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re: How’d those tax totals look on your last paystub

Posted on 12/20/24 at 10:56 pm to
Posted by Tantal
Member since Sep 2012
17681 posts
Posted on 12/20/24 at 10:56 pm to
quote:

Self-employment tax includes Medicare, so there is double counting there.


After further review, my self-employment tax is actually 15.3% instead of the 14.45%. I'm only paying 22% on half of the earnings, then 24% on the other half, so 23% average. Then, to add insult to injury, the FedGov will eventually hit me with the GPO (government pension offset), so I'm basically making an involuntary contribution to social security at gunpoint. So, I'm paying 38.5% of my off-duty wages to the FedGov before sales taxes on non-food items are factored in. Assuming that I'm buying non-food items, the various layers of government are taking almost half. Explain to me like I'm 5 how the government taking almost half of my OT (46.75%) is a positive thing.
This post was edited on 12/20/24 at 11:18 pm
Posted by latech15
Member since Aug 2015
1291 posts
Posted on 12/21/24 at 7:05 am to
quote:

I paid a mid-grade Toyota Camry in federal taxes this year. Bring it on Vivek and Elon.


lol at your Camry. I buy the govt a house every year.
Posted by KWL85
Member since Mar 2023
2262 posts
Posted on 12/21/24 at 8:18 am to
The libs want to talk the talk but wont ever do what they say
_________

The problem is both parties.
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