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Non-Cattle Specific Topics
Every Thing Else Board
Income tax
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<blockquote data-quote="aplusmnt" data-source="post: 299146" data-attributes="member: 1399"><p>Yea I forgot to include that in my post above. You pay a flat $15.3% vs if you work for someone you pay the 7.65% I listed above. </p><p></p><p>So if you made $80,000 a year working for someone else you would pay a total of $6,120.00 in SS and Medicare. </p><p></p><p>If you are self employed and made $80,000 a year you would have to pay in $12,240.00 just for SS and Medicare.</p><p></p><p>Government makes sure they get their tax money one way or another that is for sure. </p><p></p><p>Lots of people do not realize there is a whole other $7.65% tax on every dollar you make that is being paid by employer, kind of a back door tax. Makes the IRS pretty well getting around 30-40 percent of every dollar you make. </p><p></p><p>Then if you figure you pay Sales tax on everything you buy, and special taxes on phone lines, electricity etc.. you can figure the government gets over half of what you make when it is all said and done for a middle class person.</p><p></p><p>Basically we work Jan through June for the Government and then we get what we make July through December.</p></blockquote><p></p>
[QUOTE="aplusmnt, post: 299146, member: 1399"] Yea I forgot to include that in my post above. You pay a flat $15.3% vs if you work for someone you pay the 7.65% I listed above. So if you made $80,000 a year working for someone else you would pay a total of $6,120.00 in SS and Medicare. If you are self employed and made $80,000 a year you would have to pay in $12,240.00 just for SS and Medicare. Government makes sure they get their tax money one way or another that is for sure. Lots of people do not realize there is a whole other $7.65% tax on every dollar you make that is being paid by employer, kind of a back door tax. Makes the IRS pretty well getting around 30-40 percent of every dollar you make. Then if you figure you pay Sales tax on everything you buy, and special taxes on phone lines, electricity etc.. you can figure the government gets over half of what you make when it is all said and done for a middle class person. Basically we work Jan through June for the Government and then we get what we make July through December. [/QUOTE]
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