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Old 04-09-2011, 05:44 PM
 
Location: South Jordan, Utah
8,182 posts, read 9,218,473 times
Reputation: 3632

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Quote:
Originally Posted by Rlarson21 View Post
But i'm BELOW the 50% in income that republicans claim DOES NOT pay TAXES. My point was that it's not true.
You are just quoting their rhetoric, most of them don't really know what they are spouting off.

In reality it isn't based on 50% of income, it is about the bottom 50% of tax returns, most of those pay next to nothing in income tax (SS and Medi is another story)

Quote:
Originally Posted by Driller1 View Post
But, when I asked the OP said the $30,000 was gross.
$30,000 is the gross, subtract the deductions I mentioned.
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Old 04-09-2011, 05:47 PM
 
24,832 posts, read 37,359,408 times
Reputation: 11539
Quote:
Originally Posted by hilgi View Post
You are just quoting their rhetoric, most of them don't really know what they are spouting off.

In reality it isn't based on 50% of income, it is about the bottom 50% of tax returns, most of those pay next to nothing in income tax (SS and Medi is another story)



$30,000 is the gross, subtract the deductions I mentioned.
But, the true bottom would not have to file a return.

http://financialsoft.about.com/od/gl...ossInc_def.htm
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Old 04-09-2011, 05:50 PM
 
24,832 posts, read 37,359,408 times
Reputation: 11539
Quote:
Originally Posted by hilgi View Post
You are just quoting their rhetoric, most of them don't really know what they are spouting off.

In reality it isn't based on 50% of income, it is about the bottom 50% of tax returns, most of those pay next to nothing in income tax (SS and Medi is another story)



$30,000 is the gross, subtract the deductions I mentioned.
I think you have gross confused with net.
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Old 04-09-2011, 06:01 PM
 
Location: Mid Missouri
21,353 posts, read 8,454,240 times
Reputation: 33341
Quote:
Originally Posted by Driller1 View Post
IMO, the OP is not self-employed.

He could not have used a 1040EZ and someone took withholding.

I am self employed and do not pay SS.
You must be a corporation. Otherwise, you pay SS. Either the corp. is paying it or you are.
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Old 04-09-2011, 06:02 PM
 
Location: South Jordan, Utah
8,182 posts, read 9,218,473 times
Reputation: 3632
Quote:
Originally Posted by Driller1 View Post
But, the true bottom would not have to file a return.

AGI - Adjusted Gross Income - Income Tax
If they want their refundable credits they will.

Quote:
Originally Posted by Driller1 View Post
I think you have gross confused with net.
Ugg

$30,000 GROSS

$7,100 Standard Deduction

$3,650 Exemption

$19,250 TAXABLE INCOME

Tax $2,469

Make Work Credit $400

$2,069 NET TAX
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Old 04-09-2011, 06:06 PM
 
24,832 posts, read 37,359,408 times
Reputation: 11539
Quote:
Originally Posted by CoastalMaine View Post
You must be a corporation. Otherwise, you pay SS. Either the corp. is paying it or you are.
No, my AGI is "0".
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Old 04-09-2011, 06:09 PM
 
24,832 posts, read 37,359,408 times
Reputation: 11539
Quote:
Originally Posted by hilgi View Post
If they want their refundable credits they will.



Ugg

$30,000 GROSS

$7,100 Standard Deduction

$3,650 Exemption

$19,250 TAXABLE INCOME

Tax $2,469

Make Work Credit $400

$2,069 NET TAX
Ya know what??....you are right.

I never have to worry about the back....sorry.
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Old 04-09-2011, 06:16 PM
 
Location: Mid Missouri
21,353 posts, read 8,454,240 times
Reputation: 33341
Quote:
Originally Posted by Driller1 View Post
No, my AGI is "0".
Nice!!! ..... as long as you can avoid an audit! lol
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Old 04-09-2011, 06:17 PM
 
Location: Central Ohio
10,834 posts, read 14,943,455 times
Reputation: 16587
Quote:
Originally Posted by Rlarson21 View Post
I made 30,000 dollars last year and I paid in about 3,000 in taxes. I got NONE of it back. I thought the bottom fifty percent didn't have to pay taxes?

Many corporations pay ZERO due to loopholes, doesn't that make the rich the freeloaders?
Corporations should never have to pay taxes in the first place.

Taxes are levied on the shareholders when receiving dividends.

Look at it this way. The teachers union holds 10 shares of stock in XYZ corporation, XYZ earns 10 million dollars profit which it distributes in the form of dividends to the teachers union which they distribute to teachers.

The teachers, who are barely scraping by on low retirement income as it is, need that 10 million but you would levy a tax, say 50% because in your mind that is fair, so the teachers only get 5 million?

How can you be so heartless, so uncaring and just plain evil? In your mind their is a small cabal of evil rich fat guys who receive all the money earned yet nothing can be farther from the truth. The biggest owners of stocks are retirement and pension funds and it is people like you that can take money out of the hands of hard working people forcing them to eat cat food?
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Old 04-09-2011, 06:22 PM
 
20,187 posts, read 23,867,274 times
Reputation: 9284
Quote:
Originally Posted by Rlarson21 View Post
I made 30,000 dollars last year and I paid in about 3,000 in taxes. I got NONE of it back. I thought the bottom fifty percent didn't have to pay taxes?

Many corporations pay ZERO due to loopholes, doesn't that make the rich the freeloaders?
Apparently you should of gotten a tax preparer to do your taxes...
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