Rand Paul tax calculator

[r3volution 3.0]

Here's a formula for calculating payroll tax liability under the present system:

User Input
monthly wages (W)

Output
monthly tax liability (T)

If (12W) < 118500: T = W x .0765
If (12W) > 118500: T = (9875 x .0765) + [(W – 9875) x .0145]

 

[kcchiefs6465]

Thanks CPUd.

You must spread some Reputation around before giving it to CPUd again.

Gladly covered.

 

[r3volution 3.0]

bump

 

[satchelmcqueen]

does the campaign know about this great idea? if not i will email them tonight.

 

[P3ter_Griffin]

does the campaign know about this great idea? if not i will email them tonight.

As far as I know they do not.

 

[P3ter_Griffin]

Shit is still crazy over this way. But I have not forgotten.

 

[r3volution 3.0]

bump

 

[kfarnan]

i would like a tax form with a check box to request none of your taxes fund overseas war efforts

This would be better. How about end the fed along with the income tax.

 

[Suzu]

**Individual Income section**

14.5% tax on all taxable income

$15k standard deduction per filer
$5k per person personal exemption

Do you mean that anyone who earns $20k or less pays no federal income tax?

I'd like to see a simple calculator where you input your annual income + number of dependents and get a tax amount as the result.

 

[Tinnuhana]

Single Filer, 1 Exemption, No Dependents,$60,000 wages
Current System = $8319 (income tax) + $4590 (payroll tax) = $12909
Rand's System = $5800
Savings = $7109 (55%cut)

Wow! That's five months worth of mortgage payments each year for me.

 

[P3ter_Griffin]

bump

Thanks for the bump. This hiatus started as a fun journey for the GF and I. We were going to sell our house, buy a new one, pitch and hopefully start a new property management company with family, and I was set to start a EE program as well. Unfortunately things have turned a bit more somber as we are providing end of life cares for my GF's grandmother. There have been plenty of bright moments however too. God continues to answer our prayers to give her more good painfree time. 3 weeks ago we had to call her children as we and the nurses thought she may be on her last day. But she bounced back. 5 days ago we were told she had 2 days tops, had a fever of 105 and severely abnormal resperations. Once again she has bounced back. God is truly great. I will only have passing moments to spend on RPF until she passes and I have helped my GF through the grieving process. Which I hope for grandmas sake is far off. Anyone feel free to take this concept as your own and run with it. Otherwise when I get back I'll get back to it.

<3

 

[P3ter_Griffin]

Do you mean that anyone who earns $20k or less pays no federal income tax?

I'd like to see a simple calculator where you input your annual income + number of dependents and get a tax amount as the result.

Indeed, a family of four gets a 50k deduction. 15k per filer (x2) and 5k per individual (x4).

 

[Eric21ND]

So a single filer making 50k would pay $4350?

 

[r3volution 3.0]

So a single filer making 50k would pay $4350?

Yes

 

[P3ter_Griffin]

Seems like it may be time to dig a little deeper. I'll work on putting together the input and direction we were heading and then creating a new first post, and if there is agreement that it is indeed the direction we should be heading, we can create a new RPTax Calculator thread so people can get right to the meat and potatoes. Life is still happening around us but I'll see what I can do.

 

[r3volution 3.0]

bump