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Originally Posted by KMR Stitch
When you make that little you love tax day.. you get money back
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Not necessarily. Also you certainly don't get FICA taxes back. They take that right out of your paycheck and yet you still have to pay income tax on you FICA tax. That's fucked.
Anyways say you are single and make $7 an hour that's $14,560 a year. After FICA taxes are taken out that leaves you $13,446. Now you get deduct $7950 of your income for a taxable income of $5496 of that you pay $598. So your total tax obligation is $1712 or about 11.8% of your gross income. And you don't get ANYTHING back. Of course that's not counting sales taxes and gas taxes and such that you also pay through the year.
Now if you have kids you get all kind of tax breaks and yes often not ony do you not pay taxes you get money back you never paid in. So to me that's the governments way of telling people to go out and breed.