The Conservative Cave
The Bar => The Lounge => Topic started by: CG6468 on April 14, 2012, 09:09:29 AM
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What tax bracket did you end up in this year? Ours was 15%.
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Ours was 25%
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0%. (http://www.conservativecave.com/Smileys/default/tongue2.gif)
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Not sure, but I'm thinking it was 15%.
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I don't know... how do I find out? We make less than $100k a year.
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I don't know... how do I find out? We make less than $100k a year.
http://www.bankrate.com/finance/taxes/2011-tax-bracket-rates.aspx
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http://www.bankrate.com/finance/taxes/2011-tax-bracket-rates.aspx
Based on that, we made it into the 25% bracket.
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Okay... we were in the 25% bracket then.
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Based on that, we made it into the 25% bracket.
Don't ya just love having the government take 3 entire months worth of salary out of your income?
I'm telling ya, if people had to write out that check each month instead of having it taken out of your paycheck, we would see a tax revolt that would make the Boston Tea party look like a girl scout meeting.
Especially since that tax bracket doesn't even include what is withheld for SS and medicare.
Nor does it include state and local income taxes that some of us pay.
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28 percent.
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28 percent.
I'm in your neighborhood.
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Okay... we were in the 25% bracket then.
Jess, the percentage is based on adjusted gross income. After deductions.
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Never worry about it actually, the delta between a 25% rate and a 28% rate wouldn't change any decisions I made this past year, or will make next year.
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Jess, the percentage is based on adjusted gross income. After deductions.
Gotcha. That puts us in the 15% then, but after this year, we will probably be in the 25% bracket. But maybe we will get "lucky" and can stay in the 15% if we can still write off interest on the house. :rotf:
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Jess, the percentage is based on adjusted gross income. After deductions.
Wouldn't that be on taxable income (line 43 of 1040) vs. AGI (line 37 of 1040)?
AGI is before deductions.
I am under the impression that the tax bracket is based on Taxable income and not AGI.
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Wouldn't that be on taxable income (line 43 of 1040) vs. AGI (line 37 of 1040)?
AGI is before deductions.
I am under the impression that the tax bracket is based on Taxable income and not AGI.
Like I said...Jess, the percentage is based on adjusted gross income. After deductions.
I should put a "," instead of a ".".
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Like I said...
I should put a "," instead of a ".".
I'm not trying to be argumentative.
AGI comes before deductions on form 1040. My taxable income is less than my AGI. I remain under the impression that the tax brackets are based on taxable income.
Perhaps you and I are talking about different things. Or I am completely misreading what you are saying.
I'm in the 25% bracket either way.
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For United States individual income tax, adjusted gross income (AGI) is total gross income minus specific reductions. Taxable income is adjusted gross income less allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.
Filing Form 1040 with schedules B , C , E , F and accompanying worksheets puts my actual Tax basis at about 11 or 12 %.
Years back I could Fold my tax returns and put them in a business envelope in a file cabinet now I need a box(s). I could also do my own returns now an army of bean counters do them.
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25%
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28%, I wouldn't *&$#@% mind it if it was spent responsibly.
Sometimes I think a homeless drug addict would be more fiscally responsible than the politicians. :hammer:
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Don't ya just love having the government take 3 entire months worth of salary out of your income?
I'm telling ya, if people had to write out that check each month instead of having it taken out of your paycheck, we would see a tax revolt that would make the Boston Tea party look like a girl scout meeting.
Especially since that tax bracket doesn't even include what is withheld for SS and medicare.
Nor does it include state and local income taxes that some of us pay.
That's one of the changes I'd make to the tax code:
1) No withholding, you have to write a check to pay
2) Tax day is the first Monday in November (IOW the day before election day. Gotta make sure the taxpayers are nice and angry about writing that big check the day before)
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That's one of the changes I'd make to the tax code:
1) No withholding, you have to write a check to pay
2) Tax day is the first Monday in November (IOW the day before election day. Gotta make sure the taxpayers are nice and angry about writing that big check the day before)
Absolutely!!!!!!!!
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That's one of the changes I'd make to the tax code:
1) No withholding, you have to write a check to pay
2) Tax day is the first Monday in November (IOW the day before election day. Gotta make sure the taxpayers are nice and angry about writing that big check the day before)
Self employed already do something very similar, but aside from that, great idea.
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I'm not trying to be argumentative.
AGI comes before deductions on form 1040. My taxable income is less than my AGI. I remain under the impression that the tax brackets are based on taxable income.
Perhaps you and I are talking about different things. Or I am completely misreading what you are saying.
I'm in the 25% bracket either way.
I am saying the same thing you are, just not as artfully. :wink:
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http://www.bankrate.com/finance/taxes/2011-tax-bracket-rates.aspx
based on that; 25% :panic:
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Tax Bracket just a starting point use of available exemptions, credits , write offs,carry overs and the such determines actual tax basis.
Some folks start at 25% and because of their situation pretty much stay at 25%. Others may start at 25% and because of their situation,tax strategy etc have a tax basis of 10 % .
I appreciate and acknowledge the fact that my actual Tax basis while lower than many the actual Dollar amount in Taxes paid is higher than many. My Tax generating activities have also created more Jobs that generate additional taxes for the fed coffers. Something the "eat the rich" population of this country doesn't understand or just simply ignores.
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Tax Bracket just a starting point use of available exemptions, credits , write offs,carry overs and the such determines actual tax basis.
Some folks start at 25% and because of their situation pretty much stay at 25%. Others may start at 25% and because of their situation,tax strategy etc have a tax basis of 10 % .
I appreciate and acknowledge the fact that my actual Tax basis while lower than many the actual Dollar amount in Taxes paid is higher than many. My Tax generating activities have also created more Jobs that generate additional taxes for the fed coffers. Something the "eat the rich" population of this country doesn't understand or just simply ignores.
The libs like to spin it into "trickle down". In reality it's anywhere from a steady flow to a torrent.