I realize there is much more to it than this but I took a look at my last pay stub from last year to see the percentages of federal withholdings. Here is my 2010 breakdown: -Federal WH - 13.5% -Medicare - 1.4% -SS - 6.1% -Pretax deductions - 3.3% -Net - 75.7% I was in the 28% bracket of the 2010 tax rates based on my gross pay.
My effective rate last year was 6.7% and I make decent money. FU IRS! /I think I just got audited
I’ve moved twice in 365 days totalling about 10g’s in expenses. ALL TAX DEDUCTIBLE BABY. Plus I probably spent about 4g’s on work clothes, and I have about 3g’s in tax loss carry forwards. Call me GE because I’m not paying ISH!
Wait a second, I thought clothing was only deductible if you’re an exotic dancer? Seriously though, you can’t deduct suits can you?
You can deduct work related clothing? That’s news to me. I thought business suits, etc. were not deductible.
yeah, dont think thats a legit deduction. the moving expenses have a pretty high hurdle rate too, if i remember right.
On clothing, a brief search says you cannot deduct: Basically, the only clothing items that are deductible for tax purposes would be uniforms used in your employment that would not be adaptable for everyday use. That means that pilots, nurses and mechanics can write off the cost of their uniforms, but ordinary office wear would not be considered a uniform. So, you don’t get the deduction, even though you wear the clothes only at work. It doesn’t matter that the purchases are as a result of your change in employment, either. Similarly dry cleaning expenses of uniforms used in work would be considered an employee business expense. Employee business expenses are miscellaneous itemized deductions subject to reduction by 2 percent of your adjusted gross income. However, dry cleaning of your business clothes would be considered a personal expense and not deductible. There would not be any distinction between footwear and clothing. http://www.bankrate.com/brm/itax/tax_adviser/20050427a1.asp Here are details on the moving deduction requirements: http://www.irs.gov/taxtopics/tc455.html
I’m going to ask my boss if we can start being required to wear uniforms. I’m thinking scrubs and a lab coat since that will probably get me the most respect outside the office. Also, flair is required.
So basically AM is evading taxes? I won’t say anything in exchange for a burrito.
You have to move a certain distance to be able to claim moving expenses. Work clothing is only tax deductible if the clothing is of no use outside of the workplace. Moving expenses are likely to trigger a request for additional information. I got a letter requesting support when I claimed moving expenses, and I only deducted about $500. This year I won’t pay a dime in federal or state income tax or payroll taxes, but that’s because I’m a student and won’t make enough to have to pay, lol. Gonna use the opportunity to cash out some ST capital gains tax free. Should be starting a job in January, so won’t enjoy that next year. Last year I made a decent amount of money for being a student and owed the IRS. I only paid ~9% effective rate though due to exemptions.
Bit of a tax haven butterfly. Just left a place where the tax is a flat 20% (bit lower in reality as tax free first $15k for singles 30k for couples). Now in a place where the tax is approx 13% all in.
Tax rate 45% … god damn socialist countries !!! Country is one of the few running a budget surplus and unemployment is 3.4% …
If you are talking about pay stubs… I net about 65%
missinglink Wrote: ------------------------------------------------------- > Tax rate 45% … god damn socialist > countries !!! Country is one of the few running a > budget surplus and unemployment is 3.4% … i would take this trade instead of going to work every day and feeling like shit over the economy.
I’m sure some people will argue that the reason that country has low unemployment and a budget surplus is the high taxes.
My marginal rate is over 50%. Resident of the Republic of CA.