Time to give America a raise!

[Portasaurus]

Need to establish and then lower the maximum wage.

[baalzy]

^ 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).

[Swish]

Originally Posted by baalzy [You must be logged in to view images. Log in or Register.]

^ 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).

[You must be logged in to view images. Log in or Register.]

[Champion_Standing]

Best sig yet swish, lol'd hard


btw stop derailing threads with your sigs

[Catashe]

Originally Posted by baalzy [You must be logged in to view images. Log in or Register.]

^ 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*)

[Quineloe]

What shouldn't exist?

[Champion_Standing]

Originally Posted by Quineloe [You must be logged in to view images. Log in or Register.]

What shouldn't exist?

Originally Posted by Champion_Standing [You must be logged in to view images. Log in or Register.]

Raising the minimum wage is just a scam to get more money into government coffers, if they really gave a shit about working people they would eliminate the bottom 3 federal income tax brackets.

[Quineloe]

Again, it's a simple question. Someone works a full time job at minimum wage, so how much is being taken out of his paycheck due to income tax?

I'm not even disagreeing with you there, I'm just curious because here such poorly paying jobs are already exempt from income tax.

[Champion_Standing]

Originally Posted by Quineloe [You must be logged in to view images. Log in or Register.]

Again, it's a simple question. Someone works a full time job at minimum wage, so how much is being taken out of his paycheck due to income tax?

I'm not even disagreeing with you there, I'm just curious because here such poorly paying jobs are already exempt from income tax.

If you work full time and make minimum wage you make enough money to be put into the lowest tax bracket. baalzy is far more motivated than I and he broke it down on page 1.

[Vilkata]

Deflate instead of inflate.