General Discussion

arely staircase

(12,482 posts) Tue Jan 24, 2012, 06:48 PM Jan 2012

I teach school for 40 grand a year before taxes. [View all]

Last edited Tue Jan 24, 2012, 07:56 PM - Edit history (1)

I have a 2000 dollar deductible on my health insurance- better plans are available but I can't afford them.

My tax rate is about twice Mitt Romney's before deductions and still more than he pays afterwards. I won't argue here the worth of what I do for a living against the importance of his profession - shuffling money around and laying people off. But the fact that I am hit with twice the taxes he is, relative to income, is absolutely disgusting.

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I teach school for 40 grand a year before taxes. [View all] arely staircase Jan 2012 OP

but, according to scott brown, you make over 100k per year niyad Jan 2012 #1

Don't I wish. nt arely staircase Jan 2012 #5

don't you feel like you are living in the lap of luxury? ejpoeta Jan 2012 #2

yup demtenjeep Jan 2012 #3

I'm just trying to figure something out SickOfTheOnePct Jan 2012 #35

Top income rate is 35% FogerRox Jan 2012 #74

Not on $55,000 n/t SickOfTheOnePct Jan 2012 #80

Problem with Health insurance? simple. just fire your health insurer. greenman3610 Jan 2012 #77

And don't forget all the perks you get progressoid Jan 2012 #4

Like that 2000 dollar deductible. nt arely staircase Jan 2012 #6

Yep. progressoid Jan 2012 #12

Agreed. bluerum Jan 2012 #7

Might buy into that if they can't write off losses bigbrother05 Jan 2012 #10

My rate is thirty percent. Romney's is less than fourteen. arely staircase Jan 2012 #17

I have a hard time believing this unless it's a joint return Snake Alchemist Jan 2012 #72

So do gamblers in Vegas get that rate? nt arely staircase Jan 2012 #18

at the end of the day, I know I have made a very positive impact. Here is a post I received from a demtenjeep Jan 2012 #8

that is wonderful renate Jan 2012 #62

that is awesome arely staircase Jan 2012 #81

it takes Mitt about 15 hours to make your annual salary Enrique Jan 2012 #9

Grrrrrrrrr! nt arely staircase Jan 2012 #14

by my figures a single person would pay $4,183 hfojvt Jan 2012 #11

I suspect the OP was talking about the marginal tax rate Ms. Toad Jan 2012 #19

the marginal rate at $40,000 is only 15% hfojvt Jan 2012 #38

he/she could be married to another earner and file jointly spooky3 Jan 2012 #40

for a couple, the 25% rate starts at $82,400 hfojvt Jan 2012 #43

Aside from self employment - Ms. Toad Jan 2012 #41

It is fixed. The point remains. nt arely staircase Jan 2012 #33

And yet they won't be happy until they bust our unions and take even more. Starry Messenger Jan 2012 #13

I'm our campus' AFT building rep. arely staircase Jan 2012 #21

I am in my 39th year of teaching. I now make $ 50,000... finally. Gus2525 Jan 2012 #15

I would go to another tax accountant. former9thward Jan 2012 #16

Thats Federal Ruby the Liberal Jan 2012 #20

No the math does not add up. former9thward Jan 2012 #25

I didn't offer any math for analysis Ruby the Liberal Jan 2012 #28

The OP's math does not add up. former9thward Jan 2012 #31

I have fixed it. My bracket is 25 percent arely staircase Jan 2012 #32

Not if he's put himself in a 'S' corporation. They're exempt from the 2.9% Medicare sinkingfeeling Jan 2012 #51

Yes, without having the exact return in front of us it is hard to know the exact figure. former9thward Jan 2012 #55

He'd only pay SS on the first $106,000. The speaking fees were a small fraction of his income, bornskeptic Jan 2012 #59

Starting in 2013, high income households will pay 3.8% to medicare, on investment income lacrew Jan 2012 #27

Sorry my rate is twenty-five percent - still almost twice that of Mittens nt arely staircase Jan 2012 #22

You are not paying 25% on 40k. former9thward Jan 2012 #26

My bracket is Twenty five and I still pay more arely staircase Jan 2012 #34

You seem to keep speaking of marginal rate, while this whole discussion is about effective rate ... oldhippie Jan 2012 #36

yes i do and i thought i cleared that up arely staircase Jan 2012 #39

Romney's number does not include SS or medicare. n/t Ms. Toad Jan 2012 #47

does one pay ss and medicare on capital gains? arely staircase Jan 2012 #49

Nope. Ms. Toad Jan 2012 #50

Wouldn't his speaker fees be earned income? oldhippie Jan 2012 #54

I was quite surprised Ms. Toad Jan 2012 #58

You simply are defing IRS tax tables. But keep paying that 25% if you wish. former9thward Jan 2012 #37

Sounds like you're overpaying twice as much as you should be, or BadgerKid Jan 2012 #23

This dog realy doesn't hunt lacrew Jan 2012 #24

Fixed nt arely staircase Jan 2012 #29

+1 former9thward Jan 2012 #30

+1 nt Honeycombe8 Jan 2012 #44

Romney's number does not include SS or medicare. Ms. Toad Jan 2012 #46

Actually it DOES include all the SS and Medicare that Romney pays karynnj Jan 2012 #52

Yes - but to compare apples to apples Ms. Toad Jan 2012 #53

But what was released was the federal tax return - Ms. Toad Jan 2012 #60

Either comparison is valid - and as the SS and Medicare are paid in one case and not the other, karynnj Jan 2012 #67

Federal income tax is a bit artificial Ms. Toad Jan 2012 #70

Self-employed: pay 15% SS-NO deductions ErikJ Jan 2012 #61

Romney would pay payroll taxes on his speaking fees. former9thward Jan 2012 #63

State sales tax and property tax? ErikJ Jan 2012 #64

I'm sure you are right. former9thward Jan 2012 #66

The OP Did not say anything about being self employed. lacrew Jan 2012 #65

Effective TOTAL taxes, apples to apples. ErikJ Jan 2012 #68

I take it you didn't read my post lacrew Jan 2012 #71

I was adding the part about Self employed not applying it to OP ErikJ Jan 2012 #73

These two statements do not agree with each other lacrew Jan 2012 #76

but Warren Buffet is one of us!! Puzzledtraveller Jan 2012 #75

The federal tax rate on $40K is not 30%. Mine is less than that and I make more than you do. Honeycombe8 Jan 2012 #42

Before deductions (at least before what most of us think of as deductions). Ms. Toad Jan 2012 #45

and the hours are endless because teachers are not paid by the hour usually glinda Jan 2012 #48

Shameful _ed_ Jan 2012 #56

And just try to get a mortgage! catrose Jan 2012 #78

If you look at your Social Security taxes, + compare them to Rmoney's, you'll be even more outraged. AnotherMcIntosh Jan 2012 #57

9 Things The Rich Don't Want You To Know About Taxes ErikJ Jan 2012 #69

I work in Sales and Mktg. for $42k before taxes blueamy66 Jan 2012 #79