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Started By
Message
individual income taxes
Posted on 3/22/10 at 10:57 am
Posted on 3/22/10 at 10:57 am
uh , is 14% too much , just right or not enuff to pay on 70 k ??? ( wages in one year )
2
Posted on 3/22/10 at 11:16 am to villeplattehigh1986
Is that state and federal?
Are you married? Kids?
Were you able to itemize?
Are you married? Kids?
Were you able to itemize?
Posted on 3/22/10 at 11:41 am to TigerDeacon
not me ( i wish ) but in Germany (2009) an individual paid 14 % on 52 Euros ( 70K ) which sounded GOOD to me.
Posted on 3/22/10 at 12:32 pm to villeplattehigh1986
For a single person who doesn't own a home 14% would be very low. For a married couple with children who own a home it could be about right.
Posted on 3/22/10 at 12:46 pm to Poodlebrain
Try this:
33% federal income tax
1.45 % medi-care (unlimited)
6.2 % FICA up to $106k
6.% La Income tax
After that I pay 17% tax on gas and 10% on merchandise and 5.75% on groceries.
Of course I cant participate in a Roth IRA and my 401k is limited by the participation rates of other employees because I am " highly compensated".
33% federal income tax
1.45 % medi-care (unlimited)
6.2 % FICA up to $106k
6.% La Income tax
After that I pay 17% tax on gas and 10% on merchandise and 5.75% on groceries.
Of course I cant participate in a Roth IRA and my 401k is limited by the participation rates of other employees because I am " highly compensated".
Posted on 3/22/10 at 1:04 pm to agdoctor
I understand your frustration. Not much can be done about the income and sales tax rates, but there are things you can do to increase your ability to save for retirement.
Go see a financial advisor or CPA and ask them about alternatives. You might be better off as an independent contractor than employee.
Go see a financial advisor or CPA and ask them about alternatives. You might be better off as an independent contractor than employee.
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