SS: Taxes

[Hiro]

I haven't vocalized (written?) this on the forums, but a few weeks ago I got a new job. This new job moved me up a few levels in what I make yearly, so I expected more taxes...obviously. What I didn't expect was as much as they are taking.

$750 / mo in taxes. I went from $400 / mo in taxes to that. I really don't know how to state how shocked I am, and I feel that only a, "WTF" would suffice.

It's a lot of money, and a lot more than I expected. On the upside though, I am enjoying this new job immensely.

/rant off.

[Kevster]

You do know there's ways to knock that down, right?

IRA contributions
401k contributions
Get married
Have children
Buy a mortgage
etc.

[ShawnLee]

Congratulations. Welcome to the Republican Party.

[Merlin]

Congratulations. Welcome to the Republican Party. :lmfao: :bow: Post of the Day!

[cheapie]

ahahahahaha....that's awesome.


and kev's right. after all that i bring home about 73% after taxes, investment, health and life insurance, etc. before it was in the 60's.

[mcs328]

Yup I pay that much in taxes a month too. I stopped contributing to 401K since I borrowed from it to pay for a downpayment on my condo and instead I put in 200 to pay back the load. Also I pay freaking 170/month for healthcare. So and the end of the year I actually only net half of what I gross.

I get about 1000 at tax time and recently I got more when I bought my condo last year and got some back for the interest I paid.

[Hiro]

IRA contributions
401k contributions
Get married
Have children
Buy a mortgage
etc.
Waiting on the paper work for the 401k, not getting married soon, definitely not having kids soon, waiting until next year to buy a condo and i'm looking into an IRA.

[ShawnLee]

Reminds me of what another young Republican said in class a few years back concerning how the rest of the class wanted to raise taxes. "I look forward to the day when I make enough money to be really pissed about taxes."

[WhiskeyPapa]

Use the W-4 assistant at www.paycheckcity.com and be certain your withholding is correct. But as a single guy you really don't have much for tax breaks.

[Grimm]

Reminds me of what another young Republican said in class a few years back concerning how the rest of the class wanted to raise taxes. "I look forward to the day when I make enough money to be really pissed about taxes."
I don't so much get pissed off about paying taxes as I do about not receiving an apropriate amount of services for the level of taxes I do pay.

[smeakim]

Not sure of anyone knows of this but there is a site called http://www.paycheckcity.com. The registration is free and you can figure and figure till your figners go numb how taxes, investing, an IRA, bonus, and more will affect your take home pay. It will also can tell you how many exemptions to make on your W2. Also if you get 1000 back at tax time you need to re-eval your exemptions. You should never get back more than a couple hundred bucks. No reason to let the gov keep the money without paying you interest. Also depending on what you make, you many not qualify to take the IRA deduction. Check it out. In my opinion you are better off owing a couple hundered than getting back a refund. Then at least you used the money without paying interest to the gov. JMHO

[zippyjuan]

You probably make too much for a traditional IRA which has deductable contributions up to a certain limit. A Roth IRA you do not deduct from your taxable income now, but do not pay tax when you withdraw the money later.
That is also subject to income restrictions:

If you’re single, you can only contribute to a Roth IRA if your modified adjusted gross income (MAGI) doesn’t exceed $95,000. Between $95,000 and $110,000 you can make a partial contribution. Once your income is over $110,000, you’re no longer eligible.


If they give you any matching contributions at work for a 401K try to put in as much as you can there.

[nickel]

http://www.pendyman.com/images/72dpiimages/dwg%20of%20the%20week%202004/06-30-04-death-and-taxes.jpg

[ialsohaveadream]

I don't so much get pissed off about paying taxes as I do about not receiving an apropriate amount of services for the level of taxes I do pay.
Amen, brother. I don't mind paying taxes, I just wish that those who spend my money had the same financial priorities for this country as I do.

[smeakim]

:woohoo: Going to the strip clubs and eating wings. We are on the same page. :winkie:

I agree I think hundereds of millions of dollars for a self contained rain forest in IOWA seems kind of wasteful to me.

[guiseppewv]

Congratulations. Welcome to the Republican Party.

:heh: :lmfao:

So true, so true. :)