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1/3 of my paycheck goes to tax!

Nurses   (21,977 Views 77 Comments)
by pale_pilsen pale_pilsen (Member) Member

2,459 Profile Views; 37 Posts

You are reading page 7 of 1/3 of my paycheck goes to tax!. If you want to start from the beginning Go to First Page.

176 Posts; 5,273 Profile Views

And you would be a liability on my unit so perhaps you are in the wrong business.

Ummm........I don't work on your unit and I am not really sure why I would be a liability if I did...so how does that make me in the wrong business?

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131 Posts; 7,783 Profile Views

I feel ur pain if u have no children and no spouse the more u work it seems counterproductive. Esp if it puts u in a higher tax bracket

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176 Posts; 5,273 Profile Views

i feel ur pain if u have no children and no spouse the more u work it seems counterproductive. esp if it puts u in a higher tax bracket

income tax myth #2: your tax bracket is the tax rate you pay

if you're in the 25% tax bracket, you're entire income is not subject to 25% tax--that's just the highest rate that's applied to your top range of income.

a "tax bracket" is a range of income that's taxed at a certain rate. each bracket gets assigned a progressively higher rate, which means that the first dollars you earn are taxed the least and the last dollars you earn are taxed the most. there are six tax brackets for 2010: 10%, 15%, 25%, 28%, 33%, and 35%. if you're in the 25% tax bracket, you're entire income is not subject to 25% tax--that's just the highest rate that's applied to your top range of income.

the actual amount of tax you pay can be used to calculate your effective or average tax rate, which is always lower than your tax bracket rate. simply divide the amount of tax you pay by your income. for example, if you're a single taxpayer and make $35,000 in 2010, you're in the 25% tax bracket--but your effective tax rate is just 14%. at moneychimp.com you can use the federal tax brackets calculator to find out how much tax you really pay based on your income and tax filing status. (depending on where you live you may also have to pay state income tax, which raises your effective tax rate.)

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linearthinker has 25 years experience as a DNP, RN and specializes in FNP.

1,688 Posts; 12,199 Profile Views

Way to go mcleanl. You had to go spoil the game with facts. Funsucker.

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3,408 Posts; 29,323 Profile Views

Way to go mcleanl. You had to go spoil the game with facts. Funsucker.

Lol!

Oooo we need 5 characters to post now! So "lol!" On its own isn't enough on its own.

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