quest on taxes and different brackets?

Discussion in 'All Discussions' started by Sandblasters, Jan 13, 2017.

  1. Sandblasters

    Sandblasters Well-Known Member

    May 4, 2013
    ok yall this my bracket this year---

    $9,325 to $37,950
    $932.50 plus 15% of the excess over $9325

    I am anticipating return of of 3-4k this year and i claim 0 on my w2s. Got health insurance so wont get dinged the 700$ fee this year. so i already lose about 30% of my income...well with in the next month i am picking up another job to work for a year so ill be login 70- 80hours a week, so i will have a estimated of income will be about $45000-51000 which is pretty good for being 23 with out a degree i so pose.

    i will now be the next bracket of....
    $37,950 to $91,900
    $5,226.25 plus 25% of the excess over $37,950

    not sure how is going to work? im getting taxed 25% already am i now going to get taxed 53% on each check from both different jobs?so am i automatically going to get taxed 5226$ when i go to pay my taxes and 25% more of $13000? so if i see this right it looks like i will owe money at end of the year even though my paying 50% of my income right or wrong???

    Table 1. Single Taxable Income Brackets and Rates, 2017
    Taxable Income Bracket
    Tax Owed

    $0 to $9,325
    10% of Taxable Income

    $9,325 to $37,950
    $932.50 plus 15% of the excess over $9325

    $37,950 to $91,900
    $5,226.25 plus 25% of the excess over $37,950

    $91,900 to $191,650
    $18,713.75 plus 28% of the excess over $91,900

    $191,650 to $416,700
    $46,643.75 plus 33% of the excess over $191,650

    $416,700 to $418,400
    $120,910.25 plus 35% of the excess over $416,700

    $121,505.25 plus 39.6% of the excess over $418,400
  2. frost

    frost Well-Known Member

    Jul 31, 2014
    the current American tax is designed for u to Not get ahead...the more u make the more they take

  3. Agabinet

    Agabinet Well-Known Member

    May 3, 2012
    The rate is marginal -- that is it applies to everything over the bracket amount -- you don't get taxed twice on the same income. When you file your return you will add all your income together and the calculation only gets done once. The rate for each bracket gets applied to the income in that bracket. Turbotax will do it all for you.

    Ain't no free lunch. This advice is free, though. Take it for what it's worth.
  4. Barry Cuda

    Barry Cuda Guest

    You do when you are on Social Security.
    That is tax money you paid in....taxes.
    When you get it slowly back, monthly, IRS taxes you again on it.
  5. nopantsLance

    nopantsLance Well-Known Member

    Aug 15, 2016
  6. frost

    frost Well-Known Member

    Jul 31, 2014
    I agree with Barry here..double taxation! with little representation!
  7. BassMon2

    BassMon2 Well-Known Member

    Jan 27, 2015
    Taxation without representation. Boston tea party?

    Let's do that. But with takilla (tequila)
  8. sigmund

    sigmund Well-Known Member

    Dec 7, 2015
    Thanks Reagan!!!
  9. yankee

    yankee Well-Known Member

    Sep 26, 2008
    siggy stayed at a Holiday Inn Express last night
  10. Towelie

    Towelie Well-Known Member

    Nov 27, 2014

    slurp slurp slurp yankee blowing more men for company, ban the troll ban ban ban
  11. kidde rocque

    kidde rocque Well-Known Member

    Mar 6, 2016
  12. Agabinet

    Agabinet Well-Known Member

    May 3, 2012
    Damn bro, you collecting already?
  13. Barry Cuda

    Barry Cuda Guest

    Yup, so get back to work and pay SS taxes!! My retirement appreciates it!!