kelly4
Well-Known Member
Key phrase here being BEFORE REFUNDS.
Claiming zero will obviously take more taxes out than claiming 10.
Which only means you get a bigger refund.
How would raising taxes affect you and our economy?
- Thread starter beenthere
- Start date
Claiming zero will obviously take more taxes out than claiming 10.
Which only means you get a bigger refund.
canndo
Well-Known Member
canndo
Well-Known Member
this nicely illustrates what I was about to bring up to beenthere.
Beenthere raises a valid point, what will happen to the extra revenue that is collected from an increased tax on the rich? why, it will only go toward more government says he. that may be the case, but beenthere fails to mention that government expands even when those expansions are not funded. Given this reality, it would be better if the money were at least collected. Furthermore, it is claimed by some that revenues collected by the government stagnate - this is not so, there may well be far more stagnation of money when it is left in the hands of the rich. But I have said that before.
Cmon Bucky, I really want you to explain this to us! LOL
UncleBuck
Well-Known Member
ok, let me explain.
out of $21,990.83 of wages, i had $5,701.69 withheld for federal, state, SS and medicare taxes.
thus making my effective tax rate on $22,000 of income about 25.92%.
happy?
"Government expands even when those expansions are not funded"
Is that a fact? So are you saying that an increase in tax revenue automatically becomes discretionary outlays and are signed as appropriation bills? Get real, if that were the case, we wouldn't have an annual budget, and need a budget committee, or congress for that matter?
With your logic, it would be impossible to ever pay down the national debt! LOL
LOL Do you even know what an effective tax rate is?
kelly4
Well-Known Member
Was that before or after your refund?
Here, I'll help you out.
[h=2]Definition of 'Effective Tax Rate'[/h] The rate a taxpayer would be taxed at if taxing was done at a constant rate, instead of progressively.
Calculated as total tax paid divided by taxable income.
Read more: http://www.investopedia.com/terms/e/effectivetaxrate.asp#ixzz1yH68kDbY
Now try again!
UncleBuck
Well-Known Member
gross pay: $21,990.83 (only taxable income, health insurance and other goodies like 401k w/match were untaxed)
total taxes paid: $5,701.69
maybe i'm just stupid.
UncleBuck
Well-Known Member
like i've said, it boils down to about 21-22% after refunds.
You're not stupid by any means, quite the smart ass though.
Bucky, look at this tax schedule, you claimed to have made $28k, correct?
You can see clearly that you didn't even hit the 25% marginal rate.
Your effective rate is the average of all the marginal rates you met and paid, minus all credits, deductions and refunds.
Any way you look at it, you paid an effective rate of around 4-6%
UncleBuck
Well-Known Member
You're not stupid by any means, quite the smart ass though.
Bucky, look at this tax schedule, you claimed to have made $28k, correct?
You can see clearly that you didn't even hit the 25% marginal rate.
Your effective rate is the average of all the marginal rates you met and paid, minus all credits, deductions and refunds.
Any way you look at it, you paid an effective rate of around 4-6%
then why was 25.92% of my income taken out for taxes?
cannabineer
Ursus marijanus
I'm guessing payroll, State and local tax are folded into the number. Adding property and sales tax would be in questionable taste imo. cn
You're not stupid by any means, quite the smart ass though.
Bucky, look at this tax schedule, you claimed to have made $28k, correct?
You can see clearly that you didn't even hit the 25% marginal rate.
Your effective rate is the average of all the marginal rates you met and paid, minus all credits, deductions and refunds.
Any way you look at it, you paid an effective rate of around 4-6%
UncleBuck
Well-Known Member
my rent went up $50 last year because we voted in a property tax (about $344 an acre) to help fund schools. landlord isn't gonna pay that so he passes it on. throw another $600 in taxes i pay every year. gas taxes? why not include them. no sales tax here, luckily for me.
hell, why shouldn't we include all those taxes? righties like beenqueer always love to loathe them when they go to their taxed enough already parties.
UncleBuck
Well-Known Member
oh, let's not forget tobacco and alcohol taxes. let's make sure to include all those little taxes that show up on my phone, electric, water, and gas bills.
fuck me silly that's a lot of taxes.
can we even include imbedded taxes? like when i play a round of golf, part of what i'm paying is the golf course's property tax, water tax, etc.
nah, let's just stick to the ones that inevitably come out of my paycheck. 25.92% it is.
fuck me silly that's a lot of taxes.
can we even include imbedded taxes? like when i play a round of golf, part of what i'm paying is the golf course's property tax, water tax, etc.
nah, let's just stick to the ones that inevitably come out of my paycheck. 25.92% it is.
Scrotie Mcboogerballs
Well-Known Member
Did you just say play golf?! But Buck, How do you possibly have time to do anything else EVER if you are playing golf?! Derp . . .
lifegoesonbrah
Well-Known Member
Holy fuck sauce.
kelly4
Well-Known Member
Claim 10 for witholdings, they'll take less out....LOL!
Since you're talking prereturn numbers.....it matters.