- Nov 29, 2008
- 25,786
- 11,295
- 940
I posted this on another message board a few years ago, I just thought I'd post it here to. Some of the numbers have gone up since I originally posted it. None of them have gone down.
Federal Income tax 19%
Social Security Tax 6.2% (plus my employer pays 6.2%) total 12.4%
Medicare Tax 1.45% (plus my employer pays 1.45%) total 2.9%
State Income tax 7.5%
Sales tax on purchases 7.5%
Property tax on house value 1.1%
Property Tax on vehicles (3) 1.6%
Registration fee on vehicles (3) 0.8%
Required annual state inspection on vehicles (3) $138.00 ($46.00 each)
Estimated annual taxes on my phone bill $162.00
Estimated annual taxes on gasoline $1448.00
Estimated annual tax on cigarettes $1250.00
Estimated annual tax on alcohol $1500.00
Im sure I forgot some hidden taxes.
The first 4 equal 41.8% of my income.
It is official. The government makes more money off me than I do.
Papa said years ago best jobs are government jobs. We were not smart enough to hear it. Shoot you'd at least be recovering a portion of what you pay in.
If your property taxes are only 1.1% of your property value I'm envious. We've put out more in property taxes on this place in the last ten years than we originally paid for the place and the cost we put into a few improvements. The scale house building at the sand pit was taxed at 16% percent yearly of the cost of putting it in. (I think I got a special rate on that being it was a small business enterprise.)
Get ready for the new insurance tax. Rod keeps telling me to get that insurance license updated. Should one do something in the way of working that they can't stand (sales of insurance)?