Has anyone seen updated tax brackets for 2013?Prev Topic Next Topic

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Kumo

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January 27, 2012
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Jan 3, 2013, 5:50 pm

The IRS still has last year's form 1040 instructions on their web page. I was wondering if updated official tax information might have been posted elsewhere since the fiscal deal passed through Congress and the House of Representatives?

I keep an excel spreadsheet on my PC that let's me determine what the take home pay of a lottery win after all taxes it also gives a very rough estimate of what investments from a CVO would earn annualy.

Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

"None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

"It's preferable to be harmlessly paranoid than fatally stupid." ~Anonymous
RJOh

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mid-Ohio
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Jan 3, 2013, 6:13 pm

Doesn't the President has to sign it before it becomes law? Has it even been sent to the white house for his signature?

* you don't need to buy every combination, just the winning ones *
LottoBoner

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Jan 3, 2013, 6:18 pm

Quote: Originally posted by RJOh on Jan 3, 2013
Doesn't the President has to sign it before it becomes law? Has it even been sent to the white house for his signature?

The new policy for 2013 is not to use a pen for signature.

The policy is now to just scan the microchip in his neck.
CajunWin4

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Jan 3, 2013, 6:22 pm

Quote: Originally posted by LottoBoner on Jan 3, 2013
The new policy for 2013 is not to use a pen for signature.

The policy is now to just scan the microchip in his neck.

LB ,

It's all most time to Head for the Hills !!!

Everyone has a will to Win !

Very few have the will to prepare to Win !
BuyLow

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Jan 3, 2013, 6:36 pm

As soon as he heads back from spending about $7,000,000.00 on his Hawaii Vacation, he will sign the bill which does increase taxes on people earing $40,000.00 and up...and which also only increases revenue 630 billion over 10 years. Basically it was theatrics...
inittowin

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Jan 3, 2013, 6:50 pm

Quote: Originally posted by BuyLow on Jan 3, 2013
As soon as he heads back from spending about $7,000,000.00 on his Hawaii Vacation, he will sign the bill which does increase taxes on people earing $40,000.00 and up...and which also only increases revenue 630 billion over 10 years. Basically it was theatrics...

He doesn't even have to head back! That would cut into his vacation time... Read this.

President used an autopen to sign 'Fiscal Cliff' bill.

.
billionaire2bee

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Jan 3, 2013, 7:28 pm

Quote: Originally posted by inittowin on Jan 3, 2013
He doesn't even have to head back! That would cut into his vacation time... Read this.

President used an autopen to sign 'Fiscal Cliff' bill.

EHHHH who cares............. do you really think things would be different if Mitt won LOL Cmon it us against the govt....you're gonna pay what you're gonna pay and that's it people....I don't care who the president is or who's in congress....We're all just stuck.....You don't believe it? Don't pay your taxes this year and see what happens LOL.....it's the only constant we have don't pay the govt. go to jail........
BuyLow

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Jan 3, 2013, 7:37 pm

Quote: Originally posted by billionaire2bee on Jan 3, 2013
EHHHH who cares............. do you really think things would be different if Mitt won LOL Cmon it us against the govt....you're gonna pay what you're gonna pay and that's it people....I don't care who the president is or who's in congress....We're all just stuck.....You don't believe it? Don't pay your taxes this year and see what happens LOL.....it's the only constant we have don't pay the govt. go to jail........

Of course it does NOT matter which puppet is in office the outcome is the same. ALWAYS. More for them, bend over and take it like a man for you and me....why are so many congressmen/woman and senators much more wealthy when they get out of office??? Coincidence??? LOL.....
Kumo

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Jan 4, 2013, 2:01 pm

Had a good chuckle at many of the replies.

The only thing I have been able to find is a new tax bracket in the $400k to $450k range depending on your marital status. Anyone have a link to the contents of the 2013 Fiscal Bill?

Aparrently some of us are going to have to start paying the Osama Care Tax next year.

"A new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single)."

Taxes from Capital Gains are going up from 15% to 23.8% and get this, taxes on Dividends are going up from 15% to 43.4%!

Meanwhile it didn't do squat to solve our budget problems, another 4 Trillion+ projected to be added by 2016.

Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

"None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

"It's preferable to be harmlessly paranoid than fatally stupid." ~Anonymous
Saylorgirl

Indiana
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Jan 4, 2013, 2:52 pm

If you win over $450,000 or your win and income take you over $450,000 (per couple) you will now pay 39.6% of your winnings for taxes you then will have to add your state's tax to that amount. It will really cut into the jackpot amount.
mediabrat

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Jan 4, 2013, 9:24 pm

Quote: Originally posted by Saylorgirl on Jan 4, 2013
If you win over $450,000 or your win and income take you over $450,000 (per couple) you will now pay 39.6% of your winnings for taxes you then will have to add your state's tax to that amount. It will really cut into the jackpot amount.

Up from 35%, correct?

39.6% of $450,000 = $178,200
35% of $450,000 = $157,500

Difference (4.6%) = $ 20,700

I know that sounds like a lot to those of us who don't have that kind of money, but to someone who just pulled down almost half a million bucks, is $20,700 really all that much? It sounds especially incongruous considering many people here who are complaining about 4.6% would immediately take more than twice that and throw it away donate it to their church.
whiteballz

Nutley, New Jersey
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Jan 5, 2013, 2:30 am

Quote: Originally posted by mediabrat on Jan 4, 2013
Up from 35%, correct?

39.6% of $450,000 = $178,200
35% of $450,000 = $157,500

Difference (4.6%) = $ 20,700

I know that sounds like a lot to those of us who don't have that kind of money, but to someone who just pulled down almost half a million bucks, is $20,700 really all that much? It sounds especially incongruous considering many people here who are complaining about 4.6% would immediately take more than twice that and throw it away donate it to their church.

the 39.6% tax rate is for income over 400K for a single person or 450K for a married couple. This is only federal income tax, depending on the state a person lives they may have to pay state income tax too. In New Jersey, the state income tax for lottery winnings will be 10.8%.

So any income over 400K will be taxed at 50.4% rate in this example.

As a lottery player, you are taking all the risks by forking over your hard earned money for tickets, while the government risks nothing. Nine times out of ten you will win nothing. Sometimes you might break even and win a dollar or two. On the slim chance you manage to some how beat astronomical odds and win big, the government takes over half your money. Great deal for Uncle Sam.

.
billionaire2bee

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Jan 5, 2013, 9:25 am

Quote: Originally posted by whiteballz on Jan 5, 2013
the 39.6% tax rate is for income over 400K for a single person or 450K for a married couple. This is only federal income tax, depending on the state a person lives they may have to pay state income tax too. In New Jersey, the state income tax for lottery winnings will be 10.8%.

So any income over 400K will be taxed at 50.4% rate in this example.

As a lottery player, you are taking all the risks by forking over your hard earned money for tickets, while the government risks nothing. Nine times out of ten you will win nothing. Sometimes you might break even and win a dollar or two. On the slim chance you manage to some how beat astronomical odds and win big, the government takes over half your money. Great deal for Uncle Sam.

Great deal for the winner too.......where else can you spend a dollar and win millions??.....So what U.S. get 50%.....hey you just made wayyy more money you ever would at your crappy desk job....or worse associate at Walmart....
CDanaT

Central TN
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January 4, 2012
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Jan 5, 2013, 9:41 am

I havent calculated the actual numbers on all the increases that will affect any big lottery winner except for the one in the SS tax. That lil increase just cost me $982.00 for the year. Thank you Uncle Sam...........Got to stay positive and make sacrafices in other areas. The big win will happen soon, just havent set a date for it to happen yet !!!!

Bad men need nothing more to compass their ends, than that good men should look on and do nothing.
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
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Jan 5, 2013, 10:49 am

From what they're saying about taxes in the news, it sounds like the average family making 50k a year is going to pay $1,000 a year more in payroll taxes.

So much for the promise of "not one dime more in taxes" for the middle class.

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Has anyone seen updated tax brackets for 2013?Prev TopicNext Topic

Has anyone seen updated tax brackets for 2013?Prev Topic Next Topic