Taxes

[dhal22]

The graduated tax brackets suck. Once you hit a threshold, every dollar over that amount gets taxed at a higher rate.

After $94K (Married, filing jointly. I had thought it was $89K in another post) the rate goes form 12% to 22%.
After $201K it goes to 24%
After $383K it's 32%
And if you are lucky enough to earn more than $487K you have to surrender get to give 35% of your income!!!!

That's just federal income tax.

So, you work hard, maybe get a specialized degree, maybe build a business from the ground up, try to live the American Dream, and Uncle Sam decides he needs 35% of every dollar you make (over the $487K threshold). If you earn a million, over half of that will be taxed at 35%, so that $500K gets whittled to $325K.

And, yes, $325K still sounds like a lot of money, but it just might buy a new starter home these days.

The commies use the word "progressive" tax brackets. Remember that anytime a politician uses the word "progressive".

We were over $500K total. Sounds great until you see $100k+ taken from you.

 

[lostchild]

We’re getting a $189.00 refund.

 

[Gingerbeard Man]

I feel like it should be a game that when you owe, you pay them in the least efficient method. Mixed loose change should work, right? I'm sure those assholes with their hand out for more have a Coinstar® machine.

 

[lostchild]

Y’all just looking at it wrong. Just gotta overpay during the year. Then you’ll feel all warm and fuzzy when you get a refund.

 

[basstracker89]

Y’all just looking at it wrong. Just gotta overpay during the year. Then you’ll feel all warm and fuzzy when you get a refund.

I suppose you got it right........Don't want to over do it. They just get to use your money and not you

 

[lostchild]

I suppose you got it right........Don't want to over do it. They just get to use your money and not you

Like the old Fram oil filter commercials… “pay me now, or pay me later”.

 

[titan2k10]

Y’all just looking at it wrong. Just gotta overpay during the year. Then you’ll feel all warm and fuzzy when you get a refund.

Who said I didn't?

 

[buellbrewer]

64.97 in the black this year.....oh well. I don't think I could get much closer to breaking even. (still feel overtaxed though)

 

[wolfmanrogers]

None of this should come as a surprise if you stay up to date on your financials.

 

[aFarewellToKings]

We’re getting a $189.00 refund.

Y’all just looking at it wrong. Just gotta overpay during the year. Then you’ll feel all warm and fuzzy when you get a refund.

"Free Money!"