What are you buying with your $1200 check?

[JEDIYoda]

There aren't any state or local income taxes where I live.

The federal taxes will kill yaz....

 

[sactoking]

Politico labels it a "rebate" which would make it similar to the 2008 stimulus package. Since it's a tax rebate you don't owe tax on any amount received.

 

[TheVrolok]

Tell me, how exactly do you think tax brackets work?

I love explaining tax brackets to folks.. Their eyes become like a newborn's, viewing the world for the first time.

I was walking through work one day, and two guys were talking, one was saying that he was purposefully not going to take this new position because it would "just push him into a higher tax bracket" and he would actually lose money.

Never met the guy before, but I had to excuse myself and but in and point him toward the IRS' website. He was actually pretty grateful.

 

[boomerang]

There aren't any state or local income taxes where I live.

Same for me.

 

[Red Squirrel]

I love explaining tax brackets to folks.. Their eyes become like a newborn's, viewing the world for the first time.

I was walking through work one day, and two guys were talking, one was saying that he was purposefully not going to take this new position because it would "just push him into a higher tax bracket" and he would actually lose money.

Never met the guy before, but I had to excuse myself and but in and point him toward the IRS' website. He was actually pretty grateful.

TBH I thought the same too, I thought once you hit a bracket you pay a higher percentage on your whole income, but you only pay on the part that is over the bracket. Asked my tax person this once since I realized that my income was like not even $100 over a bracket so asked if there's anything last minute I can do to bring it down but she said I only pay more on the $100 or whatever amount is above it. So that's good to know.

 

[TheVrolok]

TBH I thought the same too, I thought once you hit a bracket you pay a higher percentage on your whole income, but you only pay on the part that is over the bracket. Asked my tax person this once since I realized that my income was like not even $100 over a bracket so asked if there's anything last minute I can do to bring it down but she said I only pay more on the $100 or whatever amount is above it. So that's good to know.

I think that's a reasonable assumption to make initially, I'm sure I thought that at some point in my life. We all increase our financial literacy at different times, but my hope would be that people are making an effort to do that prior to making life changing decisions based on incomplete knowledge.

 

[KentState]

I love explaining tax brackets to folks.. Their eyes become like a newborn's, viewing the world for the first time.

I was walking through work one day, and two guys were talking, one was saying that he was purposefully not going to take this new position because it would "just push him into a higher tax bracket" and he would actually lose money.

Never met the guy before, but I had to excuse myself and but in and point him toward the IRS' website. He was actually pretty grateful.

There are times however that it becomes counter productive. For example, if I take on extra work, it's being hit at 32% federal rate plus 6% state and that doesn't include the payroll taxes that my employer is hit with. Either that means giving up personal time for a lower hourly rate or upping what you charge your client.

 

[TheVrolok]

There are times however that it becomes counter productive. For example, if I take on extra work, it's being hit at 32% federal rate plus 6% state and that doesn't include the payroll taxes that my employer is hit with. Either that means giving up personal time for a lower hourly rate or upping what you charge your client.

Oh sure, definitely downstream considerations. Not all raises are worth it.

 

[JEDIYoda]

The checks, which are nontaxable, will be based on 2019 tax returns if they’ve already been filed (though the deadline has been delayed to July 15), and for those who have yet to send in their returns, 2018 figures. The checks are based on all income, which means retirees, Social Security and those who claim other benefits, such as Supplemental Security Income, are eligible. The government can use a beneficiary’s Social Security statements to calculate the check amount if a person did not file taxes — and send the check based on the information on file, according to AARP.

 

[AdamK47]

Single, no kids, make too much. I get nothing.

 

[JEDIYoda]

There has to be a catch........when was the last time you truly got something for free????

 

[blackangst1]

There has to be a catch........when was the last time you truly got something for free????

This check isnt free for anyone. Its simply returning our taxes.

Mine is going into savings.

 

[s0me0nesmind1]

There has to be a catch........when was the last time you truly got something for free????

The catch is this magical thing called inflation. You learn about it in 5th grade.

 

[IronWing]

The catch is this magical thing called inflation. You learn about it in 5th grade.

That’s another reason to tax the jf out of the rich, it reduces inflation pressure.

 

[UsandThem]

https://www.sideshow.com/collectibles/star-wars-darth-maul-sideshow-collectibles-400313



(My wife would kill me though, so weighing out the whole living vs. owning it thing right now )

 

[Red Squirrel]

https://www.sideshow.com/collectibles/star-wars-darth-maul-sideshow-collectibles-400313

View attachment 18732

(My wife would kill me though, so weighing out the whole living vs. owning it thing right now )

If you survive the first round of murder attempt, think of all the fun places you can hide that to scare the crap out of her!

 

[sdifox]

TBH I thought the same too, I thought once you hit a bracket you pay a higher percentage on your whole income, but you only pay on the part that is over the bracket. Asked my tax person this once since I realized that my income was like not even $100 over a bracket so asked if there's anything last minute I can do to bring it down but she said I only pay more on the $100 or whatever amount is above it. So that's good to know.

Wtf... How do you not know this?

 

[Red Squirrel]

Wtf... How do you not know this?

Why would I? It's not really common knowledge unless you're an accountant. Hence why I outsource that stuff to an accountant.

 

[sdifox]

Why would I? It's not really common knowledge unless you're an accountant. Hence why I outsource that stuff to an accountant.

... It's talked about on tv every tax season... It's one thing not to know deductions, it's another not knowing how you are taxed.

 

[FelixDeCat]

https://www.sideshow.com/collectibles/star-wars-darth-maul-sideshow-collectibles-400313

View attachment 18732

(My wife would kill me though, so weighing out the whole living vs. owning it thing right now )

This would look good in a man cave. He looks a little horny though.

 

[Fritzo]

I'm going to be the dad of everyone here, and you know I'm going to be right:

THAT $1200 ISN'T A 'GO BUY WHATEVER YOU WANT' FUND- IT"S EMERGENCY MONEY. PUT IT IN AN ACCOUNT, AND USE IT IF YOU LOSE YOUR JOB/SHORT ON CASH/HAVE AN UNEXPECTED EXPENSE.

OK. I'm done.

 

[IronWing]

I'm going to be the dad of everyone here, and you know I'm going to be right:

THAT $1200 ISN'T A 'GO BUY WHATEVER YOU WANT' FUND- IT"S EMERGENCY MONEY. PUT IT IN AN ACCOUNT, AND USE IT IF YOU LOSE YOUR JOB/SHORT ON CASH/HAVE AN UNEXPECTED EXPENSE.

OK. I'm done.

That's exactly what Congress and the President don't want you to do. They want you to blow through that money.

 

[UsandThem]

I'm going to be the dad of everyone here, and you know I'm going to be right:

THAT $1200 ISN'T A 'GO BUY WHATEVER YOU WANT' FUND- IT"S EMERGENCY MONEY. PUT IT IN AN ACCOUNT, AND USE IT IF YOU LOSE YOUR JOB/SHORT ON CASH/HAVE AN UNEXPECTED EXPENSE.

OK. I'm done.

Buzzkill.

 

[shortylickens]

Darth Maul is more overrated than Boba Fett.

 

[UsandThem]

Darth Maul is more overrated than Boba Fett.