I made over 130K last year...

[Engineer]

Hey OP, it could be worse!

D:

 

[IronWing]

Hey OP, it could be worse!

D:

Misleading story is grossly misleading. It isn't until the tenth paragraph that the author admits that the headline is BS.

 

[Engineer]

Misleading story is grossly misleading. It isn't until the tenth paragraph that the author admits that the headline is BS.

I knew that there could not have been a way to pay 102% especially when it was only income taxes and no sales, property taxes, etc. Still should make the OP feel better though! :sneaky:

 

[bfdd]

You first
That is inhumane (actually it literally is, even Foxconn doesn't push their slaves that hard).

already ahead of you. i'm a practice what you preach kind of guy.

 

[postmortemIA]

It could be worse: your neighbor could be building home with less than 4500 sq. feet next to you, and your paycheck per two weeks could be mere $8400.

 

[Red Squirrel]

Even with all those taxes that's still a crazy awesome pay check though. If I made that much money I'd probably buy a huge acreage of land, and build a solar or wind farm. It's always been something I wanted to do.

 

[MovingTarget]

I'd gladly trade you my <40k job for yours, even with the tax rates you pay. Be thankful.

 

[HamburgerBoy]

I'd gladly trade you my <40k job for yours, even with the tax rates you pay. Be thankful.

Try leaving the sticks for a start.

 

[alkemyst]

It could be worse: your neighbor could be building home with less than 4500 sq. feet next to you, and your paycheck per two weeks could be mere $8400.

well that would be a real concern.

 

[alkemyst]

Yep. The last 6 weeks of the year (45 straight days), I averaged 106 hours per week. Basically, 15 hours average (as high as 20 in a single day) per day for 45 straight days. Damn near broke me (physically and especially mentally).

why did you allow this?

 

[Engineer]

why did you allow this?

I shouldn't have. On top of that, the boss of my boss was raising pure hell that the project wasn't completed yet. I finally printed the entire project (in full detail) to show what I had been working on. I was expecting about 300-400 pages. It was just over 2,700 pages. People were quite shocked when I threw it on the table (nearly in tears) and said that this is what I had been working on for the past 6 months.

I did get paid overtime but it wasn't worth it looking back (other than it paid my house off).

 

[BarkingGhostar]

:awe:

That summed up my Tuesday night.

100k and above proper fucks you on deductions/credits. Student loan interest...gone. Roth IRA's start getting phased out. Child credits gone.

I always found it silly that people want a deduction for making the personal, selfish decision to have children. Why should I, a childless income earner, help you in your personal decisions to have children? Will you help me by a sports car via a nice deduction?

Just goes to show how parents can see beyond their own selfish desires.

 

[alkemyst]

I always found it silly that people want a deduction for making the personal, selfish decision to have children. Why should I, a childless income earner, help you in your personal decisions to have children? Will you help me by a sports car via a nice deduction?

Just goes to show how parents can see beyond their own selfish desires.

The deduction is because you created future tax payers. They give you breaks now, because it pays off much more later. 18 years of deductions for 40+ years of tax payments.

I don't think you understand many things fully.

 

[Engineer]

The deduction is because you created future tax payers. They give you breaks now, because it pays off much more later. 18 years of deductions for 40+ years of tax payments.

I don't think you understand many things fully.

Future economic growth. See why Japan is being fucked and will be even more fucked in the next 50 years (expected to shrink by 1/3 by 2060).

 

[vi edit]

Future economic growth. See why Japan is being fucked and will be even more fucked in the next 50 years (expected to shrink by 1/3 by 2060).

Look at Russia too. They are in real rough shape. Hell Russia was trying to pay young couples to have kids because they don't have enough growth to support things.

I just shake my head whenever people give a family crap about having kids and telling them it was a selfish decision.

Those kids will be paying the taxes to maintain roads that you'll use when you retire. They'll be nurses and medical professionals that will take care of you when you are old. They'll be the construction workers and skilled labor that repairs your roads, cars, and buildings. They'll take your order at McDonalds when you get your senior citizen cheap cup of coffee. They'll help pay for your medicare bills and social security so you can go hit the river boat gambling slots.

And so on.

Kids are our future and are required for a nation to not just grow, but simply maintain.

 

[The-Noid]

I always found it silly that people want a deduction for making the personal, selfish decision to have children. Why should I, a childless income earner, help you in your personal decisions to have children? Will you help me by a sports car via a nice deduction?

Just goes to show how parents can see beyond their own selfish desires.

Also you do get a deduction when you buy a sports car. You can write off the vehicle tabs and if the sales tax is more than your state income tax, you can write that off.

 

[Griffinhart]

My understanding is 1% is supposed to be 500K +. And I think this may be 500K + AGI.

Top 1%: $380,354

Top 5%: $159,619

Top 10%: $113,799

Top 25%: $67,280

Top 50%: >$33,048

 

[Griffinhart]

I had $70K of lump sum payments that no taxes were taken out of. I'm hoping I'll only be in the hole $10K when it is all said and done when I see the CPA in march.

Ouch, won't that trigger penalties?

 

[WackyDan]

I'd gladly trade you my <40k job for yours, even with the tax rates you pay. Be thankful.

Are you willing to work for it though, or are you only going to work/produce at your $40k rate?

 

[JS80]

I'd gladly trade you my <40k job for yours, even with the tax rates you pay. Be thankful.

If you trade with him, you'll soon be fired, and he'll soon be making what he used to make.

fucking loliberals

 

[KentState]

It's frustrating when I nearly pay my fiancees yearly income in taxes. I know we will get a royal screwing when we get married.

 

[TXHokie]

I always found it silly that people want a deduction for making the personal, selfish decision to have children. Why should I, a childless income earner, help you in your personal decisions to have children? Will you help me by a sports car via a nice deduction?

Just goes to show how parents can see beyond their own selfish desires.

"Personal selfish decision to have children?" - you are kidding right?

 

[the DRIZZLE]

The deduction is because you created future tax payers. They give you breaks now, because it pays off much more later. 18 years of deductions for 40+ years of tax payments.

I don't think you understand many things fully.

They will use government services as well as pay taxes so there is no net benefit to the treasury. If there was some need to increase the population you could argue that it makes sense as an incentive but that's not really the case. In reality the child tax deduction stems from the view of many people that taxes be should be based on individual's ability to pay as opposed to more politically conservative concepts of fairness.

 

[ShawnD1]

It's frustrating when I nearly pay my fiancees yearly income in taxes. I know we will get a royal screwing when we get married.

Isn't it the other way around?

right now:
you make 100k and pay taxes based on that (extremely high taxes)
she makes 20k and pays taxes based on that (no taxes)

married:
(100 + 20)/2 = 60k
pay tax percentage equivalent to 60k income?

My understanding is that this is the advantage of getting married in the US. The way progressive taxation works, earning 2x as much income means you pay more 2x as much in taxes. Being able to average it with someone else means your wife's taxes would go up slightly while yours go waaaaay down.
I had this explained to me a few years ago when comparing taxes in the US against taxes in Canada. In Canada, we don't combine incomes; married people file their taxes as 2 individuals then you do your taxes by claiming write offs for the higher income. If I make 100k and the wife makes 20k, we would put our baby as a dependant on my taxes.

 

[spidey07]

Isn't it the other way around?

right now:
you make 100k and pay taxes based on that (extremely high taxes)
she makes 20k and pays taxes based on that (no taxes)

married:
(100 + 20)/2 = 60k
pay tax percentage equivalent to 60k income?

My understanding is that this is the advantage of getting married in the US. The way progressive taxation works, earning 2x as much income means you pay more 2x as much in taxes. Being able to average it with someone else means your wife's taxes would go up slightly while yours go waaaaay down.
I had this explained to me a few years ago when comparing taxes in the US against taxes in Canada. In Canada, we don't combine incomes; married people file their taxes as 2 individuals then you do your taxes by claiming write offs for the higher income. If I make 100k and the wife makes 20k, we would put our baby as a dependant on my taxes.

It doesn't work like that. President Bush did away with a lot of the "marriage penalty", but the current president has put many of them back in. The biggest example is if you weren't married deductions and credits would be available to you or both of you, but when married your combined income phases out those deductions or credits and even activates other new taxes. Separately you don't "make too much money", but joined/married you do.

Google "marriage penalty".