Am I paying way too much on Tax? I HATE this. (student loan, insurance)
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I am really new to the workforce, so sorry if this sounds like a really newbie question. I am not sure but I feel like I am paying way too much for tax? If I'm not, then, why the hell do we need pay that much?
This is my 2 weeks pay rate:
Total Earning:*$2,270.76
Taxable Gross:*$2,270.76
Total Deduction:*$621.71
Net Pay:*$1,649.05
Taxes/Deductions
Soc Sec - $140
FEDL Tax - $386.68
AZ State TX - $61.31
Medicare - $32.93
I am paying 28% of my earning on Tax! This is ridicoulous. I am single and I have 0 dependent. I've selected 2.7% Taxable wage? I don't even know what that is.
Anyway, I think I am paying too much... What do you guys think? Is there anything I can do to improve this?
Taxes
FEDL Tax - $386.68 AZ State TX - $61.31 = $448 = 19%
That's about par.
Quote:
I am paying 28% of my earning on Tax!
No you aren't. Look above.
What about retirement accounts? Health insurance?
Don't short yourself with lower deductions if you don't tuck the "extra" cash aside.
I am paying 28% of my earning on Tax! This is ridicoulous. I am single and I have 0 dependent. I've selected 2.7% Taxable wage? I don't even know what that is.
Anyway, I think I am paying too much... What do you guys think? Is there anything I can do to improve this?
Those numbers look about right. You can always get married and have a bunch of kids to reduce your fed tax bill, but don't expect your expenses to go down. Have you thought about contributing to a 401K? That would lower your taxable income and defer those taxes until you pull the money out. Realistically, there isn't anything you can do about FICA taxes and our federal tax rates aren't that high.
Quote:
I've selected 2.7% Taxable wage? I don't even know what that is.
Neither do I.
Quote:
Will I get a lot of them back on Tax Refunds?
Any tips/suggestions? Thanks a lot
Not likely, depending on if you have a lot of deductions and can itemize. I am in a similar boat. No kids, no house, and income is too high to pay no tax.
and nothing. I am ASKING if everyone else pays the same. And if I will get them back on Tax refund.
I pay a slightly higher rate on state tax and a slightly lower rate on fed taxes due to having similar taxable income and school/student loan deductions.
I am really new to the workforce, so sorry if this sounds like a really newbie question. I am not sure but I feel like I am paying way too much for tax? If I'm not, then, why the hell do we need pay that much?
This is my 2 weeks pay rate:
Total Earning:*$2,270.76
Taxable Gross:*$2,270.76
Total Deduction:*$621.71
Net Pay:*$1,649.05
Taxes/Deductions
Soc Sec - $140
FEDL Tax - $386.68
AZ State TX - $61.31
Medicare - $32.93
I am paying 28% of my earning on Tax! This is ridicoulous. I am single and I have 0 dependent. I've selected 2.7% Taxable wage? I don't even know what that is.
Anyway, I think I am paying too much... What do you guys think? Is there anything I can do to improve this?
Will I get a lot of them back on Tax Refunds?
Any tips/suggestions? Thanks a lot.
well obama sees to it that those who scam welfare get fed by having hard workers support them.
blame obama, the socialist.
When we file for Tax Returns, is it for the previous year we worked? For example If I started working on February, then that means I can not do tax returns that is due this year on April 15, is that correct?
I don't know about deductibles but I had to spend A LOT moving from Hawaii to my new job place. Shipping cars, furniture, new apartment, etc... I want to ATLEAST try get tax refunds for those things. Does that mean I will need to wait until Next year January 1st?
I ALSO HATE THE FACT that all of these money that I HAVE TO PAY FOR are going in to WARS. God I hate the government of this country.
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