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I don't make as much money as you, and I am now a single mom with a son in college who made too much money for me to claim head of household. Yet, what he made was actually at poverty level for an individual. Then, for his school loans and aid, he still had to say he was a dependent because I contribute to more than half his support. Now, with these taxes and what I have to pay for insurance and retirement, etc, I'm lucky to bring home HALF what I make. I work very hard, too and spent 2013 being totally furious about this situation, and the fact there's not a damn thing I can do about it. Except try to find a way to have a business of some sort that will give me tax deductions and learn what the rich do and how I can apply that to my life. It isn't fair that more and more of our society is being supported by the middle class, although if you make another $10 grand, you'll be out of that bracket. I live in a metro area where you can't find a decent place to live in a decent neighborhood for less than $1000 a month. By the time you pay utilities, buy gas, pay groceries, you don't have much left over. Instead of everyone criticizing you or all of us moaning about it, what can we do to change it?
I don't make as much money as you, and I am now a single mom with a son in college who made too much money for me to claim head of household. Yet, what he made was actually at poverty level for an individual. Then, for his school loans and aid, he still had to say he was a dependent because I contribute to more than half his support. Now, with these taxes and what I have to pay for insurance and retirement, etc, I'm lucky to bring home HALF what I make. I work very hard, too and spent 2013 being totally furious about this situation, and the fact there's not a damn thing I can do about it. Except try to find a way to have a business of some sort that will give me tax deductions and learn what the rich do and how I can apply that to my life. It isn't fair that more and more of our society is being supported by the middle class, although if you make another $10 grand, you'll be out of that bracket. I live in a metro area where you can't find a decent place to live in a decent neighborhood for less than $1000 a month. By the time you pay utilities, buy gas, pay groceries, you don't have much left over. Instead of everyone criticizing you or all of us moaning about it, what can we do to change it?
Not a thing. Ben Franklin had it right when he said that there are two sure things in this world: death and taxes.
I don't make as much money as you, and I am now a single mom with a son in college who made too much money for me to claim head of household. Yet, what he made was actually at poverty level for an individual. Then, for his school loans and aid, he still had to say he was a dependent because I contribute to more than half his support. Now, with these taxes and what I have to pay for insurance and retirement, etc, I'm lucky to bring home HALF what I make. I work very hard, too and spent 2013 being totally furious about this situation, and the fact there's not a damn thing I can do about it. Except try to find a way to have a business of some sort that will give me tax deductions and learn what the rich do and how I can apply that to my life. It isn't fair that more and more of our society is being supported by the middle class, although if you make another $10 grand, you'll be out of that bracket. I live in a metro area where you can't find a decent place to live in a decent neighborhood for less than $1000 a month. By the time you pay utilities, buy gas, pay groceries, you don't have much left over. Instead of everyone criticizing you or all of us moaning about it, what can we do to change it?
I make 96K/year. I absolutely love my job; however, I'm taxed tremendously because I'm single, and do not have any dependents. I pay around $1100/month in federal taxes, $580/month in state taxes and close to $600/month towards social security.
I put away a good amount in my 401K, traditional IRA and health savings account each month to help reduce my tax burden, but I still feel like a drained piggy bank. Does anyone else have this problem?
Your social security claim is $100 a month too high and if you are wrong about that.... what else are you getting wrong in the rest of your example?
I should explain why your social security claim is too high. First the most any one getting a paycheck paid into social security last year was $7049.40. No one could pay more than that as a working person getting a paycheck.
This is based on a maximum taxable income of $113,700 at 6.2% for employee's. So this means only taxable income up to $113,700 last year got taxed at the 6.2% rate, any income above this amount didn't get taxed by social security.
$600 a month times 12month equals $7200 and no employee paid that much out of their paycheck into social security since the maximum amount was $7049.40.
Also taxable income for social security deducts the health insurance premiums you pay as an employee into your employer provided health insurance.
So for example, you say you make $96K, but if you have employer provided health insurance and your premiums total $1k a year for example, that $1k would be subtracted from your taxable income for social security. Meaning social security would only say you owe taxes on $95K.
But even if you don't have employer provided health insurance and your total taxable social security income is 96k the most you could pay if you are an employee getting a paycheck is $5952 for the year which per month is $496.
So based on the info you supplied the most you could have paid into social security a month is approximately $500 a month.
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.
I am not trying to attack you, but you can't post hey I am paying this much a month in taxes and then post that you get a return because that means part of that money that went out of your check came back to you. So you have to subtract your return from the amount you paid in taxes.
It's not your income that is an issue it is where you live. Bethesda is terribly expensive. I considered taking a job similar to your pay at Marriott a few years ago, but after looking at housing/rent in the area I quickly realized 96k in Bethesda is similar to 65-70k in most of the rest of the US.
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.
yes I have the same problem, I'm in CA and my pay is about the same as yours. I don't save as much as you do (I can't, have to live).
it ...pretty much sucks, yes.
I've considered taking a lower paying job to declare bankruptcy then going on to live a normal life (painful truth) but would be perhaps be fraud.
I rather have a high income and have more take home cash than make minimum wage and scrape by.
Consider yourself lucky, OP. I wish I made that kind of money!
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