The Soapbox

BocaHoo91

Joined: 06/03/2005 Posts: 31073
Likes: 52494


They pay social security taxes (which funds their OWN retirement


benefit... but not even all of it), and they pay medicare taxes (which funds about 1/3 of their OWN medicare benefit), but they pay nothing or almost nothing in federal income taxes. I'll do it for you two ways... 2017 & 2018 under the new tax law:

2018
Income.......................$60,000
Standard deduction...($24,000)
Taxable income.........$36,000

Bracket................Rate............Tax
$0-$19,050...........10%.........$1,905
$19,050-$36,000..12%.........$2,034
Total Taxes............................$3,939
Child tax credit ($2K x 2)......($4,000)
Taxes owed..........................($61)

2017
Income............................................$60,000
Standard deduction........................($12,700)
Personal Exemptions ($6,350x4)...($25,400)
Taxable income...............................$21,900

Bracket................Rate............Tax
$0-$18,650...........10%.........$1,865
$18,650-$21,900..15%.........$488
Total Taxes............................$2,352
Child tax credit ($1K x 2)......($2,000)
Taxes owed...........................$352

Ask me how much I think this family cares about federal spending....



(In response to this post by Hoakie82)

Posted: 04/20/2018 at 1:49PM



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