Tax freedom day

[BWinc]

this for real?

http://www.calcxml.com/do/inc13?skn=#results

[road_king]

it's simple math...they take your annual income and probably divide it by 2000 hours to get your hourly wage. Then they estimate how much you pay in taxes to the government based on your deductions.

So say you make $50000/yr...that comes out to $25/hr. It guesses you pay $10k in taxes. It would take you 400 hours of work to make $10k. divide by 8 to get the number of days...50...take out weekends, your 10 weeks into the year, it puts you at about mid march.

edit: they actually don't even take out weekend days.

[13th_Disciple]

2080 hours by the government is considered a full work year.. 40x52..

[road_king]

Originally Posted by 13th_Disciple

2080 hours by the government is considered a full work year.. 40x52..

you don't get vacation? that sucks.

[13th_Disciple]

you get paid during that time on a salary, which is calculated at 40x52.. that is unless you make less or nothing during your time off..

[road_king]

Originally Posted by 13th_Disciple

you get paid during that time on a salary, which is calculated at 40x52.. that is unless you make less or nothing during your time off..

right...you have 2080 business hours in a year...subtract the 80 for the 2 weeks you didn't work. That means you worked 2000 hours. so you were paid salary/2000 per hour of work. You could also go as far as subtracting out paid holidays and adding in employee paid insurance and other perks.

[Dawson14]

I probably make like 5 dollars an hour for how much overtime I work and not get paid for it.

[13th_Disciple]

Originally Posted by road_king

right...you have 2080 business hours in a year...subtract the 80 for the 2 weeks you didn't work. That means you worked 2000 hours. so you were paid salary/2000 per hour of work. You could also go as far as subtracting out paid holidays and adding in employee paid insurance and other perks.

ok, rooney.. follow along with me here.. the US Government calculates contracts based on 2080 contract hours per year per person. Employers who pay salary pay for 2080 hours per year per employee, unless you take leave of absence, unpaid. If you take off all 2080 hours, but are still paid during that time, you are still taxed on 2080 hours. Not 0.

Therefore, if you are salaried, even taking two weeks off, you are still paid for those two weeks, and therefore working 2080 hours, including federal holidays, regardless of attendance..

[BWinc]

Originally Posted by 13th_Disciple

ok, rooney.. follow along with me here.. the US Government calculates contracts based on 2080 contract hours per year per person. Employers who pay salary pay for 2080 hours per year per employee, unless you take leave of absence, unpaid. If you take off all 2080 hours, but are still paid during that time, you are still taxed on 2080 hours. Not 0.

Therefore, if you are salaried, even taking two weeks off, you are still paid for those two weeks, and therefore working 2080 hours, including federal holidays, regardless of attendance..

x2.

it's all accounted and paid for in the contract for even the bennies like life, health, etc.

[road_king]

don't you bastards make me do more math!!

[fishinfool]

Originally Posted by Dawson14

I probably make like 5 dollars an hour for how much overtime I work and not get paid for it.

real world, welcome to it, junior.