I live in NYS, make $12.32 per hour and OWE over $500.oo in taxes

[mdmc]

How the fuck to ya'll make it out there? This is insane. It makes me want to strap a vest of frozen hotdogs around my waist and scream, "I have a bomb!"<-skinner did that once :)

[NightWatcher]

1. dont waste the hotdogs, that's good eatin

(says this as Nightwatcher digs into a can of organic beans)

[rocktivity]

7. A bomb would cook 'em real quick, though

:headbang:
rocknation

[DesertFlower]

2. did you have enough withheld? nt

[mdmc]

6. thats what my b-in-law asked

I take out 20 per bi-weekly paycheck, plus about 5 per week into one of those tax free health accounts.

Now I must withhold 40 per pay, me thinks.

[DesertFlower]

16. i don't work anymore, but

when i did i always had the maximum withheld. now it's just hubby working, but we have the max withheld. of course, we have to pay tax on 85% of my social security. we always owe the feds, but get money back from the state. then the next year that state refund is taxed as income.

the government always has to get their (un)fair share.

do you contribute to a 401k? if you do that is before tax money like your health account.

[orangerevolution]

3. I owed a heckof a lot more

I paid more than $12,000.00 by the time it was all said and done at year end. How did you get off so cheap?

[mdmc]

8. Welcome to DU and thank you for replying to my OP

It made me happy to think that others owe more - shameful joy.

But... I still make about 10 less then the livable wage in my area. How can this be...

[drmeow]

13. If you make $12.32/hour and paid $12,000

you either have a significant amount of non-wage income or you paid almost 1/2 your gross in taxes. I suspect you make a decent amount more money than the OP which would be how the OP got off so "cheap".

[DesertFlower]

22. i won't even tell how much we paid,

but we would have paid a lot more had we not put $20,000 into a 401k and $5,100 into the medical savings plan. that's another $26,000 we would have had to pay on.

[ColbertWatcher]

4. I live in California...

...where it seems everything is more expensive (gas included).

What I've done is voluntarily have $10 more each week taken out of my check in taxes. So, by the end of the year I don't owe, and I might even get something back.

[mdmc]

9. I get paid bi-weekly - I take out 20 per pay for taxes

I did what you did, plus had an CFO check out my taxes for me. :wtf:

[ColbertWatcher]

12. And you still owe?

That sucks!

Although, I don't know about having a CFO do anything (haha)

Oh, wait...maybe I wasn't clear...I took out an additional $20 out of each paycheck.

[mdmc]

15. me too! an additional 20 per pay

I thought that my b-in-law, the CFO, would be able to do some cheap rat work tricks to get me some cash.
no dice...

[ColbertWatcher]

19. Damn. I'm sorry to hear that...

...looks like you're not supporting our president.

Just kidding.

Wish I could help out, but it seems the IRS is giving you a clear message...

[uppityperson]

5. skinner did WHAT?

[mdmc]

10. anyone have a screen shot?

I'll look through google...

[drmeow]

11. you must not qualify for middle class welfare

i.e. - you can't deduct the interest on your mortgage from your taxes.

Back when Clinton was in office I did an analysis because I was so fed up with some conservatives friends whining about "tax and spend" liberals. I started paying taxes under Reagan. Despite the fact that my gross income increased under Clinton, the percentage of my income I paid in taxes was less under Clinton (highest under Reagan). If everyone who makes less than $50K a year was shown those numbers, my guess is they'd never vote Repuke again.

[Booster]

14. I feel your pain. I'm retired and come April 15th I'll have to cough

up about $7,000 for taxes. Stupid as I was, when I was working I didn't think retired people paid very much taxes. Joke's on me.

[DesertFlower]

18. unfortunately retired or not you have to pay taxes.

why do they say it's cheaper to live in retirement? it's more. you have less income and more free time -- so you spend money. even if your mortgage is paid you still have real estate taxes and homeowners insurance.

i was just talking to someone who just found out that medicare is not free.

[Booster]

29. I knew Medicare wasn't free, but I am a little surprised that the

premium is as high as it is. I really have nothing to complain about though - I worked for 34 yrs for a great company that looked out for it's employees, so even retired I'm in a better place than a lot of working people who I'm sure are working harder than I ever did. Corporations of today need to respect their employees like my company did - got to give credit to my union though -without my union my company probably wouldn't have been so great.

[DesertFlower]

30. my husband has been with his company 39 years.

he'll be getting a nice pension and they've just "upped" their 401k contributions. they used to respect their employees, but things have really changed. still we're lucky.

i was eligible for medicare when i reached 65. i didn't take it. hubby's coverage is better and less expensive. however, when i do take it i'll be penalized 15% a year for every year that i didn't enroll. go figure.

hubby is only 60.

[Booster]

31. Now, that really doesn't make sense - being penalized for not

using Medicare. Hell, you should get a Christmas bonus from Medicare.

[DesertFlower]

32. it's crazy, isn't it?

we ran the numbers and figured even with the 15% a year, we're still ahead with his insurance which covers drugs. he's planning on working another 5 years or maybe more.

[DadOf2LittleAngels]

38. The cost of retirement all depends on where you live

My mother for example lives in NYS and gets assistance on her property taxes, which they just raised on her by another 700$ a year..

[aasleka]

17. So fo about 1000 per bi-weekly check you pay $20.00 in taxes? That's why you owe

Figure your salary: $25625.60
What you had taken out for taxes:$520.00
What your actually taxed on:$24845.60
33 percent is around 8k in taxes.

Every paycheck should have around 30 percent go into taxes otherwise you will owe, if you live in nyc make it 45 percent.

What world are you living in that you can expect to pay 20.00 out of 1000.00 for taxes?

You should have about 165.00 coming out every week and $300.00 bi weekly, then you get a lump sum back in the spring to pay your state taxes or buy a washer and dryer or fix your transmission or invest in bonds, ira or whatever...

[DesertFlower]

20. you are right.

new york city. oy. just alone the state and city taxes are a killer.

[Jed Dilligan]

21. How do you know he didn't have any withholding?

Most hourly wage jobs do. I took his post to mean he owed 500 after whatever was withheld.

[aasleka]

24. Well the OP could just list his deductions if he wanted help

they have already stated how much they are paid so just list it by line and see what advice is offered.

Realistically you should depend on paying 33 percent of your salary in taxes though, either to local, state or federal. One of them will collect it if the other does not. Someone's going to pay to repair the sewer mains that keep the plague from kicking civilization back to the stone age.

[Jed Dilligan]

26. Government isn't just about fixing sewer mains

It's also about fighting undeclared wars and incarcerating pot smokers. I won't be happy paying taxes until my taxes stop going to those and other unsavory causes.

Also, the idea that everyone should pay about the same tax rate (your 33%) is contrary to the idea of progressive taxation.

[aasleka]

27. completely agree, there is alot more...

I simply use 33 percent as a general rule of thumb for ballparking figures and I like to use the sewer main analogy because most people do not think about the sewers unless it is overflowing and yet when it works it is the single biggest reason that civilization exists. Without it we wouldn't have cities and disease would be flourishing. I use it because everyone NEEDS it and yet underapreciates the function that it provides.

Yes we have a incredibly stupid war on drugs but it really isn't the government, it is the lobbyists. The police unions who make money from the labor, the bussinesses that rake in the cash for supplying all kinds of handy items for the dea or police raid arsenal, it's the private prison contractors making money hand over fist and all the partners that go along with it, it is the black market underground who maintain the joe apple pie american persona while they are growing, mixing or weighing in their trailer, basement, woods, garage, anywhere...

The underground is HUGE, bigger than anyone has been really honest about...

Just imagine if it takes 10 bucks to grow an ounce of pot and your threw a 190.00 tax on it, people would still buy it for less and the government would make tons of cash, enough to make the sewer mains out of nanotubes and still have enough left over to fund hospitals where people can get help. Imagine not having to sell your body or steal for crack or meth, only having to enroll in a program to get help to get it free. We could do it if we taxed it instead of keeping it illegal. Make it all legal with the higher schedule drugs free with enrollment to a program, (dayprogram). Drug problem solved, debt problem solved, less jail more work and boom were back into manufacturing and eveyrone is working or high and getting help.

[Jed Dilligan]

28. Exactly my thoughts on drug policy

So, I guess we just need to wait thirty or forty years for the politicians to catch up.

[Breeze54]

25. He'd be better off letting that money earn interest in an account all year

then letting it sit idle in a Gov. account doing nothing.

[MiniMe]

33. One thing you forgot, to subtract the standard deduction

Which of course would depend on if there are any dependents involved. I took the OP to mean that he had an additional $20 taken out above the withholding tables. As far as I know, employers are required to withhold for taxes.

[mdmc]

34. My checks are around 800.00 bi weekly

I never realized how much the government takes from what you make.

[Canuckistanian]

23. You're lying. Skinner can't afford frozen hot dogs.

Although he does scream "I have a bomb" quite a bit.

[Twist_U_Up]

35. Just think, its all going to support a pack of lies.

[DadOf2LittleAngels]

36. Are you filing jointly with someone else?

[DadOf2LittleAngels]

37. Last year I got the suprise of my life :)

I had a daughter in Nov 2006 and I had never altered deductions after I had gotten married and had our first kid..

The net result was 10K back in taxes :) as I was having a huge amount withheld. I did all the correction when I changed jobs in 2007 and this year Im looking at *maybe* a few hundred back (I donate more than most and have allot of mortgage interest)

Still when I was single it really stuck to own money when the year was over..

[SammyWinstonJack]

39. Anyone making what you do shouldn't have to pay fed tax, imho.

[Jeff In Milwaukee]

40. If you have a 401(k), put some money in there...

Every buck you invest is a buck you don't pay taxes on. And at your income you'll qualify for the Saver's Credit -- probably 10% of what you put into the account. Plus you have the employer match (I hope) and tax-free interest and dividends.

And most 401(k) plans offer a money market option. Very little return, but very little risk.

If you don't have a 401(k), you can open an IRA on your own.