johnFkennedy
Member
I'm 26 years old, single, no kids, make about $25K a year, and I'm a student.
Is this normal?
Is this normal?
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I give 24% of my paycheck to the government
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Ninja Scooter
Member
You drive on roads, don't you?
FelixOrion
Poet Centuriate
I'm in the same boat if not worse. And I technically work for the government!
shira
Member
I think this is why people deal drugs. Keep it all. No points.
johnFkennedy
Member
Explain.
Pikmindictator
Member
I pay 42 percent to the Dutch government every month. I have an average income for Dutch standards.
StopMakingSense
Member
Are you just basing that off of your paycheck, sans potential tax refund?
Buck-o-five
Pretty normal. You're actually doing pretty well. Median household income is only about $50k. The average household making $50k is supporting 2.5 people ($20k per person) with 1.3 earners ($38k per earner).
Although, yeah, the percentage is high if we're only talking about federal taxes. What state?
Although, yeah, the percentage is high if we're only talking about federal taxes. What state?
shadyspace
Banned
this is why the tea party exists
archnemesis
Member
I end up paying about 70 percent of my salary in taxes.
Skel1ingt0n
I can't *believe* these lazy developers keep making file sizes so damn large. Btw, how does technology work?
Yeah, pretty much sucks. I'm 24, and saw just a couple percentage less of my paycheck disappear last year. That, plus paying off the debt I incurred to get through school (to get the job) certainly sucks.
I'm not anti-taxes; they're definitely necessary and I realize they pay for my roads and public education and infrastructure and so much more. But I don't make great money - and I already feel the sting as a single male with (relatively) few responsibilities. I can certainly understand the hardship they cause for families and the frustration for those that give up even more of their pay.
I'm not anti-taxes; they're definitely necessary and I realize they pay for my roads and public education and infrastructure and so much more. But I don't make great money - and I already feel the sting as a single male with (relatively) few responsibilities. I can certainly understand the hardship they cause for families and the frustration for those that give up even more of their pay.
I pay 35%
johnFkennedy
Member
Yes. I should have mentioned that last year I got about 2 grand back, yet I still can't shake the feeling that I'm getting ripped off every time I get paid.
RustyNails
Member
Brawndo Addict
Banned
ED:I am dumb, you clearly said 24% deducted from paycheck.
Are you talking exclusively about income tax? Or do you include payroll taxes like social security? Are you counting State/Federal taxes together? What about local property taxes or County/City taxes? Sales taxes on purchases?
Is this before or after you file your tax returns and receive any refunds?
Are you talking exclusively about income tax? Or do you include payroll taxes like social security? Are you counting State/Federal taxes together? What about local property taxes or County/City taxes? Sales taxes on purchases?
Is this before or after you file your tax returns and receive any refunds?
Shake Appeal
Member
Think how much society you're buying with those taxes. Makes my dick stand proud.
StopMakingSense
Member
Factoring that in you pay 16% (assuming a similar return next year), fix your witholdings.
Standard deduction is about $6k. That leaves $19k. 10% on the first $9k and 15% on the rest, you should be paying around $2,400 in taxes or about 12%, plus FICA, plus state tax. FICA is 7.65%, that's 19%. Depending on what state you live in, that's about right.
edit:
Oh. That's kind of completely your fault, then. Change your withholdings and stop loaning money to the government. They won't mind.
StopMakingSense
Member
He said he's a student so there might be credits available.
About what we pay in Ontario, although we're only a single income household. And we get almost all of it back at the end of year. We do receive plenty of benefits from what we do pay though, notably from healthcare. It's funny how 'taxes' is some sort of evil word to some.
RiccochetJ
Gold Member
If you're a student then you'll get it all back after you do your taxes next year. Sounds like you filled out your W4 wrong or something.
How are you determining this?
How are you determining this?
Ace Harding
Member
If that's federal income taxes alone that's high for your income. That must be what's being withheld? Or is that net, after you get your refund?
Are you paying any tuition? That is tax deductible.
As a student making 25k you should be paying very little in income taxes. Like almost nothing beyond FICA which is 7.65%.
Are you paying any tuition? That is tax deductible.
As a student making 25k you should be paying very little in income taxes. Like almost nothing beyond FICA which is 7.65%.
D
Deleted member 1235
Unconfirmed Member
In this thread, people will look at the progressive tax system, take the top tax rate that applies to them and then claim 'I pay that much tax!'
effective tax rate will not be used or considered. An example
Netherlands top tax rate is 52%
OMG THE GOVERNMENT TAKES 52% of MY MONEY
Also OP, did you think a functioning society was free? Beause all these systems we have to make our lives pleasant are turns out.... not actually free!
effective tax rate will not be used or considered. An example
Netherlands top tax rate is 52%
OMG THE GOVERNMENT TAKES 52% of MY MONEY
Also OP, did you think a functioning society was free? Beause all these systems we have to make our lives pleasant are turns out.... not actually free!
HomerSimpson-Man
Member
Change your withholding allowances. Instead of getting that fat tax return at tax season you can set it to get back very little as you got more upfront in your paychecks throughout the year.
Combining FICA, OASDI, Federal income withholding, state income withholding, all sales taxes, all personal property taxes, all real estate taxes, and any excise taxes you may incur (alcohol and tobacco), you're probably paying much more than 24% to be honest.
Doing this will result in less withholding, by the way.
The first step is to get your refund to $0.
Doing this will result in less withholding, by the way.
EnderWiggles
Member
The government didn't take that money from you, it was never yours to begin with
Well, that article is so full of shit though.
I mean, they base the total amount you pay in taxes by including what is paid for pension, but they do not include 'arbetsgivaravgiften' into the salary (which is what is paying for the pension fee).
Roland Deschain
Member
That's for the highest incomes though. I pay between 40 and 45 percent. And we do have great healthcare etc.
johnFkennedy
Member
Sounds like it's an error on my part. How exactly do I fix my withholdings?
Fill out a form W-4 and give it to your employer. You can print it off the IRS website.
Duane Cunningham
Member
Well, that and the fact that the president is black.
Silver_DNA
Member
Little details but who's counting?
Ace Harding
Member
Probably not, unless he screwed up. I'm going to go out on a limb and say he's not paying any real or personal property taxes, since he's a student making less than 30k a year. The sales tax rate is probably 5-8% depending on where he lives, and its not applied to everything and only on some things he buys, not income. So that might end up being like 2-3% of his income. If he pays more than 20% in all taxes I would be surprised.
State income is the wild card I guess. Could be zero, could be a decent chunk.
RangersFan
Member
that's it?
johnFkennedy
Member
I was going strictly off my recent paychecks. I'm talking income only.
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