Taxes: Yikes

[R2pharmD2]

Yes. I don't think we are legally obligated to pay income taxes. Show us the law.

At this point, I have no problem paying "my share" of income taxes.
But at some point, I could have a problem with it. If "my share" jumps up to 50% or more, let's say, then I will probably work a lot less. If only half (or less) of my time is effectively compensated, what's the point?

And then let's debate whether or not we actually landed on the moon, or the existence of bigfoot? And you're going to bring up this myth and then expect us to either disprove it or it's assumed correct? If you want to disprove what is widely considered to be a well-known fact then I suggest YOU provide the evidence.

---

Members don't see this ad.

 

[All4MyDaughter]

Show us the law

Ahhhh.... reading. It's good for you. The "show us the law" myth was the FIRST ONE debunked under "Taxpayer Myths" on the page I linked. It's under "Statutory Myths." I see that others have even helpfully quoted it in this thread for you. Thanks owle!

But the author of that page may have had you in mind when he wrote:

This page is not for people who firmly believe that there is no obligation to pay income taxes and who are not interested in learning the truth. If you meet this description, don’t bother reading this page.

 

[R2pharmD2]

Are you losers seriously arguing over whether or not the IRS can collect taxes?

I'd like to imagine that at some point this **** would have just been ignored as the ramblings of a crazy person.

See, this is the downside of the internet. Everyone now thinks they are an expert on everything and crazy conspiracy theories run rampant. And now everyone wants to be a member of some stupid group because they can't come up with their own ideas.

Lookie at me...I'm a libertarian...I'm a leftist...I'm a Republican...I'm a Democrat, I'm a whateverthe**** this, I'm a whateverthe**** that...

This is the conclusion all of you need to come to; if your entire world view can be described by a single word, it goes pretty damn far to show how complex of a person you are. You are as complex as an amoeba. You just consume bull**** and then regurgitate bull****. None of you actually think for yourselves. You're all a bunch of ideologues. Discussing societal issues is like talking to a preprogrammed computer anymore. I'm yet to hear an original, nuanced idea about anything in years. We just have ideologue bots. Gleefully proclaiming how the random things they believe are infallible. Rather than shaping their world view with evidence...they shape the evidence to their world view.

A pox on all of your houses. A POX!!!

Now everyone STFU and close this thread.

I honestly thought it was a joke.

 

[All4MyDaughter]

And then let's debate whether or not we actually landed on the moon, or the existence of bigfoot? And you're going to bring up this myth and then expect us to either disprove it or it's assumed correct? If you want to disprove what is widely considered to be a well-known fact then I suggest YOU provide the evidence.

I honestly thought it was a joke.

Maybe we're being trolled?

 

[R2pharmD2]

Maybe we're being trolled?

:troll:

 

[All4MyDaughter]

:troll:

Trolls subsist on a diet of rumors and drama. Would feeding them facts hurt their tummies?

If the government says it, it must be a lie.

 

[R2pharmD2]

trolls subsist on a diet of rumors and drama. Would feeding them facts hurt their tummies?

if the government says it, it must be a lie.

qft.

 

[R2pharmD2]

And none of it will ever be fixed because we are led by ideologues, not rational thinkers. These idiots govern based upon principle rather than practicality. That's got to be *****ic, correctable problem #1.

Rationality doesn't go over nearly as well with voters as talking points and emotional appeals. Good luck changing that.

(If you feel compelled to run for office, I'll vote for you.)

 

[Ilikechemicals]

And you don't expect to collect SS someday? Or be covered under medicare? And just because you don't make use of welfare programs, the point is that they're in place if you need them. If you were laid off tomorrow, would you refuse unemployment based on principle?

For someone of my age, you would have to be pretty naive to believe you would collect SS or Medicare in their current form. I have more than 35 years (assuming the age still stays at 65) to go before I collect money from those already broke programs.

As for unemployment, I have over a years worth of expenses saved.

The argument comes down to one of liberty or government "security." The tide has already turned in this country away from individual liberty. The sheeple demand more government intervention and the government (repub or dem) is more than willing to provide it.

How much of your 44% goes to defense? Is that also something you don't use?

Normally I dont do other peoples research, but I'll make an exception for you. A quick google search of the national budget would show you that 20% of the 44% is national defense.

 

[Ilikechemicals]

Rationality doesn't go over nearly as well with voters as talking points and emotional appeals. Good luck changing that.

(If you feel compelled to run for office, I'll vote for you.)

But if WVU was comrade leader we would have to rename ourselves the Soviet States of America. WVU would be the only one deciding from who he takes and to whom he gives. Of course everything would be fair... he has guaranteed it many times in his posts.

 

[R2pharmD2]

For someone of my age, you would have to be pretty naive to believe you would collect SS or Medicare in their current form. I have more than 35 years (assuming the age still stays at 65) to go before I collect money from those already broke programs.

What you collect or when you collect will likely change, but that certainly doesn't mean that you won't still be collecting. And what exactly do you mean by "broke"? SS benefits are still being paid out as far as I can tell.

As for unemployment, I have over a years worth of expenses saved.

The argument comes down to one of liberty or government "security." The tide has already turned in this country away from individual liberty. The sheeple demand more government intervention and the government (repub or dem) is more than willing to provide it.



Normally I dont do other peoples research, but I'll make an exception for you. A quick google search of the national budget would show you that 20% of the 44% is national defense.

If you'd like to refuse unemployment on principle (and you didn't actually say whether you would or not), then that's your choice. You've been paying for it, and it's there to supplement the savings that you'd be living off of short term.

 

[R2pharmD2]

But if WVU was comrade leader we would have to rename ourselves the Soviet States of America. WVU would be the only one deciding from who he takes and to whom he gives. Of course everything would be fair... he has guaranteed it many times in his posts.

It's interesting that you would quote my post concerning emotional appeals and talking points, and then make use of an exaggerated emotional appeal in your reply

 

[WVUPharm2007]

The argument comes down to one of liberty or government "security." The tide has already turned in this country away from individual liberty. The sheeple demand more government intervention and the government (repub or dem) is more than willing to provide it.

WTF are you talking about? The assertion that the populace is losing "liberty" because a social insurance program exists is ridiculous. Liberty? Unless your definition of "liberty" is "the capital owning class gets to use its economic leverage to compensate the lower classes less and less."

You know, a magical, libertarian wonderland has existed before. There were no regulations, no taxes, and the wealth class ruled over it. It was called Somalia circa late-20th century.

This country cracks me up. It's so right-winged that anything slightly left of to slightly right of center is considered a communist abomination. Real leftist ideas aren't even conceptualized. I want to see a real leftist go out there and make noise nationally just for the novelty of it all. That **** would be hysterical.

 

[WVUPharm2007]

But if WVU was comrade leader we would have to rename ourselves the Soviet States of America. WVU would be the only one deciding from who he takes and to whom he gives. Of course everything would be fair... he has guaranteed it many times in his posts.

You are stupid as **** if you think I'd set up some idiotic Marxist utopia.. If I was in charge, I would regulate a highly mixed economy in which power could not concentrate into any pockets of power. I would do as much as possible to ensure a large consumer/middle class while simultaneously encouraging competition.

Right now, I'd say Germany has it the most right. If their dumb asses didn't get into this Eurozone idiocy, they'd be blowing our doors off. Hell, they might even have been in position to make a bid to replace the dollar as the unofficial international fiat. They are very competitive and are still ruthlessly capitalistic against other countries. Yet, they give workers more compensation and more power. The government doesn't need to exert power because labor has built in power. For example, board of corporations must include representation from labor. There is a reason why they are the most efficient country in the world. Per capita, they blow away every other country in manufacturing. They also do other things right...like have pride in German made things. The US used to be like this. Interestingly, if Americans bought nothing but American made cars rather than foreign made cars, there would be no recession. Do the numbers yourself. Check out jobspercar.com We are importing ourselves to death. Another thing to learn from the Germans. They like cheap Chinese crap, too...but there is still PRIDE in homemade things.

There are rightist things I would do, too. Like I would require work for unemployment benefits. There is a ton of little, paper pushing types of things that need to be done in government. I understand that one needs time to look for a job, but allowing all of that potential labor to go wasted is silly. Not 40 hours a week or anything like that, but maybe 10-15 a week. And with the internet, this type of work would be accessible to everyone.

But if you want to spell out everything I would do....that would take paragraphs...and paragraphs...and paragraphs.

Legalizing prostitution is another thing. Marijuana, too. I don't use either because I've always gotten a ton on my own and I don't use any mind-altering substances...but imagine the revenues. Less to prisons...more taxation on those goods and services.

The government needs to think out of the box. The Republican box is, naturally, "give the wealth class more money." That might work with stagflation, but 30 years of this **** has led to an incredible imbalance that has caused anemic aggregate demand...

...goddammit...**** you people. I just types like 8 paragraphs stream of consciousness style...gah...football's on...close this stupid thread before its immense stupidity causes me an aneurysm...

 

[Ilikechemicals]

It's interesting that you would quote my post concerning emotional appeals and talking points, and then make use of an exaggerated emotional appeal in your reply

Um, I specifically deleted that part of your quote when I quoted you. As for SS, medicare and all the other welfare programs being broke or unsustainable you can go look it up for yourself. There is no point in arguing points with someone so woefully ignorant.

I can tell you right now on principal I would never collect unemployment. As for SS and Medicare if they were still around in the form they are today, I sure as hell would collect my money back. But like I said, these programs will not be implemented in the same way they are today, 35 years from now. So planning to rely on them would be foolish.

 

[R2pharmD2]

Um, I specifically deleted that part of your quote when I quoted you.

You actually didn't delete that part, but you've missed the point entirely

As for SS, medicare and all the other welfare programs being broke or unsustainable you can go look it up for yourself. There is no point in arguing points with someone so woefully ignorant.

I can tell you right now on principal I would never collect unemployment. As for SS and Medicare if they were still around in the form they are today, I sure as hell would collect my money back. But like I said, these programs will not be implemented in the same way they are today, 35 years from now. So planning to rely on them would be foolish.

Unsustainable does not equal broke, and I am very much aware of the fact that they need to be reformed and are unsustainable without looking anything up. Again, you exaggerate the facts.

I also fail to understand why you would refuse one government benefit that you've paid for (unemployment) and accept others (SS and Medicare).

 

[PharmDstudent]

And then let's debate whether or not we actually landed on the moon, or the existence of bigfoot? And you're going to bring up this myth and then expect us to either disprove it or it's assumed correct? If you want to disprove what is widely considered to be a well-known fact then I suggest YOU provide the evidence.

I think they found "moon trash" recently.

How do I show you a law that doesn't exist?

 

[PharmDstudent]

Good stuff.

enforced code ≠ law

 

[R2pharmD2]

I think they found "moon trash" recently.

How do I show you a law that doesn't exist?

Oh no you don't! I'm not falling for that!

Well played miss, well played.

 

[All4MyDaughter]

enforced code ≠ law

Incorrect. There are a number of sources of law in our system and administrative regulations/codes are one of them.

Remanded to 7th grade civics for review of American legal and political system.

Or this may help.

 

[owlegrad]

enforced code ≠ law

My post directly addresses that.

 

[owlegrad]

I think they found "moon trash" recently.

Lies! We never went to the moon! Those photos are fake. The angle of light is all wrong for the shadows.

 

[PharmDstudent]

My post directly addresses that.

This is a fun video! http://youtu.be/orHVNUnRKlI?t=25m15s And long, I know.

 

[owlegrad]

This is a fun video! http://youtu.be/orHVNUnRKlI?t=25m15s And long, I know.

We have different definitions of fun.

 

[owlegrad]

Didn't they get Al Capone on tax evasion?

 

[PharmDstudent]

Didn't they get Al Capone on tax evasion?

Yes. But I don't know if it was legitimate since no one can provide the law.

 

[owlegrad]

Yes. But I don't know if it was legitimate since no one can provide the law.

You understand that the tax code is the law right? It was ratified by congress. That's how laws are made.

 

[spacecowgirl]

Just remember, you're always just one unfortunate accident or illness away from being destitute. We either win or lose the womb lottery on birth, too. Treat others well regardless of their circumstances; you never know what lot nature or luck gave them...

This is what it all comes down to for me. If you are posting in this thread, you are already luckier than the majority of people on the face of this earth and it has nothing to do with "hard work".

Move to China... where you can shut up and do as you are obligated.

Move to ______for successful libertarianism in action. Oh. Wait.

I can tell you right now on principal I would never collect unemployment.

Not even if you had a family to support? Not if you experienced prolonged unemployment through no fault of your own? That is very naive.

 

[akaykay]

so I guess I don't know what I'm doing because I was taxed 38%. I claim 1 on my w4 because I'm single/independent.

I don't have a problem paying taxes, but i think paying above 35% is a bit much when you have loans to pay off (if I didn't I wouldn't be complaining at all), so I'm trying to figure out if I'm doing something wrong

what this guy said ^

i'd think ~33-35% all told (before insurance and retirement) sounds more reasonable than 40% , its possible youre doing something wrong with your withholdings

also there's something called supporting your fellow man , and living and contributing to a society.

http://www.moneychimp.com/features/tax_brackets.htm

as a pharmacist, your overall federal tax rate should be in the low 20s .. 20-23% probably , add in your 6-7% fica (currently cut/lower), and 5% state tax, you should not come out over 35%

 

[Ilikechemicals]

You actually didn't delete that part, but you've missed the point entirely



Unsustainable does not equal broke, and I am very much aware of the fact that they need to be reformed and are unsustainable without looking anything up. Again, you exaggerate the facts.

I also fail to understand why you would refuse one government benefit that you've paid for (unemployment) and accept others (SS and Medicare).

Youre right! I missed that rehashed comment of yours entirely. I only deleted it from the first post.

Regarding the exagerated emotional appeal regarding WVU...the guy is crazy. He has posted many times that he hates people soley based on how much money they have(even though he himself is in the upper 10%). He probably goes around burning lower case "ts" on rich people's lawns. Emotionally charged responses are all that are warranted for someone so immature.

I dont exaggerate facts. 14 trillion in debt and currently running a 1.5 trillion per year dollar deficit, most sane people would consider us broke already. Just cause we can get new loans doesnt mean we have more money.

Anyways, my point wasnt to argue the fairyland world everyone seems to think we are living in regarding debts and deficit. My point was to show how much TIME each of us (pharmacists salary in particular) gives to our fellow countrymen.

Clearly, most on this board think that they dont give enough time/money, which is fine. What I dont understand, is why they cant volunteer or donate to charity instead of forcing everyone else into the same tax paying boat. If someone wants to be greedy and use $100 bills to light up cigars then it should be their decision not yours or the governments.

Again, the fundamentals of what our whole country was created on was an individuals liberty from a domineering government. Most on this board clearly dont prescribe to this veiw point, which is their right. But to complain that people are greedy or selfish just because they want to keep what they honestly earned and spend/save it how they want...well the least that could be done is admit that you want to fundamentally change the principles of this country.

Not even if you had a family to support? Not if you experienced prolonged unemployment through no fault of your own? That is very naive.

What IS naive is thinking everyone thinks as you do or plans like you. Pretending like government assistance is the be all and end all if someone is unemployed is just plain stupid.

 

[Old Timer]

so I guess I don't know what I'm doing because I was taxed 38%. I claim 1 on my w4 because I'm single/independent.

I don't have a problem paying taxes, but i think paying above 35% is a bit much when you have loans to pay off (if I didn't I wouldn't be complaining at all), so I'm trying to figure out if I'm doing something wrong

Please explain your 38% tax rate. NOBODY PAYS 38% in Federal Income Tax.

Okeedokee, lets learn some basic truths before we bury ourselves under the bull****.

If you earn 125,000.00 per year and you take only the standard deduction. This places you in the 28% percent bracket.

Gross Income $125,000.00
- Standard eduction $ 5,800.00
Adj Gross Income $119,200.00

Income Tax Due:

• Not over $8,500

• 10% of the taxable income (

• Over $8,500 but not over $34,500

• $850 plus 15% of the excess over $8,500

• Over $34,500 but not over $83,600

• $4,750 plus 25% of the excess over $34,500

• Over $83,600 but not over $174,400

• $17,025 plus 28% of the excess over $83,600

This means you would pay:

$17,025.00 + 28% of the excess over $83,600. This case, ($119,200-$83,600)X 28% or $9,968 for a total tax liability of $26,993.00. This is 22% of your income. So, there is no possible way you pay 38% in Federal taxes.

Of course any money you contribute to your 401K, comes off the top. So does any money you contribute to your employer sponsored health care. If you own a home, that $5800.00 is a joke as you can now deduct your mortgage interest, state and local taxes. Lets for argument sake say you have a small house with a 100,000.00 mortgage at 4.25%. Your taxes are a reasonable $5000.00 per year. Your state taxes are 2% and your local taxes are one percent.

Interest on the Mortgage: $3,865.20
Real Estate Taxes $5,000.00
State Taxes $2,500.00
Local Taxes $1,250.00
----------------------------------------------
Total Deductions: $12,615.00
-Standard Deduction $ 5,800.00
----------------------------------------
Additional Deduction $ 6,815.00
Tax Savings: $ 1,908.20

Your Adjusted Gross income is now $112,382.00 Your Tax Liability is now $25,084.80. This means you pay 20% in Federal Income Tax.

Are we with it now. You are lumping in State Taxes, local taxes and Payroll Taxes.

 

[Old Timer]

I dont exaggerate facts. 14 trillion in debt and currently running a 1.5 trillion per year dollar deficit, most sane people would consider us broke already. Just cause we can get new loans doesnt mean we have more money.

It's late and I have to be at work at 8AM tomorrow. I'll deal with the rest of your post then.

First, I suggest you go to school and study some history and economics. If we can get the money, our creditors think we are good for it. That's the way business works today.

Your understanding of debt and deficit is infantile and borders on the mentally ******ed.
The deficit is due to:

The 2001 Tax Cuts (Not offset by spending cuts)
The Wars in Iraq and Afghanistan (Not Funded)
Medicare Part D (Not Funded)
The Recession.

You also know that we have had a great deal of debt relative to GDP after every war. We'll get out of this as well.

I'll give you more detail, but your understanding of history and economics consists of spouting right wing platitudes.

 

[R2pharmD2]

Youre right! I missed that rehashed comment of yours entirely. I only deleted it from the first post.

Regarding the exagerated emotional appeal regarding WVU...the guy is crazy. He has posted many times that he hates people soley based on how much money they have(even though he himself is in the upper 10%). He probably goes around burning lower case "ts" on rich people's lawns. Emotionally charged responses are all that are warranted for someone so immature.

Someone is crazy because they disagree with you?

I dont exaggerate facts. 14 trillion in debt and currently running a 1.5 trillion per year dollar deficit, most sane people would consider us broke already. Just cause we can get new loans doesnt mean we have more money.

Anyways, my point wasnt to argue the fairyland world everyone seems to think we are living in regarding debts and deficit. My point was to show how much TIME each of us (pharmacists salary in particular) gives to our fellow countrymen.

Again, you seem to think that anyone who disagrees with you lives in a "fairyland world."

Clearly, most on this board think that they dont give enough time/money, which is fine. What I dont understand, is why they cant volunteer or donate to charity instead of forcing everyone else into the same tax paying boat. If someone wants to be greedy and use $100 bills to light up cigars then it should be their decision not yours or the governments.

Again, the fundamentals of what our whole country was created on was an individuals liberty from a domineering government. Most on this board clearly dont prescribe to this veiw point, which is their right. But to complain that people are greedy or selfish just because they want to keep what they honestly earned and spend/save it how they want...well the least that could be done is admit that you want to fundamentally change the principles of this country.

I certainly didn't say you were greedy or selfish. Plenty of conservatives feel as you do, and that doesn't make them selfish.

I don't have a problem with your ideas, but the way in which you choose to express them leaves something to be desired.

 

[spacecowgirl]

What IS naive is thinking everyone thinks as you do or plans like you. Pretending like government assistance is the be all and end all if someone is unemployed is just plain stupid.

I wish you continued good health for you and yours. No unforeseen tragedies, no unforeseen illnesses, no unforeseen acts of God. I'm sure nothing bad will ever happen to you since you are so obviously prepared and a good person to whom horrible things do not happen and you have worked so hard. No cancer, since you are the epitome of good health and cancer only happens to those who deserve it through poor choices. No children born to you with profound disabilities because again, those things only happen to those with poor judgment and an appalling lack of self-sufficiency and work ethic.

I don't think you're greedy or selfish, but you are terribly naive.

 

[pezdispenser]

so I guess I don't know what I'm doing because I was taxed 38%. I claim 1 on my w4 because I'm single/independent.

I'll bet you didn't expect this thread to get so far off track!

In a normal year you can claim 2 federal allowances on your W-4: one for the $5,800 standard deduction and one for the $3,700 personal exemption. However, if you just started as a pharmacist your total income and tax for the year will be much lower, but they are withholding tax at the rate as if your were on a pharmacist's salary for the whole year. So for this year you should use the IRS W-4 calculator at http://www.irs.gov/individuals/page/0,,id=14806,00.html. Don't be afraid to push your W-4 allowances way up to around 14, otherwise you will overpay and have to wait until next year to get your tax refunded.

 

[pezdispenser]

Please explain your 38% tax rate. NOBODY PAYS 38% in Federal Income Tax.

Are we with it now. You are lumping in State Taxes, local taxes and Payroll Taxes.

Yes, I believe the OP was talking about total taxes. To summarize:
20-23% Federal income tax
4.2% Social Security (6.2% next year)
1.45% Medicare
==============
Up to 29%
==============
+?% State income tax
+?% Local taxes
+State disability insurance?
+Union fees?
==============
I guess a total of 38% is possible

Gross Income $125,000.00
- Standard eduction $ 5,800.00
Adj Gross Income $119,200.00

You may also subtract $3,700 for one personal exemption.

 

[Dr Wario]

When talking about SS tax, do not forget your employer matches what you pay (even more this year). When you calculate the ROI for SS for most people in our income bracket, it will be quite negative. My biggest problem with SS though is not that it exists, it is that the money is not all (or even mostly) used for benefits. When the system was founded, it was actually quite overfunded, which was smart. Instead of keeping the money in the system and being invested, the surplus was used to fund other entitlement programs and government projects. Now in 2011 the system is actually underfunded, meaning that it pays out more in benefits than it receives, making up for the deficit by issuing bonds (debt). Had the money been spent and invested wisely, the system would be just fine because even through the population is living longer, it would have a large pool of money on which to accrue interest.

This carelessness and wasteful mentality is why systems like this end up going so bad, it is generally not the original idea that is the problem, it is the poor execution by inefficient conglomerates (ie the government) that lead to downfall.

On another note, it always amazes me when the left touts the evils of big corporations but wants to expand the power of the largest corporations ever known to exist. I think we can all agree that small business is good for the economy, but do you not realize the absolute largest barrier to small business is government regulation? Big government makes big and unchallenged corporations, so is it a secret that is what you really want?

 

[pharm B]

Here's a specific question, but I raise it because of the Social Security discussion.

In Texas, public schools teachers and employees don't pay Social Security but rather contribute to a Teachers Retirement Fund (or similar name). Would a pharmacy school professor at a public university have this same option, or would he/she be required to pay Social Security instead?

I wonder what other companies have this kind of program? SS obviously has some big problems, and it's probably a big benefit to find a company that lets you invest that money elsewhere.

 

[Kansas Pharmer]

Here's a specific question, but I raise it because of the Social Security discussion.

In Texas, public schools teachers and employees don't pay Social Security but rather contribute to a Teachers Retirement Fund (or similar name). Would a pharmacy school professor at a public university have this same option, or would he/she be required to pay Social Security instead?

I wonder what other companies have this kind of program? SS obviously has some big problems, and it's probably a big benefit to find a company that lets you invest that money elsewhere.

I didnt know all the teachers in TX did this. I do know the city/county employees in Houston also dont contribute in SS but have a private fund that actually pays more than SS does.

I had heard that this was done when there was some ambiguity in the SS laws and it has no been closed off. Either way, the group had to show to the federal govt that they could provide benefits greater than SS and meet some solvency rules before they could do it.

 

[WVUPharm2007]

WTF, nobody ever argues with me anymore. Troll as I may try...

 

[akaykay]

I never said federal tax. I meant total taxes. Let's say I made $2780 in a week and took home $1700. I believe 25% of that was federal tax, 8.8% state tax, 4.2% was social security. I need to get a financial advisor

Please explain your 38% tax rate. NOBODY PAYS 38% in Federal Income Tax.

Okeedokee, lets learn some basic truths before we bury ourselves under the bull****.

If you earn 125,000.00 per year and you take only the standard deduction. This places you in the 28% percent bracket.

Gross Income $125,000.00
- Standard eduction $ 5,800.00
Adj Gross Income $119,200.00

Income Tax Due:

• Not over $8,500

• 10% of the taxable income (

• Over $8,500 but not over $34,500

• $850 plus 15% of the excess over $8,500

• Over $34,500 but not over $83,600

• $4,750 plus 25% of the excess over $34,500

• Over $83,600 but not over $174,400

• $17,025 plus 28% of the excess over $83,600

This means you would pay:

$17,025.00 + 28% of the excess over $83,600. This case, ($119,200-$83,600)X 28% or $9,968 for a total tax liability of $26,993.00. This is 22% of your income. So, there is no possible way you pay 38% in Federal taxes.

Of course any money you contribute to your 401K, comes off the top. So does any money you contribute to your employer sponsored health care. If you own a home, that $5800.00 is a joke as you can now deduct your mortgage interest, state and local taxes. Lets for argument sake say you have a small house with a 100,000.00 mortgage at 4.25%. Your taxes are a reasonable $5000.00 per year. Your state taxes are 2% and your local taxes are one percent.

Interest on the Mortgage: $3,865.20
Real Estate Taxes $5,000.00
State Taxes $2,500.00
Local Taxes $1,250.00
----------------------------------------------
Total Deductions: $12,615.00
-Standard Deduction $ 5,800.00
----------------------------------------
Additional Deduction $ 6,815.00
Tax Savings: $ 1,908.20

Your Adjusted Gross income is now $112,382.00 Your Tax Liability is now $25,084.80. This means you pay 20% in Federal Income Tax.

Are we with it now. You are lumping in State Taxes, local taxes and Payroll Taxes.

 

[humbeez]

Please explain your 38% tax rate. NOBODY PAYS 38% in Federal Income Tax.

Okeedokee, lets learn some basic truths before we bury ourselves under the bull****.

Are we with it now. You are lumping in State Taxes, local taxes and Payroll Taxes.

Oldtimer,

What's with the snide comments and attitude? OP created this post because they had a question they wanted answered. If you are going to be nasty and condescending, don't even bother to answer.

Akaykay,

The best advice I can give is to call the IRS (although, I think many/mosts pharmacists are in the 28% tax bracket for federal taxes) and also the State tax department in your state, to find out if your withholdings are correct.

Also I started a thread earlier this year, because I had the same question

http://forums.studentdoctor.net/showthread.php?t=795345

 

[akaykay]

Thanks humbeez,

I'm definitely going to do more research. And I'm not mad at OP's comments. Maybe I should have been more specific but I assumed people knew I was referring to 38% total and not federal since we know what the range is

Oldtimer,

What's with the snide comments and attitude? OP created this post because they had a question they wanted answered. If you are going to be nasty and condescending, don't even bother to answer.

Akaykay,

The best advice I can give is to call the IRS (although, I think many/mosts pharmacists are in the 28% tax bracket for federal taxes) and also the State tax department in your state, to find out if your withholdings are correct.

Also I started a thread earlier this year, because I had the same question

http://forums.studentdoctor.net/showthread.php?t=795345

 

[SHC1984]

Welcome to the real world. Try marrying another pharmacist and Obama would call you rich and raise your taxes more. You now have to start paying your "fair" share even though 47% of Americans pay no federal income tax. Do your part and vote Republican.

+1

Flat taxes all the way. Everyone paids 25% that way it's fair all around. No more arguing and it will be much simpler.

 

[SHC1984]

I don't think people making over 100K pay enough taxes.

thumbdown

Do you realize that if you have a family 100K is nothing...if you have children that you want to send to private schools because you actually care about their education, then 100K is most likely not even enough....

 

[apteryx]

In the fitness world, we have what's called "broscience"..."Don't eat after 6PM bro,all the food turns to fat." "Eat 6 small meals a day to keep your metabolism going, bro." "Don't eat any white rice or refined carbs bro, it turns to fat." Basically, unfounded logic-isms that have no evidence/contradictory evidence, no doubt spread by half-educated (and that's being generous) people on the subject with well-intent.

That being said, I now dub this thread full of...broconomics. I win an internet trend. Now, go out and spread it, peons.

 

[R2pharmD2]

In the fitness world, we have what's called "broscience"..."Don't eat after 6PM bro,all the food turns to fat." "Eat 6 small meals a day to keep your metabolism going, bro." "Don't eat any white rice or refined carbs bro, it turns to fat." Basically, unfounded logic-isms that have no evidence/contradictory evidence, no doubt spread by half-educated (and that's being generous) people on the subject with well-intent.

That being said, I now dub this thread full of...broconomics. I win an internet trend. Now, go out and spread it, peons.

 

[LazyMooch]

You know, I always thought that Pharmacists, being a high salary job (relatively), would be mostly composed of fiscal conservatives.

 

[owlegrad]

You know, I always thought that Pharmacists, being a high salary job (relatively), would be mostly composed of fiscal conservatives.

I think we liberals are way over-represented here. IRL most pharmacist (and students for that matter) I meet pretty much fit that bill. I can only think of maybe one exception off the top of my head. Maybe two.

 

[hye345]

thumbdown

Do you realize that if you have a family 100K is nothing...

And yet, the average family income is around $50,000... Somehow most of them aren't standing in soup lines though

Even with the loan payments (which to be fair, is something that the average person does not have to worry about): lets say that its around $10,000 a year. So, your $100,000 becomes $90,000 a year. This does not include taxes or other expenses, but other families also have to pay these, and again, most are at least getting by.

if you have children that you want to send to private schools because you actually care about their education, then 100K is most likely not even enough....

That is a massive generalization. Obviously, some public schools are better than others, but as with the $100K comment, the majority of kids at most public schools come out just fine.