Fucking taxes

>>1068288
>single income of 60
>middle class

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>>1068293


>>me and your mother aren't official for tax purposes. Also, check the fucking image scrub

You're doin a 401k or IRA tho right?

It'll reduce your tax burden

>>1068381
Would there be any reason to consider a traditional IRA as opposed to a roth IRA? Roths just seem like a better deal overall.

I got 4 dollars on my tax return.

>>1068301
>That satire image
In 1990 maybe. A middle class man should pay off his house completely by 40 to put money towards his kid's school fund. A middle class man should always meet his financial needs without worry.

>>1068440
Traditional reduces your taxable income

Basically you pay tax when you take distributions

Taxes are already paid on Roth contributions

>>1068440
Traditional gives you more money in youth for those who weren't handed a head start by their parents. If you need to:

>Pay off student loans
>Buy a (used) car soon
>Save up an emergency fund of 6 month of expenses (10-15k is the sweet spot)
>Save up 20% for a down payment on a house

Then you probably want traditional. You have plenty of cash expenses in the near future and it's worth it to pay those off with the extra money saved now; the opportunity cost on the loan interest you avoid paying compounds over the years.

Plus you could easily die before 59.5, but that's less financial and more existential.

>>1068288
And the best part is when all these faggots try to claim America isn't socialist lol

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>>1068499
>5% State Tax
>25% Federal Tax
>6% Social Security Tax
>1% Medicare Tax
>3% Legally mandatory Health Insurance

I'm already feeling the Bern and it hasn't even started.

>>1068288
>60k
>Social Security Taxes $4,590
>Federal Taxes (with single standard deduction) $8,219
>Estimated State Taxes $???? (in my state it would be $2750)

That is $44,000-ish after tax, meaning you paid around $16,000 in taxes. That's about 73% of 60,000, and not 60%. But please tell me about the state that you live in that charges 20%+ income tax. Or tell me how you were dumb when you signed up for Obamacare and badly estimated your income. Or how you have a side business with other social security taxes or something. Because I don't know how you ended up owing $24,000 in taxes instead of something closer to $16,000 or even $19,000 if you live in a truly horrible state. Otherwise you fucked up your TurboTax (like most people do).

Anyways, you're a liar. On the internet! How dare you!

>inb4 sales tax, real estate taxes, asshole waxing taxes, your mom taxes (OP's talking about his paycheck and his income tax return, not everything)

>>1068293
>unemployed or baby boomer.

I'm in the same boat OP at 70k.

>>1068293
I earn $41500 before taxes but all my insurances(~$6500 value) are fully covered by the company.

You cant just set one amount and say at this point you are middle class. It doesnt work like that thanks to widely varying median household incomes.

In my county the average household income for a family is $35K so as a single male I am much better off than the average person where I live.

>>1068288
Dont forget you get nothing but endless war on your behalf for that money. You cavepeople dont even have universal healthcare yet you pay more per cotizen for medicine than countries that do!

>>1069072
And we still have a higher gdp than socialist countries because those wars are us forging the world to our ideal markets conditions while you European cucktries and focusing on "humanitarian" projects

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I was going to make my own thread, but I'll just ask here:

So I need to know how fucked I am. I filed my girlfriends taxes on hrblock and used my brother as her dependent to claim the EIC credit. The problem is I fudged a whole lot of shit. He's not related to her. He worked and make 14000 dollars. He's 21 and I don't think he was in school, but he might have been.

HRblock gave me the credit and I filed my returned and the IRS accepted it. But now I just got done talking to my dad and he's saying I probably just royally fucked both my brother and gf. I'm scared biz, is there any way I can fix this? Please help.

>>1068440
If you have a Roth 401k I would do traditional IRA

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>>1068444
>4 dollars
>triple 4s
A-are you a wizard

>>1068288
You're doing something wrong. I make 60K annually and take home 1400 biweekly. Out of the difference comes my health insurance, pension contribution, and 3 levels of taxes.

Did you forget to take the standard deduction or something?

>>1069081
Nah, IRS is too busy tracking down multi-millionaires to care about you

>>1068541
Boy are you dumb not understanding a progressive tax system or that Obamacare was a handout to private corporations. But keep on screaming soshulist, not like half this country would know the difference.

>>1069095
really? isn't it tax fraud? I want to believe that a 5000$ return would go overlooked, but im scared I just fucked over gf/brother when I just wanted to help ;_;

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You live in a society supported by taxpayers like you. If you don't want to pay taxes, don't live here.

You. Did. Not. Build. That.