So.. how much did your taxes go up this year??

[Kimura]

The same as last year, but the maintenance fees on my condo went up. Douche bags.

 

[RDD_1210]

I don't believe that the OP earns more than 200k per year.

That said.....the idea that you have been taxed 50% on your additional income of 6k is ludicrous.

The people of no income speaketh.

How dare you complain, cash cow!

The woman who doesn't work chimes in.

 

[Mr. H.]

Back in '09 that home buyer's tax credit was awesome. Saved me $8k.

 

[koshergrl]

I don't believe that the OP earns more than 200k per year.

That said.....the idea that you have been taxed 50% on your additional income of 6k is ludicrous.

The people of no income speaketh.

How dare you complain, cash cow!

The woman who doesn't work chimes in.

You're confusing me with boop, gracie, stat, ravi, and tdm.

 

[oldfart]

Well, I fired up my tax program from Intuit which with our volume discount is only $4200 per office and ran a simple return: single taxpayer over 65 with no deductions or credits, $26,000 of Social Security benefits and a W-2. I used $15,000, $25,000, $35,000, $45,000, and $55,000 for the taxable wages. There is a formula for determining the taxable amount of Social Security which involves other income. If any one has heartburn, I can show the math. The results are this:

For the first $10,000 increase the effective tax rate is 22.65%, for the second it is 31.42%, for the third 39.25% and above that it is 25% until the taxpayer hits the 28% bracket. So there is a bulge in the effective rate for those on Social Security. This is the largest anomaly of this kind in the tax code, only matched when those with self-employment income add SECA to the income tax, which can get you to the 40.2% effective marginal rate. Anything else requires the tax on investment income that kicks in at $200k, the Pease or PEP adjustments, the highest two brackets, or a combination to get over 40%, and I don't think there is a way to get the effective rate over 50%.

Of course this is federal taxes only. If you live in NYC, it's easy to get to a combined local, state, and federal rate of 50%--60% if you just have enough income.

Oh, and my tax bill this year is zero, same as last year. I have no tax credits or itemized deductions and all my business expenses are taken into account at corporate/partnership level so they only effect my return through the K-1s. It won't last forever, but I built up more than I should have of basis in the entities in prior years and my life style is sufficiently modest that my distributions are just enough to get me to the zero point. I'm thinking of converting enough of my retirement to the Roth account to use up the 10% and 15% brackets and just pay the tax.

 

[zeke]

Well hell, I took ole Diamond Dave at his typed word that he made 2 mil a year. Then it was 200k a year.
I think ole Diamond Dave can't count his zeros correctly and the real number for Diamond Dave of Ky was....ta da....20 thousand dollars last year. I mean hell dave, how much is a zero worth?

 

[High_Gravity]

what was the cause of your increase? Specifically.

local taxes, increase of ~400.. State taxes, increase of $800, higher rate... Federal taxes are the rest.. Looks like rate increase as well except for about $700 less in deductions this year (less mortgage interest).. Though i did get $300 credit for energy efficient furnace being installed.. Also additional medicare tax of 0.9% on income over 2000k

you are claiming you had joint income of 2 million dollars and paid 3k more in taxes and want people to feel sorry for you? Fuck you.

 

[zeke]

You are claiming you had joint income of 2 million dollars and paid 3k more in taxes and want people to feel sorry for you? Fuck you.

And i personally do not care if someone's income was 2M or 20K.. if there was a 6K increase and more than 1/2 of that increase went to taxes, it is bullshit

I do notice that you had no qualms about accepting that $300 tax credit. Guess you probably won't get that credit next year. Point is, there are all kinds of things that make a person's tax situation different from one year to the next. Simply saying that you had $6,000 more income and $3,000 went to taxes does not really tell us anything meaningful to your tax situation last year, and your tax situation this year.

Despite Zeke's juvenile outburst and his mathematical inaccuracy, he does actually have a point. You're over $200,000 in income, and complaining about a $3,000 increase in your gross taxes this year. That's less than .02% of your income. Your difference in tax this year is because you have a different tax situation this year from last year, and while that might be somewhat unfortunate for you, you're not exactly going to starve either. Your problem kinda goes at the bottom of the list of problems facing our country.

So, you are a swim expert and not a "math" expert? Didn't like my sense of humor either.

But do check out the math again. 3000 is 1.5% of 200,000. Not 2 tenths of a percent. And 1.5% is greater than .02%. True story.

But you knew that. You are swim expert.

 

[boedicca]

Our taxes went up a ton. We have less discretionary income to spend locally because Washington DC and Sacramento are hoovering it up.

Thanks Big Government!

 

[boedicca]

You are claiming you had joint income of 2 million dollars and paid 3k more in taxes and want people to feel sorry for you? Fuck you.

And i personally do not care if someone's income was 2M or 20K.. if there was a 6K increase and more than 1/2 of that increase went to taxes, it is bullshit

I do notice that you had no qualms about accepting that $300 tax credit. Guess you probably won't get that credit next year. Point is, there are all kinds of things that make a person's tax situation different from one year to the next. Simply saying that you had $6,000 more income and $3,000 went to taxes does not really tell us anything meaningful to your tax situation last year, and your tax situation this year.

Despite Zeke's juvenile outburst and his mathematical inaccuracy, he does actually have a point. You're over $200,000 in income, and complaining about a $3,000 increase in your gross taxes this year. That's less than .02% of your income. Your difference in tax this year is because you have a different tax situation this year from last year, and while that might be somewhat unfortunate for you, you're not exactly going to starve either. Your problem kinda goes at the bottom of the list of problems facing our country.

Math is SOOOO Hard. ^^^ What an ignorant post ^^^

 

[High_Gravity]

Zeke is going off on a tangent in here.

 

[SwimExpert]

And i personally do not care if someone's income was 2M or 20K.. if there was a 6K increase and more than 1/2 of that increase went to taxes, it is bullshit

I do notice that you had no qualms about accepting that $300 tax credit. Guess you probably won't get that credit next year. Point is, there are all kinds of things that make a person's tax situation different from one year to the next. Simply saying that you had $6,000 more income and $3,000 went to taxes does not really tell us anything meaningful to your tax situation last year, and your tax situation this year.

Despite Zeke's juvenile outburst and his mathematical inaccuracy, he does actually have a point. You're over $200,000 in income, and complaining about a $3,000 increase in your gross taxes this year. That's less than .02% of your income. Your difference in tax this year is because you have a different tax situation this year from last year, and while that might be somewhat unfortunate for you, you're not exactly going to starve either. Your problem kinda goes at the bottom of the list of problems facing our country.

I will take under law what I can... as there are many who do not pay at all... All the while I still support a no exemption, no exception, no ceiling, no floor flat income tax on every dollar earned by every citizen..

I still paid the tax as last year.. the increased wages were taxed at OVER a 50% rate.. NOBODY should be taxed on any income that much

Unequal treatment in taxation and government overspending are indeed the most pressing problems in this country today

I don't blame you for taking everything you can.

Now, it does not make any sense that the extra $6,000 was specially taxed at a 50+% rate. There is nothing in the tax code that creates a special rate for $6,000 of one's income. I think you're looking at this a little narrowly. Your overall tax situation is different than last year. The reason I mentioned the $300 credit you got this year is because it's an example of how various things can change from year to year, thus creating different unique tax situations year after year. Deductions, credits, different forms of income which aren't taxed at as high of rates, etc.

Taxes are always going to be undesirable, and there will always be ways where various people are seemingly not treated "fairly."

 

[Mr. H.]

Just got my return from the accountant. I overpaid on my vouchers last year and applied that to this year's liability. *whew*

 

[SwimExpert]

Yeah, because people who earn more than you do should care less about an increase in taxes.

I imagine if you were paying 3000 more, the problem would be right up at the top of the list. But since his taxes fund your sedentary leech lifestyle, I can see why you are motivated to maintain the status quo.

How ridiculous. His taxes don't fund anything for me.

 

[Rozman]

Are we counting ObamaCare as a tax...
I mean that's how this administration got it past the Supreme Court!

 

[SwimExpert]

Zeke is going off on a tangent in here.

Is he going off his medication too, or is he just always like this? I can picture the bulging veins in his forehead perfectly in my mind.

 

[SteadyMercury]

Local taxes, increase of ~400.. State taxes, increase of $800, higher rate... Federal taxes are the rest.. looks like rate increase as well except for about $700 less in deductions this year (less mortgage interest).. though I did get $300 credit for energy efficient furnace being installed.. also additional medicare tax of 0.9% on income over 2000K

The additional 0.9% medicare tax for married filing jointly income > 250k (righteous bucks!) which would be the majority of the tax increase you have.

Assuming your joint income is 250k (I have no idea) you are in a 33% tax bracket, so the feds would have taken (6000 raise + 700 deduction loss) = 6700 * .33 = $2,211 of your $6000 raise for fed taxes.

So of your $6000 raise you have:
$2,211 fed taxes @ 33% w/$700 more income from less deduction
$2,250 medicare tax 0.9%
$400 increase local
$800 increase state

What did I miss? Seems like they would have taken $5,661 of your raise.

 

[hortysir]

Wife and I, almost 6K more income this year... >3K more in taxes owed between state and federal

Yep.. the promise of the tax increases not effecting the working people is a crock of shit

What is everyone else seeing with theirs??

I actually bring home a dollar more every 2wks than I did in 2013
(salary)
And a $2500 refund

 

[DiamondDave]

I do notice that you had no qualms about accepting that $300 tax credit. Guess you probably won't get that credit next year. Point is, there are all kinds of things that make a person's tax situation different from one year to the next. Simply saying that you had $6,000 more income and $3,000 went to taxes does not really tell us anything meaningful to your tax situation last year, and your tax situation this year.

Despite Zeke's juvenile outburst and his mathematical inaccuracy, he does actually have a point. You're over $200,000 in income, and complaining about a $3,000 increase in your gross taxes this year. That's less than .02% of your income. Your difference in tax this year is because you have a different tax situation this year from last year, and while that might be somewhat unfortunate for you, you're not exactly going to starve either. Your problem kinda goes at the bottom of the list of problems facing our country.

I will take under law what I can... as there are many who do not pay at all... All the while I still support a no exemption, no exception, no ceiling, no floor flat income tax on every dollar earned by every citizen..

I still paid the tax as last year.. the increased wages were taxed at OVER a 50% rate.. NOBODY should be taxed on any income that much

Unequal treatment in taxation and government overspending are indeed the most pressing problems in this country today

I don't blame you for taking everything you can.

Now, it does not make any sense that the extra $6,000 was specially taxed at a 50+% rate. There is nothing in the tax code that creates a special rate for $6,000 of one's income. I think you're looking at this a little narrowly. Your overall tax situation is different than last year. The reason I mentioned the $300 credit you got this year is because it's an example of how various things can change from year to year, thus creating different unique tax situations year after year. Deductions, credits, different forms of income which aren't taxed at as high of rates, etc.

Taxes are always going to be undesirable, and there will always be ways where various people are seemingly not treated "fairly."

That tax credit has been available for years.. sorry.. that is not a change

The reason for the increase is not because of the 6K, but because of the increase in tax rates overall... for me, not being in the top 1%, when all the claims by the liberals was that it would not increase for those who work for a living

It is not that taxes are undesirable... it is that the workers keep getting the shaft and more and more people freeload.. that, and the government spends more and more

 

[SteadyMercury]

I haven't done our taxes but I doubt they changed much. We make over 200k but less than 250k so no new medicare 0.9% tax, I doubt our AGI changed enough to pop into a new bracket, we claim the standard every year since no kids and own our home with no mortgage.

Same shit, lots of tax.