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Thread: One of my guys was robbed

  1. #41
    Senior Member kyratshooter's Avatar
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    Quote Originally Posted by randyt View Post
    One of the guys was talking me today about his pay stub, bear in mind I haven't really seen a pay stub in over 25 years. Anyhoo he said he grossed over $1250 and took home a little less than $750. I told him "not to worry" at least he'll get a nice refund. He said he doesn't get a refund since his kids have been raised. I reckon it's the price we pay for living in modern society.
    After all this tax rumbling and call for fairness something occurred to me. I am single with zero deductions and do not pay nearly that much, and I get part of it back. I also get earned income credit and several other AGI adjustments when I file.

    There is more to this "pay stub" than meets the eye.

    The with holding is 60%. There is no 60% braket for that income amount. This guy has other "deductions" from his check that have nothing to do with "taxes".

    Medical insurance, retirement, 401K.......

    I am single with zero deductions and my "taxes" and with-holding only run 20%. Even Warren Buffet nor the President's secretary does not pay 60%!!!! There is no 60% bracket.

    Corperate rates are only 38%.
    One "Oh $H!T" cancels out a thousand at-a-boys.


  2. #42
    Administrator Rick's Avatar
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    Weeeelllllll. You're calculating federal taxes. You also have to add in state and in some cases (here for example) county taxes. Social security is deducted as is Medicare. SS is 6.2% of the gross and Medicare is 1.45%. If he lives in a different county or state than he works in then he could be paying twice (should get part back at the end of the year). He could also be paying city and and/or school district taxes. Then add in any additional deductions for such things as health/dental insurance, retirement plans, union dues and health savings accounts. It all adds up pretty quickly.
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  3. #43

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    Monday I'll get a copy of his pay stub sans social security number and name and find out. He may have rounded up on his gross and rounded down on his take home, guys have a bad habit of doing that. It's davis bacon wages too but that shouldn't affect it.

  4. #44
    Alaska, The Madness! 1stimestar's Avatar
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    Yep my husband was in the middle of filing his appeal for disability when he died. Guess death makes you disabled enough as the children are getting survivor's benefits, for which I am extremely grateful.
    Why do I live in Alaska? Because I can.

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  5. #45
    Administrator Rick's Avatar
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    Sadly one of the criteria for receiving disability is that it is expected to result in death.
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  6. #46
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    More "we are taxed to high" whines? Geez Louise.

  7. #47
    Administrator Rick's Avatar
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  8. #48
    Senior Member natertot's Avatar
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  9. #49
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    Quote Originally Posted by Rick View Post
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    That is pretty funny, Rick. How's the weather in Indiana?

  10. #50
    Administrator Rick's Avatar
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    Rain today. High of 66. I'll take it. Beats tornadoes.
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  11. #51

    Default from paying too much tax to paying not enough tax. LOL

    Anyhoo I'm home due to a sick child. I picked up my guys pay stub figures at the office when I dropped off some keys. As I said in the OP, I haven't seen a pay stub in years. After checking his pay stub I see where he made a error.

    His figures:
    gross pay 1007.37
    fed withholding 164.00
    sse 42.15
    medicare 14.55
    mi withholding 40.55
    deductions 261.24
    net 742.12

    What he did was get a year to date figure mixed up with his gross pay. He just stated to work the week prior to this pay period and thought the YTD figure was his gross pay.

    just think we almost had a uprising over bad information. No wonder there are so many conflicts going on in the world.

  12. #52
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    I was on a team that finished in 2nd place once. The other two teams finished 1st and 3rd respectively.

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