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re: Were you surprised by how much of your paycheck goes to taxes when you just started out?
Posted on 6/6/17 at 8:31 pm to PuntBamaPunt
Posted on 6/6/17 at 8:31 pm to PuntBamaPunt
quote:
It's shocking these types of things aren't taught in high school, at least they weren't when I grew up. Basics of getting paid, balancing your bank account, understanding debt (ie. tuition), etc
Civics.
0
Posted on 6/6/17 at 8:31 pm to Ross
No, my parents warned me. Plus I already had experience being a victim of theft
Posted on 6/6/17 at 8:31 pm to Ross
Alabama taxes income starting at one of the lowest levels in the country. So the guy making $18,000 a year pays the same 5% on his income that the guy making $1.8 million...
But not really, because Alabama is one of only seven states in the country that allow people to deduct the amount of Federal tax they pay off their state return.
Throw in the fact that Alabama is one of two states that still fully tax groceries and that sales taxes are relatively high, and at the end of the day they guy making $18,000 in Alabama pays about 11% of his annual income in taxes to the state. The guy making $1.8 million only pays about 5%.
Fwiw the guy making the $45,000 median income pays about 10%.
But not really, because Alabama is one of only seven states in the country that allow people to deduct the amount of Federal tax they pay off their state return.
Throw in the fact that Alabama is one of two states that still fully tax groceries and that sales taxes are relatively high, and at the end of the day they guy making $18,000 in Alabama pays about 11% of his annual income in taxes to the state. The guy making $1.8 million only pays about 5%.
Fwiw the guy making the $45,000 median income pays about 10%.
Posted on 6/6/17 at 9:12 pm to Ross
I wish IRS couldn't/wouldn't withhold and everyone was forced to file and pay each April.
Posted on 6/6/17 at 9:13 pm to Ross
It still shocks and angers me to this day.
Posted on 6/6/17 at 9:18 pm to PuntBamaPunt
quote:
It's shocking these types of things aren't taught in high school, at least they weren't when I grew up. Basics of getting paid, balancing your bank account, understanding debt (ie. tuition), etc
It was called home ec. when I went to school.
As for understanding debt, there's not much to it especially with the disclosure statement accompanying every loan you get. You either owe more than you have/make or you don't.
Posted on 6/6/17 at 9:47 pm to Golfer
quote:
I wish IRS couldn't/wouldn't withhold and everyone was forced to file and pay each April.
The number of people that wouldn't be able to pay would be astronomical. Imagine the normal Joe right now that withholds too little and owes $250 in April. Now imagine that same guy now having to owe $2500 all at once.
The assumption is that people would have more money and therefore save more, but I can guarantee that most would spend that money and be stuck with a bill they couldn't pay.
Posted on 6/6/17 at 10:06 pm to StTiger
I was pretty shocked when my bonus was taxed at like 40%
Posted on 6/6/17 at 11:51 pm to Ross
I wasn't surprised by taxes coming out of my paycheck.
I was surprised when my healthcare premium suddenly jumped $200 because what-the-frick-if-I-know-ask-the-federal-government. I was also surprised when my retirement contributions jumped $150 because the state legislature had a vote on it. But that's what I get for being a public employee.
I was surprised when my healthcare premium suddenly jumped $200 because what-the-frick-if-I-know-ask-the-federal-government. I was also surprised when my retirement contributions jumped $150 because the state legislature had a vote on it. But that's what I get for being a public employee.
Posted on 6/7/17 at 12:01 am to Pecker
quote:
No because 1) I went to school and know what an effective tax rate is and 2) because I'm not retarded
What are your feelings on excluding those in a higher tax bracket from deducting student loan interest? Seems ineffective to encourage low earners to get in debt.
Posted on 6/7/17 at 12:38 am to Ross
quote:
Were you surprised by how much of your paycheck goes to taxes when you just started out?
How about flip your property tax bill over for a laugh. That should piss you off even more.
Posted on 6/7/17 at 12:39 am to ksayetiger
quote:
Problem with him is he has a masters in english, yall can figure out the rest
ghey brother?
Posted on 6/7/17 at 12:42 am to Ross
Not really. I had spoken about taxes with my Dad when I was growing up. I knew how percentages work. I studied a money based subject in school. I knew about what I was in for.
Posted on 6/7/17 at 12:47 am to Peazey
My daughter got her first paycheck at her first job
Her: Dad it said I made 230 dollars why I only got 170.00 she was like
Me: Get used to it
Her: Dad it said I made 230 dollars why I only got 170.00 she was like
Me: Get used to it
This post was edited on 6/7/17 at 12:47 am
Posted on 6/7/17 at 12:53 am to Ross
The real surprise was the first time I got a raise that put me in the next tax bracket and my paycheck was lower. Didn't see that coming. 
Posted on 6/7/17 at 12:55 am to Ross
I remember complaining to my dad about it at first. He just chuckled and said we got him.
Worse is I started realizing what lazy piece of shite people there are out there. And they vote Democrat.
Worse is I started realizing what lazy piece of shite people there are out there. And they vote Democrat.
This post was edited on 6/7/17 at 12:57 am
Posted on 6/7/17 at 12:56 am to Pecker
quote:
and 2) because I'm not retarded
hey.. hey.. what is going on here?
no one is attacking your ego.
Posted on 6/7/17 at 12:56 am to Ross
Yes and immediately started voting Republican
Posted on 6/7/17 at 1:00 am to dgnx6
Yep. Love the demographic the Democrats go after during the elections the poor mooches, college kids that haven't worked a real job but think they know everything, etc. Most college kids after graduation catch on real quick and of course the mooches never change.
Posted on 6/7/17 at 1:05 am to FLBooGoTigs1
The buddies of mine that were Bernie supporters tended to have English degrees and did things like stand up comedy or writing on the side while they still have part time jobs working in hospitality.
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