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Ouija
Forum Admin
3782 Posts |
 Posted - 02/03/2010 : 10:18:06
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It's that time again. Did my taxes and I always am cornfused by how the government fvcks me every year.
Somehow what I pay doesn't add up to the numbers I expect, but at least I over pay every year so I can get a return.
2009 Tax Schedule
The worst tax bracket change is the 15% to 25% change @ $33.5k.
I find it crazy that if you make $33,949 you'd pay $5092 in taxes, yet if you make $33,951 you'd pay $8487.
Means it's not worth going above $33.5k ($28,857 after 15% tax), until you make at least $38,500. ($28,875 after 25% tax.)
At that bracket change you have to make an additional $5000 to get $18 more in your pocket.
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2001 TA ~ 2000 TA ~ 95 TA - Sold ~ 87 FB - Buried in New Mexico ~ 86 FB - Sold ~ 76 GMC |
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BoobDawg
Moderator
1613 Posts |
Posted - 02/03/2010 : 16:27:35
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| What's worse, taxes or VD? |
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BIG_J
Proficient
1230 Posts |
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Tsaroth
Proficient
938 Posts |
Posted - 02/03/2010 : 20:27:37
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| "In this world nothing can be said to be certain, except death and taxes." |
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6Gears
Rookie
139 Posts |
Posted - 02/04/2010 : 09:24:36
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quote:
Originally posted by Ouija
I find it crazy that if you make $33,949 you'd pay $5092 in taxes, yet if you make $33,951 you'd pay $8487.
Means it's not worth going above $33.5k ($28,857 after 15% tax), until you make at least $38,500. ($28,875 after 25% tax.)
At that bracket change you have to make an additional $5000 to get $18 more in your pocket.
I don't think that's the way it works. If you make > 33949, everything up to 33949 is taxed at 15%. Only the part *above* 33949 is taxed at 25%.
So, it's not *quite* as bad as it seems. |
1992 Toyota X-cab - DD
2002 SOM WS6 - not stock :)
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Ouija
Forum Admin
3782 Posts |
Posted - 02/04/2010 : 14:56:52
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Hmmm...
I reckon I'll play with some numbers from past returns and see if that formula holds true.
Perhaps I'll have to get clarification on that if the numbers don't clearly specify which asessment is correct.
Thanks for the info! |
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2001 TA ~ 2000 TA ~ 95 TA - Sold ~ 87 FB - Buried in New Mexico ~ 86 FB - Sold ~ 76 GMC |
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BoobDawg
Moderator
1613 Posts |
Posted - 02/04/2010 : 16:59:32
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Taxes still suck...
At least now I'll be able to deduct a lot more on this years taxes....home ownership has quite a few tax benefits.
Ouija, I hear having more kids helps get your taxes lower... |
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Ouija
Forum Admin
3782 Posts |
Posted - 02/05/2010 : 15:07:10
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| Hey, I'm trying! |
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2001 TA ~ 2000 TA ~ 95 TA - Sold ~ 87 FB - Buried in New Mexico ~ 86 FB - Sold ~ 76 GMC |
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Ouija
Forum Admin
3782 Posts |
Posted - 02/06/2010 : 11:13:26
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Thanks for the input Shane, you are 100% correct.
It is all much clearer now. It's not as bad as I origionally thought, however, wife's employer is only witholding 50% of what they should be. 
The whole "; plus $xxx" was where my calculations were off.
Now going over it, I see that 10% of $8350 is $835. So the 15% tax bracket gets taxed 15% on anything over $8350, but has to pay the $835 in taxes for the portion under $8350.
Then the 25% tax Bracket has to pay 25% on anything over $33,950 and under $82,250; Plus the $835 (for the 10% bracket) and plus the $3840 (for the 15% bracket) totaling $4675.
So if you theoretically made $50,000, you pay 10% on your first $8350, then 15% on the next $25,600 and finaly 25% on the last $16,050. Your taxes without any dependents would be $8687.50 |
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2001 TA ~ 2000 TA ~ 95 TA - Sold ~ 87 FB - Buried in New Mexico ~ 86 FB - Sold ~ 76 GMC |
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BoobDawg
Moderator
1613 Posts |
Posted - 02/08/2010 : 08:51:16
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quote:
Originally posted by Ouija
So if you theoretically made $50,000, Your taxes without any dependents would be $8687.50
Ok, so my taxes were near that, and I didn't make ANYWHERE near 50k. Surely I'll get *some* money back, but damn. |
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Ouija
Forum Admin
3782 Posts |
Posted - 02/08/2010 : 18:26:50
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Yeah Boob, if you want to put it all in perspective, I had more than that withheld for fed, but am only getting back less than $4k. Between Fed, SS & Medicare I lost $13k. 
I claim 0 dependents and exemptions during the year (not even myself) to ensure enough is withheld so I get a refund when the end of the year comes and I file my actual taxes where I claim myself and my kids.
Losing that 13k means I give away $6.25 every hour, 40 hours a week, 52 weeks a year. (even if it was only $9k that's $4.32/hr) |
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2001 TA ~ 2000 TA ~ 95 TA - Sold ~ 87 FB - Buried in New Mexico ~ 86 FB - Sold ~ 76 GMC |
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