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

• Ronnie316

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  Jan 5, 2013, 10:53 am

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  In response to LottoBoner

  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.

  Im getting mine in my forehead, so I can just bend over.
• Kumo

  

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  Jan 5, 2013, 1:45 pm

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  In response to mediabrat

  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.

  For folks who are pulling all their income via normal wages it would look more like this.

  Add in the 4.6% on the expiration of G.W.'s Tax Cuts and the new 3.8% Medicare surtax.
  
  43.4% of $450,000 = $195,300

     35% of $450,000 = $157,500 (Pre 2012 Tax Rate)
  
     Difference (8.4%) = $37,800

   

  $37.8k per year in many parts of the country is still fairly dececent wages, people are going to get fired or laid off. 

  You'd be surprised at some of the blessings of good fortune that happen to people who pay a tithing to their church, it's not wasted money.

  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
• Toronto

  

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  Jan 5, 2013, 1:58 pm

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  In response to Kumo

  Quote: Originally posted by Kumo on Jan 5, 2013

  For folks who are pulling all their income via normal wages it would look more like this.

  Add in the 4.6% on the expiration of G.W.'s Tax Cuts and the new 3.8% Medicare surtax.
  
  43.4% of $450,000 = $195,300

     35% of $450,000 = $157,500 (Pre 2012 Tax Rate)
  
     Difference (8.4%) = $37,800

   

  $37.8k per year in many parts of the country is still fairly dececent wages, people are going to get fired or laid off. 

  You'd be surprised at some of the blessings of good fortune that happen to people who pay a tithing to their church, it's not wasted money.

  3.8% surcharge is only on unearned income (and specific unearned income at that) so it's not 43.4%
• Kumo

  

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  Jan 5, 2013, 2:44 pm

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  In response to Toronto

  Quote: Originally posted by Toronto on Jan 5, 2013

  3.8% surcharge is only on unearned income (and specific unearned income at that) so it's not 43.4%

  I see what I did there, my appologies for the confusion.
  
  

  "The new Medicare surtax applies on the lessor of:

  • Net investment income, or
  • The amount of adjusted gross income in excess of $250,000 ($200,000 single)"

  "Investment income comprises primarily interest, dividends, annuities, rents, passive income and capital gains.  Let’s assume a farm couple has schedule F income of $300,000, interest, dividends and capital gains totaling $25,000 and cash rents of $150,000.  First step is to determine their total income which is $475,000.   This amount less $250,000 equals $225,000.  That is the maximum that would be subject to the tax.  Their investment income is $25,000 plus $150,000 or a total of $175,000.  This amount is less than $225,000, therefore, their Medicare surtax is $175,000 times 3.8% or $6,650. "
  
  Quoting - Paul Neiffer, CPA
  
  
  "Medicare payroll tax of 0.9% will be imposed on individuals with income exceeding $200,000 and married couples with income exceeding $250,000."

   

  40.5% of $450,000 = $182,250 (39.6% + 0.9%)

     35% of $450,000 = $157,500 (Pre 2012 Tax Rate) 
  
     Difference (5.5%) = $24,750
  
  Someone is still liable to get laid off or fired.

  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
• Lucky4Life

  

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  Jan 6, 2013, 1:20 pm

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  In response to billionaire2bee

  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........

  agreed.  The president can do nothing without congress.