How much do you pay in tax (percentage)...and more

[biostud]

Your taxes pay for UHC and College though dont they? If we factored those things in here in the US as a tax it would not be pretty lol.

yup, free education plus when you take an education the state gives you a "salary" of roughly $1000 pr. month.

 

[ShawnD1]

Your taxes pay for UHC and College though dont they? If we factored those things in here in the US as a tax it would not be pretty lol.

College is pretty cheap in the US. it's just that a lot of people hate money and they want to throw away as much as possible. We've had several threads where we discussed education costs, and in the US it's possible to attend community colleges for $3000 or real university for maybe $6000-$8000 per year. It's not free, but it's reasonable. Instead of doing that, hundreds of thousands of Americans spend closer to $30,000 or $40,000 per year at fake universities like Devry and University of Phoenix.

 

[imported_Uwe]

I'm paid every two weeks. My last check was for $2594.80.

Taxes:
FICA-SS = $151.20 = 5.8%
FICA=MED = $36.36 = 1.4%
State = $73.78 = 2.8%
Fed = $0 = 0%

Sadly even though I pay no Federal income tax I will still get about $2500 back from filing my fed taxes because of Fed tax credits. 3 kids = $3000 + $800 Make Work Pay + $400 Saver's Credit - $1700 Fed tax liability = $2500 credit refund. I'll also get back about $300 or $400 back from NC. So combined Fed and State tax liability will roughly be about $1600/year. I don't think its fair but I'm going to play the hand dealt to me as best I can because God knows the Feds will have to jack up taxes sooner or later to pay down the debt. I'd rather pay it than give that burden to my kids. So when the time comes I want as much saved up as I can for retirement.

Without the tax credits and my maxing out my 401K contributions ($16500/year) I'd be paying something in Fed taxes I'm sure but I try my best to minimize my tax burden legally. I also contribute $2k each year to my wife's IRA to get the extra $200 on our Saver's Credit. She stays at home with the kids.

We live in the Appalachia mountains of NC so I think we do alright considering my wife doesn't work. I don't make millions of $$ like everyone else here does but we don't want for much.