question about salary after taxes ... seems like they literally take almost half?

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phatj

Golden Member
Mar 21, 2003
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ok from taxes.yahoo.com i was looking at the different federal and state tax brackets

it looks like my wife and I will be taxed federally at 33% and state at 7.5%....

So that is a total tax of 40.5%.

Now still being a student i never really noticed being taxed much ... in fact i always looked forward to april 15 cuz i knew i'd be getting a tax refund.

so when i get my real job... i'll be taxed 40.5%. Now I know there are a lot of things you can "deduct" for to lower how much of your salary you actually lose.

So I assume that most people don't lose the exact amount of their tax bracket to taxes? Realistically -- and again im not familiar with different kinds of tax deductions but i assume -- if i am buying a house and investing into retirement and investing into college funds for my children etc -- should I really expect a total tax rate close to 40%? Or can people lower that drastically most of the time?

EDIT: im not complaining about the taxes... just asking questions cuz im curious
 
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Taggart

Diamond Member
Apr 23, 2001
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I think when you add every tax up (federal income, state income, local, sales, etc) you have to part with ~50% of your income, maybe more if in a higher tax bracket
 
Cdubneeddeal

Cdubneeddeal

Diamond Member
Oct 22, 2003
7,473
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81
About the deductions, it only comes into play if you have more that $2500 worth of deductions. I tried to do this last year but only came up with $500. Last year they took out about $5,000 worth, I only saw around $400 of it :(
 
S

smack Down

Diamond Member
Sep 10, 2005
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it looks like my wife and I will be taxed federally at 33% and state at 7.5%....

So that is a total tax of 40.5%.
Click to expand...

33% $154,801-336,550 $188,451-336,550 $94,226-168,275 $171,651-336,550

Ugh whiny little bitchs complaining about taxes when your pay is almost 200k.

Uh and your not really paying 33% you pay 33% on every dollar you earn over those amounts and upto those amounts you pay less.
 
A

AgentJean

Banned
Jun 7, 2006
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Originally posted by: smack Down
it looks like my wife and I will be taxed federally at 33% and state at 7.5%....

So that is a total tax of 40.5%.
Click to expand...

33% $154,801-336,550 $188,451-336,550 $94,226-168,275 $171,651-336,550

Ugh whiny little bitchs complaining about taxes when your pay is almost 200k.

Uh and your not really paying 33% you pay 33% on every dollar you earn over those amounts and upto those amounts you pay less.
Click to expand...

Shut up you communist. Everyone should be taxed at the same percentage. You want equality after all don't you?

On yeah, I forgot, Communism is a different standard of equality for different people.
 
A

AgentJean

Banned
Jun 7, 2006
1,280
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This is what you do to get around the tax raping.

Get a tan, change your name to Roberto, and say your from Mexico.
 
I Saw OJ

I Saw OJ

Diamond Member
Dec 13, 2004
4,923
2
76
I just got bumped into a new tax bracket this year so im getting 25% taken out for being single...it stinks!
 
A

AgentJean

Banned
Jun 7, 2006
1,280
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Originally posted by: I Saw OJ
I just got bumped into a new tax bracket this year so im getting 25% taken out for being single...it stinks!
Click to expand...

More the reason to support the FairTax.
Ignore what the communists say. You will infact have more money. I did the math with my budget and I'd come out about 200+ each month. That's another 200 bucks I can blow on blow.


J/K, about the blow but there would be more money for me to spend.
 
W

wfbberzerker

Lifer
Apr 12, 2001
10,423
0
0
Originally posted by: AgentJean
Originally posted by: smack Down
it looks like my wife and I will be taxed federally at 33% and state at 7.5%....

So that is a total tax of 40.5%.
Click to expand...

33% $154,801-336,550 $188,451-336,550 $94,226-168,275 $171,651-336,550

Ugh whiny little bitchs complaining about taxes when your pay is almost 200k.

Uh and your not really paying 33% you pay 33% on every dollar you earn over those amounts and upto those amounts you pay less.
Click to expand...

Shut up you communist. Everyone should be taxed at the same percentage. You want equality after all don't you?

On yeah, I forgot, Communism is a different standard of equality for different people.
Click to expand...

that doesn't quite work.
 
S

smack Down

Diamond Member
Sep 10, 2005
4,507
0
0
Originally posted by: AgentJean
Originally posted by: I Saw OJ
I just got bumped into a new tax bracket this year so im getting 25% taken out for being single...it stinks!
Click to expand...

More the reason to support the FairTax.
Ignore what the communists say. You will infact have more money. I did the math with my budget and I'd come out about 200+ each month. That's another 200 bucks I can blow on blow.


J/K, about the blow but there would be more money for me to spend.
Click to expand...

Well then chances are you either really rich or did the math really wrong judging by your comment about saving 200 a month I would guess the latter.
 
JEDI

JEDI

Lifer
Sep 25, 2001
29,391
2,738
126
Originally posted by: I Saw OJ
I just got bumped into a new tax bracket this year so im getting 25% taken out for being single...it stinks!
Click to expand...

oh give me a break...

u only get taxed at 25% for the amount that put you over the 25% bracket. the rest gets taxed at the lower bracket. that's why it's called graduated

as for the op, stop whining about your $150k+/yr salary
 
TraumaRN

TraumaRN

Diamond Member
Jun 5, 2005
6,893
63
91
Hey I'm a student making $16.24/hr as a student nurse and i still see on average about 25% cut off from my check on payday. And I'm by no means rich....But I also have to pay Detroit City Tax as well as Federal and State.... so thats an extra couple percents
 
I Saw OJ

I Saw OJ

Diamond Member
Dec 13, 2004
4,923
2
76
Originally posted by: JEDI
Originally posted by: I Saw OJ
I just got bumped into a new tax bracket this year so im getting 25% taken out for being single...it stinks!
Click to expand...

oh give me a break...

u only get taxed at 25% for the amount that put you over the 25% bracket. the rest gets taxed at the lower bracket. that's why it's called graduated

as for the op, stop whining about your $150k+/yr salary
Click to expand...

25% is 25% thats still a lot since I dont really make that much in the first place.
 
Amused

Amused

Elite Member
Apr 14, 2001
57,507
20,127
146
Originally posted by: smack Down
it looks like my wife and I will be taxed federally at 33% and state at 7.5%....

So that is a total tax of 40.5%.
Click to expand...

33% $154,801-336,550 $188,451-336,550 $94,226-168,275 $171,651-336,550

Ugh whiny little bitchs complaining about taxes when your pay is almost 200k.

Uh and your not really paying 33% you pay 33% on every dollar you earn over those amounts and upto those amounts you pay less.
Click to expand...

The only "whiny bitches" are those who seek to punish success because they lack the ambition to make that much money themselves.
 
M

miri

Diamond Member
Jun 16, 2003
3,679
0
76
Originally posted by: Doggiedog
Don't forget about social security, unemployment and medicare too.
Click to expand...

Social Security is a regressive tax, anything you make above 90k or whatever the ceiling is that year, does not get taxed by social security
 
her209

her209

No Lifer
Oct 11, 2000
56,336
11
0
Originally posted by: shadow9d9
Move to a state without a state income tax, like Florida : ).
Click to expand...
Don't states like that have higher real estate taxes which means only those who own real estate (richer people) are taxed?
 
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