OT:Question about taxes and salaries

[OrangeShadow]

I know the phrase the more you make the more they take but is there a place to find out(if its a set percentage) they take out. Perhaps by state etc...

[ak1971]

I know the phrase the more you make the more they take but is there a place to find out(if its a set percentage) they take out. Perhaps by state etc...

go to IRS.gov, but it also depends on how you are compensated, and where, what you do, etc.

[Bronco_Beerslug]

I know the phrase the more you make the more they take but is there a place to find out(if its a set percentage) they take out. Perhaps by state etc...Claim married and 9 and keep that money throughout the year yourself. Put it in any number of different accounts available (like HSBC (http://www.hsbcdirect.com/1/2/1/offer?code=PPGD740000&WT.srch=1) for example) to draw the interest and then pay the IRS and the state if applicable on April 15th.

Disclaimer: I found most people are unable to save this money for the entire year without drawing on it for one excuse or another so I'm not actually recommending this for most people to do.

In the 70s I claimed exempt or married and 29 for years before the IRS told me I might want to change it to a more reasonable number.
Married and 9 is no problem though that I've ever heard of.

[ak1971]

Or have a work address in China and checks deposited to the Caymans...

[Bronco_Beerslug]

Or have a work address in China and checks deposited to the Caymans...Whoa!! Do you have access to my PC or something?

[Smiling Assassin27]

Claim married and 9 and keep that money throughout the year yourself. Put it in any number of different accounts available (like HSBC (http://www.hsbcdirect.com/1/2/1/offer?code=PPGD740000&WT.srch=1) for example) to draw the interest and then pay the IRS and the state if applicable on April 15th.

Disclaimer: I found most people are unable to save this money for the entire year without drawing on it for one excuse or another so I'm not actually recommending this for most people to do.

In the 70s I claimed exempt or married and 29 for years before the IRS told me I might want to change it to a more reasonable number.
Married and 9 is no problem though that I've ever heard of.


I set up my w-4 to break even with the government on april 15th since i probably couldn't save what i needed to in order to pay with 9. Still, i'm able to increase my cash flow for the year rather than giving the gov't an interest free loan.

[orange crusher]

Circular E on irs.gov should give you the info you're looking for.

[Broncoman13]

Claim married and 9 and keep that money throughout the year yourself. Put it in any number of different accounts available (like HSBC (http://www.hsbcdirect.com/1/2/1/offer?code=PPGD740000&WT.srch=1) for example) to draw the interest and then pay the IRS and the state if applicable on April 15th.

Disclaimer: I found most people are unable to save this money for the entire year without drawing on it for one excuse or another so I'm not actually recommending this for most people to do.

In the 70s I claimed exempt or married and 29 for years before the IRS told me I might want to change it to a more reasonable number.
Married and 9 is no problem though that I've ever heard of.

LMAO at the married and 29!!! I actually claim Married and 6 and get back about $5500 every year. I guess I should bump that to married and 9 but I enjoy getting an extra pay check during the year.

[Broncoman13]

A lot of people say that you're giving the GOV an interest free loan. So be it, that doesn't bother me... atleast not enough to complain. Like I said, I enjoy getting back a nice chunk of change as opposed to $200 a pay check or something. That extra $200 a pay check would go toward games, eats, Mochas and other BS. I get a check for $5k I'm going shopping at Best Buy or on Vacation!!! Although I think this year I'll sock that away for my 10th wedding Anniversary... you know, get the wife something nice and see if I can't talk her into sticking around for another 10-50 years!

[Rock Chalk]

I know the phrase the more you make the more they take but is there a place to find out(if its a set percentage) they take out. Perhaps by state etc...

State taxes? What are those?

Federal...

http://www.moneychimp.com/features/tax_brackets.htm

This gives a general idea on federal taxes.

Since we in Texas dont pay state taxes Im not sure about that but Id google [state name] tax brackets and you should get some quality results.

[OrangeShadow]

State taxes? What are those?

Federal...

http://www.moneychimp.com/features/tax_brackets.htm

This gives a general idea on federal taxes.

Since we in Texas dont pay state taxes Im not sure about that but Id google [state name] tax brackets and you should get some quality results.

Yeah federal is what i meant lol

[Broncoman13]

State taxes? What are those?

Federal...

http://www.moneychimp.com/features/tax_brackets.htm

This gives a general idea on federal taxes.

Since we in Texas dont pay state taxes Im not sure about that but Id google [state name] tax brackets and you should get some quality results.


Wait until you buy a house down there... There is a reason they call it Taxas!!!

$250k house in Houston, Ft. Worth/Dallas, or Amarillo will run you about $6500 a year in Taxes! I pay about $3k in state taxes here and another $2k in a relatively high tax area. Still a lot less than Taxas!

If you never buy a house in Texas then you have it made.

[Rock Chalk]

I claim 4, ended up paying 57 bucks to the govt because I didnt claim my little girl and let her grandma claim her instead so she would get back like 3K instead of me claiming her and getting back 1K. She tossed me the 1K I would have got, she got essentially 800 more than she would have, everyone got the best of both worlds that way.

While Beerslug's advice is good for people that are consistent in saving money, most Americans cant do that so its not worth the risk.

[Rock Chalk]

Wait until you buy a house down there... There is a reason they call it Taxas!!!

$250k house in Houston, Ft. Worth/Dallas, or Amarillo will run you about $6500 a year in Taxes! I pay about $3k in state taxes here and another $2k in a relatively high tax area. Still a lot less than Taxas!

If you never buy a house in Texas then you have it made.

CITY OF LEAGUE CITY 0.60880000 $565.15
CLEAR CREEK ISD 1.63000000 $1,513.13
GALV CO RD & FLOOD 0.01140000 $10.58
GALVESTON CO 0.58735000 $545.24
GALVESTON MUD 2 0.26000000 $241.36

Total: $2,875.46 (per year)

Thats on a 120K dollar home.


What kills you is the school tax, but what it boils down to is that school district is absolutely worth the 1500 a year.

[Broncoman13]

CITY OF LEAGUE CITY 0.60880000 $565.15
CLEAR CREEK ISD 1.63000000 $1,513.13
GALV CO RD & FLOOD 0.01140000 $10.58
GALVESTON CO 0.58735000 $545.24
GALVESTON MUD 2 0.26000000 $241.36

Total: $2,875.46 (per year)

Thats on a 120K dollar home.


What kills you is the school tax, but what it boils down to is that school district is absolutely worth the 1500 a year.


Creek and Lake are good schools, but if you were in South Houston paying those same taxes for Pasadena, Rayburn, or South Houston High... would you have the same opinion?

[Bronco_Beerslug]

Wait until you buy a house down there... There is a reason they call it Taxas!!!

$250k house in Houston, Ft. Worth/Dallas, or Amarillo will run you about $6500 a year in Taxes! I pay about $3k in state taxes here and another $2k in a relatively high tax area. Still a lot less than Taxas!

If you never buy a house in Texas then you have it made.
My taxes on my Durango, Colo. home ($165,000) were $325 a year.

On my $100,000 home here they are $1,550.

[Sassy]

Mine are over 2,000 for a TOWNHOUSE!

[Bronco_Beerslug]

Mine are over 2,000 for a TOWNHOUSE!ND must not have state income taxes either?

[Rock Chalk]

Creek and Lake are good schools, but if you were in South Houston paying those same taxes for Pasadena, Rayburn, or South Houston High... would you have the same opinion?

I wouldnt be paying as high of a school tax in those pathetic school districts.

Moreover, I wouldnt live in Stinkadena or South Houston for all the money in the world.

Speaking of Creek, I drove by there the other day, man they completely redid that school. Its no longer an open school, its all closed in now. I dont even recognize it anymore.

Lake would be great but living anywhere in that district is too expensive for me :(

[Sassy]

ND must not have state income taxes either?

Yeah we do...6.5%.

[Bronco_Beerslug]

Yeah we do...6.5%.Wow! They tax the crap out of you up there!

[Sassy]

Yep...I believe state tax is done city by city. I don't think it's the same statewide.

[Bronco_Beerslug]

Yep...I believe state tax is done city by city. I don't think it's the same statewide.Maybe move to SD or Wyo :)

Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.

[Malcontent]

Can we sticky this thread? Its so thrilling! j/k.

[Broncoman13]

Yep...I believe state tax is done city by city. I don't think it's the same statewide.

Sales taxes usually vary by city. I don't think that's what you're talking about though???

Alec, got news for you buddy. When I lived over near Dobie High School I payed Harris County Taxes, Clear Brook MUD taxes, Harris County Taxes (yeah I got Phucked with both MUD and County taxes!) and PISD taxes. I'm not gonna look up the tax rate but if memory serves it was in the 1.9 neighborhood. My house (purchased for $85k in 2001) had an assessed value of $77k. I paid $2600 a year in taxes... WITH HOMESTEAD!

I'm actually shocked that the taxes in Creek are less. I know Deer Park is almost identical to Stinkadena.

All that being said. Texas is ranked middle of the pack in terms of taxes. Colorado is right around #10 for lowest. I want to say that Texas was #22. I looked it up when I was trying to get a job here. Haven't looked at it since though.

[Rashomon]

Claim married and 9 and keep that money throughout the year yourself. Put it in any number of different accounts available (like HSBC (http://www.hsbcdirect.com/1/2/1/offer?code=PPGD740000&WT.srch=1) for example) to draw the interest and then pay the IRS and the state if applicable on April 15th.


This is a prime example of why you shouldn't take advice from someone online without doing research yourself. If you were to follow this advice, you will most likely be facing heavy penalties from the IRS for underwithholding. The IRS wants your money, and they want it as soon as possible. If you paid income tax in the previous year, you must do one of two things in the following year: Withhold at least the amount you owed in taxes the prior year or withhold at least 90% of the total tax you owe in the current year. If you don't do one of these, the penalties will eat up all of your interest, and then some.

[watermock]

If you own your own business an L.L.C. gives some tax advantages/limited liability and partnership benefits rolled into one.

[Rock Chalk]

Sales taxes usually vary by city. I don't think that's what you're talking about though???

Alec, got news for you buddy. When I lived over near Dobie High School I payed Harris County Taxes, Clear Brook MUD taxes, Harris County Taxes (yeah I got pink puppy bellied with both MUD and County taxes!) and PISD taxes. I'm not gonna look up the tax rate but if memory serves it was in the 1.9 neighborhood. My house (purchased for $85k in 2001) had an assessed value of $77k. I paid $2600 a year in taxes... WITH HOMESTEAD!

I'm actually shocked that the taxes in Creek are less. I know Deer Park is almost identical to Stinkadena.

All that being said. Texas is ranked middle of the pack in terms of taxes. Colorado is right around #10 for lowest. I want to say that Texas was #22. I looked it up when I was trying to get a job here. Haven't looked at it since though.


Taxes in League City are less because its Galveston County. Harris county has some of the highest taxes in the nation because of all the damn crime in downtown, yet it trickles down to the outlying areas like Webster and Pearland and Sugar Land (the northern parts not in Brazoria County) as well as Katy, The Woodlands and Kingwood.

Its why I wont move to Harris County. AUto Insurance is gauranteed to go up at least 300 bucks a year in Harris County too.