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Re: Re: My rating... (Reply to this comment)
by Arthur.Rubin
I think I haven't yet (as 0600 PST this morning) received the Email, but....
Thinking it over, you're right. I'll change my rating.
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Mar 27, 2001
2:26 pm PST
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Re: My rating... (Reply to this comment)
by adjensen
Well, I didn't get a response on my email to him, but I'll clarify this:
"Taxes = ( (Adjusted Gross) - (Claims) ) * (Tax Rate)
The correct formula is more like TaxesDueOn ( (Adjusted Gross) - (Claims) )
You really don't have much control over the tax rate. "
For purposes of this essay, I greatly simplified what "Tax Rate" is. In the US, it's a graduated scale, where you pay x% on the first n$ of income, then y% on the next n$ of income, z% on the next, etc, etc, etc. You can get the actual values out of Circular E. I don't know that that's what he was getting, at, but there's a little more detail.
You cannot change the "tax rate" that the IRS imposes, that's true. But by changing the amount of gross income, you take money off of the top (which is subject to the highest rate of withholding,) and which affects your overall percentage of income spent on taxes.
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Mar 25, 2001
1:14 pm PST
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Nice epinion (Reply to this comment)
by pipet
Your politcally correct John & Jane situation made me laugh. Poor John.
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Mar 20, 2001
9:23 pm PST
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My rating... (Reply to this comment)
by Arthur.Rubin
You wrote: (in italics)
Taxes = ( (Adjusted Gross) - (Claims) ) * (Tax Rate)
The correct formula is more like TaxesDueOn ( (Adjusted Gross) - (Claims) )
You really don't have much control over the tax rate.
The United States has a "regressive" tax scale, which means that the more you make, the higher your tax rate will be.
I agree with you that it should be called "regressive", but the technical term is "progressive".
Also, http://www.paycheckcity.com has been recommended as a good paycheck calculator, including (apparently) all states with a state income tax.
If you correct (or rephrase) your review, and E-mail me, I'll rerate.
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Mar 19, 2001
1:07 pm PST
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Nice job (Reply to this comment)
by roynyr
Thorough, informative, helpful, and most important accurate. Great piece.
roynyr
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Mar 17, 2001
8:46 am PST
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