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Forum topic by Jimbo4 posted 706 days ago 754 views 0 times favorited 18 replies Add to Favorites Watch
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Jimbo4

1120 posts in 1360 days


706 days ago

I didn’t know there was a 13% tax bracket !

-- BELT SANDER: Used for making rectangular gouges in wood.


18 replies so far

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a1Jim

111999 posts in 2174 days


#1 posted 706 days ago

HUH ? :))

-- http://artisticwoodstudio.com Custom furniture

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DKV

3058 posts in 1101 days


#2 posted 706 days ago

Oh really? This isn’t politics is it? I consider this post deleted if it is.

-- 2014 will be a different year...at least for me it will.

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TopamaxSurvivor

14587 posts in 2273 days


#3 posted 706 days ago

Only if you don’t work and just have capital gains. Us self employed working stiffs pay closer to 50% ;-((

-- "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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Jimbo4

1120 posts in 1360 days


#4 posted 706 days ago

Just trying to figure out how all the rest of us can use the 13% tax evasion claim, as someone else did. :o))))

-- BELT SANDER: Used for making rectangular gouges in wood.

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TopamaxSurvivor

14587 posts in 2273 days


#5 posted 705 days ago

Incoroprate, move your home office to the PO box building in the Cayman Islands that most corps use, push paper and do not do any physical work in the US.

-- "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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patcollins

947 posts in 1462 days


#6 posted 705 days ago

Its called a composite tax bracket.

Lets make an example with a single guy taking just the standard deduction of $5500 (I think thats the right amount)

The rates are listed below.

Tax Bracket Single
10% $0 – $8,700
15% $8,700 – $35,350
25% $35,350 – $85,650
28% $85,650 – $178,650
33% $178,650 – $388,350
35% Over $388,350

Say Bob made $100k last year, you subtract the standard deduction of $5500 and that leaves $94,500.

Of that the first $8700 is taxed at 10% so he pays $870 on this
The next $26650 is taxed at 15%, so he pays $3998 on this
The next $50300 is taxed at 25% so he pays $12575 on this
and the final $8900 is taxed at 28% so he pays $2492 on this.

This means Bob paid $19, 935 so he paid 19.935% in taxes, and that would be his composite tax rate.

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Jimbo4

1120 posts in 1360 days


#7 posted 705 days ago

HUH ? :o))))

-- BELT SANDER: Used for making rectangular gouges in wood.

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ChuckV

2376 posts in 2124 days


#8 posted 705 days ago

I think that this has something to do with religion.

-- “That it will never come again / Is what makes life so sweet. ” ― Emily Dickinson

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Jimbo4

1120 posts in 1360 days


#9 posted 705 days ago

Money – the root of all evil nastyness is upon us. ;o)

-- BELT SANDER: Used for making rectangular gouges in wood.

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GMman

3902 posts in 2295 days


#10 posted 705 days ago

Canada has a 33% income tax, make $1000 or $100,000 still 33%

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Jimbo4

1120 posts in 1360 days


#11 posted 705 days ago

GMan – Is that straight across the board, no deductions ?

-- BELT SANDER: Used for making rectangular gouges in wood.

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GMman

3902 posts in 2295 days


#12 posted 705 days ago

Very few deductions.
But you can walk in a Hospital anytime for anything, having a baby, having a knee or hip replacement, a heart transplant at $0 charge for everybody.

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Jimbo4

1120 posts in 1360 days


#13 posted 705 days ago

You got room up there for one more?

-- BELT SANDER: Used for making rectangular gouges in wood.

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GMman

3902 posts in 2295 days


#14 posted 705 days ago

Sure no problem anytime.

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GMman

3902 posts in 2295 days


#15 posted 705 days ago

To give you an idea I’m on my pension which gives me a little over $60,000 and I pay $6000 to $8000 in taxes.

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