Just lost half my pay check to Obama (lawyers, rating, parties)

[Trackwatch]

Your monthly commission was $15,000 so taken out for the year that is $180,000. Unless you make something along those lines you will get a really next check next year, don't want that? speak with payroll you can reduce the withholding.

[noexcuseforignorance]

Originally Posted by Dutchman01

You realize of course most of his income these days is from investments. The monies he earned to invest has already been taxed once. The top 1% of earners already pay some 35% of all taxes collected. The top 5% pay nearly 60% of all our taxes paid.

All of this so the democratic party can use taxpayer monies to "buy" the votes of some 51% of all amerians, who pay no taxes btw. Pathetic.

Every American who works pays taxes. Those who pay no income tax do pay social security and other taxes. The rich might pay 35% of taxes, but they do so at a very, very low rate. Once you're rich and most of your earnings come from investments, you don't get taxed at personal income tax rates.

Have you ever visited countries where the poor pay most of the taxes? Feel free to visit a few and tell me how you like the places.

[pghquest]

Originally Posted by workingclasshero

at the end of the year you will get nearly all of it back anyhow

so you will END UP paying nearly 0% in taxes

are you REALLY complaining????

The OP's point is, ITS NOT THE GOVERNMENTS MONEY TO TAKE TO BEGIN WITH.. Why is this so hard to understand? The fact that he gets it back later, doesnt mean his paycheck is larger than it is.

Arent you one of those individuals who celebrated a $20 cut in taxes in peoples paycheck saying it puts money into the economy now? Wouldnt the same be true for the OP, or does the fact that he's discussing $7K mean its not valuable anymore?

[TrapperJohn]

Originally Posted by southbel

Aren't commissions considered supplemental income by the IRS and withheld at a standard 25%? OP could ask his company to calculate with aggregate method but they likely wouldn't since it's easier to do the flat 25%.

Oh and for the OP, withheld taxes are different than your actual tax rate.

Yes, like bonus pay, severance pay, and similar.

[brattpowered]

Why don't you stop complaining and go make tens of millions of dollars a year on investments instead of that pittance. It's not Obama's fault that you don't have the talent to make that amount of money sitting on your butt so you could get taxed less than if you actually worked for it. Whatever happened to personal responsibility?

Also, Obama hasn't raised your taxes.

[Chi-turtle]

Originally Posted by workingclasshero

at the end of the year you will get nearly all of it back anyhow

so you will END UP paying nearly 0% in taxes

are you REALLY complaining????

Again, I need the money now. It's mine, I earned it, why do I have to loan it to the government for free?

Originally Posted by noexcuseforignorance

Really? What degree did you do to get that job? I'm guessing none.

Bachelor's in Marketing and another in Management Information Systems. I have certifications with all the Storage Manufacturers, I have my Cisco certifications and various network security certs. Thanks for asking.

Why should this tax be a surprise to you. You get taxes based upon your income on that particular check. In the case where you just have one good month, you'll get some of that back in your tax return. To boot, the US has one of the lowest income tax rates in the first world. That's particularly true for a home owner.

Again, interest free loan. If I take money from a bank that isn't mine I have to pay it back with interest. Why does the government get to take it from me at no interest?

I can think of other nations with better return from the government on their tax dollar. Norway provides free education that extends all the way to higher education and has a booming economy. They're also known for having the best ways of life.

Before you say "then why don't you move to Norway" is because even if I do, I have to keep paying federal income tax to the United States. If I want to denounce my citizenship to the US, it will cost me roughly 75% of my current assets. Doesn't sound fair, does it? I have to pay if I want to leave.

Incidentally, how much income do you think you'd have without a secure nation, safe streets, running water, paved roads, utilities, etc.

I live in Chicago, streets aren't that safe, I don't use roads because I use public transportation that I pay almost $100 a month for on top of my taxes. As for a secure nation, I'm sure the more wars we create overseas put me at further risk living in the 3rd largest city in the US.

Also, 53% taxes? The highest marginal rate in the United States is 35% and most of your income would be taxed at 28%. Your overall tax rate after deductions would probably be more like 20%. At any rate, you do have social security taken out of there which is of benefit to you. None of that adds up to 53%.

I won't be getting social security since the program is no longer solvent. You won't be getting any of it either. I'd rather have that 47% of what I made and invest it in how I choose for my retirement, rather than the government forcing me to invest in their insolvent retirement plan.

I'm guessing that you're lying about this and not including things like health insurance, 510k and state income tax into your little 53%.

I'm not lying, I was set to make $15k before taxes, I kept $8200. Are you saying I pay thousands a month into insurance? I don't have 401k, I work for a small company, I don't put into it.

In terms of the cutthroat comment, every business is cutthroat. What you do isn't special.

I know it isn't, but I worked hard for what I earned anyway. It's still mine whether I'm special or not. I don't remember a "special" clause in the tax code.

Sorry homie, but you're not the rich. He noted that he wanted to raise income taxes on people earning over $250k. That's not you. Don't be too upset though, sales people typically get paid well for people who are typically uneducated and have few real skills.

1. I'm not your homie.

2. If uneducated and non-skilled people in my industry can make a lot then someone as educated as myself should easily make that $250k income that I should be worrying about.

3. What's your excuse for your ignorance?

Thanks for playing.

[jetgraphics]

Originally Posted by kevinm

Commissions are taxed at the HIGHEST RATE. You will get a refund when you file at the end of the year and your actual rate is determined. This is to ensure you pay enough throughout the year.

Of course, it's our duty to loan our earnings, interest free, to the government, just in case we might underpay during the year.

[burdell]

Originally Posted by Roadking2003

Romney and Buffet don't make the rules.

Since when does the POTUS write the tax code?

[HistorianDude]

Originally Posted by Chi-turtle

Mitt Romney and Warren Buffet are paying like 15% in taxes, yet being a hard-working sales rep in a competitive cut-throat industry I finally have a big sales month where I was "paid" $15,000 in commissions. Yet, when I get my paycheck on Friday it says $8200. Thanks Obama for letting me keep 53% of my hard earned income.

And you're blaming Obama for that?

[Chi-turtle]

Originally Posted by brattpowered

Why don't you stop complaining and go make tens of millions of dollars a year on investments instead of that pittance. It's not Obama's fault that you don't have the talent to make that amount of money sitting on your butt so you could get taxed less than if you actually worked for it. Whatever happened to personal responsibility?

Also, Obama hasn't raised your taxes.

I just made $15,000 in one month. I think I did work for that. How is that sitting on my butt and not being responsible.

I'd think that questioning why my government takes my income interest free IS a responsible act. Doing nothing and just going with the sheep in this nation would be irresponsible.

Did you read my post at all? Be honest...