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Posted on 2/3/22 at 9:50 pm to Stropdaddy
Gonna be a rough day in college station every April 15th
Posted on 2/3/22 at 9:52 pm to Stropdaddy
The irs will get a good chunk since most will file single without any write offs since the school covers everything. The school needs to prepare the kids for this and also have someone that can assist with taxes.
They are going to get a dose of reality asap and they will figure out that the government will make that 100k much less. There will be many throughout the country that will spend all of it and not have enough to cover the taxes unfortunately.
They are going to get a dose of reality asap and they will figure out that the government will make that 100k much less. There will be many throughout the country that will spend all of it and not have enough to cover the taxes unfortunately.
Posted on 2/4/22 at 7:58 am to Stropdaddy
It is considered earned income. Due to the tax bracket on some of these amounts it will be between 33-38% tax rate. They will pay IRS
Tax rates are marginal, even at 100K the top rate is only 24% and the effective, or average rate is closer to 18%.. but that's still a nice chunk to cough up...with no withholdings.. Gonna be fun to watch...Uncle Sugar is gonna get his... Welcome to the real world.
Tax rates are marginal, even at 100K the top rate is only 24% and the effective, or average rate is closer to 18%.. but that's still a nice chunk to cough up...with no withholdings.. Gonna be fun to watch...Uncle Sugar is gonna get his... Welcome to the real world.
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