Has anyone seen updated tax brackets for 2013?

Reply #19

Lucky4Life — Sun, 06 Jan 2013 18:20:30 GMT

agreed. The president can do nothing without congress.

Reply #18

Kumo — Sat, 05 Jan 2013 19:44:20 GMT

I see what I did there, my appologies for the confusion.

The new Medicare surtax applies on the lessor of:

Net investment income, or The amount of adjusted gross income in excess of $250,000 ($200,000 single)

Investment income comprises primarily interest, dividends, annuities, rents, passive income and capital gains. Let s assume a farm couple has schedule F income of $300,000, interest, dividends and capital gains totaling $25,000 and cash rents of $150,000. First step is t... [ More ]

Reply #17

Toronto — Sat, 05 Jan 2013 18:58:41 GMT

3.8% surcharge is only on unearned income (and specific unearned income at that) so it's not 43.4

Reply #16

Kumo — Sat, 05 Jan 2013 18:45:15 GMT

For folks who are pulling all their income via normal wages it would look more like this.

Add in the 4.6% on the expiration of G.W.'s Tax Cuts and the new 3.8% Medicare surtax.

43.4% of $450,000 = $195,300

35% of $450,000 = $157,500 (Pre 2012 Tax Rate)

Difference (8.4%) = $37,800

$37.8k per year in many parts of the country is still fairly dececent wages, people are going to get fired or laid off.

You'd be surprised at some of the blessings of good fortune that hap... [ More ]

Reply #15

Ronnie316 — Sat, 05 Jan 2013 15:53:04 GMT

Im getting mine in my forehead, so I can just bend over.

Reply #14

rdgrnr — Sat, 05 Jan 2013 15:49:29 GMT

From what they're saying about taxes in the news, it sounds like the average family making 50k a year is going to pay $1,000 a year more in payroll taxes.

So much for the promise of not one dime more in taxes for the middle class.

Reply #13

CDanaT — Sat, 05 Jan 2013 14:41:39 GMT

I havent calculated the actual numbers on all the increases that will affect any big lottery winner except for the one in the SS tax. That lil increase just cost me $982.00 for the year. Thank you Uncle Sam...........Got to stay positive and make sacrafices in other areas. The big win will happen soon, just havent set a date for it to happen yet

Reply #12

billionaire2bee — Sat, 05 Jan 2013 14:25:44 GMT

Great deal for the winner too.......where else can you spend a dollar and win millions??.....So what U.S. get 50%.....hey you just made wayyy more money you ever would at your crappy desk job....or worse associate at Walmart....

Reply #11

whiteballz — Sat, 05 Jan 2013 07:30:49 GMT

the 39.6% tax rate is for income over 400K for a single person or 450K for a married couple. This is only federal income tax, depending on the state a person lives they may have to pay state income tax too. In New Jersey, the state income tax for lottery winnings will be 10.8%.

So any income over 400K will be taxed at 50.4% rate in this example.

As a lottery player, you are taking all the risks by forking over your hard earned money for tickets, while the government risks nothing. Nine tim... [ More ]

Reply #10

mediabrat — Sat, 05 Jan 2013 02:24:56 GMT

Up from 35%, correct?

39.6% of $450,000 = $178,200

35% of $450,000 = $157,500

Difference (4.6%) = $ 20,700

I know that sounds like a lot to those of us who don't have that kind of money, but to someone who just pulled down almost half a million bucks, is $20,700 really all that much? It sounds especially incongruous considering many people here who are complaining about 4.6% would immediately take more than twice that and throw it away donate it to their church.

Reply #9

Saylorgirl — Fri, 04 Jan 2013 19:52:32 GMT

If you win over $450,000 or your win and income take you over $450,000 (per couple) you will now pay 39.6% of your winnings for taxes you then will have to add your state's tax to that amount. It will really cut into the jackpot amount.

Reply #8

Kumo — Fri, 04 Jan 2013 19:01:31 GMT

Had a good chuckle at many of the replies.

The only thing I have been able to find is a new tax bracket in the $400k to $450k range depending on your marital status. Anyone have a link to the contents of the 2013 Fiscal Bill?

Aparrently some of us are going to have to start paying the Osama Care Tax next year.

A new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single).

Taxes from Capital Gains are going up from 15% to 2... [ More ]

Reply #7

BuyLow — Fri, 04 Jan 2013 00:37:18 GMT

Of course it does NOT matter which puppet is in office the outcome is the same. ALWAYS. More for them, bend over and take it like a man for you and me....why are so many congressmen/woman and senators much more wealthy when they get out of office??? Coincidence??? LOL.....

Reply #6

billionaire2bee — Fri, 04 Jan 2013 00:28:19 GMT

EHHHH who cares............. do you really think things would be different if Mitt won LOL Cmon it us against the govt....you're gonna pay what you're gonna pay and that's it people....I don't care who the president is or who's in congress....We're all just stuck.....You don't believe it? Don't pay your taxes this year and see what happens LOL.....it's the only constant we have don't pay the govt. go to jail........

Reply #5

inittowin — Thu, 03 Jan 2013 23:50:19 GMT

He doesn't even have to head back! That would cut into his vacation time... Read this.

President used an autopen to sign 'Fiscal Cliff' bill.

Reply #4

BuyLow — Thu, 03 Jan 2013 23:36:43 GMT

As soon as he heads back from spending about $7,000,000.00 on his Hawaii Vacation, he will sign the bill which does increase taxes on people earing $40,000.00 and up...and which also only increases revenue 630 billion over 10 years. Basically it was theatrics...

Reply #3

CajunWin4 — Thu, 03 Jan 2013 23:22:17 GMT

LB ,

It's all most time to Head for the Hills

Reply #2

LottoBoner — Thu, 03 Jan 2013 23:18:33 GMT

The new policy for 2013 is not to use a pen for signature.

The policy is now to just scan the microchip in his neck.

Reply #1

RJOh — Thu, 03 Jan 2013 23:13:49 GMT

Doesn't the President has to sign it before it becomes law? Has it even been sent to the white house for his signature

Has anyone seen updated tax brackets for 2013?

Kumo — Thu, 03 Jan 2013 22:50:55 GMT

The IRS still has last year's form 1040 instructions on their web page. I was wondering if updated official tax information might have been posted elsewhere since the fiscal deal passed through Congress and the House of Representatives?

I keep an excel spreadsheet on my PC that let's me determine what the take home pay of a lottery win after all taxes it also gives a very rough estimate of what investments from a CVO would earn annualy.