Pinski

Is that on a biweekly paycheck? Because if so, how do you get 25% in federal taxes.

86.00 to FICA, $20.12 to MEDICARE, and $127.04 to FED TAX, so a total of 233.16 per 2-week period, * 26 so that's 6062.16 a year. 6062.16*4=24248.64, but you said you make $36k, so you only are paying 17% in taxes. I don't think you understand how tax brackets work.

The way tax brackets works is: if you make $36,000 a year taxable income then you will pay 10% on 0-8025, 15% on 8025-32550, and 25% on 32550-36000. Which means you pay 802.5+3678.75+862.5=5343.75. Which is ~15%. So, please do tell me, how are you paying 25% in taxes if you are making $36k a year?

__________________
How many times do you hear it? It goes on all day long
Everyone knows everything And no one's ever wrong
Until later...
Who can you believe? It's hard to play it safe
But apart from a few good friends We don't take anything on faith
Until later..

icKx

Holy shit, but levying taxes is! Or is Obama now planning to confiscate property from the ultra wealthy and I just missed it.

__________________

Illuminator

In a manner of speaking.

__________________


Bow down before the one you serve. You're going to get what you deserve.

Ladred

Oh yeah, I'm certainly not an authority on taxes and brackets, and I do get paid bi-weekly. 36k is just a quick calculating I did based on my hourly wage, which is 17.75. Health insurance isn't taxed, and some other things in my pay are taken out before taxes, so that certainly could drop me below. I could actually do more to lower my taxable income, I've just not done it. Essentially if I didn't like to see my money right when I get paid, then I could probably drop that 36k down below 30k.

Thundaarr

I do agree that there should be a flat tax rate that is fair, strictly % based instead of more or less depending on the tax bracket. However... at this point in time there are too many complex tax loopholes that allow someone with the cash and werewithall to hire a lawyer to find many write offs, thus cheating the government out of tax revenue. Like for instance.. some colleges sell luxury seats to their football games. To get these seats you don't buy them, you actually "donate" the money to the college to get these seats on an annual basis, and that "donation" is tax deductible. How nice that loopholes like these allow the tax payers to foot the bill for the wealthy to attend football games in luxury !

Hoss

You don't understand much about taxes, do you?

First point, you hire a CPA, not a lawyer to help you find loopholes.

Second, you don't need a lot of cash to do this. For the most part, if you go to one of these guys (like H&R Block) they will get you enough extra on your return to more than pay their fee. Regardless of that, I don't use them because it feels wrong.

Third, just because they write off a 1000 dollar donation does not mean their tax bill is 1000 dollars less.

But, I completely agree, remove all the loopholes with a flat tax, or better yet a consumption tax.

__________________
Let us Pray the Pimp's Prayer.
Lord, please pray for the soul of this bitch and guide my pimp hand and make it strong Lord, so that she might learn a hoe's place.

Amen