These are the new NEW tax brackets

[GetSomeMoney]

Don’t vote brehs

I'm fine, I couldn't care less for the rest of you all

 

[666 ReVeNGe 666]

this

i bet most people on here are at 0, most people i know at my job are. you need to change your checks from '0' to '1', so you get bigger checks all year and a smaller 'return'.

its like my dad says, theres nothing heroic about getting a tax return you're loaning the government your money all year at 0%

Facts.

I claim 1 or 2 and still get a little refund sometimes.

For my last check of the year I do 5 and get an extra 200-300 just because

 

[666 ReVeNGe 666]

I don't know I just assume taxes are taken out of every check I make regardless only reason I get money back at the end is because it's my money. it's rightfully mine. I don't exempt any of my checks or anything like that.

Claim 1 allowance.

 

[sayyestothis]

So yall pay taxes every year but only 2% of this thread replies actually understands them?

Seriously. Not asking for ppl to be cpas but if your working ushould take an hr or two to learn how you pay taxes...

Christ...

 

[HopeKillCure]

We're getting taxed lower but congrats, deductions and essential government services are gone.

I đidnt vote for hís dumbass. People knew what they were dọing when they elected him.

 

[4-Rin]

I generally look at it in face value without running the numbers but here is how we get taxed using the numbers in OP.
Let's say you make 100K you'll pay
952 on your first $9,525 (10%)
3501 on $38,700 (38,700 - 9,525) so you get taxed 12% on 29,175
9636 on $82,500 (82,500 - 38,700) so you get taxed 22% on 43,800
4200 on $100K (100K - 85K) so you get taxed 24% on 17,500

So you'll pay 18,290 in taxes if you make a 100K

This isn't factoring in the standard deduction of 6K or 12K which would reduced your taxable income from 100K to 94 or 88K.

 

[mamba]

32% as a single

I’m getting Weinstein’d outchea.

 

[CodeBlaMeVi]

nah thats not how it works, i see other ppl in here making this assumption and i was wondering how to clarify it. this is a good example

so you make 40k, then you get taxed 12% on the first 38. you only get taxed 22% on the remaining two grand over 38k

matter of fact i think this cuts your taxes

You did it wrong.

Subtract whatever going towards retirement. That’s a deferred income. Let’s say $3k

So, it’s down to $37k now subtract the standard deduction of $12k which brings it down to $25k and 12% of that gets taxed and since it’s a progressive tax so add 10% of the first bracket which is $925.50.

 

[CodeBlaMeVi]

This goes into effect this upcoming tax season right?

Unfortunately no.

 

[the cac mamba]

Unfortunately no.

? then why are they scrambling to get it done? wouldnt it not matter?

 

[CodeBlaMeVi]

? then why are they scrambling to get it done? wouldnt it not matter?

So it can be in place for the 2018 tax year.

 

[NYChase718]

Once I pay a few things off I'm getting out of this country

I'm leaving
On a jet plane

I don't think that I'll be back again

 

[Scaaar]

So yall pay taxes every year but only 2% of this thread replies actually understands them?

Seriously. Not asking for ppl to be cpas but if your working ushould take an hr or two to learn how you pay taxes...

Christ...

These coli millionaires got accountants for that

 

[BaileyPark31]

Take that 40k deduct 12 for the standard deduction so u have 28k in taxable income
First 9000 taxed at 10% the rest at 12%

** Can someone explain how this is a significant tax cut? I swear mine would be the same. Ill make about 62k this year. Filing single.

Thnks

 

[BaileyPark31]

? then why are they scrambling to get it done? wouldnt it not matter?

CNN said it should affect people beginning in February. ... unless I misunderstood