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Posted: 5/23/2002 4:46:25 PM EDT
[#1]
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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Posted: 5/23/2002 4:49:33 PM EDT
[#2]
To be honest, sounds a little low. Should check cuz come tax time you could be in for a nasty surprise.
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Posted: 5/23/2002 4:51:42 PM EDT
[#3]
Quoted: 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 [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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Posted: 5/23/2002 4:54:13 PM EDT
[#4]
Quoted: Quoted: 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 [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. Texas has no state income tax, but federal taxes are a killer if you make too much money. God Bless Texas |
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Posted: 5/23/2002 5:50:23 PM EDT
[#5]
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%! |
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Posted: 5/23/2002 9:09:06 PM EDT
[#6]
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. |
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Posted: 5/23/2002 9:17:32 PM EDT
[#7]
Try paying self employment tax of 15 % instead of 7.5 % to social security
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Posted: 5/23/2002 9:42:24 PM EDT
[#8]
My wife is self employed. The self employment tax really does take a bite out of the disposable income.
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Posted: 5/23/2002 9:52:58 PM EDT
[#9]
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? |
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Posted: 5/23/2002 11:15:46 PM EDT
[#10]
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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Posted: 5/23/2002 11:39:00 PM EDT
[#11]
Quoted: 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 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? |
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Posted: 5/23/2002 11:42:20 PM EDT
[#12]
... 16%?
... Lucky bastage |
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Posted: 5/23/2002 11:44:21 PM EDT
[#13]
-Troy ... Will this raping of the americans wallet ever end? ... No. It would put the rapists out of business. |
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Posted: 5/24/2002 8:02:26 AM EDT
[#14]
You know you're making real money when the Man takes 38 percent as his cut. I wouldn't worry.
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Posted: 5/24/2002 8:18:42 AM EDT
[#15]
Quoted: When your Fed & State taxes (only) come to 28%, then you can complain... Try 36%, and then give 40% of what's left to your ex. |
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Posted: 5/24/2002 8:27:42 AM EDT
[#16]
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.
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Posted: 5/24/2002 8:30:22 AM EDT
[#17]
Quoted: You know you're making real money when the Man takes 38 percent as his cut. I wouldn't worry. 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!!! |
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Posted: 5/24/2002 8:43:56 AM EDT
[#18]
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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Posted: 5/24/2002 8:54:50 AM EDT
[#19]
Quoted: 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 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 |
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Posted: 5/24/2002 9:26:57 AM EDT
[#20]
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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Posted: 5/24/2002 1:39:28 PM EDT
[#21]
Quoted: We need a tax revolution big time 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. |
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Posted: 5/24/2002 2:08:22 PM EDT
[#22]
Quoted: 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. 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 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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Posted: 5/24/2002 2:12:16 PM EDT
[#23]
Quoted: 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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Posted: 5/24/2002 2:17:50 PM EDT
[#24]
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] |
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Posted: 5/24/2002 3:10:27 PM EDT
[#25]
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... |
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Posted: 5/24/2002 11:18:49 PM EDT
[#26]
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?
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