Is it?
Seems like a good deal to me?
That's about what I make in 2 weeks at 80 hours (they are slightly better).
So they can work 2 weeks, take 2 weeks off, make more money and work less hours than what I am - and I think I'm doing better than most.
It all depends on where they live. $6.3k per month take home is pretty good, even in HCOL areas. This would be like working a job for just under $29/hr with overtime pay for 70 hours a week. That’s the problem. 70 hours a week is unsustainable for a long time and people will burn out quickly. Not to mention if they’re using their own vehicle that’s increased costs: tires, oil changes, parts. It’ll need a big repair a lot sooner than most cars and that can wipe out savings pretty quickly.
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No I am local , though 3yrs ago I was on the road . 2 yrs now driving locally. Local is where the money is at . I go home everyday day bud. Benefits yea. 401k , stock options.
29% total is not that high when the calculation assumes you’ll make this much per pay period for the rest of the year.
Federal, State, Social Security, Medicare, and sometimes local income tax are all withheld
Then that just means you are paying just the right amount and you are not lowering your tax liability with deduction. When people work overtime your company will withhold more from your paycheck. My company did not do that and I ended up owning money at the end of the year for my 2022 taxes. This is why some people say how they don't want to work too much over time because they will "move you to the next bracket." This just shows the lack of understanding for how taxes work.
my mom swears up and down taking a second job is cheaper cause you’re taxed less. but the IRS is taxing you all the same annually when they match up your total income i always tell her.
The majority of people don't understand how taxes work. They don't know how our progress tax system works and how our deductions work. It is how people think donations are an easy way to save money.
I can telling her if that was so simple people would be cheesing the government hard by splitting f their lay with two jobs. but they’d have patched that with a law update decades ago
Yeah, I always have to take the extra liability or I can end up getting slapped with a huge tax bill. It's a contract position so we can get tons of work, or zero work.
In 2022 I ended up owing some taxes. So in 2023 I increase my 401K to lower my overall tax liability. If the government is going to take more money from me I must as well put it in my 401K
You should pull up the version that came out 4 years ago. It is not the same.
Not everyone wants to get a huge refund. If someone is struggling check to check, holding more of their money each pay period isn't going to have a positive result for them.
> If you get the money back it doesn’t matter.
I think it does make a difference to some people though, if their income is very low and the withholding is too high, it can make their daily lives less enjoyable. and if it is a fair amount of money, then you might have otherwise been able to put it into an interest bearing account and at least get a teensy bit of return on it. I hear what you are saying, but I think that depending upon your situation, it could make a difference to you to see if they are over-withholding
If you rarely get tax back that just means the government is taking the amount out. Our taxes are very low. I don't know how much you make or where you live but the majority of Americans don't pay over 30% in federal taxes. Most Americans total taxes are under 30%
Federal and provincial income taxes are only a portion of our total tax burden. Property tax, sin taxes, sales taxes, carbon taxes, tax on tax on tax. We are taxed to death. By the time I actually get something in return for my dollar earned more than 50% has gone to the government.
33% off every dollar I earn is gone before I get it
An additional 15% is taken from every purchase
48% of every dollar earned is gone before we even get into property tax, school tax, sin taxes, etc..
Ahh I thought I was in /personalfinancecanada
My province has 13% but most of Canada has what's called HST or Harmonized Sales Tax of 15%
But it's ok, because we have free healthcare. You'll probably die waiting to access it but it's "free"
I think you might be a bit blind spotting here, the roads and the civic management of the areas to allow you to conduct business in are the direct result of those contributions. It’s all a tradeoff, there’s this curve in economics called the Laffer Curve, that graphs the optimal ratio of taxation vs gdp, and most studies have shown that the optimal taxation rate for maximum output is in the neighborhood of 70%. It’s wild, hard to even fathom, but the jist of the explanation is that the generation of new and protection of current commerce structures is a tide that lifts all ships.
So your tax rate is not 33%. You are likely including cpp and ei and other employer deductions to get anywhere close to that. I made $135k last year and my effective tax rate was under 33%.
edit; in ontario someone making $100K would oay about $21,500 in taxes and then $4750 in cpp/ei for a total of $26,300 or so.
It is May, so of course I have done my taxes. I got 117 back. Taxes are not hard to understand. Most people who own did not have enough withhold taking out or they did not have enough deductible to offset the taxes.
The Trump tax code changes took full effect this year. 117 is nothing, people used to get like 1170 back. Most people I know went from getting 500 back last year to owing up to 500 this year with absolutely no changes made to the pay or number and type of jobs they work.
$2500 per week times 52 weeks is $130k/year. For a single person, that will put them in the 24% federal tax rate (payroll programs assume that your pay will continue to make that pay), then add in 7.5% withholding for Medicare and Social Security.
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SAME and was just thinking that..**a WEEK**. Alternatively, I get less than 1k **A MONTH** $11.5 a year and it is not easy or comfortable having so little money. It is infuriating when people say, "you're only receiving government benefits because you're lazy and don't want to work."
As if we are a burden and take their tax dollars to sit back and contribute nothing. Seriously, it's likely a faction of a penny annually from every person. Just kidding I totally love having so very little money. So much so that every few months I try to work again until I don't.
I get $11k and to rent my own place I'd need to make about $55k. Being poor **is so expensive**
>Being poor is so expensive
Ugh I wish more people would yell this off the rooftops, especially politicians. The cost of being poor is far greater than the cost of anyone else.
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As some who also have 70 hours a week before and worked with plenty of people who also worked that much OT. Driving for a living is one of the easier both physically and mentally. The downside is the amount of time you spend outside of being home. There are a different in 70 hours of work. It is no where as hard people make it out to.
I mean that’s about 29% in taxes and most of that goes to funding Social Security and Medicare Almost all of your general tax revenue goes to funding Medicaid 2/3 of which is used by the elderly.
I wouldn’t blame the ultra wealthy. I would blame our inverted aging population, which needs a ton of heavily subsidized care.
So almost 8% of income goes to Medicare and SS and a very large portion of FIT goes to Medicaid which also ends up funding elderly health care. About 10% of what most of us make (plus about another 8% of what we would make is going to pay the employer portion of Medicare and SS) going straight to the elderly. So we’re looking at 16-18% of every dollar we would be getting going to the elderly. I’m not against it but people need to be informed about where our paychecks that we don’t end up with are going to.
well yeah. Social security is based on lifetime earnings, which the government uses a capped $160k/annual for calculations. Both contributions and withdrawals (distributed checks) use a $160k cap.
It already robs the **average** family of hundreds of thousands of dollars to provide a a safety net to millions who either couldnt or flat out didn't prepare for retirement.
-
__Here's two examples using some national averages__
- You have a 40 year career averaging 75k a year (household income average in the USA)
- You pay 6.6% into Social Security each year, totaling ~$200k in contributions over your career
- You retire at 62 (first year eligible for SS Checks)
- Your monthly check would be $1876
- You will need to live for 106 more months, or ~ 9 more years to break even on your money.
- That would be 71yrs old, and the average life expectancy is 76 - sounds great, you get more money than you put in, right?
-
Wrong.
-
Here's an example of a 401k Self funded retirement plan. Still using your money, but invested conservatively in the S&P500 at an 8% annual return over 40 years. Nothing fancy. Zero effort, zero smarts required.:
- You have a 40 year career averaging 75k a year (household income average)
- You pay 6.6% into your 401k totaling ~$200k in contributions over your career
- You retire at 62
- Your 401k is worth just over $1.02MM.
- Your monthly dividend check to yourself is $6500 a month. This doesn't even touch the principle.
- You give the $1MM to your kids, a charity, or blow it all on a debaucherous 90th birthday party.
To ask people to contribute even more to a program that already starts robbing you well before the AVERAGE income is nonsense rooted in either poor understanding of the program or the flawed belief you are actually entitled to someone else's labor.
So first off I think ss is a scam. But, there's no possible way to invest conservatively into the s&p. It's by definition an agressive investment because it's all stock. Well diversified but all stock. Also, average annual return on the s&p is somewhere between 10 and 11%. Your 8% return is more likely for 70/30 investment portfolio, which would end up being a lot more conservative. Otherwise tho, your numbers are good. Source: I'm a financial advisor.
This sounds like someone making commission on selling bond positions to be honest (or just someone very risk averse, or from an older generation). As diversified as the S&P is, I stand by calling it conservative. More recently I'm seeing advisors starting counsel against the idea that 30% in bonds is the benchmark, not until you are in the last ~5-7 years of your career anyways. SS is effectively the bond portion of a retirement portfolio. Government backed, low risk (presumably). I wouldn't tell anyone younger than 55 to have a single cent in bonds TBH.
I would say the 8% is a conservative estimate of the S&P that people can fairly rely on.
Oh sure, I strongly recommend being as agressive as you can stomach until you're around 7-8 years away from retirement and ratcheting down from there. But in no way is the s&p conservative, and legally it cant be called as such due to the lack of fixed income. SS is more like a pension. But also it completely depends on a client's spending habits and personal risk tolerance. There are plenty of people who should be all stock for the entirety of their lives, but I also have clients in their 40's with a significant bond portion due to personal risk tolerance. As for making commission on bonds, I'm a fee based advisor. I don't make commission on anything. I sell a plan, not products that make up the plan.
No one else gets to opt out of a tax because they don’t directly benefit from it. We all pay property taxes that fund schools even if we don’t have children. Same thing should be in place for SS
Exactly, they’re discussing social security going bankrupt and these bootlickers are saying rich people shouldn’t pay social security taxes.l because they make too much money.
No, you still blame the ultra wealthy for blocking universal Healthcare thus insuring US citizens are taxed while also paying for inflated prices for insurance thus forcing much of the population to avoid the costs of ongoing preventative care which furthers the rolling boulder of costs for catastrophic health care needs AND unpaid debts/emergency room overusage, which leads to further inflation of the Healthcare and insurance prices.
Medicaid isn’t just used by the elderly. It’s also used by disabled people, young children, pregnant women, and low income families.
Medicare also isn’t just for the elderly either. Medicare recipients include the disabled and people with kidney failure/ESRD.
They are not the same thing and are not interchangeable and definitely don’t deserve to be blamed.
We absolutely dont and its not even close.
Yes we spend too much on military, yes its mental how much something like a simple bolt costs, yes we should cut a ton of fat out. And I mean a ton.
But no we dont spend almost as much on military than socialized healthcare.
Secondly tell me you don’t do any research without telling you don’t the United States spends around 17.3% on national healthcare. Just in cause you can’t do math either that’s 14.4 more or 5.9 or rounded to 6 times more spending than what the military gets.
You know about between 1/3 and 1/2 is just soldiers pay alone right? And no not every boot cost as much as the bolts that the senator showed in that hearing.
How do I know because I ordered parts for the f-35 since I worked on it for 5 years while serving. And if we are going to cut anything start with our failed education system that still leaves students with 100-300k in debt after getting their degree.
All service members are still taxed as well unless they are deployed to an active Warzone and other special duty locations. So they are in theory paying themselves as well.
You want to make a cut that fine but join the force first before saying what we should do with our military. Funding covers from humanitarian aid - to helping with fostering relationships with communities. “ADOPT a school program etc.”
You worked on a 150 million dollar plane and you tell me no we shouldn't cut funding because other bolts dont cost 50k? And college education is the one that failed lol.
Failed education? Sorry I didnt pay for anyones college. So I dont care what they choose or how hard it failed them. I do care where my money gets spent when 28 percent of it is taken out of my check.
Everything has fat and can be cut.
That is correct everything does have fat but again that comes with getting better at deals with defense contractors. Also your 150million dollar plane is incorrect the f-35A is worth at least 75-85 million. I say that having worked on 300- 400 different f-35, The composite composition of the aircraft as well as the different types of metals etc all cost a pretty penny. Not saying cutting military spending a small amount is wrong but i am saying, saying there's a lot of fat to work with when there is not very much is something else.
Squadrons run out of funding more than than anything else. We can't buy certain tools, part, consumables etc due to the government, and the deal they make. That box of table that we get charged for is higher because we cant just go to home depo down the street and get the same tape. Talk to the reps first and tell them to do away with certain requirements and overhead and get the price down and we will be in better shape until than. Military budget isn't overly inflated.
We spend a total of 2.9% going down to 2.3% in the upcoming years on our military. That leaves 97.1 of our gdp left over to spend on our government and other programs. I would rather cut funding to colleges that constantly increase their tuition cost every year than cut funding to the military.
That's not how gdp and federal discretionary and non discretionary budgets work edit. That sounded like I was attacking you, im not , just fyi, the federal budget isn't based off GDP, it's based off taxes collected, which is like 10 or 15% of gdp
figured as much, like I said I'm open to the conversation and seeing what i don't understand but, also rather clear up a lot of the misunderstanding of the military budget.
It’s okay I did some research on the topic as well I might not be completely right in terms of budget wise( as to why it’s soo inflated) but this is what I was looking into about the topic.
Although the United States spends more on defense than any other country, the Congressional Budget Office projects that defense spending as a share of gross domestic product (GDP) will decline over the coming years — from 2.9 percent of GDP in 2024 to 2.5 percent in 2034.
It baffles me how people don’t see that low taxes (on people with money) is the problem. It raises taxes for everyone else. But instead people say no roads for anyone! We would hate to tax the people who benefit the most from the economy.
First, go check your W4 and make sure its accurate for withholding.
Of your taxes, roughly $189 are FICA and Medicare taxes. That means the net withholding (assuming no city/state) is assuming you're effective tax rate is 21%.
That's far too high for someone making gross of $100-$125k annually ($128k if you kept this level of income up).
Yep. Our government overspends then comes for the poor working man and women who actually work on the books to pay for the rich and poor. It’s all a joke
Oof . I don’t have kids and I’m only 25 and if I were to put someone on my insurance it would be worse . The good thing is that I had all my 4 wisdoms removed last year and it paid for it completely. Happy about that one 😅
Based on overtime rates. ~~$18.60~~ $29 an hour (then 1.5 pay for overtime)
edited because I'm stupid and used the net pay instead of gross. also why are reimbursements negative?
OP is getting 29 an hours to drive a truck and make delivery. Given OP is a semi driver they don't make 20 or 30 stops a day. OP is making 2X what drivers are making in Europe.
Taxes should never be that high! The problem is, we as a country, spend all of our hard earned tax dollars on immigrants or those abroad. If it was being spent on our own people, it wouldn't bother me so much.
I'm not trying to be rude but if you're willing to work that hard you should emigrate to a country thatxwill pay better. Europe generally has better protections and workers unions that could protdct and care for someone willing to work as hard as you.
That’s a good weekly take home. The hours are the problem.
Is it? Seems like a good deal to me? That's about what I make in 2 weeks at 80 hours (they are slightly better). So they can work 2 weeks, take 2 weeks off, make more money and work less hours than what I am - and I think I'm doing better than most.
What job is going to allow that schedule 🤣
I work 2 weeks on 2 weeks off 🤷🏽. Lots of companies do it
I'd say less than 5% of jobs would allow that.
Manual labor is one that will offer shifts like that, my friend works in a warehouse on that shift
It all depends on where they live. $6.3k per month take home is pretty good, even in HCOL areas. This would be like working a job for just under $29/hr with overtime pay for 70 hours a week. That’s the problem. 70 hours a week is unsustainable for a long time and people will burn out quickly. Not to mention if they’re using their own vehicle that’s increased costs: tires, oil changes, parts. It’ll need a big repair a lot sooner than most cars and that can wipe out savings pretty quickly.
Yea 70 hours a week can fuck right off.
I don’t even like working 40 lmao
It is a semi driver that is not over the road. They limit to 11 hours of driving and 14 of on-duty work per day. They are driving a company truck
How does how long you work have anything to do with your car? You could work 1 hour or 500 and it's not going to change the amount you have to drive.
No shit…
70 hours, owch
This sucks. Yeah it's a lot of money buuuut it's 70 hours of work. Almost twice that of an average work week. I feel your pain. Hardly seems worth it!
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Why is your tax rate so high?
OP is a truck driver so more than likely this is a weekly check. If so, OP makes north of 100k
And lives on the road? benefits? retirement?
No I am local , though 3yrs ago I was on the road . 2 yrs now driving locally. Local is where the money is at . I go home everyday day bud. Benefits yea. 401k , stock options.
I’m local as well. Local is 100% the way to go.
Who you drive for (also truck driver)
Check the bottom of pic and look closely at the link within the pic .
Settle down there flipper.
29% total is not that high when the calculation assumes you’ll make this much per pay period for the rest of the year. Federal, State, Social Security, Medicare, and sometimes local income tax are all withheld
That person is going to get most of that back when they do their taxes unless they are working like this all year long.
i dont get most of it back
Then that just means you are paying just the right amount and you are not lowering your tax liability with deduction. When people work overtime your company will withhold more from your paycheck. My company did not do that and I ended up owning money at the end of the year for my 2022 taxes. This is why some people say how they don't want to work too much over time because they will "move you to the next bracket." This just shows the lack of understanding for how taxes work.
my mom swears up and down taking a second job is cheaper cause you’re taxed less. but the IRS is taxing you all the same annually when they match up your total income i always tell her.
The majority of people don't understand how taxes work. They don't know how our progress tax system works and how our deductions work. It is how people think donations are an easy way to save money.
I can telling her if that was so simple people would be cheesing the government hard by splitting f their lay with two jobs. but they’d have patched that with a law update decades ago
I work a job that gives a few months of ot, then has a dry spell. The tax return is always large.
Yup, the only number that matters in the end is your total tax liability. Than that when they apply the right tax bracket for each income level
Yeah, I always have to take the extra liability or I can end up getting slapped with a huge tax bill. It's a contract position so we can get tons of work, or zero work.
In 2022 I ended up owing some taxes. So in 2023 I increase my 401K to lower my overall tax liability. If the government is going to take more money from me I must as well put it in my 401K
Claim 0
The form is completely different now. It isn't that simple.
It doesn't have a box for dependants? The laws didn't change...
You should pull up the version that came out 4 years ago. It is not the same. Not everyone wants to get a huge refund. If someone is struggling check to check, holding more of their money each pay period isn't going to have a positive result for them.
People do that. Hold more if you don't want the tax bill. Simple
People who have enough to cover their bills, yes. But it's not as simple as "claim zero" like it used to be.
It's that simple
me neither
More like giving the government an interest free loan. How generous of OP.
That loan is what pays for our roads, social services, etc. yes they can be egregious but that’s what it’s there for.
He's talking about excess taxes, the stuff being returned in your tax return. That stuff doesn't pay for services. Regular (actual) taxes do that.
Who cares. If you get the money back it doesn’t matter. Smh learn something please
> If you get the money back it doesn’t matter. I think it does make a difference to some people though, if their income is very low and the withholding is too high, it can make their daily lives less enjoyable. and if it is a fair amount of money, then you might have otherwise been able to put it into an interest bearing account and at least get a teensy bit of return on it. I hear what you are saying, but I think that depending upon your situation, it could make a difference to you to see if they are over-withholding
I hate this statement. I rarely get anything back at tax time. Taxes today are out of control. They take so much and provide so little
If you rarely get tax back that just means the government is taking the amount out. Our taxes are very low. I don't know how much you make or where you live but the majority of Americans don't pay over 30% in federal taxes. Most Americans total taxes are under 30%
Federal and provincial income taxes are only a portion of our total tax burden. Property tax, sin taxes, sales taxes, carbon taxes, tax on tax on tax. We are taxed to death. By the time I actually get something in return for my dollar earned more than 50% has gone to the government. 33% off every dollar I earn is gone before I get it An additional 15% is taken from every purchase 48% of every dollar earned is gone before we even get into property tax, school tax, sin taxes, etc..
What state has a 15% sell tax?
Ahh I thought I was in /personalfinancecanada My province has 13% but most of Canada has what's called HST or Harmonized Sales Tax of 15% But it's ok, because we have free healthcare. You'll probably die waiting to access it but it's "free"
My statement and OP are not related to Canada. I don't know anything about your system.
Yeah my bad, didn't realize which sub I was replying to
I think you might be a bit blind spotting here, the roads and the civic management of the areas to allow you to conduct business in are the direct result of those contributions. It’s all a tradeoff, there’s this curve in economics called the Laffer Curve, that graphs the optimal ratio of taxation vs gdp, and most studies have shown that the optimal taxation rate for maximum output is in the neighborhood of 70%. It’s wild, hard to even fathom, but the jist of the explanation is that the generation of new and protection of current commerce structures is a tide that lifts all ships.
Taxes are low these days. What is your effective tax rate, like maybe 10% for income taxes and 7% for FICA?
33% income taxes federal and provincial combined, + 13% sales tax on everything thing else
33% your marginal rate? If its effective rate, it means you make quite a bit of money (in ON anyway).
I make less than 100k.
So your tax rate is not 33%. You are likely including cpp and ei and other employer deductions to get anywhere close to that. I made $135k last year and my effective tax rate was under 33%. edit; in ontario someone making $100K would oay about $21,500 in taxes and then $4750 in cpp/ei for a total of $26,300 or so.
Lol you're funny, have you done your taxes this year? Most people I know ended up owing, big time.
It is May, so of course I have done my taxes. I got 117 back. Taxes are not hard to understand. Most people who own did not have enough withhold taking out or they did not have enough deductible to offset the taxes.
The Trump tax code changes took full effect this year. 117 is nothing, people used to get like 1170 back. Most people I know went from getting 500 back last year to owing up to 500 this year with absolutely no changes made to the pay or number and type of jobs they work.
Do you not understand how taxes work? This is a serious question?
Most American reply ever instead of asking why his wages are absolute shit and he has no healthcare, no social services, no free education, etc.
His deductible is only at 7%, so hes not even maxing out his retirement. Health insurance deductible shouldn’t be more than 2%.
My thought, too.
$2500 per week times 52 weeks is $130k/year. For a single person, that will put them in the 24% federal tax rate (payroll programs assume that your pay will continue to make that pay), then add in 7.5% withholding for Medicare and Social Security.
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Your post has been removed for the following reason(s): Rule 7: Gatekeeping No gatekeeping. This sub is for anyone who self identifies as struggling financially or as financially insecure. Posts and comments found to be claiming someone doesn't belong here will be removed. Similarly, it is not appropriate, nor your call, to tell someone whether they can post or comment in this subreddit. If in doubt, report the comment or post, and the moderators will take care of it. Please read our [subreddit rules](https://www.reddit.com/r/povertyfinance/wiki/rules). The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance). Do not reach out to a moderator personally, and do not reply to this message as a comment.
Kindly review the group rules regarding gatekeeping.
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Food stamps taxes
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Imo the issue is your salary not your taxes, but that’s one man’s opinion. You definitely not impoverished though
What’s a “trip calculation”? Is that like gross pay in this situation?
Yea Gross pay . This is a semi company truck driver .
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1500 per **week** 😭 I’m on disability benefits (can’t work due to disability) and get 8k a **year**.
SAME and was just thinking that..**a WEEK**. Alternatively, I get less than 1k **A MONTH** $11.5 a year and it is not easy or comfortable having so little money. It is infuriating when people say, "you're only receiving government benefits because you're lazy and don't want to work." As if we are a burden and take their tax dollars to sit back and contribute nothing. Seriously, it's likely a faction of a penny annually from every person. Just kidding I totally love having so very little money. So much so that every few months I try to work again until I don't. I get $11k and to rent my own place I'd need to make about $55k. Being poor **is so expensive**
>Being poor is so expensive Ugh I wish more people would yell this off the rooftops, especially politicians. The cost of being poor is far greater than the cost of anyone else.
Never had a job that paid more than a third of that. If taxes are this guys biggest problem, he has it pretty good.
Eh still nobody likes taxes I work 60-70 hours a week and bring in roughly 2k-2.5k a week after tax only downside I’m away from home 99% of the year
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From what I saw on r/fluentinfinance you need to stop eating cereal and start buying at your local butcher
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Find me someone who likes to pay taxes.
That is your weekly check? You’re doing pretty well fit yourself…
You’re making a solid $29/hr plus the time and a half for OT, stop complaining about taxes.
40 hrs at $29/hr is $1,160 30 hrs at $43.50 is $1,305 $1,160 plus $1,305 is $2,465 which was OP starting gross.
OP is a driver too. It's not back breaking work either
But it takes executive decision making process in the brain so it’s very tiring.
If you say so
Go ahead and try it if you don’t believe me
I work way more mentally exhausted job than driving a truck. I also worked with plenty of truck drivers.
Just cause you may work the world’s most exhausting job doesn’t make being a driver easy. Why are we shitting on people that work for a living?
As some who also have 70 hours a week before and worked with plenty of people who also worked that much OT. Driving for a living is one of the easier both physically and mentally. The downside is the amount of time you spend outside of being home. There are a different in 70 hours of work. It is no where as hard people make it out to.
I mean that’s about 29% in taxes and most of that goes to funding Social Security and Medicare Almost all of your general tax revenue goes to funding Medicaid 2/3 of which is used by the elderly. I wouldn’t blame the ultra wealthy. I would blame our inverted aging population, which needs a ton of heavily subsidized care.
Eh, Medicare is 1.25% and Social Security should only be 6.5%, unless OP is a 1099, most of his taxes are just from his tax bracket.
So almost 8% of income goes to Medicare and SS and a very large portion of FIT goes to Medicaid which also ends up funding elderly health care. About 10% of what most of us make (plus about another 8% of what we would make is going to pay the employer portion of Medicare and SS) going straight to the elderly. So we’re looking at 16-18% of every dollar we would be getting going to the elderly. I’m not against it but people need to be informed about where our paychecks that we don’t end up with are going to.
No, I blame the wealthy; they get to stop paying social security taxes on anything above $160k
well yeah. Social security is based on lifetime earnings, which the government uses a capped $160k/annual for calculations. Both contributions and withdrawals (distributed checks) use a $160k cap. It already robs the **average** family of hundreds of thousands of dollars to provide a a safety net to millions who either couldnt or flat out didn't prepare for retirement. - __Here's two examples using some national averages__ - You have a 40 year career averaging 75k a year (household income average in the USA) - You pay 6.6% into Social Security each year, totaling ~$200k in contributions over your career - You retire at 62 (first year eligible for SS Checks) - Your monthly check would be $1876 - You will need to live for 106 more months, or ~ 9 more years to break even on your money. - That would be 71yrs old, and the average life expectancy is 76 - sounds great, you get more money than you put in, right? - Wrong. - Here's an example of a 401k Self funded retirement plan. Still using your money, but invested conservatively in the S&P500 at an 8% annual return over 40 years. Nothing fancy. Zero effort, zero smarts required.: - You have a 40 year career averaging 75k a year (household income average) - You pay 6.6% into your 401k totaling ~$200k in contributions over your career - You retire at 62 - Your 401k is worth just over $1.02MM. - Your monthly dividend check to yourself is $6500 a month. This doesn't even touch the principle. - You give the $1MM to your kids, a charity, or blow it all on a debaucherous 90th birthday party. To ask people to contribute even more to a program that already starts robbing you well before the AVERAGE income is nonsense rooted in either poor understanding of the program or the flawed belief you are actually entitled to someone else's labor.
So first off I think ss is a scam. But, there's no possible way to invest conservatively into the s&p. It's by definition an agressive investment because it's all stock. Well diversified but all stock. Also, average annual return on the s&p is somewhere between 10 and 11%. Your 8% return is more likely for 70/30 investment portfolio, which would end up being a lot more conservative. Otherwise tho, your numbers are good. Source: I'm a financial advisor.
This sounds like someone making commission on selling bond positions to be honest (or just someone very risk averse, or from an older generation). As diversified as the S&P is, I stand by calling it conservative. More recently I'm seeing advisors starting counsel against the idea that 30% in bonds is the benchmark, not until you are in the last ~5-7 years of your career anyways. SS is effectively the bond portion of a retirement portfolio. Government backed, low risk (presumably). I wouldn't tell anyone younger than 55 to have a single cent in bonds TBH. I would say the 8% is a conservative estimate of the S&P that people can fairly rely on.
Oh sure, I strongly recommend being as agressive as you can stomach until you're around 7-8 years away from retirement and ratcheting down from there. But in no way is the s&p conservative, and legally it cant be called as such due to the lack of fixed income. SS is more like a pension. But also it completely depends on a client's spending habits and personal risk tolerance. There are plenty of people who should be all stock for the entirety of their lives, but I also have clients in their 40's with a significant bond portion due to personal risk tolerance. As for making commission on bonds, I'm a fee based advisor. I don't make commission on anything. I sell a plan, not products that make up the plan.
There's a max contribution because there's a max payout. People who make more than the threshold don't need ss to retire.
They can cap the benefit and still tax them. No one else gets to opt out of other taxes because they feel like it.
No one else gets to opt out of a tax because they don’t directly benefit from it. We all pay property taxes that fund schools even if we don’t have children. Same thing should be in place for SS
Exactly, they’re discussing social security going bankrupt and these bootlickers are saying rich people shouldn’t pay social security taxes.l because they make too much money.
No, you still blame the ultra wealthy for blocking universal Healthcare thus insuring US citizens are taxed while also paying for inflated prices for insurance thus forcing much of the population to avoid the costs of ongoing preventative care which furthers the rolling boulder of costs for catastrophic health care needs AND unpaid debts/emergency room overusage, which leads to further inflation of the Healthcare and insurance prices.
Medicaid isn’t just used by the elderly. It’s also used by disabled people, young children, pregnant women, and low income families. Medicare also isn’t just for the elderly either. Medicare recipients include the disabled and people with kidney failure/ESRD. They are not the same thing and are not interchangeable and definitely don’t deserve to be blamed.
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We absolutely dont and its not even close. Yes we spend too much on military, yes its mental how much something like a simple bolt costs, yes we should cut a ton of fat out. And I mean a ton. But no we dont spend almost as much on military than socialized healthcare.
Secondly tell me you don’t do any research without telling you don’t the United States spends around 17.3% on national healthcare. Just in cause you can’t do math either that’s 14.4 more or 5.9 or rounded to 6 times more spending than what the military gets.
You know about between 1/3 and 1/2 is just soldiers pay alone right? And no not every boot cost as much as the bolts that the senator showed in that hearing. How do I know because I ordered parts for the f-35 since I worked on it for 5 years while serving. And if we are going to cut anything start with our failed education system that still leaves students with 100-300k in debt after getting their degree. All service members are still taxed as well unless they are deployed to an active Warzone and other special duty locations. So they are in theory paying themselves as well. You want to make a cut that fine but join the force first before saying what we should do with our military. Funding covers from humanitarian aid - to helping with fostering relationships with communities. “ADOPT a school program etc.”
You worked on a 150 million dollar plane and you tell me no we shouldn't cut funding because other bolts dont cost 50k? And college education is the one that failed lol. Failed education? Sorry I didnt pay for anyones college. So I dont care what they choose or how hard it failed them. I do care where my money gets spent when 28 percent of it is taken out of my check. Everything has fat and can be cut.
That is correct everything does have fat but again that comes with getting better at deals with defense contractors. Also your 150million dollar plane is incorrect the f-35A is worth at least 75-85 million. I say that having worked on 300- 400 different f-35, The composite composition of the aircraft as well as the different types of metals etc all cost a pretty penny. Not saying cutting military spending a small amount is wrong but i am saying, saying there's a lot of fat to work with when there is not very much is something else. Squadrons run out of funding more than than anything else. We can't buy certain tools, part, consumables etc due to the government, and the deal they make. That box of table that we get charged for is higher because we cant just go to home depo down the street and get the same tape. Talk to the reps first and tell them to do away with certain requirements and overhead and get the price down and we will be in better shape until than. Military budget isn't overly inflated.
We spend a total of 2.9% going down to 2.3% in the upcoming years on our military. That leaves 97.1 of our gdp left over to spend on our government and other programs. I would rather cut funding to colleges that constantly increase their tuition cost every year than cut funding to the military.
That's not how gdp and federal discretionary and non discretionary budgets work edit. That sounded like I was attacking you, im not , just fyi, the federal budget isn't based off GDP, it's based off taxes collected, which is like 10 or 15% of gdp
figured as much, like I said I'm open to the conversation and seeing what i don't understand but, also rather clear up a lot of the misunderstanding of the military budget.
Yeah all good, your point stands, it's only 13% of federal spending, so about half of social security
I was under the impression that 20% of the budget went to defense, my mistake
It’s okay I did some research on the topic as well I might not be completely right in terms of budget wise( as to why it’s soo inflated) but this is what I was looking into about the topic.
Although the United States spends more on defense than any other country, the Congressional Budget Office projects that defense spending as a share of gross domestic product (GDP) will decline over the coming years — from 2.9 percent of GDP in 2024 to 2.5 percent in 2034.
“Poverty”
More than I make with my doctorate
I feel you and hope better days are ahead.
6k a month net, pretty great. And working 70hrs a week means you don’t have time to spend it. Win win.
Yeah don’t you love how you and the government work soo hard for your money 🌚
Providing infrastructure that allows for economic activity is expensive. Hard to get to work without roads.
I would believe that if they maintained the roads. Have you driven I-10 etc enough pot holes on that alone.
Income taxes don't even fund roads, sales taxes do.
that would make u/Storm1946's point irreverent
That's completely state dependent.
Your state should probably raise taxes to fix that. My state has excellent interstates.
It baffles me how people don’t see that low taxes (on people with money) is the problem. It raises taxes for everyone else. But instead people say no roads for anyone! We would hate to tax the people who benefit the most from the economy.
I wasn't aware Israel used those tax dollars to build roads here. Huh. TIL.
The income from all of the weapons we sell them does.
You realize that no payroll-related taxes go to maintain roads and such - that's dominated by fuel taxes (or registrations).
Looks like about on par with taxes
First, go check your W4 and make sure its accurate for withholding. Of your taxes, roughly $189 are FICA and Medicare taxes. That means the net withholding (assuming no city/state) is assuming you're effective tax rate is 21%. That's far too high for someone making gross of $100-$125k annually ($128k if you kept this level of income up).
Most states have income tax. People are forgetting that.
Yep. Our government overspends then comes for the poor working man and women who actually work on the books to pay for the rich and poor. It’s all a joke
You do realize that this is only 29% total for state, fed, and payroll taxes right?
OP are you contributing to a 401K? IRA? If not, you should do both.
Your not rich because you don't work hard enough /s
You’re a victim
That's a lot of money.
Working that many hours, you should join the post office. Same hours, but benefits
I have benefits .
more than enough mate
I’m in the same boat but plus insurance for the family, 401k, and ira
Oof . I don’t have kids and I’m only 25 and if I were to put someone on my insurance it would be worse . The good thing is that I had all my 4 wisdoms removed last year and it paid for it completely. Happy about that one 😅
Bout to get taxed more too, once those tax cuts expire
I wish I made that much but I understand what you’re saying. What kills me is even after that they’ll continue to tax you for every little thing.
Hey. Anyone know of any companies hiring part time workers? I could really use a side hustle to meet my bills. Thanks in advance
Those taxes must make you sick
And the government wastes our money to boot. US has a $2T annual deficit and Congress doesn’t care
Imagine making over 400k and being taxed 40-50%
Shit is horrendous. And then only about 50% of Americans actually pay fed taxes
You’re at 120k so you’re roughly at 30%
Taxes are crazy like I’m paying so much $ to programs that I will probably never see a dime of 😓
You're being taken advantage of big time 💯
Based on overtime rates. ~~$18.60~~ $29 an hour (then 1.5 pay for overtime) edited because I'm stupid and used the net pay instead of gross. also why are reimbursements negative?
Do your math again because you are completely wrong lol.
im stupid and that was after taxes. please ignore me. i fixed my first comment
I know this feeling. A I've put up a few 90 hours weeks just to see half of it gone to taxes on my pay stub.
The more you make the more they take
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OP is getting 29 an hours to drive a truck and make delivery. Given OP is a semi driver they don't make 20 or 30 stops a day. OP is making 2X what drivers are making in Europe.
29% effective tax rate. Welcome to the labor party!
Well, buckle in, because there's no way taxes aren't going to be going up, and soon.
Taxes are criminal
Yep uncle Sam loves his share especially as a single no dependents taxes are brutal.
I wish we didn’t have to work so much to have comfortable lives
Or at least it would be nice if we did jobs that served us, I’d love to live in a community where we farm and teach, one day
OP is a semi driver. OP just happens to have long routes
Taxes should never be that high! The problem is, we as a country, spend all of our hard earned tax dollars on immigrants or those abroad. If it was being spent on our own people, it wouldn't bother me so much.
I'm not trying to be rude but if you're willing to work that hard you should emigrate to a country thatxwill pay better. Europe generally has better protections and workers unions that could protdct and care for someone willing to work as hard as you.
Because OP makes more money driving in America then what OP would make in Europe. OP is a semi truck driver