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Old 03-06-2014, 09:54 AM
 
58 posts, read 140,905 times
Reputation: 39

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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?

Will I get a lot of them back on Tax Refunds?

Any tips/suggestions? Thanks a lot.
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Old 03-06-2014, 10:04 AM
 
Location: The Triad
34,090 posts, read 82,716,942 times
Reputation: 43659
Quote:
Originally Posted by johnc1 View Post
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?

Taxable Gross:*$2,270.76

SS/FICA
Soc Sec - $140
Medicare - $32.93 = $172 = 7.75%

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.

More detail to poke around in:
Salary Paycheck Calculator | Payroll Calculator | Paycheck City
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Old 03-06-2014, 10:09 AM
 
58 posts, read 140,905 times
Reputation: 39
Well, basically it's 26%+ deductible. I think that is way too much. Is everyone else paying the same?

401K and Health Insurance will be provided by company after I work here for 3 months.
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Old 03-06-2014, 10:11 AM
 
6,039 posts, read 6,035,274 times
Reputation: 16753
Quote:
Originally Posted by johnc1 View Post
Well, basically it's 26%+ deductible. I think that is way too much.
OK, and....???
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Old 03-06-2014, 10:12 AM
 
58 posts, read 140,905 times
Reputation: 39
and nothing. I am ASKING if everyone else pays the same. And if I will get them back on Tax refund.
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Old 03-06-2014, 10:12 AM
 
11,768 posts, read 10,239,242 times
Reputation: 3444
Quote:
Originally Posted by johnc1 View Post
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.
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Old 03-06-2014, 10:16 AM
 
11,768 posts, read 10,239,242 times
Reputation: 3444
Quote:
Originally Posted by johnc1 View Post
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.
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Old 03-06-2014, 10:19 AM
 
6,039 posts, read 6,035,274 times
Reputation: 16753
Quote:
Originally Posted by johnc1 View Post
and nothing. I am ASKING if everyone else pays the same. And if I will get them back on Tax refund.
Everyone most certainly does NOT pay the same, never have.

In your situation, based on strictly the information given, it seems about right.
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Old 03-06-2014, 10:26 AM
 
48 posts, read 49,835 times
Reputation: 56
Quote:
Originally Posted by johnc1 View Post
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.
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Old 03-06-2014, 10:30 AM
 
58 posts, read 140,905 times
Reputation: 39
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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