Today I Learned...

[Sapphireho]

TIL they make swan penis boats.

[cjd]

Originally Posted by Spuds

TIL I got a raise in September that nobody told me or my new company (that bought my division) about.

I also learned that I forgot to adjust my tax withholding when my wife lost her job (filing jointly is weird).

This is going to be an interesting week...

I've needed my withholding the same since my wife lost her job. That was May 2019... So many interviews. Even more time prepping and writing thank yous and applying. She should be paid for all that hard work,or at least hired...
Taxes still a mess.
Shit. Reminds me I need to buy+sell some stock options. Make taxes even weirder. But maybe gross income will be "normal" for the two of us and it won't bump me a bracket if I do it this year.

[soundman98]

Originally Posted by Sapphireho

TIL they make swan penis boats.

google image search came back with something else.

[Spuds]

Originally Posted by cjd

I've needed my withholding the same since my wife lost her job. That was May 2019... So many interviews. Even more time prepping and writing thank yous and applying. She should be paid for all that hard work,or at least hired...
Taxes still a mess.
Shit. Reminds me I need to buy+sell some stock options. Make taxes even weirder. But maybe gross income will be "normal" for the two of us and it won't bump me a bracket if I do it this year.

Yeah, our situation is a bit different. My wife has some confidence issues we need to overcome, so we aren't likely to be dual income for a while at least.

Brackets are graduated though. They only apply to the money in excess of the lower limit of the bracket. So if it bumps you over slightly the higher rate should only apply to the amount you are over. Paying less taxes at the end of the day is better, but if it's the right time to sell, it's the right time to sell. I'd be more concerned about what's long term capital gains vs short term myself.

<<(Not a tax professional or financial advisor)

[Captain Snooze]

Originally Posted by cjd

it won't bump me a bracket if I do it this year.

Originally Posted by Spuds

Brackets are graduated though. They only apply to the money in excess of the lower limit of the bracket.

Assuming the personal tax in the US works the same as in Aus at no point does increasing your personal income make you worse off.

[Yoshoobaroo]

Originally Posted by Captain Snooze

Assuming the personal tax in the US works the same as in Aus at no point does increasing your personal income make you worse off.


Attachment 206864

Yea sadly A LOT of people don’t understand that you only get taxed the higher rate on income in excess of the previous bracket. The amount of times I’ve had to explain this to otherwise very smart people, people that own their own business even, is baffling.

[Dadhawk]

Originally Posted by Yoshoobaroo

Yea sadly A LOT of people don’t understand that you only get taxed the higher rate on income in excess of the previous bracket. The amount of times I’ve had to explain this to otherwise very smart people, people that own their own business even, is baffling.

I have the same problem when I tell people we have no mortgage. "WHAT! But what about the tax deduction!". They don't seem to get that depending on your top tax bracket, you are sending a lot more money to the bank to get an amount equal to your tax bracket back from the government and the lower your bracket the less you get back.

Or, I'll donate the money to a better cause than a bank and get the same deduction, well at least that used to work. Not so much under the current tax law.

Sometimes I literally have to use 4 quarters to demonstrate.

"So, in my situation, I have to send $0.25 to the government" putting that in their hand. "Now I have $0.75". "Or, I could send the entire amount to the bank" putting the $1.00 in their hand "and the government will send me $0.25 while the bank keeps the rest" taking back one quarter.

Even after that, there are some people don't seem to get it.

It's primarily because most people don't understand the difference between a tax credit and a tax deduction.

[Spuds]

Originally Posted by Yoshoobaroo

Yea sadly A LOT of people don’t understand that you only get taxed the higher rate on income in excess of the previous bracket. The amount of times I’ve had to explain this to otherwise very smart people, people that own their own business even, is baffling.

This is something I myself was confused about a long time ago.
Taxes and such is not really a subject taught in schools (at least that I know of) so knowledge of it requires asking the right questions or parents that proactively explain tax law to their children.

[Dadhawk]

Originally Posted by Spuds

Taxes and such is not really a subject taught in schools (at least that I know of) so knowledge of it requires asking the right questions or parents that proactively explain tax law to their children.

I suspect there is a reason for that, just like there is a reason taxes are taken through payroll deduction for most wage earners.

If folks got all their "wages" then had to write a check (or do some other type of manual transaction) to the government every pay check there'd be a lot more paying attention to it.

Sort of the same mentality that worries about the size of the car payment and not the cost of the car itself.

[Stephen W.]

Originally Posted by Ultramaroon

Doesn't mater if it's software vendors, or mechanics. People either GAF, or they don't. Sad reality.

Are you using "GAF" as defined by the Urban Dictionary, (Give A F*ck) or as defined by mental health professionals, (Global Assessment of Functioning)?

Hmmmm, come to think of it both would fit. Sadly, there are far too many in the work force these days that either or both apply to.

[JD001]

Today I learned that I'm still on the electric car fence.. Got the company car list.. lots of full blown Electrics.. The furthest trip I do for work is circa 180miles (round trip).. the list contains cars with a range of circa 260miles. We have a home charger too but I still compromised, gone for a hybrid!! Keep Greta happy!!

[Ultramaroon]

Originally Posted by Stephen W.

Are you using "GAF" as defined by the Urban Dictionary, (Give A F*ck) or as defined by mental health professionals, (Global Assessment of Functioning)?

Hmmmm, come to think of it both would fit. Sadly, there are far too many in the work force these days that either or both apply to.

Haha... I was definitely thinking along the lines of Urban Dictionary. To be fair, there has always been a spectrum of fucks given by people. I don't think that has changed. The world has been going to hell in a handbasket ever since that phrase was first recorded in Cuneiform on a clay tablet.

[Ultramaroon]

Originally Posted by Dadhawk

I have the same problem when I tell people we have no mortgage. "WHAT! But what about the tax deduction!". They don't seem to get that depending on your top tax bracket, you are sending a lot more money to the bank to get an amount equal to your tax bracket back from the government and the lower your bracket the less you get back.

Or, I'll donate the money to a better cause than a bank and get the same deduction, well at least that used to work. Not so much under the current tax law.

Sometimes I literally have to use 4 quarters to demonstrate.

"So, in my situation, I have to send $0.25 to the government" putting that in their hand. "Now I have $0.75". "Or, I could send the entire amount to the bank" putting the $1.00 in their hand "and the government will send me $0.25 while the bank keeps the rest" taking back one quarter.

Even after that, there are some people don't seem to get it.

It's primarily because most people don't understand the difference between a tax credit and a tax deduction.

Originally Posted by Tcoat

Not exactly a meme but screw it I am posting anyway (for @Dadhawk if nothing else)

amirite

[Tcoat]

Originally Posted by Ultramaroon

amirite

TIL That Ultra has a very good memory!