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Do the math

Posted by H6163741 10 years, 2 months ago to Economics
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So, it's tax time again, and again I am furious. Apparently, the federal and California governments believe that we make too much money. Unfortunately, 'too much money' is not enough to buy a house in Los Angeles, so we get royally screwed every April 15th. We are a family of three; my husband claims 1 on his W4, and I claim 0 AND have extra money taken out! I would love to go Galt, but I really do like my job. (I get to fight the looters!). I am seriously wondering if I should asking company to reduce my pay. Does anyone know the math formula? Is there some 'magic number' that will keep us from feeding the looters, but not so much that I become one?

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  • Posted by $ jbrenner 10 years, 2 months ago
    Come to Florida, so that you at least don't have to pay state income taxes. BTW, I am starting to render to Caesar today myself, and Galt's Gulch is a convenient distraction.
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  • Posted by fivedollargold 10 years, 2 months ago
    Agree with CG. Don't ask for less pay. $5Au suggests that you look for a job you like in a state with lower taxes. It won't help you with Uncle Sam, but just about any state will tax you less than the Golden State. (It really pains Fivedollargold to say that.)
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  • Posted by CircuitGuy 10 years, 2 months ago
    If you claim insufficient exemptions, the W/H tables make us withhold more and you get some back at the end of the year, which is needlessly sending extra money to govt and getting it back at the end of the year. There's no way to avoid death or taxes, but marginal rates are not 100%. When you earn more you get to (woot) keep half or more of it.
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