Quote:
Originally Posted by baalzy
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^ this guy doesn't understand progressive taxes.
Edit: Nvm, did the math. Apparently I'm just an asshole. My argument was much better before I remembered to include SSi & Medicare taxes.
Federal minimum wage = 7.25 / hour. 7.25 * 40 hours a week * 52 weeks = 15080/year.
Tax rate on SSi/Medicare = 7.65% = 1153.62 taxed on that = 13926.38 net income before income tax
2014 standard deduction = 6200 = 7726.38 taxable income.
Lowest income tax bracket of 10% ends at 9075. 7726.38 < 9075
10% of 7726.38 = 772.64
772.64 + 1153.62 / 15080 = 12% effective tax rate
(2014 rates & deductions)
http://www.forbes.com/sites/kellyphi...unts-and-more/
(Note: Assuming single and no children). |
I honestly don't know whats more sad... That you did the math or you did the math and still did it wrong... I mean unless your claiming the standard deduction and not claiming yourself lol.... Otherwise subtract another $3,950 from your taxable income...(Yet another reason why america isn't smart enough to even do their own tax returns... *sigh*)