Hwilli1647545487 Posted January 30, 2019 Report Share Posted January 30, 2019 Everyone's tax rate in this thread is around 13%, mine included. That means you can have your household income go up $15k with no additional money taken out of your checks and still break even. Even in a higher bracket you can go up $10k and still be safe. You mean 60% Quote Link to comment Share on other sites More sharing options...
greg1647545532 Posted January 30, 2019 Author Report Share Posted January 30, 2019 Nah, it's because you said "Unfortunately we made more money". But I already spent that money! Old me has screwed present me once again. Quote Link to comment Share on other sites More sharing options...
Mensan Posted January 30, 2019 Report Share Posted January 30, 2019 You mean 60% http://www.columbusracing.com/forums/picture.php?albumid=695&pictureid=5565 I meant federal income tax. The next time you and I are together you can prove to me that 60% of your money was paid in tax last year. Quote Link to comment Share on other sites More sharing options...
cstmg8 Posted January 31, 2019 Report Share Posted January 31, 2019 Everyone's tax rate in this thread is around 13%, mine included. That means you can have your household income go up $15k with no additional money taken out of your checks and still break even. Even in a higher bracket you can go up $10k and still be safe.Could you explain? When I look at the tax tables online, it looks like my wife and I are in the 24% bracket, where last year we were in the 33% bracket. Even with an increase in income in 2018, it Should be significant savings, correct? Sent from my Pixel 2 XL using Tapatalk Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted January 31, 2019 Report Share Posted January 31, 2019 Still waiting on a pair of daycare reports w/ EIN numbers, but it looks like my refund will also be about half, though when all is said and done, my effective tax rate (according to TurboTax, anyway) is basically unchanged... -0.02bps compared to last year, even after losing itemized deductions, cutting the child credit, and all that other crap. Quote Link to comment Share on other sites More sharing options...
greg1647545532 Posted January 31, 2019 Author Report Share Posted January 31, 2019 How deep into the 33% bracket were you? If not much of your income was taxes at that rate then the decreases at the other levels may not be enough to make up for the changes to the deduction rules. I was expecting bigger savings than I actually saw but I wasn't that deep into the 28% bracket last year. If you were right at 315 then maybe it will make a bigger difference for you. Quote Link to comment Share on other sites More sharing options...
Mensan Posted January 31, 2019 Report Share Posted January 31, 2019 Could you explain? When I look at the tax tables online, it looks like my wife and I are in the 24% bracket, where last year we were in the 33% bracket. Even with an increase in income in 2018, it Should be significant savings, correct? Effective tax rate is different than the tables. Though it seems your rate is higher than most here. Your overall rate is much lower than even 24% though, all said and done. For FEDERAL income taxes (Howard). Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted January 31, 2019 Report Share Posted January 31, 2019 TIL: I don't know shit about taxes.... yall live in a completely different world. Quote Link to comment Share on other sites More sharing options...
greg1647545532 Posted January 31, 2019 Author Report Share Posted January 31, 2019 TIL: I don't know shit about taxes.... yall live in a completely different world. You're not alone. Almost half the country doesn't pay federal income tax, though, so you might not have any reason to know shit about taxes yet. I know I didn't until I hit 30 and had a mortgage and most of my income wasn't active duty pay anymore. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 31, 2019 Report Share Posted January 31, 2019 I am actually more worried about something I heard on the radio this AM that said the IRS is looking at a year backup and hasn't even started processing this years returns. And something that could be made worse in 3 weeks. I filed my taxes last weekend (1/20/19) and they were direct deposited into my account yesterday, 1/30/19 Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 31, 2019 Report Share Posted January 31, 2019 Could you explain? When I look at the tax tables online, it looks like my wife and I are in the 24% bracket, where last year we were in the 33% bracket. Even with an increase in income in 2018, it Should be significant savings, correct? Sent from my Pixel 2 XL using Tapatalk not trying to be a smart ass, but are you aware that the bracket your in is not the tax on your entire income? only income above that mark is taxed at that rate. So let's say you and your wife's total gross income is 200k. you don't pay 24% on 200k ($48,000) you pay 10% on the first $19050 ($1905.00) you pay 12% on the $19051-77400 ($7001.88) you pay 22% on the $77401-165000 (19271.78) you pay 24% on $165001-200k (8399.76) total tax of $36,578.42 or about 18.3%. BUT... That amount is going to be even less with deductions/itemization that effectively reduces your taxable income. if you have 30k in deductions (for conversation's sake), your taxable income is now $170k...those charts above through 22% are the same, but then you only pay 24% on the 5k above 165k, reducing your taxes by $7200. in that instance your tax rate would be about 14.7% Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 31, 2019 Report Share Posted January 31, 2019 Same withholdings, but this year's refund is less than half the amount of last year's. And as mentioned before, this is the first time in YEARS that the standard deduction has given me a better result than itemizing. I think part of it too is remember when Trump said paychecks were going to be bigger around the start of 2018? they just changed what was being withheld. it probably didn't change your tax rates much. so if they were withholding $100 every two weeks more than they should have, and you were getting a $2600 refund in January, well now they're only withholding $60 more than they should and you're getting $1550. They pitched it as "you'll see more money on your checks!". unfortunate fact is, many (me included) see an extra $20-30 and it doesn't look like much, so it gets spent. it didn't go into my savings account. higher withholding is really an easy way for people that lack the discipline to save $20-30/wk to have that money set aside and get it all back at the start of the year. Quote Link to comment Share on other sites More sharing options...
Supplicium Posted January 31, 2019 Report Share Posted January 31, 2019 Nah, it's because you said "Unfortunately we made more money". yup lol! sounds just like the EBT people on the 1st on the month. Everyone's tax rate in this thread is around 13%, mine included. That means you can have your household income go up $15k with no additional money taken out of your checks and still break even. Even in a higher bracket you can go up $10k and still be safe. my rate is 35% this year :fuckyeah: Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted January 31, 2019 Report Share Posted January 31, 2019 my rate is 35% this year :fuckyeah: Oh look, someone else who doesn't understand taxes. EDIT: Wait, how in the actual hell does someone who makes $200k~$500k/year (or married $400k~$600k/year) not have a basic understanding of math and how our tax system works? Do you drive a Mercury Cougar? Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted January 31, 2019 Report Share Posted January 31, 2019 Everyone's tax rate in this thread is around 13%, mine included. That means you can have your household income go up $15k with no additional money taken out of your checks and still break even. Even in a higher bracket you can go up $10k and still be safe. Except for they will pay their marginal tax rate on any additional money they make. Quote Link to comment Share on other sites More sharing options...
greg1647545532 Posted January 31, 2019 Author Report Share Posted January 31, 2019 EDIT: Wait, how in the actual hell does someone who makes $200k~$500k/year (or married $400k~$600k/year) not have a basic understanding of math and how our tax system works? Do you drive a Mercury Cougar? Years of right-wing propaganda about how taxes are out of control. Quote Link to comment Share on other sites More sharing options...
Supplicium Posted January 31, 2019 Report Share Posted January 31, 2019 Oh look, someone else who doesn't understand taxes. EDIT: Wait, how in the actual hell does someone who makes $200k~$500k/year (or married $400k~$600k/year) not have a basic understanding of math and how our tax system works? Do you drive a Mercury Cougar? my only mistake was saying rate and not bracket, relax Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted January 31, 2019 Report Share Posted January 31, 2019 Everyone's tax rate in this thread is around 13%, mine included. Are you including state/local in that? I'm at 8-and-change effective (if TT is to be believed), and I'm about as plain boring as you can get. If it weren't for having itemized last year, it's very likely I could have used 1040A this year, maybe even 1040EZ. Quote Link to comment Share on other sites More sharing options...
10phone2 Posted January 31, 2019 Report Share Posted January 31, 2019 if only the messages about equality were applied to taxes that were all the same. Quote Link to comment Share on other sites More sharing options...
greg1647545532 Posted January 31, 2019 Author Report Share Posted January 31, 2019 if only the messages about equality were applied to taxes that were all the same. They are. Your ten thousandth dollar of income is taxed at the same rate as everyone else's ten thousandth dollar of income. Your millionth dollar of income is taxed at the same rate as everyone else's millionth dollar of income. It's truly a wondrous world. Quote Link to comment Share on other sites More sharing options...
cdk 4219 Posted February 2, 2019 Report Share Posted February 2, 2019 But I already spent that money! Old me has screwed present me once again. Guess you won’t be giving any to charity, since you can’t seem to manage your money. Shame you earned more, maybe you should have given the difference up to charitable causes and you would be better than you were last year. The hypocrisy of it all Quote Link to comment Share on other sites More sharing options...
greg1647545532 Posted February 2, 2019 Author Report Share Posted February 2, 2019 Guess you won’t be giving any to charity, since you can’t seem to manage your money. Shame you earned more, maybe you should have given the difference up to charitable causes and you would be better than you were last year. The hypocrisy of it all Who hurt you? Quote Link to comment Share on other sites More sharing options...
cdk 4219 Posted February 2, 2019 Report Share Posted February 2, 2019 Your ignorance is painful Quote Link to comment Share on other sites More sharing options...
greg1647545532 Posted February 2, 2019 Author Report Share Posted February 2, 2019 Hey man, you're a smart, accomplished person, don't let me get you down. Quote Link to comment Share on other sites More sharing options...
gillbot Posted February 2, 2019 Report Share Posted February 2, 2019 a Mercury Cougar? Cougars live in the woods Quote Link to comment Share on other sites More sharing options...
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