60% of your gross earnings is paid as one kind of tax or another. So the next time anyone tells you that they MUST raise your taxes to pay for something REALLY important, remember to tell them where they can shove it.

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M4_Aiming_at_U

Joined Oct 2001
Posts 385
EE Offline

CO, USA

Posted: 5/23/2002 11:39:00 PM EDT

Originally Posted By Troy: When your Fed & State taxes (only) come to 28%, then you can complain... -Troy P.S., remember, most things you buy will require you to pay additional taxes

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Not here in Delaware. No sales tax and only 2.3% tax on new cars. So that makes it alot easier shopping and buying guns as we all know how expensive they can get! I guess 16% isnt that bad after seeing what everyone else pays. Will this raping of the americans wallet ever end?

Winston_Wolf Member Joined Jan 2001 Posts 1623 EE Offline AZ, USA	Posted: 5/23/2002 11:42:20 PM EDT ... 16%? ... Lucky bastage
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Winston_Wolf Member Joined Jan 2001 Posts 1624 EE Offline AZ, USA	Posted: 5/23/2002 11:44:21 PM EDT -Troy ... Will this raping of the americans wallet ever end? View Quote ... No. It would put the rapists out of business.
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marvl Joined Oct 2001 Posts 1298 EE Offline CO, USA	Posted: 5/24/2002 8:02:26 AM EDT You know you're making real money when the Man takes 38 percent as his cut. I wouldn't worry.

Rodent Joined Aug 2001 Posts 89 EE Offline NH, USA	Posted: 5/24/2002 8:18:42 AM EDT Originally Posted By Troy: When your Fed & State taxes (only) come to 28%, then you can complain... View Quote Try 36%, and then give 40% of what's left to your ex.

drjarhead Joined Feb 2001 Posts 940 EE Offline WI, USA	Posted: 5/24/2002 8:27:42 AM EDT I claim 0 exemptions and they take 43%. Pay plenty more in other "hidden" taxes and fees. Yeah, I think it sucks. I can't even take an IRA or Roth IRA and my itemized deductions are even limited. The thing that pissed me off the most though was not being able to deduct my student loan interest--that was alot of damn money.

wiggy762 Joined Nov 2001 Posts 388 EE Offline NM, USA	Posted: 5/24/2002 8:30:22 AM EDT Originally Posted By marvl: You know you're making real money when the Man takes 38 percent as his cut. I wouldn't worry. View Quote Preach it Brother!! What does it mean if I am over that amount by several points? I just wish I had all of the money the Government says I do!!!

TxLewis

Member

Joined Mar 2001
Posts 291
EE Offline

TX, USA

Posted: 5/24/2002 8:43:56 AM EDT

Jarhead, I feel your pain. In the last two years combined, just from income taxes, I gave the gov't a new porsche 911 Some people never take the time to add up all the taxes, social sec, medicare, sales, property, capital gains, gas taxes, taxes on phone and other utilities, sin taxes, registration of auto,income taxes, plus, the 7.5 % our company pays the gov't we don't see,, then excise taxes, etc., etc., etc. It would be nice to keep more than 50% of the money I make. WL

If the government could create jobs, the USSR would have been the worlds economic powerhouse.
Who wants to be from a country where 50% are on welfare? You HAVE to vote TEA PARTY in November and stop the social spending.

drjarhead

Joined Feb 2001
Posts 942
EE Offline

WI, USA

Posted: 5/24/2002 8:54:50 AM EDT

Originally Posted By TxLewis: Jarhead, I feel your pain. In the last two years combined, just from income taxes, I gave the gov't a new porsche 911 Some people never take the time to add up all the taxes, social sec, medicare, sales, property, capital gains, gas taxes, taxes on phone and other utilities, sin taxes, registration of auto,income taxes, plus, the 7.5 % our company pays the gov't we don't see,, then excise taxes, etc., etc., etc. It would be nice to keep more than 50% of the money I make. WL

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It would be nice, I agree, but that would require that 15% of the population not suck up a vastly disproportionate amount of the gov't resources while contributing little or nothing. Oh, that's right, they're "entitled". Seems that this segment of the population is growing, though, so it will have to end somewhere

Flash66

Member

Joined Jan 2002
Posts 290
EE Offline

FL, USA

Posted: 5/24/2002 9:26:57 AM EDT

Last May my wife, younger son and myself took a trip back to Florida to attend my older son's graduation from college. We were gone for ten days. We stayed with some friends and in some motels. We rented a car and mostly ate out. The trip cost us $3600 total. I kept account of all the taxes we paid. First of all in order to have $3600 in spendable money I had to pay $1100 in Federal Income Tax at my rate. I had to also pay about $150 in Social Security. Before I left for the airport I had given Uncle Sugar about $1250 for the privilege of seeing my son graduate from college. The car rental was about $500. $135 of that was tax. Over $200 of the airplane tickets cost was tax. You can also throw in motel tax, restaurant tax, gas tax and sales tax. The bottom line after I got back was that I PAID ALMOST TWICE THE COST OF THE TRIP TO THE GOVERNMENT!!!!!!! Doesn't that suck? I go out and work hard every day. Send my son to college and have to give the stupid government about $2300 in order to be able to see him graduate. And where does my hard earned money go? That's another story.....Don't get me started. We need a tax revolution big time. The stupid government should not be allowed to take more than 15% of your money.

M4_Aiming_at_U Joined Oct 2001 Posts 387 EE Offline CO, USA	Posted: 5/24/2002 1:39:28 PM EDT Originally Posted By Flash66: We need a tax revolution big time View Quote Hell Im up for it,They cant arrest ALL of us who decise Not to pay or just pay a little.I know its our duty to pay taxes and I dont mind paying [u]MY[/u] share,Not 100,000 other people's share as well.

loonybin

Member

Joined Oct 2001
Posts 168
EE Offline

KS, USA

Posted: 5/24/2002 2:08:22 PM EDT

Originally Posted By TxLewis: Jarhead, I feel your pain. In the last two years combined, just from income taxes, I gave the gov't a new porsche 911 Some people never take the time to add up all the taxes, social sec, medicare, sales, property, capital gains, gas taxes, taxes on phone and other utilities, sin taxes, registration of auto,income taxes, plus, the 7.5 % our company pays the gov't we don't see,, then excise taxes, etc., etc., etc.

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In two years you gave the gov't a Porche 911?? Quit yer gripin! Don't you know you're working to support those who don't/won't/can't? [;D]

It would be nice to keep more than 50% of the money I make. WL

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It would be nice if I could make 50% of what you keep! I work 50hrs./wk and we barely make ends meet. Of course, that's why I'm trying to get out of this career and into another...

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deadeye47

Joined Feb 2001
Posts 612
EE Offline

TX, USA

Posted: 5/24/2002 2:12:16 PM EDT

Originally Posted By Flash66: Last May my wife, younger son and myself took a trip back to Florida to attend my older son's graduation from college. We were gone for ten days. We stayed with some friends and in some motels. We rented a car and mostly ate out. The trip cost us $3600 total. I kept account of all the taxes we paid. First of all in order to have $3600 in spendable money I had to pay $1100 in Federal Income Tax at my rate. I had to also pay about $150 in Social Security. Before I left for the airport I had given Uncle Sugar about $1250 for the privilege of seeing my son graduate from college. The car rental was about $500. $135 of that was tax. Over $200 of the airplane tickets cost was tax. You can also throw in motel tax, restaurant tax, gas tax and sales tax. The bottom line after I got back was that I PAID ALMOST TWICE THE COST OF THE TRIP TO THE GOVERNMENT!!!!!!! Doesn't that suck? I go out and work hard every day. Send my son to college and have to give the stupid government about $2300 in order to be able to see him graduate. And where does my hard earned money go? That's another story.....Don't get me started. We need a tax revolution big time. The stupid government should not be allowed to take more than 15% of your money.

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Yes, it sucks but look at all the welfare programs you fund. There is a guy I worked with that had a girlfriend that lived in an apt complex down the street. She doesn't work cause she dropped out of school to have this guys kid. Her rent is 25 dollars a month.(no I didn't leave out any figures before the 2) She gets a check from Uncle Sugar too. He lives there with her but if "they found out she would loose her place to live" He just works when it's convinient for him. Fired him not long ago. I put in sometimes 60 hours a week and I still didn't let Uncle Sugar steal enough from me during the year. Work hard brothers!! Work hard!![:D]

NODDAH Joined May 2001 Posts 253 EE Offline CO, USA	Posted: 5/24/2002 2:17:50 PM EDT [Last Edit: 5/24/2002 2:26:59 PM EDT by NODDAH] WELL ACTUALLY YOU GET TAXED 35% TO 56% (DEPENDING ON WHAT YOU DO OR DON'T BUY) WHEN YOU COUNT UP ALL THE TAXES: SALES TAX, GAS TAX, PROPERTY TAX, BASICALLY EVERY TIME MONEY CHANGES HANDS TAX OH AND OF COURSE THE 50% DEATH TAX. YOUR LIVING IN A SOCIALIST PARADISE ! [;D]

cgwahl

Joined Mar 2002
Posts 167
EE Offline

CA, USA

Posted: 5/24/2002 3:10:27 PM EDT

[Last Edit: 5/24/2002 3:11:57 PM EDT by cgwahl]

Shoot as a temp I make 9.50 an hour 40 hours a week and when all is said and done I lose around 22%. And since I pay for my car and health insurance, not to mention gas and some other things that MUST be paid (then there is tuition) I rarely get any fun money and most of that goes to my gun addiction...it drives me nuts when I see the druggy daughter of my moms friend get free gas and school and books. Is it wrong to sometimes wish you were the one that nearly OD'd? It seems to me if you screw up your life you actually do better since the government will help you out be it with money, house, food and/or school...

M4_Aiming_at_U

Joined Oct 2001
Posts 391
EE Offline

CO, USA

Posted: 5/24/2002 11:18:49 PM EDT

[Last Edit: 5/24/2002 11:20:38 PM EDT by M4_Aiming_at_U]

I really cant understand how most americans put up with this? I mean I know that being raised by a single mom who worked VERY hard to make ends meet while I was growing up and she is still living pay check to pay check(she is being taxed 26%).How can people like this do it? I thought my check getting takex 16% was alot,now after seeing what most of what you people pay its a drop in the bucket! I ask again,what keeps you from going nuts?

[ARCHIVED THREAD] - The tax man takes 16%??

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