Advertisement

Archive for Monday, September 24, 2012

Letter to the Editor: Tax math

September 24, 2012

Advertisement

To the editor:

Let’s do the math on the federal income taxes of a single person working full-time and making the minimum wage. That’s $7.25 times a 40-hour week equals $290, times 52 weeks equals $15,080. The standard deduction is $9,500, leaving $5,580. Tax on 1040EZ 2011 equals $558.

That $558 may not seem like much to most people, but it is a lot for someone living on minimum wage.

Comments

Richard Heckler 2 years, 2 months ago

Considering those equations dictate 3 full time jobs to afford the luxury of Lawrence,Kansas when jobs are scarce. Obviously Lawrence does not need more minimum wage jobs.

Reckless local tax dollar spending dictates a minimum wage of $22.50 per hour just to get by. Don't anyone hold their breath.

labmonkey 2 years, 2 months ago

How much do you pay your lawn employees an hour Merrill? I doubt anywhere near $22.50/hr. Put your money where your mouth is.

deec 2 years, 2 months ago

Any company that can get away with paying minimum wage, will. It is a fallacy to believe that only teens wanting to pay for their first car or a new pair of jeans work in minimum wage.

"Overall, 55% of the jobs growth forecasted in the 30 fastest-growing occupations identified by BLS, are considered to be low- or very low-wage."

http://money.cnn.com/2011/01/31/news/economy/low_wage_job_growth/index.htm?iid=EL

Liberty275 2 years, 2 months ago

"Any company that can get away with paying minimum wage, will."

And that is bad, why? I have decades in a trade and a college degree. Do you think a seventeen year old high school dropout deserves a 4th of what I make? When I was a 20 year old high school drop-out just back from the military, I was a laborer for an underground construction company (a ditch digger) for minimum wage.

You do without and work your way up. That's how it works.

Liberty275 2 years, 2 months ago

And? By 24 you either have a trade, have parents with money or keep being poor.

You don't really need the government to tell you that.

Trumbull 2 years, 2 months ago

An over-supply of labor such as we are now experiencing, pressures wages of professional jobs down.

headdoctor 2 years, 2 months ago

That $558 is $558 more taxes paid than several hundred thousand filers with $!00k income or higher or the lower than $100k filers who on paper have a net worth a half million dollars or more. And yes those are part of the 47% Romney and company is whining about. Don't take my word for it. Look it up yourself. If you don't know where to start. Several links have been posted multiple times here on LJW.

Trumbull 2 years, 2 months ago

And returning to the pre-Bush rates for net income > $250k will result in $3,000 of additional taxes for every $100,000 earned above 250k. This would seem to be a good problem to have. I call baloney to those who believe this is the great re-distribution of wealth to be feared.

labmonkey 2 years, 2 months ago

Does he pay his lawn employees $22.50/hr? I highly doubt it.

headdoctor 2 years, 2 months ago

Raising the tax rates wont do squat. The tax code has been eroded so that very few are paying the higher percentages anyway. The people who would be hit the most on a tax percentage increase are those higher income wage earners who spend most of their annual income instead of managing it for the most tax benefits.

George Lippencott 2 years, 2 months ago

Have you ever asked the question as to why you must pay federal income taxes and a family with a kid does not.

Our tax policy rewards having the kid early and penalizes you for deferring - perhaps with the intent of saving for that event or waiting until your job situation is more secure or rewarding?

Once upon a time we needed more children to support a growing economy. Today we can not find jobs for our existent population and are reacting to a climate change challenge that is certainly improved with a slower population growth.

Pandering maybe??

Liberty275 2 years, 2 months ago

Wow. I'm getting old and my eyesight is failing. I thought this was going to be about taxing methamphetamine.

Thanks for the tax lesson. Math is hard.

$558 is a lot of money to some people. It will be almost as much as the kid in his 20s that bought a bigger turbo for his Subaru instead of health insurance will forfeit $700 of his tax return every year.

$558 is a lot of money to some people, and half of America cheered the day the government was given another excuse for taking it.

Obamacare will create libertarians every year at tax time. What's not to like about that?

deec 2 years, 2 months ago

I love the smell of zombie in the morning.

Trumbull 2 years, 2 months ago

Based on $250k, a $64k tax liability would be the max (ie single filer, standard deduction).

jafs 2 years, 2 months ago

How on earth can that be more painful?

The first guy has to live on less than $15K/yr, while the second one, using your figures (which may not be accurate), has $175K left.

I'd rather be the second guy, if money is the main concern.

George Lippencott 2 years, 2 months ago

Assumption. No data. The oponents claim this

paulveer 2 years, 2 months ago

With that confrontational user name it looks like you came here looking for an argument.

Armstrong 2 years, 2 months ago

Unfortunately it's worse than a fraud. Wait until we have to pay for it.

2002 2 years, 2 months ago

I stand with conservatives on many issues, but minimum wage isn't one of them. I say raise minimum wage to a living wage. Although I wound't be against a 16-19 sector that are paid less in a student worker category. To bad if it inflates costs, we will either consume less or pay the difference.

This idea must be met with a repeal or modification of NAFTA and other free trade agreements. Free trade has screwed the middle class, especially the lower middle class over. Too many jobs have gone elsewhere and everyone can't be a software engineer or sell iPads.

George Lippencott 2 years, 2 months ago

Well, if I keep changimg the criteria pretty soon we will all qualify and be on the program.

Of course somebody must pay for it. I know lets us raise the taxes on the rich by 10%. That seems to pay fro everything!

byhsgrc 2 years, 2 months ago

What would be so wrong with a 30% tax for everyone? This would mean no deductions, no loop holes no nothing for anyone. If you make it you pay taxes on it. Better yet, let all the money go to the federal government and have the city, county and state hash it out with them for any money they need. In doing this we might find out who works the hardest for their people they are suppose to represent.

Commenting has been disabled for this item.