Tax deductions on the paycheck

[Laura+Tom 2]

Good god!.. 21% that can't be right.. can it?.. actually I is.. I counted up my own cheque, what I get after taxes and it's fairly close to 21%.. that's sick 21% in taxes and what do we get in return?.. not a whole fcukin lot!.. At least back home there where real befits to higher taxes!

you get the protection of the best military in the free world

Right on

and nothing else.

I disagree but then I am slightly biased, what with my father serving in the Royal Air Force, my mother a veteran, and the fact I work with the British military

[PlatyPius 5]

Good god!.. 21% that can't be right.. can it?.. actually I is.. I counted up my own cheque, what I get after taxes and it's fairly close to 21%.. that's sick 21% in taxes and what do we get in return?.. not a whole fcukin lot!.. At least back home there where real befits to higher taxes!

you get the protection of the best military in the free world

Right on

and nothing else.

I disagree but then I am slightly biased, what with my father serving in the Royal Air Force, my mother a veteran, and the fact I work with the British military

Damn Jackbooted Thugs!

[MrsCat 6]

I disagree but then I am slightly biased, what with my father serving in the Royal Air Force, my mother a veteran, and the fact I work with the British military

I bet in your house there was never enough black shoe polish

Seriously though, that's pretty cool.

[Eric-Pris 1,602]

My next paycheck was for 2 weeks work and I had 21% deductions in taxes.

No sympathy here... I live in NYC, and after federal, state, and city taxes are deducted, I am left with 59% of my money.

[PlatyPius 5]

My next paycheck was for 2 weeks work and I had 21% deductions in taxes.

No sympathy here... I live in NYC, and after federal, state, and city taxes are deducted, I am left with 59% of my money.

There are these things called "cars"... you can use one to move somewhere else if the taxes bother you.

[Eric-Pris 1,602]

My next paycheck was for 2 weeks work and I had 21% deductions in taxes.

No sympathy here... I live in NYC, and after federal, state, and city taxes are deducted, I am left with 59% of my money.

There are these things called "cars"... you can use one to move somewhere else if the taxes bother you.

Unfortunately, when you work on Wall Street, you're kind of stuck in NYC. Also, my house doesn't have wheels (like some others down south) so I can't just move it.

Edited November 4, 2008 by kid brooklyn

[john_and_marlene 162]

This post caused me to ruin my day by looking at the percentage of my paycheck that went to taxes--25.5%. Now I think I'll go have a drink or 20.

[john_and_marlene 162]

....then I went and counted the other deductions and I calculated my takehome pay is only 59.3% of my gross... How sad ... how very very sad.

[PlatyPius 5]

....then I went and counted the other deductions and I calculated my takehome pay is only 59.3% of my gross... How sad ... how very very sad.

Now take gasoline tax, sales tax, property taxes, and "sin" taxes out of that. How's that 20% looking now?

[MrsCat 6]

Also, my house doesn't have wheels (like some others down south) so I can't just move it.

People from the trailers are always one step up on the rest of us.

[aidan80 9]

You are missing something. Google.

Those figures are not invented. Tax data and income bracket data vs. percentage of total tax revenue is public record. Any moron can look it up.

Actually the percentage that pay nothing (or actually get credit for taxes never paid in the first place) has moved closer to 50% since 2006 (these are taxes filed in 2007 for the 2006 tax year) BUT there have been no changes in tax brackets etc in the last year so these numbers are very close but may be off by a percentage or two after the 2007 tax data (filed this year, 2008) is tabulated...

Here, I saved you some time since google.com seems to be a challenge -

1% of the taxpayers pay 40% of total taxes. (earners >$388,806)

10% pay 80% (earners>$108,904)

25% pay 86% (earners>$64,702)

50% pay 97% (earners > $31,987)

and 50% pay 3% (earners < $31,987)

SO - the bracket where between 10 and 50% of incomes fall, which is between 31,987 and 108,904, yields, as you so cleverly calculated, 17% of income tax revenue.

Stop crying. They take 27% of mine. I'd pay 21% anytime, any day. Welcome to America, where 10% of the people pay 80% of the taxes, and where 50% of the people pay 3% of the taxes.

Good god!.. 21% that can't be right.. can it?.. actually I is.. I counted up my own cheque, what I get after taxes and it's fairly close to 21%.. that's sick 21% in taxes and what do we get in return?.. not a whole fcukin lot!.. At least back home there where real befits to higher taxes!

We're all allow to complain about taxes and how all our money is being wasted and pished away in Iraq, Cuba, Afghanistan and everywhere else! Best military in the world.. wasn't the brits the best military in the world back when a bunch of colonist farmers kicked their arses out of america?

Maybe I'm missing something here but where did you invent those figures from?.. if 10% of the population are paying 80% of the taxes and 50% of the population are paying 3% of the taxes that means.. only 60% pay taxes totaling 83%? What about the other 40% of the population.. I suppose if I used logic it would say they pay the remaining 17% of the taxes?

God I hope they don't let you near the till at walmart!

I think your missing something.. some evidence to backup your "facts". Google as good as it is, is most certainly not fact!

[Saddle Bronc 124]

Taxes vary based on how much you earn, how many deductions you claim, and how you get paid. There are different rates for weekly, biweekly, semi-monthly and monthly. I think monthly has the lowest taxes, but I don't know many people who can survive on a monthly paycheck - unless they make a lot of money or have a rather large savings account.

I calculated the one time I actually was paid monthly (2004/06-2005/05) against weekly, fortnightly and bimonthly (meaning 15^th and month-end)--no difference on (income-adjusted) tax amounts.

You're right about it being a serious pain in having only a once-monthly cheque--though one may be able to make it if ALL payments (bills, credit-cards, loan-payments, insurance) are done online.

[himher 634]

Its nice to be treated so special....

EVERYONE knows these stats and where to find them.

Tax tables by revenue collected and income (and sorted dozens of other ways) are located at:

http://www.irs.gov/taxstats/index.html

The tables are summarized by about a jillion organizations (one of which is http://www.taxfoundation.org) which in turn go back and reference the public information on the IRS website.

WARNING to morons who cannot google their own sources: These sites do not have phonics.

WARNING to Obamacrats: Ignore the real data. Rich people are selfish, self-centered, uncaring, and pay nothing.

You are missing something. Google.

Those figures are not invented. Tax data and income bracket data vs. percentage of total tax revenue is public record. Any moron can look it up.

Actually the percentage that pay nothing (or actually get credit for taxes never paid in the first place) has moved closer to 50% since 2006 (these are taxes filed in 2007 for the 2006 tax year) BUT there have been no changes in tax brackets etc in the last year so these numbers are very close but may be off by a percentage or two after the 2007 tax data (filed this year, 2008) is tabulated...

Here, I saved you some time since google.com seems to be a challenge -

1% of the taxpayers pay 40% of total taxes. (earners >$388,806)

10% pay 80% (earners>$108,904)

25% pay 86% (earners>$64,702)

50% pay 97% (earners > $31,987)

and 50% pay 3% (earners < $31,987)

SO - the bracket where between 10 and 50% of incomes fall, which is between 31,987 and 108,904, yields, as you so cleverly calculated, 17% of income tax revenue.

Stop crying. They take 27% of mine. I'd pay 21% anytime, any day. Welcome to America, where 10% of the people pay 80% of the taxes, and where 50% of the people pay 3% of the taxes.

Good god!.. 21% that can't be right.. can it?.. actually I is.. I counted up my own cheque, what I get after taxes and it's fairly close to 21%.. that's sick 21% in taxes and what do we get in return?.. not a whole fcukin lot!.. At least back home there where real befits to higher taxes!

We're all allow to complain about taxes and how all our money is being wasted and pished away in Iraq, Cuba, Afghanistan and everywhere else! Best military in the world.. wasn't the brits the best military in the world back when a bunch of colonist farmers kicked their arses out of america?

Maybe I'm missing something here but where did you invent those figures from?.. if 10% of the population are paying 80% of the taxes and 50% of the population are paying 3% of the taxes that means.. only 60% pay taxes totaling 83%? What about the other 40% of the population.. I suppose if I used logic it would say they pay the remaining 17% of the taxes?

God I hope they don't let you near the till at walmart!

I think your missing something.. some evidence to backup your "facts". Google as good as it is, is most certainly not fact!

[aappllee 0]

My first paycheck was for 1 weeks work, and I had 13% deductions in taxes.

My next paycheck was for 2 weeks work and I had 21% deductions in taxes.

I have no idea why this is. The only thing that changed was that I got 2 weeks pay at once as I'm on fortnightly pay. Do you get taxed extra for fortnightly pay?

That would be crazy if true.

The average for federal, Social security and Medicare withholding is 23%.

Check HERE for a pretty cool little site.

nice site karin and otto :-)

i'll try it again when i get my next pay check. i wanna know if it comes up with a pretty accurate tax calculation :-)