The vote cleared the way to enact major elements of President Trump’s domestic agenda and escalated a bitter fight among Republicans over what federal programs to shrink to finance major tax cuts.
So if you look at it and say “I’m single and make 37,500 dollars a year”, you can break it down like so
$11,925 gets taxes at 10% (1,192.5) Leaving the last 25,525 you made taxed at 12%. (3,069). So you would pay a total of $4261.50 in taxes that year.
Then deductions come in. Those pertain to dependents, donations etc. for the most part, if you make that little of money, donations won’t matter, deductions pertaining to purchasing a house, or car might though. Kids (dependents) I believe are around $1700. So say you have 2 kids and only made the above. You would only pay $861 (4261-1700*2). Now everyone fills out an I9 when they take a standard job that pays on a W2 form at the end of the year. The I9 depicts how much money is taken out of every paycheck to mitigate costs at the end of the year. You can tell it to take more or less adjusting for how many dependents and so on. So say you didn’t put dependents on it, it may have taken all 4261.50 out over the course of the year, and you had 2 kids so at the end of the year you paid too much, so you would get a $3,400 return and be happy because the “government paid you money!”. It was your money, you still paid them $861, but they were holding your other 3,400 dollars because how you filled out your I9.
Now if you work as a contractor, you may get paid on not a W2 form but a 1099, which you will not fill out an I9 form at all for and at the end of the year when you filled out your taxes your be upset because you have to pay $861! The good news there though was that you had access to the 3,400 of your money and could invest it in stocks or pizza. Let’s be honest, no matter how much people complain about Arby’s, when your in a rush, a roast beef and cheddar sandwich and a fish and cheddar sandwich for 6.99 do be nice. Arby’s, they have the meats.
This advertisement was not a paid spokesperson, just someone who hasn’t eaten recently.
Do you have any good resources where I can learn more about this with a visual element? Videos or charts or something.
Thanks for the writeup as well, your ability to explain something complex but concisely is rad. Keep being you
It was this
So if you look at it and say “I’m single and make 37,500 dollars a year”, you can break it down like so
$11,925 gets taxes at 10% (1,192.5) Leaving the last 25,525 you made taxed at 12%. (3,069). So you would pay a total of $4261.50 in taxes that year.
Then deductions come in. Those pertain to dependents, donations etc. for the most part, if you make that little of money, donations won’t matter, deductions pertaining to purchasing a house, or car might though. Kids (dependents) I believe are around $1700. So say you have 2 kids and only made the above. You would only pay $861 (4261-1700*2). Now everyone fills out an I9 when they take a standard job that pays on a W2 form at the end of the year. The I9 depicts how much money is taken out of every paycheck to mitigate costs at the end of the year. You can tell it to take more or less adjusting for how many dependents and so on. So say you didn’t put dependents on it, it may have taken all 4261.50 out over the course of the year, and you had 2 kids so at the end of the year you paid too much, so you would get a $3,400 return and be happy because the “government paid you money!”. It was your money, you still paid them $861, but they were holding your other 3,400 dollars because how you filled out your I9.
Now if you work as a contractor, you may get paid on not a W2 form but a 1099, which you will not fill out an I9 form at all for and at the end of the year when you filled out your taxes your be upset because you have to pay $861! The good news there though was that you had access to the 3,400 of your money and could invest it in stocks or pizza. Let’s be honest, no matter how much people complain about Arby’s, when your in a rush, a roast beef and cheddar sandwich and a fish and cheddar sandwich for 6.99 do be nice. Arby’s, they have the meats.
This advertisement was not a paid spokesperson, just someone who hasn’t eaten recently.