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Tax on ultra wealthy
Comments
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Many many moons ago, the throbber sold software....the monthly pay was adequate but the bonuses were massive based on revenue production. It was not unusual for the quarterly bonus to be many multiples of base pay. So you could figuratively suck for a quarter, then make 5 to 10 times the year to date income on one bonus check.2001400ex said:
Yes you are correct. But what person do you know makes $60k a year and gets a bonus in June for $100k? You could say a small business owner with a C Corp election. But then you wouldn't bonus yourself, you'd do a distribution and no taxes would be withheld. Or if they were withheld. They wouldn't be employment taxes. That's the whole point of the c Corp election.PurpleThrobber said:
If his base was maybe $5K per month for Jan through May, it's possible to get a $100K check in June and still be under the $132,900 threshold for FICA withholding.2001400ex said:
I'll bet you $1,000 you didn't see a check for a $100,000 bonus with 6.2% social security withheld. Unless the check was in January, that's literally impossible.Sledog said:
Really what are the rates know it all? Everything I said is true. I'm not a lying turd like you.2001400ex said:
Sledog said 6.2% social security which is impossible. He made the shit up.UW_Doog_Bot said:
Jesus, if you really are an accountant you've gotta be the worst fucking one that I've ever talked to. I already gave you a very reasonable and easy explanation. Yes, withholding can be higher than the effective rate on bonuses for a variety of reasons. I've had it happen, was pissed, and had to go get an explanation of why it happened.2001400ex said:
Now I know you just completely made that story up. You just outed yourself dumbfuck.Sledog said:
Oh and how do you figure that?HHusky said:
Either an apocryphal tale or there’s a piece of information missing.Sledog said:Guy I know just got a bonus check for 100k in Cali. His check after taxes was 41,300.00 The government's shouldn't get more than the worker. Ever.
37% federal, 13% state, 1.45% Medicare , 1% disability, 6.2% social security.
58.65%
That's fucking Kalifornia and the feds.
To be in the 37% tax bracket, your income has to be over $400k. And social security ends under $130k.
But remember, sledog is not known as a liar.
Also, are we really arguing over if something along 49% vs. 58% makes it too much? Both are too fucking much. Fucking Christ, the colonists revolted over less than 5% of their income going to taxes.
Well I'd say if you don't want to pay 49% don't live in California. That's 10-13% top rate or whatever. Fuck that. In Washington, it would be about 40%. Unless the income is derived from capital gains. Then it's 20%.
Seriously. The person that gets screwed for taxes in this country is the person making $200k to $500k a year from a wage.
I could provide proof but you'll have to pay if I do. Say $1000.00? More?
Not very likely - but definitely not 'literally impossible'....which, by the way, you should check yo'self on the use of 'literally' without absolute certainty.
#syntaxsuperiorityguy
Also, if he's following the withholding tables, he'll get figuratively fucked on the Fed Tax Withheld as that is based on an annualized as if he was getting that amount monthly or bi-weekly. Dude should have been in giving the payroll clerk his big salomi and axing her to override the withholding amount one time.
Audit guys shouldn't play tax, either, btw.
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I'll bring a pic and I'm too old to photo shop. Bring cash.2001400ex said:
I'm in Vermont at the moment. But yes, bring the check and stub to Spokane on Thursday. I'll be there.Sledog said:
Check was very recent. OK where we meeting. Bring cash. Show cash and I'll show you my proof. You're in Spokane right? Tomorrow? I'll have cash. Unless my math is wrong $6,200.00 is 6.2% of 100,000.00.2001400ex said:
I'll bet you $1,000 you didn't see a check for a $100,000 bonus with 6.2% social security withheld. Unless the check was in January, that's literally impossible.Sledog said:
Really what are the rates know it all? Everything I said is true. I'm not a lying turd like you.2001400ex said:
Sledog said 6.2% social security which is impossible. He made the shit up.UW_Doog_Bot said:
Jesus, if you really are an accountant you've gotta be the worst fucking one that I've ever talked to. I already gave you a very reasonable and easy explanation. Yes, withholding can be higher than the effective rate on bonuses for a variety of reasons. I've had it happen, was pissed, and had to go get an explanation of why it happened.2001400ex said:
Now I know you just completely made that story up. You just outed yourself dumbfuck.Sledog said:
Oh and how do you figure that?HHusky said:
Either an apocryphal tale or there’s a piece of information missing.Sledog said:Guy I know just got a bonus check for 100k in Cali. His check after taxes was 41,300.00 The government's shouldn't get more than the worker. Ever.
37% federal, 13% state, 1.45% Medicare , 1% disability, 6.2% social security.
58.65%
That's fucking Kalifornia and the feds.
To be in the 37% tax bracket, your income has to be over $400k. And social security ends under $130k.
But remember, sledog is not known as a liar.
Also, are we really arguing over if something along 49% vs. 58% makes it too much? Both are too fucking much. Fucking Christ, the colonists revolted over less than 5% of their income going to taxes.
Well I'd say if you don't want to pay 49% don't live in California. That's 10-13% top rate or whatever. Fuck that. In Washington, it would be about 40%. Unless the income is derived from capital gains. Then it's 20%.
Seriously. The person that gets screwed for taxes in this country is the person making $200k to $500k a year from a wage.
I could provide proof but you'll have to pay if I do. Say $1000.00? More?
You bringing HH? I can cover a lot more than a grand. -
I guess if your pal figured out how to pay $59,000 tax on $100,000 of income, I must be the retard.Sledog said:
No bet HH? Who's the retard if you're turning down a sure win?HHusky said:Whatever was withheld , your pal wasn’t taxed at 59% on it. To say otherwise is retarded. I’m not going to take your money, Mall Cop.
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Can't back up your mouth. Expected. Hondo will bail out any minute.HHusky said:
I guess if your pal figured out how to pay $59,000 tax on $100,000 of income, I must be the retard.Sledog said:
No bet HH? Who's the retard if you're turning down a sure win?HHusky said:Whatever was withheld , your pal wasn’t taxed at 59% on it. To say otherwise is retarded. I’m not going to take your money, Mall Cop.
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Well, keep us posted.Sledog said:
Can't back up your mouth. Expected. Hondo will bail out any minute.HHusky said:
I guess if your pal figured out how to pay $59,000 tax on $100,000 of income, I must be the retard.Sledog said:
No bet HH? Who's the retard if you're turning down a sure win?HHusky said:Whatever was withheld , your pal wasn’t taxed at 59% on it. To say otherwise is retarded. I’m not going to take your money, Mall Cop.
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He said he'll be in Spokane on Thursday.HHusky said:
Well, keep us posted.Sledog said:
Can't back up your mouth. Expected. Hondo will bail out any minute.HHusky said:
I guess if your pal figured out how to pay $59,000 tax on $100,000 of income, I must be the retard.Sledog said:
No bet HH? Who's the retard if you're turning down a sure win?HHusky said:Whatever was withheld , your pal wasn’t taxed at 59% on it. To say otherwise is retarded. I’m not going to take your money, Mall Cop.
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Third person? OK lets get it done.2001400ex said:
He said he'll be in Spokane on Thursday.HHusky said:
Well, keep us posted.Sledog said:
Can't back up your mouth. Expected. Hondo will bail out any minute.HHusky said:
I guess if your pal figured out how to pay $59,000 tax on $100,000 of income, I must be the retard.Sledog said:
No bet HH? Who's the retard if you're turning down a sure win?HHusky said:Whatever was withheld , your pal wasn’t taxed at 59% on it. To say otherwise is retarded. I’m not going to take your money, Mall Cop.
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Bad news. Going to the Mall to pick up some cheap cologne at the Burlington coat factory doesn’t mean you’re in Vermont.2001400ex said:
I'm in Vermont at the moment. But yes, bring the check and stub to Spokane on Thursday. I'll be there.Sledog said:
Check was very recent. OK where we meeting. Bring cash. Show cash and I'll show you my proof. You're in Spokane right? Tomorrow? I'll have cash. Unless my math is wrong $6,200.00 is 6.2% of 100,000.00.2001400ex said:
I'll bet you $1,000 you didn't see a check for a $100,000 bonus with 6.2% social security withheld. Unless the check was in January, that's literally impossible.Sledog said:
Really what are the rates know it all? Everything I said is true. I'm not a lying turd like you.2001400ex said:
Sledog said 6.2% social security which is impossible. He made the shit up.UW_Doog_Bot said:
Jesus, if you really are an accountant you've gotta be the worst fucking one that I've ever talked to. I already gave you a very reasonable and easy explanation. Yes, withholding can be higher than the effective rate on bonuses for a variety of reasons. I've had it happen, was pissed, and had to go get an explanation of why it happened.2001400ex said:
Now I know you just completely made that story up. You just outed yourself dumbfuck.Sledog said:
Oh and how do you figure that?HHusky said:
Either an apocryphal tale or there’s a piece of information missing.Sledog said:Guy I know just got a bonus check for 100k in Cali. His check after taxes was 41,300.00 The government's shouldn't get more than the worker. Ever.
37% federal, 13% state, 1.45% Medicare , 1% disability, 6.2% social security.
58.65%
That's fucking Kalifornia and the feds.
To be in the 37% tax bracket, your income has to be over $400k. And social security ends under $130k.
But remember, sledog is not known as a liar.
Also, are we really arguing over if something along 49% vs. 58% makes it too much? Both are too fucking much. Fucking Christ, the colonists revolted over less than 5% of their income going to taxes.
Well I'd say if you don't want to pay 49% don't live in California. That's 10-13% top rate or whatever. Fuck that. In Washington, it would be about 40%. Unless the income is derived from capital gains. Then it's 20%.
Seriously. The person that gets screwed for taxes in this country is the person making $200k to $500k a year from a wage.
I could provide proof but you'll have to pay if I do. Say $1000.00? More?
You bringing HH? I can cover a lot more than a grand. -
Suppose he has what he claims. Sled’s whole deal is that the government took 59%. But the withholding is done by his pal’s employer, and employers will withhold more if asked. If Sled has the goods, that’s the explanation, I suspect.2001400ex said:
He said he'll be in Spokane on Thursday.HHusky said:
Well, keep us posted.Sledog said:
Can't back up your mouth. Expected. Hondo will bail out any minute.HHusky said:
I guess if your pal figured out how to pay $59,000 tax on $100,000 of income, I must be the retard.Sledog said:
No bet HH? Who's the retard if you're turning down a sure win?HHusky said:Whatever was withheld , your pal wasn’t taxed at 59% on it. To say otherwise is retarded. I’m not going to take your money, Mall Cop.
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Who'd lie about this? The person paid did not ask for extra withholding either. I'm putting my money where my mouth is. I'm not a liar nor do I fabricate Bullshit stories.HHusky said:
Suppose he has what he claims. Sled’s whole deal is that the government took 59%. But the withholding is done by his pal’s employer, and employers will withhold more if asked. If Sled has the goods, that’s the explanation, I suspect.2001400ex said:
He said he'll be in Spokane on Thursday.HHusky said:
Well, keep us posted.Sledog said:
Can't back up your mouth. Expected. Hondo will bail out any minute.HHusky said:
I guess if your pal figured out how to pay $59,000 tax on $100,000 of income, I must be the retard.Sledog said:
No bet HH? Who's the retard if you're turning down a sure win?HHusky said:Whatever was withheld , your pal wasn’t taxed at 59% on it. To say otherwise is retarded. I’m not going to take your money, Mall Cop.
