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I just Got Raped

D

Dari

Lifer
by my own government. I got my bonus the other day and they felt no qualms about taking 46% out of my check. This is a lot higher than the usual 30% bite. WTF is going on here. What's worse is that I feel absolutely helpless about all this.

Feel free to post this again with a less offensive title.

AnandTech Moderator
 

yeah, gov't will tax bonus and overtime checks at much higher rate. when i received my bonus earlier this year, i was taxed at higher rate than usual. and when i used to work overtime (hourly pay at different company), checks were taxed much higher as well. but i figure it doesn't really matter that much, since you'll end up with bigger tax refund (or owe less when you do taxes).

 
Chances are your bonus would make your average salery in the next tax bracket, so taxs were taken out as if that was your standard check. You will get it back when you do your taxes.
 
Originally posted by: huey1124
yeah, gov't will tax bonus and overtime checks at much higher rate. when i received my bonus earlier this year, i was taxed at higher rate than usual. and when i used to work overtime (hourly pay at different company), checks were taxed much higher as well. but i figure it doesn't really matter that much, since you'll end up with bigger tax refund (or owe less when you do taxes).
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You beat me by a couple of seconds,

But end of year it will be back
 
and in my case, i didn't mind at all that the tax rate was higher with my bonus check. my company makes sure that when i'm supposed to receive $x dollars, that it's $x net pay. company calculated and paid all my taxes, so i'm paid the said amount in net.

 
and in my case, i didn't mind at all that the tax rate was higher with my bonus check. my company makes sure that when i'm supposed to receive $x dollars, that it's $x net pay. company calculated and paid all my taxes, so i'm paid the said amount in net.
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lucky bastard. either you know the boss or accountant really well or your company is small enough for you to interact with them on a personal level. I don't get that opportunity in my case. I live in NYC but my check comes from Cali.
 
Originally posted by: Marlin1975
Chances are your bonus would make your average salery in the next tax bracket, so taxs were taken out as if that was your standard check. You will get it back when you do your taxes.
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This is why the tax brackets need to be eliminated and set a standard across the board tax rate. Of course this goes against one party's redistubution of the wealth theory. 🙂

KK
 
Originally posted by: Dari
by my own government. I got my bonus the other day and they felt no qualms about taking 46% out of my check. This is a lot higher than the usual 30% bite. WTF is going on here. What's worse is that I feel absolutely helpless about all this.
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Hey someone has to pay for the Department of Homeland Defense.

P.S. No 802.11 wireless internet access for you either ! 😛

 
Um....even though we have tax "brackets", it is really a schedule. For example, if you are single, the first $6000 of your income will be taxed at 10%. From $6,000 to $27,950, it is at 15%. So it is not REALLY a tax bracket system. Plus you get so many breaks, such as your exemptions and deductions.

Also, the highest tax rates for individuals (not corps) is 38.6%. This is for income over $307,050 if you are single.

I'm gonna be a future CPA 🙂 No way I'm doing taxes though!
 
Go to work, millions on welfare depend on you to make money for them.

Welfare, Govt forced child support for the children you did not even make.
 
Of course this goes against one party's redistubution of the wealth theory.
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Yep.. the progressive income tax was in Das Kapital, and the Communist Party has advocated it ever since.
 
Originally posted by: Ulfwald
Go to work, millions on welfare depend on you to make money for them.

Welfare, Govt forced child support for the children you did not even make.
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That's a little ignorant don't you think? I mean not all people on welfare abuse it...
 
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