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Author Topic: if my income is right at 100k per year do i have to pay 45% in tax  (Read 2063 times)

Marty Champions

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if my income is right at 100k per year do i have to pay 45% in tax
« on: December 06, 2015, 05:31:29 AM »
 so basically i owe 45k wich leaves me with 55k left over and i spend conservatively/ wishinfully 36k on living expenses like food , im only saving 20k a year n that aint shit 4 all my hard work while a berni sander  obama neegul doesnt need a job
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gmflex

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #1 on: December 06, 2015, 05:36:11 AM »
Who is doing your taxes?
That is too much..
Your tax bracket should be in the 30's..
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Thin Lizzy

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #2 on: December 06, 2015, 05:37:42 AM »
You don't pay 45% on the  whole 100k. I'm not gonna look at the tax tables to get the exact numbers, as doing so would make me sick, but this is the basic idea.


1-20k 10%
20-40 15%
40-50 20%...
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drkaje

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #3 on: December 06, 2015, 05:41:21 AM »
You aren't earning enough money for whose president to be important.
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Marty Champions

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #4 on: December 06, 2015, 05:42:00 AM »
its. still fucked dont obamions get 700 month for food andn 700 month for rent?
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FitnessFrenzy

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #5 on: December 06, 2015, 05:54:22 AM »
Quote from: Marty Champions on December 06, 2015, 05:42:00 AM
its. still fucked dont obamions get 700 month for food andn 700 month for rent?

all the drugs are taking a toll on your grammar and spelling, johnnaaaaay.
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Marty Champions

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #6 on: December 06, 2015, 06:00:21 AM »
Quote from: FitnessFrenzy on December 06, 2015, 05:54:22 AM
all the drugs are taking a toll on your grammar and spelling, johnnaaaaay.
:o missing a capital a there bro we gotta get off the drugs fagget  :o :o :o
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_aj_

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #7 on: December 06, 2015, 06:02:55 AM »
You also have to pay taxes on your welfare, disability and food stamps.
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a_pupil

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #8 on: December 06, 2015, 06:03:10 AM »
you are a contractor. only declare the bare minimum of the money you make.
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El Diablo Blanco

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #9 on: December 06, 2015, 06:54:55 AM »
35 percent thanks to Obama. Then you have to pay social security and Medicaid and state tax depending where you live. Here in Cali I just got a $10k bonus and it was $5600 after all that shit was taken out. Fucking crime.
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Irongrip400

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #10 on: December 06, 2015, 06:57:38 AM »
Quote from: gmflex on December 06, 2015, 05:36:11 AM
Who is doing your taxes?
That is too much..
Your tax bracket should be in the 30's..

If he is getting a 1099 then he probably is paying north of 40% because he pays the employers burden as well. My take, get yourself a better CPA.
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Coach is Back!

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #11 on: December 06, 2015, 08:01:26 AM »
After the income tax add in state, Fed, gas, food and property taxes. Not saying it isn't necessary but it is what it is.
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Parker

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #12 on: December 06, 2015, 08:15:58 AM »
Quote from: Marty Champions on December 06, 2015, 05:42:00 AM
its. still fucked dont obamions get 700 month for food andn 700 month for rent?
You must be talking about that SSDI check...
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drkaje

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #13 on: December 06, 2015, 09:23:12 AM »
Obama invented SSDI?
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SF1900

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #14 on: December 06, 2015, 10:22:03 AM »
Start selling grass clippings as a dietary supplement.
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TuHolmes

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #15 on: December 06, 2015, 10:58:58 AM »
My actual tax rate is around 25% when averaging in any capital gains.
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Nomad

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #16 on: December 06, 2015, 09:26:15 PM »
Quote from: Thin Lizzy on December 06, 2015, 05:37:42 AM
You don't pay 45% on the  whole 100k. I'm not gonna look at the tax tables to get the exact numbers, as doing so would make me sick, but this is the basic idea.


1-20k 10%
20-40 15%
40-50 20%...

Actually Falcon is semi right on this. After you add up all the taxes; fed, state and local and add up all the hidden taxes, ie purchases, gas, car related and etc actual effective tax rate is around ~50.
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Marty Champions

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #17 on: December 10, 2015, 05:30:18 AM »
Quote from: Nomad on December 06, 2015, 09:26:15 PM
Actually Falcon is semi right on this. After you add up all the taxes; fed, state and local and add up all the hidden taxes, ie purchases, gas, car related and etc actual effective tax rate is around ~50.
:'(
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BIG ACH

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #18 on: December 10, 2015, 05:45:22 AM »
Depends where you live, I'm in California, and between state and federal taxes, deductions for medical, 401k, etc. It seems that at that level your take home income is about 70% of what you actually get paid... So minus $30k

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ProudVirgin69

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #19 on: December 10, 2015, 06:30:11 AM »
Quote from: a_pupil on December 06, 2015, 06:03:10 AM
you are a contractor. only declare the bare minimum of the money you make.

Seriously....creative deductions are one of the best things about working for yourself
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_aj_

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #20 on: December 10, 2015, 06:36:36 AM »
Can I assume that JF correctly set up an S Corporation for himself, or would that be uproariously presumptuous?

There are tax benefits only available to that classification.
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stuntmovie

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #21 on: December 10, 2015, 09:44:00 AM »
Maarty, Here's the short response to your concern .....

Income                                           $100,000 (As computed on your SCHEDULE C and added to your 1040

Standard/Itemized deductions           $6,300 (As shown on your 1040)
Personal exemptions                         $4,000 (As shown on your 1040)
Taxable income                                $89,700 (As computed on your 1040)

Estimated tax liability                        $18,219 (But add an approximate amount of $1,000 to pay for your SE         Tax))

So a self employed person with a total income after deductions of $100,000 as computed on his Schedule  C with no kids would pay about $20,000. (20% of his total income)

You would need three Federal Tax Forms to compute your 2015 tax obligation,

1. Fed Frorm 1040
2. Schedule C
3. Schedule SE

Pretty easy and FUN once you get the hang of it and if you are in business for yourself it's pretty damn necessity
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disco_stu

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #22 on: December 10, 2015, 11:49:13 AM »
Quote from: El Diablo Blanco on December 06, 2015, 06:54:55 AM
35 percent thanks to Obama. Then you have to pay social security and Medicaid and state tax depending where you live. Here in Cali I just got a $10k bonus and it was $5600 after all that shit was taken out. Fucking crime.

if there was no tax, you wouldnt get a $10k bonus. If you did, then it would be equivalent to a $20k bonus in a tax based economy.

americans just dont get it.

your income is what it is BECAUSE of taxes. without taxes you get no safety net, limited or "user pays" roads, sewer systems, electricity, water services, street cleaning, public schools...etc etc...

the more social services you have, the less crime and desperate people. governments try for the perfect balance.

the more you put your individual hand out, the more you bring on yourself. the US is a prime example of how user pays creates a huge social divide and results in mass poverty and high crime.

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tleilaxutank

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Re: if my income is right at 100k per year do i have to pay 45% in tax
« Reply #23 on: December 10, 2015, 11:55:25 AM »
If "ifs" and "buts" were candy and nuts we'd all  have a merry christmas...
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