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Professor Explains Econimics Through Beer

This is a discussion on Professor Explains Econimics Through Beer within the General Off Topic Discussion forums, part of the Life Beyond Horses category

     
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        02-01-2009, 09:40 PM
      #11
    Weanling
    So...whaddaya want? You van either deal with reality.....or move...
         
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        02-02-2009, 10:03 AM
      #12
    Super Moderator
    Quote:
    Originally Posted by shmurmer4    
    I do as well, but paying 33% and probably 40% this next year will suck... massively.
    Ohh... Sounds pretty high. I don't know how high tax rates we have but when I got a labor market supports (ca. 25 euros per day) for few months in the last year I had to pay 20% taxes. Now I haven't any incomes so I need pay nothing.
         
        02-02-2009, 12:28 PM
      #13
    Yearling
    In the UK it's 20% up to 34,800, 40% thereafter, but next year they're reintroducing the 10% band up to 2,230.

    I think you're taxed on your income over the personal allowance (~6000), but I can't be sure. I'd just use an online tax calculator to check, probably.
         
        02-02-2009, 02:18 PM
      #14
    Yearling
    US:

    • 10% on income between $0 and $8,025
    • 15% on the income between $8,025 and $32,550; plus $802.50
    • 25% on the income between $32,550 and $78,850; plus $4,481.25
    • 28% on the income between $78,850 and $164,550; plus $16,056.25
    • 33% on the income between $164,550 and $357,700; plus $40,052.25
    • 35% on the income over $357,700; plus $103,791.75
         
        02-02-2009, 02:20 PM
      #15
    Yearling
    Are those federal income taxes? Are there state income taxes on top of that?
         
        02-02-2009, 02:20 PM
      #16
    Yearling
    Quote:
    Originally Posted by PaintedLady    
    So...whaddaya want? You van either deal with reality.....or move...
    The rates to be reversed. :)
         
        02-03-2009, 10:44 AM
      #17
    Super Moderator
    Over here it seems to be this during that year:

    Withholding percent -> Earnings limit in euros.
    0.0% -> 0 to 1,420 euros
    11.0 -> over 1,420 to 13,700 euros.
    40.0% -> over 13,700 euros.

    Then there is a solid percent for few allowances just like my labor market support was. If you don't give your tax deduction card to your employer who takes the tax off from your salary he has to do it with 60.0%.

    Honestly, I'm not very smart with taxes because I haven't got taxable incomes or allowances a lot during my 19 living years. I had a short summer job in the last summer and I got something around 230 euros and I had to pay something. I'm not sure if that was a tax or pension contribution or something.

    Luckily there's always mommy and daddy who can advise me .
         
        02-03-2009, 12:22 PM
      #18
    Super Moderator
    I just had a little discussion with my parents about this few minutes ago. Seems that there have perhaps happened a some kind of mistake few years ago as to my summer job and tax refunds (I got something aroud 360 euros salary and they took a 60 euros withholding even if the lowest earnings limit was remarkably higher than this 360 euros so my withholding percent has had to be 0. I know that there are some other fees that the government seizes from the salary but them can't be that high. And if the taxman took a withholding even if the withhold percent was 0 I should have got the withhold back with tax refunds but I remember that I got nothing.)


    I think I try to clarify what happened and hope that I'll get some €uros .
         

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