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Old 02-12-2018, 04:00 PM
 
Location: OH>IL>CO>CT
4,748 posts, read 7,499,898 times
Reputation: 6347

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Quote:
Originally Posted by suzy_q2010 View Post
Where did you get that number? Before or after personal exemption and standard deduction?
For 2017:
The $468 number comes from:

Childless Individual, not over age 65 or blind, with no other income, or dependents, or credits, etc

$8/hr x 40 hrs x 52 weeks = $ 16640 annual

16640 W-2 wages
- 7900 std deduc
- 4050 exemption
= 4690 taxable income

Per 2017 IRS Tax Table, filing Single, tax on "4650 to 4700" is $468, which is 10% bracket re taxable income, or 2.8% of gross wages.

Not eligible for EIC as income is over S15,010
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Old 02-12-2018, 04:20 PM
 
Location: Forests of Maine
29,722 posts, read 47,495,927 times
Reputation: 17572
Quote:
Originally Posted by freemkt View Post
... The financial planner / wealth manager who referred to two tax systems says that the informed use the tax code to reduce their liability, i.e. the uninformed pay more taxes than they need pay.
What is your point, exactly?

The stupid pay more. and?
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Old 02-12-2018, 06:07 PM
 
Location: Jacksonville, FL
6,695 posts, read 7,355,028 times
Reputation: 5443
Quote:
Originally Posted by Submariner View Post
What is your point, exactly?

The stupid pay more. and?
Pretty much sums it up, doesn't it?

However, this thread - like nearly all of the OP's threads - is just an excuse to gripe about how "unfair" life is for low wage workers. It's a never ending cycle in the P&OC forum.
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Old 02-12-2018, 07:29 PM
 
Location: Central IL
13,363 posts, read 7,128,759 times
Reputation: 31070
Quote:
Originally Posted by Submariner View Post
What is your point, exactly?

The stupid pay more. and?
I'd say ignorant rather than "stupid" applies in many cases - perhaps you don't know the difference. One is situational, the other is dispositional - it's easiest to just throw people away as stupid.
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Old 02-12-2018, 07:47 PM
 
Location: Jacksonville, FL
6,695 posts, read 7,355,028 times
Reputation: 5443
Quote:
Originally Posted by reneeh63 View Post
I'd say ignorant rather than "stupid" applies in many cases - perhaps you don't know the difference. One is situational, the other is dispositional - it's easiest to just throw people away as stupid.
I used to agree with you. However, I've realized that that we live in a society where information is free. if you're still ignorant of basic facts of life after the age of 20 it's because you choose to be. Being willfully ignorant in a society such as ours is stupid.
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Old 02-12-2018, 07:53 PM
 
Location: Forests of Maine
29,722 posts, read 47,495,927 times
Reputation: 17572
Quote:
Originally Posted by reneeh63 View Post
I'd say ignorant rather than "stupid" applies in many cases - perhaps you don't know the difference. One is situational, the other is dispositional - it's easiest to just throw people away as stupid.
Hamburger, cheeseburger.
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Old 02-13-2018, 12:58 AM
 
33,046 posts, read 20,720,491 times
Reputation: 8928
Quote:
Originally Posted by Submariner View Post
What is your point, exactly?

The stupid pay more. and?


Has nothing to do with stupid. A fully informed individual without discretionary income is unable to obtain the benefits of the tax code available to the informed person with discretionary income.

e.g. you can't enjoy tax benefits available to homeowners if you can't own a home.
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Old 02-13-2018, 01:01 AM
 
33,046 posts, read 20,720,491 times
Reputation: 8928
Quote:
Originally Posted by NickofDiamonds View Post
Like a horse whisperer country friend I used to know always said, "You can take your horse to the library but you can't make them read"

I've never seen a library that allows horses.
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Old 02-13-2018, 01:09 AM
 
33,046 posts, read 20,720,491 times
Reputation: 8928
Quote:
Originally Posted by finalmove View Post
You took the bait! Property owners pay the taxes for schools and cops. Renters rent.

Sometimes leases REQUIRE tenants to pay the property taxes.
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Old 02-13-2018, 01:14 AM
 
33,046 posts, read 20,720,491 times
Reputation: 8928
Quote:
Originally Posted by reneeh63 View Post
To google something you have to ask the right question which may be quite precise regarding tax law. To do this proactively in order to impact your future tax situation is even more difficult. Of course if you already have the money, you pay a tax professional to ferret all this out for you.



Filling out a 1040 without mistakes is far different than completing it to your own best advantage.
Not if you have only wage income and qualify for no tax breaks beyond the standard deduction and your personal exemption.
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