does anyone else get raped by taxes?

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H

huberm

Golden Member
Dec 17, 2004
1,105
1
0
all i know is, before taxes & deductions, I pull in 1893.60 biweekly or more. After they deduct everything, I only get $1185 :~(

is it this bad for anyone else? My deductions are as follows:

taxes (federal, state, medicare, & OASDI): $547.23
health insurance: $33.28
pension plan: $17.42
401(k): 152.39

Total: 750.32

does this sound typical for a single guy?

its like everyone gets a memo that you are making money.....oh well, guess I should be thankful that I actually have money to pay taxes....
 
sixone

sixone

Lifer
May 3, 2004
25,030
5
61
Will you get a big 'refund' after you file for the year? It might be worth a visit with an accountant to be sure your withholding is a good match for your expected income.
 
H

huberm

Golden Member
Dec 17, 2004
1,105
1
0
Originally posted by: sixone
Will you get a big 'refund' after you file for the year? It might be worth a visit with an accountant to be sure your withholding is a good match for your expected income.
Click to expand...




last year i ended up owing them 2 grand or so
 
C

CTrain

Diamond Member
Sep 26, 2001
4,940
0
0
Originally posted by: huberm
all i know is, before taxes & deductions, I pull in 1893.60 biweekly or more. After they deduct everything, I only get $1185 :~(

is it this bad for anyone else? My deductions are as follows:

taxes (federal, state, medicare, & OASDI): $547.23
health insurance: $33.28
pension plan: $17.42
401(k): 152.39

Total: 750.32

does this sound typical for a single guy?

its like everyone gets a memo that you are making money.....oh well, guess I should be thankful that I actually have money to pay taxes....
Click to expand...

You're looking at it the wrong way.
You're paying the same amount of taxes based on how much you make a year.

In essence, it really doesn't make a difference how much they deduct from your paycheck.
They take more out now.....you get more back.
They take less out now.....you get less back or even owing.
 
S

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
it only gets worse the more you make.

keep voting republican.
:D

you need to find deductions and reduce your taxible income. Otherwise as a single guy you will get reamed severely. pop out a couple kids and get a wife...great way to lower your taxes.
 
Engineer

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Originally posted by: spidey07
it only gets worse the more you make.

keep voting republican.
:D
Click to expand...

That's true. The more you make, the more the republicans help you! :D

I'm saving my money (once my house is paid off :p) so I can become a Republican someday! :D

$26,000 (including SS) held out this year. Looking for little or no refunds! :(
 
X

xSauronx

Lifer
Jul 14, 2000
19,582
4
81
Originally posted by: spidey07
it only gets worse the more you make.

keep voting republican.
:D

you need to find deductions and reduce your taxible income. Otherwise as a single guy you will get reamed severely. pop out a couple kids and get a wife...great way to lower your taxes.
Click to expand...

indeed, when i was married we broke even on the taxes and then got a refund based on tax credits
 
H

huberm

Golden Member
Dec 17, 2004
1,105
1
0
hopefully the house i purchased this summer will help some, and I had some medical expenses this year ($800 or so)
 
OS

OS

Lifer
Oct 11, 1999
15,581
1
76
Originally posted by: spidey07
it only gets worse the more you make.

keep voting republican.
:D

you need to find deductions and reduce your taxible income. Otherwise as a single guy you will get reamed severely. pop out a couple kids and get a wife...great way to lower your taxes.
Click to expand...

national deficit/debt whoring is just deferred taxation.
 
mugs

mugs

Lifer
Apr 29, 2003
48,920
46
91
Originally posted by: OS
Originally posted by: spidey07
it only gets worse the more you make.

keep voting republican.
:D

you need to find deductions and reduce your taxible income. Otherwise as a single guy you will get reamed severely. pop out a couple kids and get a wife...great way to lower your taxes.
Click to expand...

national deficit/debt whoring is just deferred taxation.
Click to expand...

So vote for fiscal conservatives, whoever the hell they are anymore. :)

OP, that sounds about reasonable since you're including your 401k
 
J

JS80

Lifer
Oct 24, 2005
26,271
7
81
I'm 23 and i'm already at 31% marginal tax rate...I don't even make that much.
 
L

LS20

Banned
Jan 22, 2002
5,858
0
0
u have state taxes so that = suxor ... 401k is your choosing... its noto too terrible but hey you gotta pay to live in the country


edit for flame: gotta pay to send troops to irack
 
A

AdamMT1618

Senior member
Nov 4, 2004
251
0
0
I spent near 3k this year on LASIK, but I did not pay that much in taxes, can I still use LASIK as a deduction?
 
K

kyparrish

Diamond Member
Nov 6, 2003
5,935
1
0
We're getting raped because we make good money, don't own a house yet, and don't have kids. I have a bad feeling that not enough has been withheld either, maybe looking at a $2k or so check to Uncle Sam :(
 
Whoozyerdaddy

Whoozyerdaddy

Lifer
Jun 27, 2005
19,216
1
61
Originally posted by: spidey07
it only gets worse the more you make.

keep voting republican.
:D

you need to find deductions and reduce your taxible income. Otherwise as a single guy you will get reamed severely. pop out a couple kids and get a wife...great way to lower your taxes.
Click to expand...

Or buy a house. Owning a house is cheaper than a wife and kids so it actually helps you out at the end of the year...
 
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