Does anyone understand income tax?

Question

why?????????

Answer 1

Yes, I unstand it.

Income Tax = "Your biggest expense in life." Charles Givens.

Answer 2

Yes, some of your income is tax free over that, you pay income tax in different bands starting at 20%. what is hard to understand is why any sane government would put a tax on earning money? Why not make petrol £2 a litre, increase VAT to 25%. Scrap income tax, the TV licence, the council tax and the excise licence on cars. Put a high tax on petrol and aviation fuel - tax people on travel so we can enjoy driving again. Tax people on thing we don't want them to do. We want people to earn, save and invest - yet all these things are taxed! A litre of petrol is cheaper than a pint of beer! It's cheap - tax it as high as a packet of cigarettes and the "Chelsea tractor" mums may walk to school and burn a bit of fat off their arses!

Answer 3

No, but I worked out that I pay roughly 30%. Then a further 17.5% VAT. Then a phenomonally high council tax, say 10% of my wages. That is over HALF my total income each month. For what? I still then have to pay for water. That's really f**king wrong. The NHS is terrible, I have to wait 2 weeks for doctors appointment. Dental care is not free. What the hell do we pay it for? If you don't pay council tax, you end up in prison. Which costs more than what you pay in the first place!?!?!?? Screw this, I'm going to Australia. Bye.

Answer 4

Imagine if they gave us back some of that money, I'm talking just a small fraction of what we are paying now. We would put that extra cash back into the economy and it would make more cash ontop of that...oh wait, Bush did and the economy is doing great...

humm...are the Republican onto something there?

Now, just imagine how we'd be doing if we got more of that and Bush went to that Flat tax system...or national sales tax system. That means NO IRA...no dumb confusing forms...you keep what you make and you just pay a bigger sales tax (For the National Sales tax system)...OR...you just pay 10% no matter what you make...if you make 30K...you pay 3K...if you make 200K...you pay 20K...

Gee, that sounds fair, right? Perhaps, it is too fair and would work too well and we can't let Bush do that (or else the DNC would never get elected again)...

Answer 5

UK income tax is 22% but once you hit summit like £36k a yeat it goes up to 40% on any amount over £36k.
So if you made £37 in a year you'd pay 22% on £36k and 40% on £1k.

Answer 6

not everyone understands income tax. Because it does not go through their heads why they have to pay it. the money they gave to the income tax will come back to them. so why not pay it. paying income tax is good because at least you would know that you have money waitng for you.

Answer 7

yes, we work, they earn.....a wonderful device!
In seriousness, anything bellow £6000 is tax free, after that it is approx 20% until £20000, then between £20000-£50000 its 30%, £50000 and above it's 40%......40 f*ck*ng %! seriously, that means means you'd only earn for 3 days a week!
so my understanding of income (and every other tax) is sodding dayliht robbery!

Answer 8

suppose your tax code is 500L that means you are allowed to earn £5000 before you pay tax. You are taxed on 22p in the pound after your tax free earnings that means if you are earning £20000 per year you earn £384 per week gross before tax - £5000 / 52 = £92.16. 384-96 =288 x 0.22 = 63.36 payed in tax. per week approximately

NI is a different calculation

Answer 9

Yes. HM Revenue and Customs. Accountants. The Mafia. Payroll clerks.

Answer 10

I think it started to fund a war, but when the war ended they forgot to stop the tax. What a surprise!