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I have a problem with other people receiving sizable deductions, just because they have children. Everyone making the same income should pay the same in taxes, regardless of family size.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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So you earn in the upper tier of earners in the U.S. and are unhappy about. I'm also single, no kids, take home less than you and have zero issues with it. I consider myself fortunate to have received a good education, have a good job, and live pretty well. Count your blessings.
I also consider that living overseas I'd pay, and you'd pay a lot more. We're not heavily taxes compared to many places in Western Europe.
Perhaps it's because you live in the state of Washington and not in Maryland. MD has very high state taxes. Perhaps you don't mind, but I do have an issue with paying so much in taxes, simply because I'm single w/out dependents.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,937 posts, read 36,948,491 times
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And you must be putting A LOT in the 401 K if your take home is about 1800 every two weeks. That is great, but it misrepresents what your real take home pay is since you're optionally deferring that money.
A few years ago before I was laid off, I earned a similar amount in PA. Also single, no kids. What helped a lot with taxes was mortgage interest deduction/school taxes, and charitable giving. (Plus maxed out on 401K -- not talking just the 6% matching from the company, but the largest % allowable -- something like 16%).
My company had a huge charitable organization (something on the order of United Way) and matched 100%, plus paid all administrative fees. Deducted right from my check after taxes. So the charities I chose ended up getting 200% of what I gave them, plus I ended up getting back quite a bit with my refund each year.
OP - you may want to repost your predicament on the Personal Finance forum to get more advice, esp. since everyone's doing their taxes right about now.
I do understand. I meant IRA, although I also have a Roth IRA as well.
Anyhow, the purpose of this thread is to point out how much I'm taxed, simply because of my income and the fact that I'm single w/out dependents.
Sucks to be you. I'd quite my job blow all my money have lots of kids for the EITC, get section 8 food stamps and an obamaphone. You would have it made then.
Why do you believe I should have to pay 14% in federal and 6% in state taxes just because I'm single w/out dependents?
I have to put away a lot in my 401K and IRA because if I didn't, I would be taxed at a much higher rate. Also, I never stated that I was paid monthly, because I am in fact paid bi-weekly. I simply used monthly estimates. And yes, I do take home 3 checks, two months out of the year... and your point is?
$3600 is not really great, when you think about how much I'm paying in taxes, not to mention, I pay $400 in student loans each month, thanks Columbia.
My tax return is not nearly as big as you think, based on how much I'm shelling out. Actually, it's very depressing.
20% really isn't all that high in taxes. Use your 401k to keep a higher %age of your money (though you'll have to wait until retirement). You seem to be young, so you might want to (strongly) consider using a Roth instead of Traditional (or instead of part of your 401k), as the capital gains tax savings down the road could be far more significant than the tax deferral now (especially because you are probably on track to earn out of the opportunity to use Roth in the coming years).
$3200 (after loan payment) sounds like a reasonable amount for a single person to live on in Maryland. I assume, with your Columbia degree, that you will have substantial opportunity for career growth. If you are in the D.C./Baltimore area, get a roommate and use the rent savings for more disposable funds--there are plenty of young professionals in the area in similar boats.
I have a problem with other people receiving sizable deductions, just because they have children. Everyone making the same income should pay the same in taxes, regardless of family size.
You could always marry someone who doesn't make any money for the tax savings . . .
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