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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.
Because I'm commissioned, companies in my industry only pay us like $35,000 for a base salary/draw and I rely on commission as a big part of my income. After a year of hard work and making very little commission (new to the company, tough economy) this is the first real big paycheck I've been able to make in the first full year.....and Obama took half of it.
United States of America = Fail
Since federal income taxes are not withheld from paychecks you are having what withheld exactly in the way of dependents, FICA, and your health/retirement plans?
Quote:
Originally Posted by Chi-turtle
It's not the government's money to take. I don't care if they pay it back an entire YEAR later. That's a year of interest free loan the government is taking from me. I need that money now to live. What right does the government have to take my income regardless of whether it's a salary or commission. If anything, I worker harder to earn the commission than the salary.
Did you not research the consequences of your pay structure prior to acception a commission based job where you are still categorized as an employee of the company?
This is why many people choose to be independent contractors. However, if you do not have the financial discipline to save back your own taxes and pay quarterly estimates, it is probably not a good option in your case.
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.
Because I'm commissioned, companies in my industry only pay us like $35,000 for a base salary/draw and I rely on commission as a big part of my income. After a year of hard work and making very little commission (new to the company, tough economy) this is the first real big paycheck I've been able to make in the first full year.....and Obama took half of it.
United States of America = Fail
Last time I heard, successful people pay less in taxes. Work harder, and you should have little time to complain. Ask Romney... he claimed to identify self with 70-80% of Americans and paid less than 14% in income tax. You must be in the remaining 20-30%.
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.
Quote:
Originally Posted by lifelongMOgal
Since federal income taxes are not withheld from paychecks you are having what withheld exactly in the way of dependents, FICA, and your health/retirement plans?
No dependents, I'm single, not married, no kids, and I don't contribute to a retirement plan.
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.
Because I'm commissioned, companies in my industry only pay us like $35,000 for a base salary/draw and I rely on commission as a big part of my income. After a year of hard work and making very little commission (new to the company, tough economy) this is the first real big paycheck I've been able to make in the first full year.....and Obama took half of it.
United States of America = Fail
You'd better start blaming Congress for that. Obama may tell Congress what he wants, but it's up to Congress to make the rules. And, much of the tax codes we're suffering through didn't come during the Obama administration. Some of the codes go back to Clinton. I'd suggest you blame it on Congress. After all, most of them are in the top 1%, and they're passing laws that allow them to keep their own income. The rest of the 1%, not in Congress, are cashing in on it.
Last time I heard, successful people pay less in taxes. Work harder, and you should have little time to complain. Ask Romney... he claimed to identify self with 70-80% of Americans and paid less than 14% in income tax. You must be in the remaining 20-30%.
But when Obama ran for president he said the rich would pay more in taxes than the middle class....
Seriously, who should you be mad at? Obama is trying to look out for middle-class chumps like you. The GOP trys to obstruct him at every turn.
Then why doesn't he force a tax bill through with this executive powers? He did that for the NDAA....why can't he do it for taxes?
If anything, the NDAA hurts me, so how is the GOP preventing him from pushing through an NDAA bill that lets the government imprison me indefinitely without due process solely based on suspicions?
The great thing about the internet is you can pull up many clips of Obama saying he will tax the rich higher than the middle and lower class. Obviously he can be blamed for lying.
This isn't tax rates, this is withholding rates. They are different words with different definitions, learn them please.
The irregular income withholding rates have not changed for a good while.
You'd better start blaming Congress for that. Obama may tell Congress what he wants, but it's up to Congress to make the rules. And, much of the tax codes we're suffering through didn't come during the Obama administration. Some of the codes go back to Clinton. I'd suggest you blame it on Congress. After all, most of them are in the top 1%, and they're passing laws that allow them to keep their own income. The rest of the 1%, not in Congress, are cashing in on it.
Again, see the NDAA bill and Obamacare. He didn't need congress for that.
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