April 15th - Tax day
Comments
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Let's just say that, after sending that check off to the Service, my mood darkened.
The point you make is fair ... and compelling. The question that goes along with it is too: on what are we spending it, and is that ok? I've been on record for entitlement reform, and I stand by that. The other source of big sucking sounds from the fed on tax revenue is the military. It is here where my views diverge a bit from many conservatives.
I think we spend too much on it. I also think in some respects it serves as a social program. It is a place for legions and legions of kids coming out of high school with no better options to land. That in and of itself is not a bad thing. But there is some social engineering going on there. I think a thorough review of graft and waste in what is the massive military budge should be thoroughly reviewed. Of course, it's a sacred cow to politicians, because who wants to make that promise during campaign time? It serves neither party's political platform. -
creepycoug said:
Let's just say that, after sending that check off to the Service, my mood darkened.
The point you make is fair ... and compelling. The question that goes along with it is too: on what are we spending it, and is that ok? I've been on record for entitlement reform, and I stand by that. The other source of big sucking sounds from the fed on tax revenue is the military. It is here where my views diverge a bit from many conservatives.
I think we spend too much on it. I also think in some respects it serves as a social program. It is a place for legions and legions of kids coming out of high school with no better options to land. That in and of itself is not a bad thing. But there is some social engineering going on there. I think a thorough review of graft and waste in what is the massive military budge should be thoroughly reviewed. Of course, it's a sacred cow to politicians, because who wants to make that promise during campaign time? It serves neither party's political platform.
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Just filed that sweet sweet extension
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SS is capped at $128k in wages and 401k is capped at $18k in contributions. So....I disagree on 50% when talking a million in compensation.CirrhosisDawg said:
And with social security, 401k deposits, employee portion of benefits, etc, the net cash to the employee from the bonus is about 50 pct. Much lower than a salary payment where your deductions apply. All of which substantiates the $40-$45k or so average monthly income on a gross $1 million income number (depending on the salary / bonus split and before you settle up with the IRS every April).HHusky said:Thanks Mike.
If a supplemental wage payment, together with other supplemental wage payments made to the employee during the calendar year, exceeds $1 million, the excess is subject to withholding at 37% (or the highest rate of income tax for the year). Withhold using the 37% rate without regard to the employee's Form W-4. -
I think we spend too much on it. I also think in some respects it serves as a social program. It is a place for legions and legions of kids coming out of high school with no better options to land. This speaks more about you then you'll ever realize.
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And to the extent that the Military has turned into a "Social Program" you can blame the Rats. It's not Conservatives pushing women in combat and Trannie rights in the Military.
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The 50 pct only concerned the income from bonus payments and the impact on net monthly cash flow. Bonuses are paid around February generally in the IB world. Before the caps are hit. As far as monthly income is concerned (and I used a $200k / $800k, salary bonus split for this example) $40k-$45k net monthly cash income, before settlement with the IRS in April, is reasonable, given the tax treatment of bonus income (especially if you live in California).2001400ex said:
SS is capped at $128k in wages and 401k is capped at $18k in contributions. So....I disagree on 50% when talking a million in compensation.CirrhosisDawg said:
And with social security, 401k deposits, employee portion of benefits, etc, the net cash to the employee from the bonus is about 50 pct. Much lower than a salary payment where your deductions apply. All of which substantiates the $40-$45k or so average monthly income on a gross $1 million income number (depending on the salary / bonus split and before you settle up with the IRS every April).HHusky said:Thanks Mike.
If a supplemental wage payment, together with other supplemental wage payments made to the employee during the calendar year, exceeds $1 million, the excess is subject to withholding at 37% (or the highest rate of income tax for the year). Withhold using the 37% rate without regard to the employee's Form W-4. -
damn I had an appt with my accountant but cancelled it because of this thread - thanx guys
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Please amplify. I think you underestimate how much I'm able to realize.SFGbob said:I think we spend too much on it. I also think in some respects it serves as a social program. It is a place for legions and legions of kids coming out of high school with no better options to land. This speaks more about you then you'll ever realize.
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Good rhetoric. It appears that I might have hit a sore spot here.SFGbob said:And to the extent that the Military has turned into a "Social Program" you can blame the Rats. It's not Conservatives pushing women in combat and Trannie rights in the Military.
It's not just those people who make it a social program, and I think you know that. A lot of straight men with nothing better to do, and no better prospects out of high school, look to the military as a default landing spot. It's the fucking truth dude. Like it or not. Everybody knows it.
Do I value those people over fat, government cheese-eating baby factories sucking on the welfare dole? You betcha.
But that doesn't change the facts. We have a massive military, and we still can't police the world with it. So why in the fuck bother? It's the isolationist in me. It is a huge chunk of the budget. If it makes you feel better to blame that, along with seemingly everything else that goes wrong in the world, on Democrats, have at it. I don't have the obsession with them you seem to, but I also don't feel too motivated to defend them either. Rat's fault? IDRGAF. Fine. It's their fault.
The issue remains. We'd need to tax a lot less if we had military spending under more control.
I suspect it's a social and cultural issue for most people, as 95% of things US citizens fight about tend to be. -
Just wrote a $5k check.
Fuck off. -
I will ask for hardly clothed to do my taxes for me. I'm with all his free time. He can spend 45 minutes or so to help me.LebamDawg said:damn I had an appt with my accountant but cancelled it because of this thread - thanx guys
It's close to half if your earnings...... it's too much. -
I had a lot more money yesterday. I think.
My wife and the accountant dude deal with the fucking taxes. I don't even look. I just hand over the forms and sign where I'm told. Otherwise I'd probably lose my shit. I couldn't tell you if we paid more this year than last or not.
I think it's best this way. The lack of dead bodies in my immediate vicinity seems to confirm.
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You should make some dead fish bodiesdflea said:I had a lot more money yesterday. I think.
My wife and the accountant dude deal with the fucking taxes. I don't even look. I just hand over the forms and sign where I'm told. Otherwise I'd probably lose my shit. I couldn't tell you if we paid more this year than last or not.
I think it's best this way. The lack of dead bodies in my immediate vicinity seems to confirm. -
In a couple weeks, lots of fish are going to die. It's time to stock up the freezer with bottom fish.Pitchfork51 said:
You should make some dead fish bodiesdflea said:I had a lot more money yesterday. I think.
My wife and the accountant dude deal with the fucking taxes. I don't even look. I just hand over the forms and sign where I'm told. Otherwise I'd probably lose my shit. I couldn't tell you if we paid more this year than last or not.
I think it's best this way. The lack of dead bodies in my immediate vicinity seems to confirm. -
I paid more than last year but, I had a good year and landed in a higher bracket. Thanks Trump.
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You’re still missing thousands of dollars. The effective rate of taxation on a million dollars a year is not 37%.jecornel said:
Alright then better for you. If you are barely surving on on 50 grand (52,500) a month then dial it back a little.HHusky said:Thanks Mike.
If a supplemental wage payment, together with other supplemental wage payments made to the employee during the calendar year, exceeds $1 million, the excess is subject to withholding at 37% (or the highest rate of income tax for the year). Withhold using the 37% rate without regard to the employee's Form W-4.
If you could find a way to live on the 200k for a year you could make your remaining money work for you so that you are able to generate passive income. Then you could be rich. -
creepycoug said:
Good rhetoric. It appears that I might have hit a sore spot here.SFGbob said:And to the extent that the Military has turned into a "Social Program" you can blame the Rats. It's not Conservatives pushing women in combat and Trannie rights in the Military.
It's not just those people who make it a social program, and I think you know that. A lot of straight men with nothing better to do, and no better prospects out of high school, look to the military as a default landing spot. It's the fucking truth dude. Like it or not. Everybody knows it.
Do I value those people over fat, government cheese-eating baby factories sucking on the welfare dole? You betcha.
But that doesn't change the facts. We have a massive military, and we still can't police the world with it. So why in the fuck bother? It's the isolationist in me. It is a huge chunk of the budget. If it makes you feel better to blame that, along with seemingly everything else that goes wrong in the world, on Democrats, have at it. I don't have the obsession with them you seem to, but I also don't feel too motivated to defend them either. Rat's fault? IDRGAF. Fine. It's their fault.
The issue remains. We'd need to tax a lot less if we had military spending under more control.
I suspect it's a social and cultural issue for most people, as 95% of things US citizens fight about tend to be.
It's you're own personal "truth" it's not backed up by the facts and it speaks volumes about you. -
My check would shake out to about 40k a month. Let's see your pay stub.HHusky said:
You’re still missing thousands of dollars. The effective rate of taxation on a million dollars a year is not 37%.jecornel said:
Alright then better for you. If you are barely surving on on 50 grand (52,500) a month then dial it back a little.HHusky said:Thanks Mike.
If a supplemental wage payment, together with other supplemental wage payments made to the employee during the calendar year, exceeds $1 million, the excess is subject to withholding at 37% (or the highest rate of income tax for the year). Withhold using the 37% rate without regard to the employee's Form W-4.
If you could find a way to live on the 200k for a year you could make your remaining money work for you so that you are able to generate passive income. Then you could be rich. -
If you have an effective income tax rate of 52%, you are doing this wrong.jecornel said:
My check would shake out to about 40k a month. Let's see your pay stub.HHusky said:
You’re still missing thousands of dollars. The effective rate of taxation on a million dollars a year is not 37%.jecornel said:
Alright then better for you. If you are barely surving on on 50 grand (52,500) a month then dial it back a little.HHusky said:Thanks Mike.
If a supplemental wage payment, together with other supplemental wage payments made to the employee during the calendar year, exceeds $1 million, the excess is subject to withholding at 37% (or the highest rate of income tax for the year). Withhold using the 37% rate without regard to the employee's Form W-4.
If you could find a way to live on the 200k for a year you could make your remaining money work for you so that you are able to generate passive income. Then you could be rich. -
Agree that the military is for killing enemies, blowing shit up and protecting our nation. It's does not exist to have your dick cut off and for the army to buy you a dress.SFGbob said:And to the extent that the Military has turned into a "Social Program" you can blame the Rats. It's not Conservatives pushing women in combat and Trannie rights in the Military.
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Take home in California on a million and married. we are arguing about 4200 a month. Chump change buddy.
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Cali tax is only 6% I've heard
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I agree Daddy has fucked California. A feature, not a bug.jecornel said:Take home in California on a million and married. we are arguing about 4200 a month. Chump change buddy.
That said, what the fuck are you doing paying a 33+% effective federal income tax rate?!? Ever hear of a retirement account? HSA?
I want to lay eyes on the moron who paid a federal income tax effective rate of 33.12% on one million dollars of income. Does that person actually exist? -
It's late, sue me.
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Not to mention that most of those people have side business that lose money. Even politicians that disclose their tax returns have deductions and contributions that greatly reduce the tax liability.HHusky said:
I agree Daddy has fucked California. A feature, not a bug.jecornel said:Take home in California on a million and married. we are arguing about 4200 a month. Chump change buddy.
That said, what the fuck are you doing paying a 33+% effective federal income tax rate?!? Ever hear of a retirement account? HSA?
I want to lay eyes on the moron who paid a federal income tax effective rate of 33.12% on one million dollars of income. Does that person actually exist?
