3. Just a Holiday reminder

Just a Holiday reminder

Since nobody can seem to get it right, here it is:

For assumptions let’s say this person is single working full time in California and claiming no deductions.

Gross income: 20,800 FIT: 2,298.50 SIT: 327.91 FICA: 1,591.2 FUTA: 42 SUTA: 238 Local (guess): 208

Total tax burden: 4,705.61 Effective tax rate: 22.62% Effective hourly wage: 7.74/hr

Gift price w/ tax: 31.80 Hours to purchase gift: 4.11

That is the worst case scenario. Normally one can claim deductions and significantly reduce their tax burden. Since I am not an accountant, I’m not going to try to calculate anything but the worst case. Point is that assuming 30% in tax for someone making 10/hr is waaaay off, and it would be worth while to learn how to properly calculate tax. This is /r/PovertyFinance after all.

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Others are so out of touch I ran across this video and it made me sad. Do you think you will be working until death? Or will you find some other options so your later years aren't stuck having to still clock in (via: @truckin_justin) I don't understand how people make so much money Have an $8k tax bill and am being laid off by my dream job How do I stop being jealous over people who make more money than me? How the heck are people paying rent? I don't understand the logistics of it. Not enough quarters to buy a washing machine but enough to use someone else's I have never looked into 401ks because I never expected to live this long Just got notified that are 25 year old furnace is on its last legs and will cost $10000. No savings and credit debt $ is maxed out. Husband and I both work and barely make ends meet with the bills 70K . No auto payments . Going to look for another job or second job. Seeking advice . Advice for cheap child controls on chromebook I am freaking the fuck out I’m going to make almost $60k this year and I’m barely making ends meet. I need about $2500 to pay for my tuition and living expenses until I start my full time job after graduation. What can I do? Idk what I should do Serious replies only: How the fuck do people make ends meet who are single?

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