Sounds about right. I have an effective tax rate of 30%. I also put away 15% into retirement automatically. That leaves 55% to go to my bank account. And that's without factoring in inflation.
Something is incorrect. You received a yearly raise of $8000 paid out over the next year? The top tax bracket is 37% and state may be 7%. Your insurance won't change. Your 401k contributions won't change. Your SS and medicare contributions won't change unless you are under the max which in that case, you aren't in the 37% tax bracket.
My "employee deductions" went from $735 to $800 per pay period. So all told my tax/deductions increased by $165 per pay period ($4200) due to the raise of $7900 per year.
My net pay increased by $150 per pay period ($3900/yr).
You're giving nearly 40% ($1600 of $4200) of your increased tax/deductions to yourself ("employee deductions"). Maybe you should cut those; your net pay increase would be 43% higher.
My "employee deductions" went from $735 to $800 per pay period. So all told my tax/deductions increased by $165 per pay period ($4200) due to the raise of $7900 per year.
My net pay increased by $150 per pay period ($3900/yr).
You're giving nearly 40% ($1600 of $4200) of your increased tax/deductions to yourself ("employee deductions"). Maybe you should cut those; your net pay increase would be 43% higher.
Yeah I'll just cut out my 401k, dental, vision and healthcare. What's the point
Lots of young women and girls to sniff, I mean he was caught twice on camera over the weekend alone doing it. Don't worry though, he'll get around to it, not joking!
Seems fair. Single, no children and in perfect health.
Nobody supports a government wanting to cut spending, so don’t expect this to change
That includes republicans who are happy to cut taxes, but never spending.
What spending that would be meaningful would you like to cut? Keep in mind DOD, SS, Medicare, medicaid, and debt service, are the bulk of spending. So, they would need to be the bulk of cuts. Symbolic cuts to things like school lunch programs won't help at all but they will cause kids to not eat.
Nobody supports a government wanting to cut spending, so don’t expect this to change
That includes republicans who are happy to cut taxes, but never spending.
What spending that would be meaningful would you like to cut? Keep in mind DOD, SS, Medicare, medicaid, and debt service, are the bulk of spending. So, they would need to be the bulk of cuts. Symbolic cuts to things like school lunch programs won't help at all but they will cause kids to not eat.
But please, do tell us.
I would like to cut it all.
Start from scratch. The amount of bloat in the government is ridiculous.
Yes, I support reducing debt servicing, hence why I criticize the hypocrisy of republicans in supporting lower taxes, but not the requisite lower spending.
Yes, I support cutting social security. It is a regressive tax.
Yes, I support cutting defence budget, we can start with billions sent to corrupt Ukraine to prolong a war Ukraine can’t win with cash.
Yes, I support cutting Medicare and Medicaid. The health system is full of an unconscionable amount of administrative bloat, which these programs contribute to.
What spending that would be meaningful would you like to cut? Keep in mind DOD, SS, Medicare, medicaid, and debt service, are the bulk of spending. So, they would need to be the bulk of cuts. Symbolic cuts to things like school lunch programs won't help at all but they will cause kids to not eat.
I'm right around 100k. I'm not financially very literate. I just compared my paychecks pre-raise to my post-raise paychecks.
My per-pay period (2weeks) taxes went from $700 to $800. My "employee deductions" went from $735 to $800 per pay period. So all told my tax/deductions increased by $165 per pay period ($4200) due to the raise of $7900 per year.
My net pay increased by $150 per pay period ($3900/yr).
Oh look. One of the richest people in the history of humanity is complaining about taxes. A surprisingly common phenomenon.
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