Awww yeah tax season

[syP]

It's gross adjusted 70 something thousand bumps you to the 25% bracket anything under that is 15% if I remember right, married filing jointly

fuck.

whats the next tax bracket then, after 70k and 25% ?

 

[1quick]

fuck.

whats the next tax bracket then, after 70k and 25% ?

28% at 146k

 

[syP]

okay thanks

 

[Angus]

Ended up getting $4k back but I thought I was pushing the limits on the number of my withholding allowances...

 

[cap42]

I was curious what bracket I was in and found this.

 

[blck10th]

Seems to me if a married couple makes 100k and I make 100k I pay 28% they pay 25%.

I'll take my 3%

 

[blck10th]

Tax rate isn't 'lower' as one may think, it's just common to drop tax brackets when you have dual income where one party may be lower.



I don't remember the numbers but say you make 42k a year, and your wife makes 12 because she is in school and working part time



Well the single bracket for 23% was 30-55, married is 55-80



So bam, you just dropped tax brackets because you are under 55k married.



(Again, I don't remember what the numbers actually are, just giving an example).

I don't really care the reason if she's in school or stays at home. Everyone has earning potential. Yet 2 people can make 100k easier. I'm speaking from a hourly wage perspective. I have to work many more hours than a couple to make 100k. So why should I pay more than them?

 

[Chet Donnelly]

I got $500 back from IL for sending my kids to private school!!

 

[blck10th]

I got $500 back from IL for sending my kids to private school!!

Not enough

 

[Chet Donnelly]

Not enough

Def not...considering I spend $6k on tuition last year, and $4.5k of my property tax bill went to local schools!

 

[Dasfinc]

It's gross adjusted 70 something thousand bumps you to the 25% bracket anything under that is 15% if I remember right, married filing jointly

Another item on that; IIRC you aren't just flat taxed at 25% on your entire income, but you are taxed at the lower % up until the next bracket, and then taxed at a higher percentage at the next bracket.

So if you make 100K you'd be taxed at 15% until 70k, then taxed at 25% on the remaining 30K with your example (I recall correctly)

*Update*

Pulled up the 2016 brackets, and It's a bigger gap than I though, which would knock a lot of joint filers down into the 15% only bracket.

Joint filing at 15% is up to $75,000, while single filing is 37,650.

Median house hold income in IL is $59,588, so that kinda tells it all right there, if one person makes makes 44,000, while the other makes 16,000, you save 10% on Taxes for $6,350 if you file jointly/married.

 

[Dasfinc]

I don't really care the reason if she's in school or stays at home. Everyone has earning potential. Yet 2 people can make 100k easier. I'm speaking from a hourly wage perspective. I have to work many more hours than a couple to make 100k. So why should I pay more than them?

Because the 'bread winner' has to support the other financially in the governments eyes, while you don't have anyone to support but yourself.

Its the governments way of giving me a spec of race-car money despite being married .

 

[blck10th]

Because the 'bread winner' has to support the other financially in the governments eyes, while you don't have anyone to support but yourself.

Its the governments way of giving me a spec of race-car money despite being married .

So because you CHOOSE to have a wife and x amount of kids you deserve a break. But because I CHOOSE to not get married I shouldn't.

Just seems illogical.

Oh and I do have to support my son. I pay more in child support than some people pay for a mortgage.

 

[FirstWorldProblems]

Still waiting on all of my paperwork. Haven't received a single piece.

Same here...and I'm getting impatient. The curiosity is killing me

I remember last year I plugged in all of our deductions and just my income and I was showing like a $3k refund...then I added the wife's income and it dropped to owing somewhere around $4k.

i *think* that between getting more bonus money last year (taxed at higher rate), putting $1,500 toward an HSA, and spending more on insurance I might actually break even.

I'll flip if I get a refund.....before working here I was straight commission on a 1099 so I haven't had a tax refund since I was 19 years old

 

[FrenchLicker]

Soooooooo apparently, being such a "NOOB" that I am, changing jobs and getting a divorce kinda fubar'd my shit. Not only did I fuck up by not changing my contribution during the divorce but the bump in the new job messed me up (Atleast I had the W4 there at 0).....

Here's to owing for the first time (however the ex will probably get 5k back without paying shit for taxes.....)

 

[blck10th]

Soooooooo apparently, being such a "NOOB" that I am, changing jobs and getting a divorce kinda fubar'd my shit. Not only did I fuck up by not changing my contribution during the divorce but the bump in the new job messed me up (Atleast I had the W4 there at 0).....



Here's to owing for the first time (however the ex will probably get 5k back without paying shit for taxes.....)

Welcome to America

 

[Blood on Blood]

And welcome to Illinois

 

[FrenchLicker]

Welcome to America

While it was ongoing I should've changed the W4, but fuck.... bumped me a bracket

 

[guspech750]

Thankfully, I'm sure we'll end up owing for a third straight year. Money better go towards a fucking wall 50' high and 50' deep.

 

[Tight Lines]

So did the taxing of Bonuses change this year? Last year my bonus was taxed at around 40%. We just got our Bonus this year and it was only taxed at a straight 25%. Now I'm not complaining, I just don't want any surprises when I file next year. I questioned it and they said it was correct. I'm still worried.

 

[radioguy6]

25% is the flat tax rate for bonuses. Your employer did it right, some employers choose the aggregate method, that taxes closer to 40%. You get the difference back when you file, but its an interest free loan to the government.

Bonuses can be taxed in two ways:

1. The Percentage Method

The IRS specifies a flat “supplemental rate” of 25%, meaning that any supplemental wages (including bonuses) should be taxed in that amount. If you receive a $5,000 bonus, under this rule, $1,250 (25% of $5,000) goes straight to the IRS. Using this approach, the amount of your bonus, whatever it is, is “singled out” from the rest of your income and taxed directly. Employers frequently choose the percentage method because it’s easy and mindless to tax the entire bonus at a uniform rate. In most cases, this is ideal from your standpoint as the bonus receiver and taxpayer, too. The aggregate method (described below), in addition to being more time-consuming and laborious for employers, can take a bigger tax bite out of your bonus payments.

2. The Aggregate Method

Unlike the much simpler percentage method, the aggregate method is used when your employer pays your bonus (say, $5,000) with your most recent regular paycheck. Then, they determine the normal withholding amount based on IRS withholding tables for the sum of both amounts, subtract what was already withheld from your last paycheck, and withhold the rest from the bonus amount.

The problem with this approach is that instead of taxes being withheld at a flat 25%, and having that 25% rate apply only to the bonus amount, taxes are withheld at what is almost certainly a higher rate on the combined amount of your normal pay and the bonus. The result: a higher overall tax obligation initially for the same amount of income.

Bonus Time: How Bonuses Are Taxed and Treated by the IRS | The TurboTax Blog

 

[Chester Copperpot]

Got refund, waiting for IL to process my shit via paper since one of my W2s SSN didn't match up for some reason and TurboTax wouldn't let me e-file IL.

Refunds from both. Already burning a hole in my account.

 

[boostedguy05]

So did the taxing of Bonuses change this year? Last year my bonus was taxed at around 40%. We just got our Bonus this year and it was only taxed at a straight 25%. Now I'm not complaining, I just don't want any surprises when I file next year. I questioned it and they said it was correct. I'm still worried.

its based off of what your employer sets itto be i think.

my bonuses are taxed like a regular paycheck.

 

[Tight Lines]

its based off of what your employer sets itto be i think.

my bonuses are taxed like a regular paycheck.

Thanks. But my main thought is, how does the IRS view it. Now that it was taxed at 25% it's still a bonus, will the IRS still be looking for the additional taxes that I was charged last year when I file next year? I hope that makes sense as it sounds confusing.

 

[Bub]

Got refund, waiting for IL to process my shit via paper since one of my W2s SSN didn't match up for some reason and TurboTax wouldn't let me e-file IL.

Refunds from both. Already burning a hole in my account.

already got and spent fed on adult shit. and not the fun kind