2FORCEFULL
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- Jan 26, 2008
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I was having this discussion... trying to explain what they are really doing here...lets say you make 8 per hr, 320 per week @ 50 weeks...that's about 16k per yr,... with standard deduction of 12'500 , leaves 3500 @ 10 % = $350 tax due.... most everyone gets a refund in this bracket....now lets jump you to 15 per hr. now you're @ 640 per week. and 32,000 per year, - $12,500 = leaves 19500 = about $2200 tax due (10% on 9700, and 12% for the rest..) so now, the gov jumps from collecting $350 per person to collecting $ 2200 per person...but thats not all, S S will collect double...
but wait, there's more , lots more... it cost about 30% in payroll tax's to the employer.... so. a 16k per year employee cost about $ 4,800 in payroll tax... so jump to 32k per year, that means the employer will have to pay 9,600, so uncle Sams get an extra 4800 per person, add the extra 2200 from employee ,.... thats 7k per person , per yr!!!!!!!!
but wait, there's more , lots more... it cost about 30% in payroll tax's to the employer.... so. a 16k per year employee cost about $ 4,800 in payroll tax... so jump to 32k per year, that means the employer will have to pay 9,600, so uncle Sams get an extra 4800 per person, add the extra 2200 from employee ,.... thats 7k per person , per yr!!!!!!!!