$100,000 and pay 36,000 of that in income tax?

Question

The first year i work I will pay 36% in tax, plus student loans, so more of my money goes to the US government than myself???
Am I thinking about this correctly?

I am sad now.

also, I don't support what the US does with my money

pharmacist

Answer 1

You'll still have much much more disposable income than working class stiffs like me.

Consider yourself lucky.

Answer 2

Get a job in a war zone. There is no tax there. It's sad isn't it. Makes you not want to make much.

Just think, if you made a lot less, and worked much less, your standard of living would not be all that much lower. Sure, on paper you'd only make about $25,000 a year. But you'd be in the leech tax bracket. You'd have no income tax, which is worth $9000. Consider that the equivalent of making $34,000 a year. Then consider other benefits. The government would pay for your groceries. That would add up to another $4320 a year, so you're up to $38,320 a year now. Let's see, free medical care. Your insurance is probably worth about $200 a month, so that's another $2400. So you're at $40,720. Not too shabby. So let's say you want to buy a house. You can get special low-interest loans through Fanny Mae. Probably worth about $800 a year. $41,520. Or maybe you'll go the rental route. Then you'd get special HUD housing, an apartment worth perhaps $500 a month for something like $40 a month, plus subsidized utilities. Altogether worth about $600 a month. Now you're at $47,920 a year. Oh but wait. It gets better. Have a kid or two and the federal government will hand you an extra $2000 or so, money fresh from the pockets of some sucker who thought it would be a nifty idea to work hard and get a good job. So now you're up to $49,920.

So, have I made you feel better? You can quit your current job, and get some low-skill, low-effort job, and not have to worry too much about major lifestyle changes! Why work when others will work for you?!

Oh, and by the way, don't listen to that fool above me. He doesn't feel sorry for you. Apparently you should feel sorry for people who made THEIR choices and ended up making low wages. Nope, I don't see it that way. You've earned what you've got, and deserve every bit of it. People who don't earn as much earned what they've got too, and deserve every bit of it as well.

Answer 3

Ok first student loans is not money to the government or taxes it is a loan that you have to repay.

But yes that is alittle high, I guess you are single with no dependents closer to 30 would be my guess

You should look at putting some into a tax deferered retirement plan, If you have some medical bills a medical savings plan where the money is saved tax free to be used on medical bills.

but by time you pay rent, a car payment and some credit card bills, the rest of the check will be gone soon too.

Answer 4

First, I have to question the value of those student loans if you think that 36% of your income in taxes means that you're giving more to the government than you are keeping yourself.

Second, get used to it. Between Federal Income Tax, State Income Tax, FICA (Social Security), and local property taxes, you'll probably be giving something like that to the government for the rest of your life.

Or you could move to Europe, where the governments usually take about 45-50%.

Answer 5

what are you getting $100,000 the first year you work? medicine? law?

and the loan is money you borrowed... and it's not going to the government, is just a repayment...

and like some others said... you're still making more than the VAST MAJORITY... according to the census 80 percent of the population has a HOUSEHOLD income (that's usually two incomes) that is under $80,000... so you're starting off much better than 80 percent of Americans...

sorry if I don't feel sorry for you... realize how lucky you are and stop complaining...

Answer 6

It depends on a variety of factors including:
1. The number of dependants you have
2. Total deductions in excess of the standard including but not limited to mortgage payments and moving expenses
3. Tax reduction due to participation in a 401K or IRA.

In short: 36% is the "sticker price", which few people who makes $100,000 or more pay. Consult a Certified Financial Planner on ways to reduce your tax burden.

Answer 7

The loan repayment is because someone of "We The People", meaning other taxpayers, paid their share so there would be tax dollars to fund the student loan program and other programs as well. What if those people hadn't paid their taxes? There would have been nothing there for you to borrow. No education? Think about it.

Answer 8

Yes, welcome to taxes payer of America and You are right and nothing wrong with the number.I suggest you donate thing or stuff extra to offset your taxes. You will able to get taxe break if you have children and your spouse works. You can give things and get 3000 dollars in return.Consult your taxes accountant and refinance your college loan and get the lower rate as much as you can.I do not know which state you live because, it is very very high in California where I live.

Answer 9

Be a good citizen and obey the laws and regulations where you live.Ask your tax consultan if you have difficulty or you can not compute exactly how much you should pay your tax income.

Answer 10

The tax sounds about right. But it was those student loans that got you that degree that got you that job, so I wouldn't complain too much.