Data from where I am in WA: min wage is $15.74, no state income tax, sales tax is 8.9%
So, $15.74*40 = $629.60/wk, X 52 weeks = $32739.20/YR Gross
Assuming standard deduction ($13,850 for 2023) for Federal, that leaves $18,889.2 taxable income. Federal income taxes will be as follows:
$0 thru $11,000 * 10% = $1,100
$11,001 - $44,724 * 12% In this case, $18,889.2 taxable minus $11,000 equals $7,889.20 times 12% equals $946.70
Total taxes = $2,046.7 for the year, which is $36.36 a week, or in a percentage of the gross, roughly 6.25%. Medicare and Social Security also are deducted, which is an additional 5%/wk ($31.48) for social security and 2.9%/wk ($18.26) for medicare, so all told income taxes are about 14% ($36.36 + $31.48 + $18.26 = $86.10/week).
Why yes, I have an accounting minor, can you tell? :D
I've said for a long time that the quickest way to get people to care about income taxes is to do away with withholding, which is a WWII thing, first introduced at that time. Make every wage slave out there write a check to the Treasury on 15 April, and on April 16, Washington D.C. burns.
I worked with dozens of people like that, who claimed 0 deductions on their W-4 (back when you could do that) so they could get a big refund check at tax time.
I went the other way: I claimed 8 (still do, in fact), kept more of my money every month, and owed money at tax time.
I would yawn when my ship went in to tax free Persian Gulf, because yippee, I got to keep an extra $44 a month.
I certainly appreciate a more thorough rundown, although I fear your diligence might be wasted on this one.
OP apparently loves to slap random numbers in MS paint and post the images to prove that 2+2=0.7 somewhere in europe.
They take zero constructive feedback on errors and just say "those are the rates my tax calculator gave me". People pointed out his comically skewed "errors" last time and yet here we are again.
$15 wagie at mcdonalds in the US also gets all sorts of government subsidies and credits for being poor.
poors in the US don't pay get taxes, they get a lot of benefits. many are too lazy to actually apply for them or use them, but plenty do, especially older ones with families.
Really? Show me. If there is a calculator that shows the average tax rate for $42k in Denmark to be 56%, I will be shocked. It would even be shocking if the marginal tax rate for $42k was 56%, that would probably be the highest in Europe.
No, not nearly cute enough to be Danish. You look stupid to me. Because no normal person would look up 'THE tax rate'. Nearly every country in the world has a so called progressive tax rate, which means that there are numerous brackets. And countries that don't, don't have a 56% tax rate. That's absurd.
If he were Finnish, his argument wouldn't be "American taxpayers will have to carry Finnish dead weight if Finland joins NATO". Also, he called Vladimir Zelensky a kike, so I'm assuming some sort of isolationist American type.
Data from where I am in WA: min wage is $15.74, no state income tax, sales tax is 8.9%
So, $15.74*40 = $629.60/wk, X 52 weeks = $32739.20/YR Gross
Assuming standard deduction ($13,850 for 2023) for Federal, that leaves $18,889.2 taxable income. Federal income taxes will be as follows:
$0 thru $11,000 * 10% = $1,100
$11,001 - $44,724 * 12% In this case, $18,889.2 taxable minus $11,000 equals $7,889.20 times 12% equals $946.70
Total taxes = $2,046.7 for the year, which is $36.36 a week, or in a percentage of the gross, roughly 6.25%. Medicare and Social Security also are deducted, which is an additional 5%/wk ($31.48) for social security and 2.9%/wk ($18.26) for medicare, so all told income taxes are about 14% ($36.36 + $31.48 + $18.26 = $86.10/week).
Why yes, I have an accounting minor, can you tell? :D
I've said for a long time that the quickest way to get people to care about income taxes is to do away with withholding, which is a WWII thing, first introduced at that time. Make every wage slave out there write a check to the Treasury on 15 April, and on April 16, Washington D.C. burns.
I worked with dozens of people like that, who claimed 0 deductions on their W-4 (back when you could do that) so they could get a big refund check at tax time.
I went the other way: I claimed 8 (still do, in fact), kept more of my money every month, and owed money at tax time.
I would yawn when my ship went in to tax free Persian Gulf, because yippee, I got to keep an extra $44 a month.
I certainly appreciate a more thorough rundown, although I fear your diligence might be wasted on this one.
OP apparently loves to slap random numbers in MS paint and post the images to prove that 2+2=0.7 somewhere in europe.
They take zero constructive feedback on errors and just say "those are the rates my tax calculator gave me". People pointed out his comically skewed "errors" last time and yet here we are again.
Wtf they need all those taxes for, don’t we subsidize their military?
Gotta pay for the gibs so those unemployed fucks can go online and laugh at how much US pays for its military.
No, no, bad bot! You're supposed to be sperging like a retard about Finland, not Denmark!
$15 wagie at mcdonalds in the US also gets all sorts of government subsidies and credits for being poor.
poors in the US don't pay get taxes, they get a lot of benefits. many are too lazy to actually apply for them or use them, but plenty do, especially older ones with families.
How come the top tax rate is used for Denmark, and the lowest for the US, and no state taxes and payroll taxes are considered?
Really? Show me. If there is a calculator that shows the average tax rate for $42k in Denmark to be 56%, I will be shocked. It would even be shocking if the marginal tax rate for $42k was 56%, that would probably be the highest in Europe.
Taxes are definitely ridiculous in Europe.
But this is some serious nonsense.
The highest average tax rate appears to be Laeso at 33.5%
This entire post appears to be fake.
Bing says 55.9% is the tax rate in Denmark.
The tax rate? So Denmark has a flat tax? Stop being retarded.
Do I look Danish to you? I just wrote the number that came up when I typed in tax rate in Denmark.
No, not nearly cute enough to be Danish. You look stupid to me. Because no normal person would look up 'THE tax rate'. Nearly every country in the world has a so called progressive tax rate, which means that there are numerous brackets. And countries that don't, don't have a 56% tax rate. That's absurd.
Honestly, considering Denmark is Scandinavian, I'm surprised it doesn't depend on your gender.
Maybe Sweden will do that one, or the drug addicted lesbian warmonger Marin in Finland.
I don't really care, I just wanted to point out where the number came from.
Can someone confirm if this guy is even really Finnish?
If he were Finnish, his argument wouldn't be "American taxpayers will have to carry Finnish dead weight if Finland joins NATO". Also, he called Vladimir Zelensky a kike, so I'm assuming some sort of isolationist American type.
wut?
Fake - the highest average tax rate for that income in Denmark is 33% -
https://dk.talent.com/en/tax-calculator
If you think this guy's math is even close to correct you got that third world education alright.
That may be, but your assumptions most certainly are not.
You post this same calculation every week without learning how income tax is calculated?
In many countries for a small enough salary you will pay zero tax…
https://taxsummaries.pwc.com/denmark/individual/taxes-on-personal-income