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  1. #1
    Registered User Monte_Cristo's Avatar
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    Tax on 40K Salary?

    Hey guys,

    Got myself a job making 40k a year. I always hear horror stories of how much tax is taken out of people's paychecks. I hear its like 35% if you're single? Is this true? How much are they taking out of your paychecks?

    Damn taxes.
    Last edited by Monte_Cristo; 01-17-2006 at 07:02 PM.
    "Life is a storm my young friend. You will bask in the sunlight one moment, be shattered on the rocks the next. What makes you a man is what you do when that storm comes. You must look into that storm and shout as you did in Rome, 'Do your worst, for I will do mine!' - Count of Monte Cristo
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  2. #2
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    40k a month? Plan on losing close to half once you reach the highest bracket.
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  3. #3
    Registered User Monte_Cristo's Avatar
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    Red face

    my bad. freduian slip i guess or an omen for the future haha I mean 40k a year. Sorry for the mix up
    "Life is a storm my young friend. You will bask in the sunlight one moment, be shattered on the rocks the next. What makes you a man is what you do when that storm comes. You must look into that storm and shout as you did in Rome, 'Do your worst, for I will do mine!' - Count of Monte Cristo
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    You'll pay about 33%...and never get it back when you retire...
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  5. #5
    Registered User Monte_Cristo's Avatar
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    so 40k is $20/hr. In one week I make BEFORE TAXES (20*8*5)=$800.

    So 33% of $800 is $264.

    So you're telling me I'm only going to take home $800-$264=$536/week???

    $26,800/year.

    Damn, how to people go out and live on their own with that kind of money?
    "Life is a storm my young friend. You will bask in the sunlight one moment, be shattered on the rocks the next. What makes you a man is what you do when that storm comes. You must look into that storm and shout as you did in Rome, 'Do your worst, for I will do mine!' - Count of Monte Cristo
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    Originally Posted by Monte_Cristo
    Damn, how to people go out and live on their own with that kind of money?
    they dont live, they survive only
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    Registered User Monte_Cristo's Avatar
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    Its so funny. When I was a kid, 40K was A LOT OF money. Inflation + realizing how much taxes blow = looking for more ways to generate income (i.e. small business, consulting, etc)

    How do you guys generate other income besides your salary?
    "Life is a storm my young friend. You will bask in the sunlight one moment, be shattered on the rocks the next. What makes you a man is what you do when that storm comes. You must look into that storm and shout as you did in Rome, 'Do your worst, for I will do mine!' - Count of Monte Cristo
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    Expect to have around 20-25 percent witheld from your check.
    The highest tax bracket is 39% and you have to make around 100K + a year to be in that category.
    The goverment screws the single person.
    The bad thing is all of your tax dollars are going to the lazy.
    Most single women with atleast one child that have a mediocre job get back all their federal witholdings back at the end of the year + $1500-$2500 per bastard child they have. It's called "earned income". Total B.S.. Usually the people that qualify for that also qualify for other goverment assistance like food stamps and cash aid that our tax dollars pay for.
    Not to mention the "Katrina Evacuee's". The list goes on and on...........
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  9. #9
    Banned Fallen_Horse's Avatar
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    33%??? What are you smoking?

    http://www.savewealth.com/taxes/rates/single/

    So making $40,000 a year is $4100 in basic taxes, plus 25% of whatever is above the baseline. Therefore,

    $40,000-$4100-.25($40,000-$29,700)= $33,325 (which works out to be 16.68%)
    Last edited by Fallen_Horse; 01-17-2006 at 07:34 PM.
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    Registered User Monte_Cristo's Avatar
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    Ok, according to that site my base tax is $4,090. It's 25% for my salary MINUS $29,700.

    40,000-29,700=10,300

    .25 of 10,300 = 2,575

    So total tax due is 4,090 + 2,575 = 6,665.

    am i right?
    "Life is a storm my young friend. You will bask in the sunlight one moment, be shattered on the rocks the next. What makes you a man is what you do when that storm comes. You must look into that storm and shout as you did in Rome, 'Do your worst, for I will do mine!' - Count of Monte Cristo
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    Banned Fallen_Horse's Avatar
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    Originally Posted by Patrok
    they dont live, they survive only
    What are you smoking? I lived with just me and my Mom and she made $12,000 a year! We barely made it...
    Someone with a 40K a year job is doing fine...
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    Registered User Monte_Cristo's Avatar
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    i see you edited your message already haha thanx for the link.. very informative
    "Life is a storm my young friend. You will bask in the sunlight one moment, be shattered on the rocks the next. What makes you a man is what you do when that storm comes. You must look into that storm and shout as you did in Rome, 'Do your worst, for I will do mine!' - Count of Monte Cristo
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    Registered User Monte_Cristo's Avatar
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    Originally Posted by Fallen_Horse
    What are you smoking? I lived with just me and my Mom and she made $12,000 a year! We barely made it...
    Someone with a 40K a year job is doing fine...
    i live in california..nuff said
    "Life is a storm my young friend. You will bask in the sunlight one moment, be shattered on the rocks the next. What makes you a man is what you do when that storm comes. You must look into that storm and shout as you did in Rome, 'Do your worst, for I will do mine!' - Count of Monte Cristo
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    Yeah sorry about that, I was confused for a second...
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    Originally Posted by Monte_Cristo
    i live in california..nuff said
    Ok, that counts lol...


    WTF? Why did my rep just die???
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