Tax return is nearly $3000 LESS because I worked part-time last year!

[daughtersrus]

Are you not aware that if GM went under that about 1 million US citizens would have lost their jobs? Conditions of the bailout were that these bonus payments to the executives would end.. I am my no means an Obama fan, but the auto bailout was a great move..

What I am saying in the first part is that the UAW had a bigger part in forcing GM into BK than bonus's paid to a handful of people at the top... sort of $10K to 250000 people is more money than $1M to 10 people..

That may be, but the bonuses/compensation packages have been more than $1M and to more that 10 people.

 

[HHSTigerFan]

That may be, but the bonuses/compensation packages have been more than $1M and to more that 10 people.

source?

And not saying you are wrong, I don't know... but its not going to approach the problems caused by the unions for decades..

 

[daughtersrus]

source?

And not saying you are wrong, I don't know... but its not going to approach the problems caused by the unions for decades..

Here's one.

http://www.companypay.com/executive/compensation/general-motors-corp.asp?yr=2008

Your turn. Source?

 

[sam_gordon]

I'm still waiting for ANYONE to say what tax percentage THEY are paying. I'm paying 8.7% of my GROSS (not adjusted gross) income. I'm paying 13.6% of my 'Taxable Income).

If you don't know how to calculate it, take the 'Tax Owed' and divide by your 'Gross Income' or 'Taxable Income'. Multipy that number by 100. That's the percentage.

 

[sam_gordon]

HHS, I'd like to clarify something... according to your plan...

Simply tell the US people that the federal govt is getting out of the welfare business, that will be shifted to a non-profit organization that will accept tax deductible contributions, most employers will allow people to have payroll deductions to that group equal to the amount that your withholding taxes will decrease by..

your taxes owed would go down, right? You suggest that people could use their 'extra' money to donate to charities. Do I have that right?

If so, here's a hypothetical for you... let's say the government did that, and now you pay 2% less in taxes. We know 2% of your salary is $85. So what are you going to do with that $85. Is it all going to charities? If not, how do charities get enough money to help take care of people?

 

[HHSTigerFan]

So you named 5 people at about $39M


"While in the past UAW settled for some benefit decreases while bargaining with the Big Three U.S. automakers, according to the Wall Street Journal in September of 2006, “on average, GM pays $81.18 an hour in wages and benefits to its U.S. hourly workers.” Those increased costs, including the cost of health care, were passed along to consumers, adding $1,600 to the price of every vehicle GM produced. In February 2008, after General Motors offered buyouts to 74,000 employees, the Center for Automotive Research estimated the average wage, including benefits, for current GM workers had dropped to $78.21 an hour."

So you don't think a benefits package of $81.18 is over the top? Thats about $160K a year for about 130K employees.. If we pretend $130K package is whats fair, thats $3.9B per year they were over spending on union employees..

You have a ways to go to get from $39M to $3.9B..

 

[kamik86]

I'm still waiting for ANYONE to say what tax percentage THEY are paying. I'm paying 8.7% of my GROSS (not adjusted gross) income. I'm paying 13.6% of my 'Taxable Income).

If you don't know how to calculate it, take the 'Tax Owed' and divide by your 'Gross Income' or 'Taxable Income'. Multipy that number by 100. That's the percentage.

Actually I started another thread on this and many did answer. I'm paying 9. something for federal of my adjusted gross.

Oh and to get to a percentage from a raw number you Divide by 100 not multiply.

 

[snowywhite89]

I'm still waiting for ANYONE to say what tax percentage THEY are paying. I'm paying 8.7% of my GROSS (not adjusted gross) income. I'm paying 13.6% of my 'Taxable Income).

If you don't know how to calculate it, take the 'Tax Owed' and divide by your 'Gross Income' or 'Taxable Income'. Multipy that number by 100. That's the percentage.

I know how to calculate it but out taxes are not done. We are still waiting for two more documents and then we have to wait until the middle of March because one of our documents has until then to send changes. We got burned by this and had to do an amended tax return.

 

[HHSTigerFan]

I'm still waiting for ANYONE to say what tax percentage THEY are paying. I'm paying 8.7% of my GROSS (not adjusted gross) income. I'm paying 13.6% of my 'Taxable Income).

If you don't know how to calculate it, take the 'Tax Owed' and divide by your 'Gross Income' or 'Taxable Income'. Multipy that number by 100. That's the percentage.

After taking the $1500 credit for replacing some windows, we are at about 6.1%...

 

[tonilea]

I'm still waiting for ANYONE to say what tax percentage THEY are paying. I'm paying 8.7% of my GROSS (not adjusted gross) income. I'm paying 13.6% of my 'Taxable Income).

If you don't know how to calculate it, take the 'Tax Owed' and divide by your 'Gross Income' or 'Taxable Income'. Multipy that number by 100. That's the percentage.

Okay, you asked for it. Our effective tax rate is -3.17%. DH is a cop and I am a full time student/part time substitute teacher and we have one child. We qualify for a child tax credit and EIC. I think EIC is foolish and we do pretty well on our income (of course, our house was paid for before DS was born - back when I worked full time). But, we will make good use of the money and in three years we will be paying in taxes again.

 

[sam_gordon]

Actually I started another thread on this and many did answer. I'm paying 9. something for federal of my adjusted gross.

Is that your 'adjusted gross' BEFORE taking deductions into account?

Oh and to get to a percentage from a raw number you Divide by 100 not multiply.

Nope. Let's make it simple.
Let's say your tax bill is $50.
Let's say your gross is $1000.
50 divided by 1000 = 0.05.
MULTIPLY that by 100 = 5%.
So 50 is 5% of 1000.

 

[sam_gordon]

After taking the $1500 credit for replacing some windows, we are at about 6.1%...

I'm not including credits. I just looked up IRS 1040A. Here are the appropriate lines...

15 (Total Income)
27 (Taxable Income)
37 (Total Tax)

 

[kamik86]

I'm not including credits. I just looked up IRS 1040A. Here are the appropriate lines...

15 (Total Income)
27 (Taxable Income)
37 (Total Tax)

I used line 21. Adjusted Gross Income. That is the one turbo tax automatically computes the percentage for on the front page so I knew the number off the top of my head. The others I would have to look up when I have my forms with me.

 

[ohlas]

Not be able to work why? I can't think of anything that wouldn't be considered for disability where a person REALLY couldn't work. Yes this would mean more people on disability.

If your going to school full time you can get a higher wage so you can work less hours on the program but I still think we should have them work some, I mean most of us here had to work through college.

If they don't want to work... Ok now they really aren't my problem. At this point I really can't find the compassion to care. I care about the kids... so we take them away for neglect and find them homes where someone cares about them enough to be willing to get a job to care for them. Not a perfect solution but honestly how I feel.

Not being able to find a job wasn't an issue with what I was proposing... think like work study for college students... if you qualify you MUST be given a job and the hours to make the money you qualify for at that job. May not be a great job, or the job you want, but you are guaranteed a job (because from gov. prospective its better then being guaranteed a welfare check).

good luck getting a lazy person that just wantz their check to pick up trash. hell most of them dont clean their own trash off the streets in the gettho opps i meant free houseing and they get free trash service too.which is $12 a month for at my non free housing...

 

[sam_gordon]

I used line 21. Adjusted Gross Income. That is the one turbo tax automatically computes the percentage for on the front page so I knew the number off the top of my head. The others I would have to look up when I have my forms with me.

I don't like 21 because that takes deductions (IRA, Teacher Expense, Tuition, etc) into account. My feeling is you just look at your total income vs. your tax responsibility.

 

[sam_gordon]

Okay, you asked for it. Our effective tax rate is -3.17%. DH is a cop and I am a full time student/part time substitute teacher and we have one child. We qualify for a child tax credit and EIC. I think EIC is foolish and we do pretty well on our income (of course, our house was paid for before DS was born - back when I worked full time). But, we will make good use of the money and in three years we will be paying in taxes again.

Do you mind going back and doing it again using the line items I listed above? I'm trying to get a feel BEFORE credits. We get the child tax credits also, but those aren't factored into my percentages.

 

[sam_gordon]

good luck getting a lazy person that just wantz their check to pick up trash. hell most of them dont clean their own trash off the streets in the gettho opps i meant free houseing and they get free trash service too.which is $12 a month for at my non free housing...

I think the point is if they don't do the work, they don't get the money. Makes sense to me.

 

[ohlas]

guess rate this year after deductions is 13.4832

 

[tonilea]

Do you mind going back and doing it again using the line items I listed above? I'm trying to get a feel BEFORE credits. We get the child tax credits also, but those aren't factored into my percentages.

Tax rate, before any credits on Total Income = .3%
Tax rate, before any credits on Taxable Income = .9%

And for any one wondering - we don't expect to be able to take a WDW trip until I finish college.

 

[sam_gordon]

guess rate this year after deductions is 13.4832

What number did you base that on? Your Total Income or your Taxable Income? I'm guessing 'taxable'. Try it against your total income. I'm guessing you'll be <10%.