Over 60k in Federal Taxes for 2015

As April 15th approaches I wanted to bitch about how much I ended up paying in Federal Taxes this year. While I had the foresight to withhold enough during the year so that I only had to write a check for $6,500 today; I still ended up paying over $61,000 in Federal Taxes for 2015 and that doesn't include state and local taxes.

Anyone who says we need to pay MORE in taxes is messed up in the head. The only person who would say that is someone that is not already paying taxes. Also, what percentage of my taxes goes to anything of benefit to humanity? Most of my money just goes to service the ridiculous debt our failed Federal Government has accumulated of worse to pay to bomb or drone strike some poor schmuck in the Middle East.

So, yeah, I am bitter this time of year because despite how much I pay in taxes these morons in Washington still can't balance their damn budget and even want more (see Bernie Sanders). Anyway, I needed to vent about this as this is the highest amount I have ever paid and it seems to get worse every year.

Thank you for reading. I do feel a little better.

I'm with you pal, I think I just bought the military another HMMV. As usual the government makes a lot more off of my business than I do.

a reply to: Metallicus

Ouch.

Without seeming nosey can I ask what kind of percentage of income that would equate to as a non US member.

It seems a lot but I suppose it's all about perspective.

a reply to: Metallicus
I feel for you brother. I've just written the check for our contribution. In addition to the taxes, I must also pay my annual fine for not contributing to the health insurance industry. THAT steams my clams!

a reply to: Metallicus

I just don't get it ...........when is enough is enough. They going to come and take it all. Then what. We are already paying out the arse, while taking it in the, well you get the picture. And people have the nerve to say free.

a reply to: Metallicus

Sorry, but without a factor correlating those 61.000 $ to your actual income, this number is completely useless.

You could make millions per year. Then the 61k$ would be nothing.
You could make 100k$ per year. Then the 61% would mean anything.

...
Of course anyone making money has to pay taxes, thats how states and country work. Didn't you get enough back from your country? Like one or the other nice war?

originally posted by: ManFromEurope
a reply to: Metallicus

Sorry, but without a factor correlating those 61.000 $ to your actual income, this number is completely useless.

Exactly....

No context........ To be expected.

originally posted by: GD21D

originally posted by: ManFromEurope
a reply to: Metallicus

Sorry, but without a factor correlating those 61.000 $ to your actual income, this number is completely useless.

Exactly....

No context........ To be expected.

To be fair anyone in the US would have a rough idea of what percentage of total income that would equate to and be able to judge if the OP's rant is valid.

I asked as am in the UK and have no understanding of US taxation structures so wanted a rough idea to decide if I should feel the OP's pain or laugh it off as a millionaire complaining

a reply to: Metallicus

oh man that sucks i feel bad for you. I am lucky since my total income is only about a third of what u had to pay in taxes i shouldnt have to pay nearly that much

a reply to: Metallicus

Move overseas if you can and the first 100K is tax free.

Hey...you are paying your share of the jet fuel needed to keep the bad guys away!
Trust me...I am writing a check just as large...and feel your pain. BUT as I look around at the benefits, the safety and the opportunities that exist all around me...it is worth very penny.
Cheers

originally posted by: diggindirt
a reply to: Metallicus
I feel for you brother. I've just written the check for our contribution. In addition to the taxes, I must also pay my annual fine for not contributing to the health insurance industry. THAT steams my clams!

There's a form you can fill out for an exemption. One of the clauses is "I feel the premiums are not a good value for the money" kind of thing.

As for tax filing...The Feds are paying me back about $1000. But I owe the state of PA $200... I fell on hard times and was unemployed until August, divorce was finalized and I opted to cash out the retirement account I received from my ex.

What's wrong with paying your "fair" share?

Have you considered starting five shell companies in Delaware?

originally posted by: diggindirt
a reply to: Metallicus
I feel for you brother. I've just written the check for our contribution. In addition to the taxes, I must also pay my annual fine for not contributing to the health insurance industry. THAT steams my clams!

You paid a tax since you do not have health insurance. That goes towards paying for when you end up in the ER and the bill causes Metallicus's taxes to go up to cover it .

someones got to make up the short fall when the rich hide their money in tax havens, why arnt you hiding your money in a tax haven like the rich?
www.theguardian.com...

US corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam.

a reply to: Metallicus

I had a brother in law who, being one of the big wigs in the Texas oil industry, paid that amount every quarter. He was considered a private contractor [ for tax purposes ] and had to keep track of it himself. lol I knew it was tax time when Lonnie was in a bad mood. I remember once, my sister misplaced a check for around $27,000 that had to go out that day. Gave a whole new meaning to "turn the house upside down looking for it".
It tuned out to be in her purse the whole time.

a reply to: Metallicus

Anyone who says we need to pay MORE in taxes is messed up in the head. The only person who would say that is someone that is not already paying taxes.

People that cry about paying taxes now are to be laughed at because taxes now are nothing compared to what we used to pay. This nation would be in a lot better shape had that idiot Reagan not cut taxes so much.

We obviously can't work out OPs income based on the information we have, but by way of comparison:



Single taxpayer, no children, under 65 and not blind, taking standard deduction;

$40,000 gross income – $6,300 standard deduction – $4,050 personal exemption = $29,650 taxable income
$9,275 × 10% = $927.50 (taxation of the first income bracket)
$29,650 – $9,275 = $20,375.00 (amount in the second income bracket)
$20,375.00 × 15% = $3,056.25 (taxation of the amount in the second income bracket)
Total income tax is $927.50 + $3,056.25 = $3,983.75 (~9.96% effective tax)


So about 10% if you're earning 40k. By this logic a 61k tax bill would suggest an income in the region of $610,000.

Though the rate increases as you earn more of course. So... ballpark figure, I'd say OP earns around $500,000 a year?


Obviously nobody likes paying taxes, but I'm sure the remaining $439,000 will be a comfort.

But hopefully somebody with better math skills will be along to work it out properly.

a reply to: Painterz

Probably closer to $275-300,000 filing single with no dependents.

Going by US tax brackets I came out with a taxable income around $220,000. With exemptions that puts the income higher. Most would be happy to pay those taxes for that kind of income.