LJ Posted November 28, 2008 Report Share Posted November 28, 2008 Federal tax on 100k is $21,717 before deductions. State and local are obviously significantly less. Tack on a few exemptions and you can get your net pay per check a bit higher at the sacrifice of a heaftier return. When you look at the tax brackets, you are paying that percentage between the range of income... ie. on your first $8025 you pay 10%, $8026-$33950 you pay 15%... etc. One doesnt pay a full 28% as soon as he makes $78,852. You arent supposed to get a return. If you work in the city of Columbus, your taxes pretty much suck. One of the highest personal tax burdens in the country (top 10 with city and state combined) Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted November 28, 2008 Report Share Posted November 28, 2008 If you work in the city of Columbus, your taxes pretty much suck. One of the highest personal tax burdens in the country (top 10 with city and state combined) Where you kids pull your information from, I will never know. Columus is 17th when only using the nations largest cities... link Ohio is the 7th. Link When you add it up Columbus still isnt close to the top 10. Quote Link to comment Share on other sites More sharing options...
Dr. Pomade Posted November 28, 2008 Report Share Posted November 28, 2008 I hope you get at least 10% of it back come tax return time... If not we need to get you a better CPA. LOL, it's been forever since I got anything back from the government (e.g., a tax return), and I don't think it has anything to do with my CPA. Also, I just checked, and about 30% (as opposed to 40%) of my paycheck goes to taxes. So, yeah, if it were 40% being taken out, I would hope to get 10% back (though, based on what I know [which isn't much], it's better to owe the goverment than for them to give you a refund - since then you get to decide how to use your money, and not the goverment using your money as basically a debt-free loan). Quote Link to comment Share on other sites More sharing options...
LJ Posted November 28, 2008 Report Share Posted November 28, 2008 Where you kids pull your information from, I will never know. Columus is 17th when only using the nations largest cities... link Ohio is the 7th. Link When you add it up Columbus still isnt close to the top 10. Even using your information, I was correct. Columbus Ohio is 6th in personal income tax liability in the nation. http://money.cnn.com/pf/features/lists/taxesbycity2005/income.html#table Quote Link to comment Share on other sites More sharing options...
RedRocket1647545505 Posted November 28, 2008 Report Share Posted November 28, 2008 Even using your information, I was correct. Columbus Ohio is 6th in personal income tax liability in the nation. Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted November 28, 2008 Report Share Posted November 28, 2008 (though, based on what I know [which isn't much], it's better to owe the goverment than for them to give you a refund - since then you get to decide how to use your money, and not the goverment using your money as basically a debt-free loan). I agree. I try to peg it within a few thousand either way. As a 100% commissioned employee, it is impossible to project my exact income at year's end. Quote Link to comment Share on other sites More sharing options...
Dr. Pomade Posted November 28, 2008 Report Share Posted November 28, 2008 Even using your information, I was correct. Columbus Ohio is 6th in personal income tax liability in the nation. http://money.cnn.com/pf/features/lists/taxesbycity2005/income.html#table LOL, did you really have to clarify that it's the Columbus in Ohio that you're referencing? Quote Link to comment Share on other sites More sharing options...
LJ Posted November 28, 2008 Report Share Posted November 28, 2008 LOL, did you really have to clarify that it's the Columbus in Ohio that you're referencing? Duh, I don't want people to think we are in Georgia or something Quote Link to comment Share on other sites More sharing options...
RedRocket1647545505 Posted November 28, 2008 Report Share Posted November 28, 2008 LOL, did you really have to clarify that it's the Columbus in Ohio that you're referencing? I was honestly unsure which one we were referring to. Quote Link to comment Share on other sites More sharing options...
Dr. Pomade Posted November 28, 2008 Report Share Posted November 28, 2008 Columbus, Indiana? Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted November 28, 2008 Report Share Posted November 28, 2008 Even using your information, I was correct. Columbus Ohio is 6th in personal income tax liability in the nation. http://money.cnn.com/pf/features/lists/taxesbycity2005/income.html#table The point was moreso that that list was only a compilation of the largest city in each state. There are plenty of smaller cities with higher rates. ie. Akron has a higher local tax rate (2.25%) Cincinnati (2.10%) vs. Columbus (2.0%). Quote Link to comment Share on other sites More sharing options...
LJ Posted November 28, 2008 Report Share Posted November 28, 2008 The point was moreso that that list was only a compilation of the largest city in each state. There are plenty of smaller cities with higher rates. ie. Akron has a higher local tax rate (2.25%) vs. Columbus (2.0%). Whatever. Living in any city in Ohio with a city income tax is fail. The 2007 list puts the average in Ohio at 6 for personal and 5th for business Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted November 28, 2008 Report Share Posted November 28, 2008 Whatever. Living in any city in Ohio with a city income tax is fail. The 2007 list puts the average in Ohio at 6 for personal and 5th for business We'll agree on that. Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted November 28, 2008 Report Share Posted November 28, 2008 http://upload.wikimedia.org/wikipedia/en/2/24/850csi.jpg Quote Link to comment Share on other sites More sharing options...
HAOLE Posted November 28, 2008 Report Share Posted November 28, 2008 Wouldn't change a whole lot, 100k/yr isn't "rich". yep.... Reading through this thread I see a lot of people that will go into some DEEP debt to drive a car they cant afford even at 100K. IMHO if you cant pay cash you cant afford it. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted November 28, 2008 Report Share Posted November 28, 2008 http://upload.wikimedia.org/wikipedia/en/2/24/850csi.jpg Those are pretty reasonable now btw.. Most on auto-trader are 40-50 Quote Link to comment Share on other sites More sharing options...
Mensan Posted November 28, 2008 Author Report Share Posted November 28, 2008 Hey guys, thanks for the thread derail. Feel free to make your own thread on taxes. Quote Link to comment Share on other sites More sharing options...
HAOLE Posted November 28, 2008 Report Share Posted November 28, 2008 Federal tax on 100k is $21,717 before deductions. State and local are obviously significantly less. Tack on a few exemptions and you can get your net pay per check a bit higher at the sacrifice of a heaftier return. When you look at the tax brackets, you are paying that percentage between the range of income... ie. on your first $8025 you pay 10%, $8026-$33950 you pay 15%... etc. One doesnt pay a full 28% as soon as he makes $78,852. Unless you own your own business like me. Then you make the tax laws work for you. I dont pay much in taxes at all. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted November 28, 2008 Report Share Posted November 28, 2008 I see a lot of people that will go into some DEEP debt to drive a car they cant afford even at 100K. YUP Quote Link to comment Share on other sites More sharing options...
cptn janks Posted November 29, 2008 Report Share Posted November 29, 2008 know what id do if i made 100K? two chicks at the same time http://images1.fanpop.com/images/quiz/21380_1214501423928_500_263.jpg Quote Link to comment Share on other sites More sharing options...
Linc5.0 Posted November 29, 2008 Report Share Posted November 29, 2008 yep.... Reading through this thread I see a lot of people that will go into some DEEP debt to drive a car they cant afford even at 100K. IMHO if you cant pay cash you cant afford it. for once I agree with you...I pay cash for everything I own.... Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted November 29, 2008 Report Share Posted November 29, 2008 for once I agree with you...I pay cash for everything I own.... Cash it soo 80's. I hope to die millions in debt! Quote Link to comment Share on other sites More sharing options...
Wonderboy Posted November 29, 2008 Report Share Posted November 29, 2008 http://upload.wikimedia.org/wikipedia/en/2/24/850csi.jpg There was a kid in canal who had one of those. He put a couple grand in maintenance and repairs on it and then traded it for an old busted cadiallac. I almost shit myself when I heard what he did. I think he's younger than me too. It was a ridiculous situation. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted November 29, 2008 Report Share Posted November 29, 2008 There was a kid in canal who had one of those. He put a couple grand in maintenance and repairs on it and then traded it for an old busted cadiallac. I almost shit myself when I heard what he did. I think he's younger than me too. It was a ridiculous situation. I'd be willing to be he traded an 840ci and not an 850CSi........ :gtfo: Quote Link to comment Share on other sites More sharing options...
Wonderboy Posted November 29, 2008 Report Share Posted November 29, 2008 Oh, how much do you think one of those oscar meyer weiner mobiles are? If they are under 100k I would get one of those too. Quote Link to comment Share on other sites More sharing options...
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