That's what I am thinking too. I take home 45% of my gross pay, even though my taxes are about 23% or so. The rest is 401k, benefits, and employee stock purchase.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
LOL... well, you might want to reconsider that 20% 401k contribution if you feel your net paychecks aren't enough. Otherwise, your total tax withholdings were "only" 26% of your gross (meaning that you netted 74% including your 401k, although yes I know that amount wasn't taxed so your percentages would change a little).
Your state and local taxes are a "reasonable" 6%. Mine are 10.25% thank you stupid Multnomah county voters :|
I netted less than 60% of my last paycheck, not counting my 401k deduction.
Unless he contributes more than the max 20% on 401K and have some type of fee (union, child support, alimony, etc) thats simply ain't possible.
Yes, the AMT has become very evil. It had its place when it was created back in the 60s or 70s but the AMT ravages too many middle class filers now because the threshold was never indexed for inflation. I calculated that I am not too far from falling into the AMT trap even though my deductions are very ordinary: mortgage interest, state/local/property taxes and some charitible donations. Congress doesn't want to fix the AMT problem because it has become a nice source of revenue and it doesn't affect the majority of taxpayers/voters.
Why do you think those of us who are sick of getting messed over by taxes have funds in off-shore accounts? 
j/k
Seriously, the taxes are way out of control. The tax that really irks me are the taxes on our home phone. The rate is like $28.00 a month - but, after taxes and fees, it jumps to $41.00.
j/k
Seriously, the taxes are way out of control. The tax that really irks me are the taxes on our home phone. The rate is like $28.00 a month - but, after taxes and fees, it jumps to $41.00.
JEDI
Lifer
- Sep 25, 2001
- 29,391
- 2,738
- 126
Originally posted by: Tiles2Tech
Why do you think those of us who are sick of getting messed over by taxes have funds in off-shore accounts?
j/k
Seriously, the taxes are way out of control. The tax that really irks me are the taxes on our home phone. The rate is like $28.00 a month - but, after taxes and fees, it jumps to $41.00.
cell phones too. 30% in taxes and surcharges. that $40/month bill really is $52/month
thats why i switched to prepaid and cut down on # of unnecessary calls. (and 80% of calls were unnecessary)
can anyone else help me hijack this thread and talk about cell phones
This is why I like working for myself - I don't have to tax my own wage. And since I'm under 18, I don't have to charge my customers sales tax, or pay any tax for the business itself. In 2 years, I, too, will be the government's butt buddy - until I become a Canadian citizen (And denounce my American citizenship - between the two countries, I'd probly see $5000 annually), where they still rape you on tax, but you actually get somthing out of it.
This seems like a good time to post a quote. This is from a commencement Speech given at Texas A&M by Neal Boortz:
> Something is going to happen soon that is going to really open your
> eyes. You're going to actually get a full time job! You're also going
> to get a lifelong work partner. This partner isn't going to help you do
> your job. This partner is just going to sit back and wait for payday.
> This partner doesn't want to share in your effort, but your earnings.
>
> Your new lifelong partner is actually an agent. An agent representing a
> strange and diverse group of people. An agent for every teenager with
> an illegitimate child. An agent for a research scientist who wanted to
> make some cash answering the age-old question of why monkeys grind their
> teeth. An agent for some poor demented hippie who considers herself to
> be a meaningful and talented artist, but who just can't manage to sell
> any of her artwork on the open market.
>
> Your new partner is an agent for every person with limited, if any, job
> skills .... but who wanted a job at City Hall. An agent for tinhorn
> dictators in fancy military uniforms grasping for American foreign aid.
> An agent for multi-million-dollar companies who want someone else to pay
> for their overseas advertising. An agent for everybody who wants to use
> this agent's unimaginable power for their own personal enrichment and
> benefit. That agent is our wonderful, caring, compassionate, oppressive
> government. Believe me, you will be awed by the unimaginable power this
> agent has. Power that you do not have. A power that no individual has,
> or will have. This agent has the legal power to use force, deadly
> force, to accomplish its goals.
>
> You have no choice here. Your new friend is just going to walk up to
> you, introduce itself rather gruffly, hand you a few forms to fill out,
> and move right on in. Say hello to your own personal one-ton gorilla.
> It will sleep anywhere it wants to. Now, let me tell you, this agent is
> not cheap. As you become successful, it will seize about 40% of
> everything you earn. And no, I'm sorry, there just isn't any way you can
> fire this agent of plunder, and you can't decrease it's share of your
> income. That power rests with him, not you.
> Something is going to happen soon that is going to really open your
> eyes. You're going to actually get a full time job! You're also going
> to get a lifelong work partner. This partner isn't going to help you do
> your job. This partner is just going to sit back and wait for payday.
> This partner doesn't want to share in your effort, but your earnings.
>
> Your new lifelong partner is actually an agent. An agent representing a
> strange and diverse group of people. An agent for every teenager with
> an illegitimate child. An agent for a research scientist who wanted to
> make some cash answering the age-old question of why monkeys grind their
> teeth. An agent for some poor demented hippie who considers herself to
> be a meaningful and talented artist, but who just can't manage to sell
> any of her artwork on the open market.
>
> Your new partner is an agent for every person with limited, if any, job
> skills .... but who wanted a job at City Hall. An agent for tinhorn
> dictators in fancy military uniforms grasping for American foreign aid.
> An agent for multi-million-dollar companies who want someone else to pay
> for their overseas advertising. An agent for everybody who wants to use
> this agent's unimaginable power for their own personal enrichment and
> benefit. That agent is our wonderful, caring, compassionate, oppressive
> government. Believe me, you will be awed by the unimaginable power this
> agent has. Power that you do not have. A power that no individual has,
> or will have. This agent has the legal power to use force, deadly
> force, to accomplish its goals.
>
> You have no choice here. Your new friend is just going to walk up to
> you, introduce itself rather gruffly, hand you a few forms to fill out,
> and move right on in. Say hello to your own personal one-ton gorilla.
> It will sleep anywhere it wants to. Now, let me tell you, this agent is
> not cheap. As you become successful, it will seize about 40% of
> everything you earn. And no, I'm sorry, there just isn't any way you can
> fire this agent of plunder, and you can't decrease it's share of your
> income. That power rests with him, not you.
And don't tell us that he's getting raped until you see the size of his tax refund next Spring.
If it's small or negative, then he's getting raped. If it's big, he doesn't have enough deductions on his W-4.
If it's small or negative, then he's getting raped. If it's big, he doesn't have enough deductions on his W-4.
Start up a company and declare himself as a corporation =P. You can fly commercial airplanes thru the loopholes
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