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Started By
Message
re: “I’ll probably put my $1200 stimulus check in saving”
Posted on 4/14/20 at 1:41 am to Golfer
Posted on 4/14/20 at 1:41 am to Golfer
quote:
“I’ll probably put my $1200 stimulus check in saving”
quote:
with a couple kids... not really
If someone is making $130k pretax and puts 5% into 401k and has about $300/mo in health insurance premiums. They’ll pay about $10,500 in federal income taxes after the $4,000 child tax credit.
That’s about 10% of their take home.
And yeah. $10.5k isn’t a lot. But neither is the guy paying $45k when compared to what Mark Cuban pays in Income taxes.
We should flat tax everyone.
1
Posted on 4/14/20 at 6:28 am to GRTiger
quote:Do I need to be his CPA to know roughly how much they make as a family and to know what his refund is? He's one of my few friends that I discuss finances with.
Are you his CPA?
Posted on 4/14/20 at 6:33 am to RealityTiger
quote:At the end of the day all income is taxed in the same manner. You may get more taxes taken out of a check where you work OT, and it may seem like you're getting screwed, but when you file income taxes if you were taxed "too much" on those overtime checks, you will get a refund.
No. Explain. I’m curious?
Basically if you work overtime throughout the year and end up making 150k for the year, you are taxed the exact same as someone who just works straight salary and makes 150k for the year.
Posted on 4/14/20 at 6:35 am to Rize
quote:Agreed. Flat tax, no deductions, credits, loopholes, etc...
We should flat tax everyone.
Posted on 4/14/20 at 7:20 am to JohnnyKilroy
I’m not sure. 4.5%
Posted on 4/14/20 at 7:29 am to Winston Cup
It's a sham that a married couple with 2 kids with a combine income of $140K will get $3400 plus possibly a future second check for a total of $6800. But the single guy making $100K won't get a dime.
This post was edited on 4/14/20 at 7:30 am
Posted on 4/14/20 at 7:31 am to lsu xman
I think it's a sham that parents with kids in college get nothing for their kids. This is probably the most expensive my kid has ever been.
Posted on 4/14/20 at 7:40 am to Winston Cup
Wife and I paid about $70k in taxes last year. I would love a little discount back but I know a lot of people in this thread need it more than us.
Posted on 4/14/20 at 7:46 am to LSUGBFTL
quote:
28,118.82 in Federal Taxes paid last year just by me. Wife makes similar money and paid slightly less. We don’t need stimulus buts it’s aggravating that those of us who are paying for this won’t see any money. Lots of hard working middle class like us that will pay for all those that are already living off the system.
If you paid over 50k in taxes as a couple you aren’t middle class
Posted on 4/14/20 at 7:47 am to lsu xman
quote:
It's a sham that a married couple with 2 kids with a combine income of $140K will get $3400 plus possibly a future second check for a total of $6800. But the single guy making $100K won't get a dime.
Why is that a sham?
Posted on 4/14/20 at 7:59 am to Gorilla Ball
quote:
I’m not sure. 4.5%
Well at that interest rate it doesn't make a lot of sense to pay more than the minimum
Posted on 4/14/20 at 8:04 am to SuperSaint
quote:Legit what I was thinking the entire time.
Cash App
Posted on 4/14/20 at 8:11 am to sand mountainDvalues
quote:
Lol frick off boomer
This only means someone is still a few years away from realizing (and bitching about) the fact that the Fed Govt is railing us all through taxation.
Posted on 4/14/20 at 8:16 am to JohnnyKilroy
This post was edited on 4/14/20 at 8:17 am
Posted on 4/14/20 at 8:23 am to Epic Cajun
quote:
Do I need to be his CPA to know roughly how much they make as a family and to know what his refund is? He's one of my few friends that I discuss finances with.
Knowing his salary, how much is taken from his paycheck, and the amount of his typical refund is something I couldn't even spout off about my own finances without double checking. It's objectively a lot of personal financial information to know about someone without having a particular need to know.
Posted on 4/14/20 at 8:23 am to Epic Cajun
Well if that's the case, why did I end up owing $942 with well over 500 hours of OT last year? I get what you're saying and trust your knowledge on it, but it still feels like an underhanded screw job.
Posted on 4/14/20 at 8:29 am to RealityTiger
quote:
Well if that's the case, why did I end up owing $942 with well over 500 hours of OT last year? I get what you're saying and trust your knowledge on it, but it still feels like an underhanded screw job.
Some income is taxed at the maximum federal rate like bonuses.
At a previous job, I used to get about 30% of my income in quarterly bonuses and would get a big tax return back every year because it was taxed at 37% or the maximum federal rate.
Posted on 4/14/20 at 8:29 am to lsu xman
quote:If you think that's a sham, you're really gonna be pissed if they pass the bill where essential workers can potentially make up to an additional $25,000. Both me and my wife are essential and have been working the entire time. That would be a $50,000 bonus.
It's a sham that a married couple with 2 kids with a combine income of $140K will get $3400 plus possibly a future second check for a total of $6800. But the single guy making $100K won't get a dime.
I doubt it passes, but it's fun to think about.
Posted on 4/14/20 at 8:32 am to Winston Cup
Wow... After paying in over $45K in taxes, I get zero fricking stimulus, and pay for many who do nothing but collect government checks for a living to receive stimulus!
What a fricking system!
If one doesn't pay anything in, one should get nothing back!
Even the Bible is clear..."he who doesn't work, let him not eat"!
What a fricking system!
If one doesn't pay anything in, one should get nothing back!
Even the Bible is clear..."he who doesn't work, let him not eat"!
Posted on 4/14/20 at 8:34 am to fallguy_1978
I get what happens, the "why" of it doesn't make sense to me.
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