Have you ever filed a tax return?Quote:
Originally Posted by vy65
Individual itemized deduction, dependent deductions, mortgage interest deductions, child care credits etc.
Pretty easy, actually.
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Have you ever filed a tax return?Quote:
Originally Posted by vy65
Individual itemized deduction, dependent deductions, mortgage interest deductions, child care credits etc.
Pretty easy, actually.
I haven't. But I do know that not many people who file singly can claim all those deductions together.Quote:
Originally Posted by CosmicCowboy
If they had NO DEDUCTIONS they would still only pay the 25% rate on $15,000 which makes it what...$3750?
You didn't read anything, did you?Quote:
Originally Posted by DarrinS
Wait, isn't it 25% on anywhere between $34,500 – $83,600?Quote:
Originally Posted by CosmicCowboy
We're assuming someone with a 50k salary. 50-35 = 15.Quote:
Originally Posted by ElNono
Shit, if you rent your office space at $1K/mo, that's $12K in deductions right there.Quote:
Originally Posted by CosmicCowboy
Why are you subtracting 35?Quote:
Originally Posted by vy65
I don't think Cosmic is right that they get taxed only on what they made over 35.
Well, what I mean is, the below 35 also gets taxed, IIRC, at a lower rate.
0-8.5k = 10%
8.5k - 34.5k = 15%
Now, if you made your money from dividends, then brackets don't matter. You pay 15% over it, whatever the amount.
So, a person grossing 50K would pay:
10% on the first 8.5K = $850
15% on the 8.5K-34.5K (26K) = $3900
25% on the remaining $15.5K = $3875
Total tax: $8625 which is a little over 17% nominal
That's with no deductions, obviously. I don't think you get to write off deductions from dividends though.
But you can offset your losses against your gains, right?Quote:
Originally Posted by ElNono
A person grossing 100K:
( $ 8,025 minus 0 ) x .10 : 802.50
( 32,550 minus 8,025 ) x .15 : 3,678.75
( 65,725 minus 32,550 ) x .25 : 8,293.75
( 100,000 minus 65,725 ) x .28 : 9,597.00
Total: $ 22,372.00
The actual tax rate is about 22.37%
Yes. Also, if your ordinary income tax bracket is either 10% or 15%, then your capital gains tax rate is 0%. Anything higher it's 15%. Meaning, that if you made ALL your income from capital gains, then your tax rate is effectively zero.Quote:
Originally Posted by vy65
Neat uh?
More details here
:lmao:lmao:lmao:lmaoQuote:
Originally Posted by ElNono
Your tax advice is pure bullshit.
A usually dependable lackey for the Obama administration, the Associated Press fact-checked his speech and came up with some interesting facts.
Of course, these are facts the Right has been holding out all along but, it's heartening to see the Left media is finally fed up with Obama.
FACT CHECK: Are rich taxed less than secretaries?
Key grafs:
And, finally...Quote:
The 10 percent of households with the highest incomes pay more than half of all federal taxes. They pay more than 70 percent of federal income taxes, according to the Congressional Budget Office.
...
There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. But that's less than 1 percent of the nearly 237,000 returns with incomes above $1 million.
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes, payroll taxes and other taxes, according to the Tax Policy Center, a Washington think tank.
Households making between $50,000 and $75,000 will pay an average of 15 percent of their income in federal taxes.
Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.
When are they going to pay their fair share?Quote:
The Tax Policy Center estimates that 46 percent of households, mostly low- and medium-income households, will pay no federal income taxes this year.
How so?Quote:
Originally Posted by CosmicCowboy
You didn't read this thread, did you, yoni?Quote:
Originally Posted by Yonivore
What do you think we're discussing?
Pretty sure your example of capital gains on a primary home sale was completely wrong so becareful about tossing around those stones.Quote:
Originally Posted by CosmicCowboy
Nope, didn't read it. Plus, it seemed to be off the rails anyway.Quote:
Originally Posted by ElNono
Let's get back to the elephant in the room. As Barack Obama said, back in 2009, raising taxes during a recession is stupid. Did we suddenly find ourselves in a better economic position than when he said that?
Married couples get a 500,000 deduction on capital gains from a primary home sale and individuals get 250,000 assuming they've lived in it 2 years or have a qualifying exception.
http://taxes.about.com/od/taxplannin...e_sale_tax.htm
It shows. You just re-posted the same article that's on the OP.Quote:
Originally Posted by Yonivore
Catch up.
It didn't appear y'all were talking about the article any longer.Quote:
Originally Posted by ElNono
I'm up. The AP took Obama to the woodshed. The liberals are going to take him down themselves. It's a beautiful thing.Quote:
Originally Posted by ElNono
Actually, we were. You just didn't read.Quote:
Originally Posted by Yonivore