« previous next »
Pages: [1] 2   Go Down

Author Topic: Tax Bracket  (Read 4538 times)

0 Members and 1 Guest are viewing this topic.

Offline CG6468

  • Hero Member
  • *****
  • Posts: 11493
  • Reputation: +540/-210
Tax Bracket
« on: April 14, 2012, 09:09:29 AM »
What tax bracket did you end up in this year? Ours was 15%.
Logged
Illinois, south of the gun controllers in Chi town

Offline rich_t

  • Hero Member
  • *****
  • Posts: 7942
  • Reputation: +386/-429
  • TANSTAAFL
Re: Tax Bracket
« Reply #1 on: April 14, 2012, 10:05:50 AM »
Ours was 25%
Logged
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline marv

  • In Memoriam
  • Hero Member
  • *****
  • Posts: 2194
  • Reputation: +124/-28
  • Resident Grandpa
Re: Tax Bracket
« Reply #2 on: April 14, 2012, 10:25:19 AM »
0%.
Logged
FOUR BOXES KEEP US FREE: THE SOAP BOX, THE BALLOT BOX, THE JURY BOX, AND THE CARTRIDGE BOX.

THIS POST WILL BE MONITORED BY THE NSA

Offline BlueStateSaint

  • Here I come to save the day, because I'm a
  • Hero Member
  • *****
  • Posts: 32553
  • Reputation: +1560/-191
  • RIP FDNY Lt. Rich Nappi d. 4/16/12
Re: Tax Bracket
« Reply #3 on: April 14, 2012, 04:06:58 PM »
Not sure, but I'm thinking it was 15%.
Logged
"Timid men prefer the calm of despotism to the tempestuous sea of Liberty." - Thomas Jefferson

"All you have to do is look straight and see the road, and when you see it, don't sit looking at it - walk!" -Ayn Rand
 
"Those that trust God with their safety must yet use proper means for their safety, otherwise they tempt Him, and do not trust Him.  God will provide, but so must we also." - Matthew Henry, Commentary on 2 Chronicles 32, from Matthew Henry's Commentary on the Whole Bible

"These anti-gun fools are more dangerous to liberty than street criminals or foreign spies."--Theodore Haas, Dachau Survivor

Chase her.
Chase her even when she's yours.
That's the only way you'll be assured to never lose her.

Offline Evil_Conservative

  • Hero Member
  • *****
  • Posts: 7845
  • Reputation: +554/-194
  • Oh snap!
Re: Tax Bracket
« Reply #4 on: April 14, 2012, 04:11:20 PM »
I don't know... how do I find out?  We make less than $100k a year.
Logged
You may call me Jessica or Jess.

Offline rich_t

  • Hero Member
  • *****
  • Posts: 7942
  • Reputation: +386/-429
  • TANSTAAFL
Re: Tax Bracket
« Reply #5 on: April 14, 2012, 04:14:25 PM »
Logged
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline BlueStateSaint

  • Here I come to save the day, because I'm a
  • Hero Member
  • *****
  • Posts: 32553
  • Reputation: +1560/-191
  • RIP FDNY Lt. Rich Nappi d. 4/16/12
Re: Tax Bracket
« Reply #6 on: April 14, 2012, 04:19:49 PM »
Logged
"Timid men prefer the calm of despotism to the tempestuous sea of Liberty." - Thomas Jefferson

"All you have to do is look straight and see the road, and when you see it, don't sit looking at it - walk!" -Ayn Rand
 
"Those that trust God with their safety must yet use proper means for their safety, otherwise they tempt Him, and do not trust Him.  God will provide, but so must we also." - Matthew Henry, Commentary on 2 Chronicles 32, from Matthew Henry's Commentary on the Whole Bible

"These anti-gun fools are more dangerous to liberty than street criminals or foreign spies."--Theodore Haas, Dachau Survivor

Chase her.
Chase her even when she's yours.
That's the only way you'll be assured to never lose her.

Offline Evil_Conservative

  • Hero Member
  • *****
  • Posts: 7845
  • Reputation: +554/-194
  • Oh snap!
Re: Tax Bracket
« Reply #7 on: April 14, 2012, 04:29:27 PM »
Okay... we were in the 25% bracket then.
Logged
You may call me Jessica or Jess.

Offline rich_t

  • Hero Member
  • *****
  • Posts: 7942
  • Reputation: +386/-429
  • TANSTAAFL
Re: Tax Bracket
« Reply #8 on: April 14, 2012, 04:32:10 PM »
Quote from: BlueStateSaint on April 14, 2012, 04:19:49 PM
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.
Logged
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline NHSparky

  • Hero Member
  • *****
  • Posts: 24431
  • Reputation: +1280/-617
  • Where are you going? I was gonna make espresso!
Re: Tax Bracket
« Reply #9 on: April 14, 2012, 06:45:22 PM »
28 percent.
Logged
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford

Offline obumazombie

  • Siege engine to lib fortresses
  • Hero Member
  • *****
  • Posts: 21814
  • Reputation: +1661/-578
  • Last of the great minorities
Re: Tax Bracket
« Reply #10 on: April 14, 2012, 10:39:53 PM »
Quote from: NHSparky on April 14, 2012, 06:45:22 PM
28 percent.
I'm in your neighborhood.
Logged
There were only two options for gender. At last count there are at least 12, according to libs. By that standard, I'm a male lesbian.

Offline BEG

  • "Mile Marker"
  • Hero Member
  • *****
  • Posts: 17277
  • Reputation: +1062/-301
Re: Tax Bracket
« Reply #11 on: April 14, 2012, 10:47:14 PM »
Quote from: Evil_Conservative on April 14, 2012, 04:29:27 PM
Okay... we were in the 25% bracket then.

Jess, the percentage is based on adjusted gross income. After deductions.
Logged

Offline DumbAss Tanker

  • Hero Member
  • *****
  • Posts: 28493
  • Reputation: +1710/-151
Re: Tax Bracket
« Reply #12 on: April 15, 2012, 10:21:06 AM »
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.
Logged
Go and tell the Spartans, O traveler passing by
That here, obedient to their law, we lie.

Anything worth shooting once is worth shooting at least twice.

Offline Evil_Conservative

  • Hero Member
  • *****
  • Posts: 7845
  • Reputation: +554/-194
  • Oh snap!
Re: Tax Bracket
« Reply #13 on: April 15, 2012, 11:51:03 AM »
Quote from: BEG on April 14, 2012, 10:47:14 PM
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:
Logged
You may call me Jessica or Jess.

Offline rich_t

  • Hero Member
  • *****
  • Posts: 7942
  • Reputation: +386/-429
  • TANSTAAFL
Re: Tax Bracket
« Reply #14 on: April 15, 2012, 03:58:35 PM »
Quote from: BEG on April 14, 2012, 10:47:14 PM
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.

Logged
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline BEG

  • "Mile Marker"
  • Hero Member
  • *****
  • Posts: 17277
  • Reputation: +1062/-301
Re: Tax Bracket
« Reply #15 on: April 15, 2012, 04:48:22 PM »
Quote from: rich_t on April 15, 2012, 03:58:35 PM
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...
Quote
Jess, the percentage is based on adjusted gross income. After deductions.

I should put a "," instead of a ".".
Logged

Offline rich_t

  • Hero Member
  • *****
  • Posts: 7942
  • Reputation: +386/-429
  • TANSTAAFL
Re: Tax Bracket
« Reply #16 on: April 15, 2012, 05:50:41 PM »
Quote from: BEG on April 15, 2012, 04:48:22 PM
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.
Logged
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline Zeus

  • Hero Member
  • *****
  • Posts: 3265
  • Reputation: +174/-112
Re: Tax Bracket
« Reply #17 on: April 15, 2012, 07:34:21 PM »
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.

Logged
It is said that branches draw their life from the vine. Each is separate yet all are one as they share one life giving stem . The Bible tells us we are called to a similar union in life, our lives with the life of God. We are incorporated into him; made sharers in his life. Apart from this union we can do nothing.

Offline RightCoast

  • Hero Member
  • *****
  • Posts: 3438
  • Reputation: +185/-24
  • Semper Fi means more than most will ever know
Re: Tax Bracket
« Reply #18 on: April 15, 2012, 07:47:41 PM »
25%
Logged
nine eleven is a car
nine one one is an emergency service
September 11, 2001 was an attack
Never Forget, or Minimize.

Offline Ogre

  • Hero Member
  • *****
  • Posts: 1380
  • Reputation: +129/-6
  • What Cat?
Re: Tax Bracket
« Reply #19 on: April 15, 2012, 08:27:18 PM »
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:
Logged
"Don't argue about difficulties. The difficulties will argue for themselves."  - Winston Churchill

"Get some lumber, build a bridge, and get the hell over it" - Unknown

Offline docstew

  • Hero Member
  • *****
  • Posts: 4741
  • Reputation: +282/-187
  • My Wife is awesome!
Re: Tax Bracket
« Reply #20 on: April 15, 2012, 10:26:30 PM »
Quote from: rich_t on April 14, 2012, 04:32:10 PM
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)
Logged

Offline CG6468

  • Hero Member
  • *****
  • Posts: 11493
  • Reputation: +540/-210
Re: Tax Bracket
« Reply #21 on: April 16, 2012, 09:28:12 AM »
Quote from: docstew on April 15, 2012, 10:26:30 PM
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!!!!!!!!
Logged
Illinois, south of the gun controllers in Chi town

Offline obumazombie

  • Siege engine to lib fortresses
  • Hero Member
  • *****
  • Posts: 21814
  • Reputation: +1661/-578
  • Last of the great minorities
Re: Tax Bracket
« Reply #22 on: April 16, 2012, 09:53:22 AM »
Quote from: docstew on April 15, 2012, 10:26:30 PM
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.
Logged
There were only two options for gender. At last count there are at least 12, according to libs. By that standard, I'm a male lesbian.

Offline BEG

  • "Mile Marker"
  • Hero Member
  • *****
  • Posts: 17277
  • Reputation: +1062/-301
Re: Tax Bracket
« Reply #23 on: April 16, 2012, 10:15:26 AM »
Quote from: rich_t on April 15, 2012, 05:50:41 PM
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:
Logged

Offline Gina

  • Tinker Twat
  • Hero Member
  • *****
  • Posts: 13088
  • Reputation: +830/-102
  • Short Bus bound!
Re: Tax Bracket
« Reply #24 on: April 16, 2012, 10:24:56 AM »
Logged






"An army of deer led by a lion is more to be feared than an army of lions led by a deer." Phillip of Macedonia, father to Alexander.
Pages: [1] 2   Go Up
« previous next »