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Forum topic by Jimbo4 posted 08-17-2012 02:45 AM 791 views 0 times favorited 18 replies Add to Favorites Watch
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Jimbo4

1154 posts in 1480 days


08-17-2012 02:45 AM

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

-- *Arachnoleptic Fit*: The frantic dance performed just after you've accidently walked through a spider web.


18 replies so far

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a1Jim

112486 posts in 2294 days


#1 posted 08-17-2012 02:48 AM

HUH ? :))

-- http://artisticwoodstudio.com Custom furniture

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DKV

3194 posts in 1221 days


#2 posted 08-17-2012 02:58 AM

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

-- Have fun and laugh alot. Life can end at any moment. You old guys out there know what I mean...

View TopamaxSurvivor's profile

TopamaxSurvivor

14991 posts in 2393 days


#3 posted 08-17-2012 06:12 AM

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

1154 posts in 1480 days


#4 posted 08-17-2012 03:08 PM

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

-- *Arachnoleptic Fit*: The frantic dance performed just after you've accidently walked through a spider web.

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TopamaxSurvivor

14991 posts in 2393 days


#5 posted 08-17-2012 07:19 PM

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

1003 posts in 1582 days


#6 posted 08-17-2012 07:46 PM

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

1154 posts in 1480 days


#7 posted 08-18-2012 12:17 AM

HUH ? :o))))

-- *Arachnoleptic Fit*: The frantic dance performed just after you've accidently walked through a spider web.

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ChuckV

2459 posts in 2244 days


#8 posted 08-18-2012 12:33 AM

I think that this has something to do with religion.

-- “While the world with closed eyes sleeps, The sky knows and weeps - steel rain. ” ― Nathan Bell

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Jimbo4

1154 posts in 1480 days


#9 posted 08-18-2012 12:59 AM

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

-- *Arachnoleptic Fit*: The frantic dance performed just after you've accidently walked through a spider web.

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GMman

3902 posts in 2415 days


#10 posted 08-18-2012 01:13 AM

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

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Jimbo4

1154 posts in 1480 days


#11 posted 08-18-2012 01:21 AM

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

-- *Arachnoleptic Fit*: The frantic dance performed just after you've accidently walked through a spider web.

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GMman

3902 posts in 2415 days


#12 posted 08-18-2012 01:27 AM

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

1154 posts in 1480 days


#13 posted 08-18-2012 01:34 AM

You got room up there for one more?

-- *Arachnoleptic Fit*: The frantic dance performed just after you've accidently walked through a spider web.

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GMman

3902 posts in 2415 days


#14 posted 08-18-2012 01:39 AM

Sure no problem anytime.

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GMman

3902 posts in 2415 days


#15 posted 08-18-2012 01:43 AM

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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