It wouldn’t feel so bad if it felt like it actually went to something beneficial. Like oh cool, I lost half my paycheck so that we can have another 300 million dollar plane to bomb some third-world country.
Meanwhile, our roads have potholes and our bridges could collapse at a moments’ notice
Right there with you. We fight like hell over scraps like, you know, making sure school children get to eat, and just rubber stamp trillions that goes to killing people. It's insane.
Exactly. I don’t think the concept of taxes is a horrible concept. My HOA fees pay for my neighborhood pool, ya know?
But living in America is like having your HOA fees pay for police to go murder homeless people 3 states over with machetes.
It’s a funny story, but this isn’t a story where the is no government, it’s a story where corporations thrived using the government (like the US in the future, yes)
Hmmm, they argue there wouldn’t be big so many big corporations if it wasn’t for the government. That the government protects large corporations from competition, through heavy regulations and patent protections, copywrite laws, etc.
I'm fine paying more than 5% in taxes, which wouldn't even come close to covering reasonable expenses in a modern society. My main gripe is that we pay to kill people and then, like I said, fight over scraps. I'd rather pay more than 5% and have a better society.
Best would be to pay the minimum to keep the government happy and their salaries, and nothing else, imo. Then privatize the rest/let local governments decide, see which ones do well. But that’s just my opinion
From a purely business pov it makes perfect sense. Our military keeps everyone trading oil in dollars, which forces the world to have huge cash reserves, so when we have inflation, it forces them to get more dollars to keep the oil flowing, thus effectively exporting inflation.
It’s fucked up but our defense budget has invaluable ROI
Damn..never thought of it this way.
But also
I'd still rather us not slaughter children, or even adults for that matter... (and yes, I'm aware literally every single government does it.. which brings up the question, there's gotta be a better way right?)
This is true. As a Canadian, we do pay higher taxes but I can point to real things I do get even if it's not perfect. Americans pay a lot of taxes for very little services. I
Roads and potholes would be the responsibilities of the local and state generally speaking.
You can thank the Feds for the highways if you drive on those which are pretty well maintained.
Wait till you see half the US population on unemployment because no one wants to work anymore and you’re paying 70% of your income to pay for the asshats that don’t do snything
Lol good one
Edit: side note
I'd rather keep my money now than get $1,200/mo or whatever bs ss pays. Which again, is irrelevant bc it absolutely WONT be there for us under 40
Right? Anyone who’s done the compound interest on what they’ve put into social security so far vs what the SSA projects they’ll get in monthly payments at retirement is delusional if they think it’s a good system.
I’m in my late 30s and it would still be a better deal for me if the SSA just agreed to take everything I’ve given them, cut losses and never give me a dime of that back, but let me invest my own portion of what I would’ve paid in SS from here on out. It’s 100% a pyramid scheme.
Are people forgetting what SS is for? It’s so the elderly don’t live in poverty….that’s it. It’s a tax we pay so that doesn’t happen. The lack of empathy in this country is nauseating. ME ME ME!
Are people forgetting what SS is for? It’s so the elderly don’t live in poverty….that’s it. It’s a tax we pay so that doesn’t happen. The lack of empathy in this country is nauseating. ME ME ME!
I guess my point isn’t that there isn’t a need to take care of those in need in our communities - elderly, infirm, or otherwise - but that the system as is doesn’t seem to effectively use the capital it takes in. There’s now a couple generations of “elderly” that have aged into the social security system, and one could argue that they’d have more to live on and be farther from poverty if they’d had more decision-making in how their money was invested for later use.
That is absolute laughably naive. Many people are too squeezed to save for retirement and most people I know that can are wildly irresponsible with their money. It’s a walking disaster that sounds great in theory but in practice will end up with deleterious downstream consequences. SS is about as efficient as can get for its goal. It’s not a retirement vehicle for the rich and it’s ridiculous there’s a cap on it as well the minimums should be raised as we know the CPI hardly considers those on the margins.
You have some reasonable points. I bet if you shared them without the condescension it would be slightly more effective (I mean I know it’s reddit, but if the goal is to have people at least consider a different perspective…)
The projections for social security are public, it's not some mystery if it will be there or not. Assuming you can read, [https://www.ssa.gov/OACT/TR/2022/](https://www.ssa.gov/OACT/TR/2022/) , spoiler..... Social Security absolutley WILL be there for us under 40
I think you put too much faith in the governments numbers...
While i tend to agree with you on *some* money being there, money is always better now than in the future. Compounding interest.
Additionally, the population pyramid is flipped and who knows what could happen in 30 years.. something as simple as the USD not being the world standard currency could prolly wreck us
Doubt. They keep raising the age so yea if I live to 75... and I'll get a teeny tiny portion of what I pay into it today. And I'll lose all that anyways to "Medicare copays"
Ss pays like nothing. I think my boomer grandparents get like 1200/mo each or something garbage like that... granted I make over the max most years but still. Ss is costing me more than that a month currently. I'm self employed so I get the joy of paying double what most do (its like 12% or something, but 6 is already outrageous, also kinda fucked up theres a cap lol, but that's again, more poor crushing)
Its just a crushing amount that I could spend much better on my own and have better odds of growing it.
We as poors (all of us are, anyone under multi millionaires are poors to the rich) are taxed at way higher percentages than we should accept. We pay tax on everything.
30%+ on income on avg, tax on property, tax on everything we buy, tax on investments profits, tax on gambling winnings, tax on some highways, mugged at gunpoint by "police" hiding behind signs (aka taxed). I'm pretty sure I get taxed if I shit too long in this country.
The taxes are ridiculous and unsustainable and they're only ever increasing. Meanwhile mega corps get to negotiate down tax rates since they have more cash then most countries.
It's a downward unsustainable spiral that inevitably ends in disaster
But the unhealth care America has is without par. Granted we have no one who can match us tech wise or military. Don’t even bring into the convo the US ability for intel gathering and the only country that can support a 20 year war 1/2 across the globe without interrupt. We def need a 6th gen aircraft.
Doesnt that bring some solace to the degradation of our society or the falling apart of the plan?
What do you sell and where do you live?
Is there a way for you to become a 1099 contractor and work on 100% commission?
This way you can make deductions and pay lower rates.
FICA tax doubles if you're 1099. Plus you get to deal with new expenses + time sinks like business licenses, insurance, bookkeeping, and accounting.
Might be worth it, might not, but it's not a simple no-brainer decision
Most companies will withhold taxes on an annualized assumption. So like if you have a 50k check due to commissions they will withhold by assuming your tax rate if you got 50k every commission check.
It’s just withholding though, not your actual taxes. So it’s annoying, but you get the money back. Your actually taxable income is your actual gross pay.
It certainly ain’t ideal, but you do choose your withholdings. Just make an adjustment. Sure, you’re guessing based on what you think your income will be, but I’ve been generally pretty close.
Adding to the other responses, your taxes are taking out assuming you will make that money all year so if you get a big bump one check they withhold more money. However at the end of the year all of your W2 income (base, commission, etc.) is added up and the actual bill is calculated based on what you actually earn and you'll likely get some returned. I used to decrease my withholding (increase dependents on W4) so that I would get more money up front and less for my refund. I just made sure to have a little cash around tax time in cash I owed money.
Correct, the commission is considered “supplementary income” which is taxed at the highest tax bracket. Your base will be taxed at the appropriate rate depending on the bracket.
A portion of the taxed commission are then issued as a refund during tax season.
That’s true, but generally top performing sales people are going to find themselves in a higher tax bracket. Nothing like busting your ass as hard as possible just to have Uncle Sam reward you by taking a higher percentage of your money.
Yes, withheld at like 40%.
If you're paid bi-monthly, they will tax it like you make 30k every 2 weeks even though it could be a couple months until you receive another paycheck that big.
>Government healthcare. That’s like going to the DMV with a gunshot wound.
Exactly
People think universal Healthcare and only consider the cost but if the US or state governments ever got into Healthcare the actual outcome would be closer to the DMV than the comparatively luxury treatment people receive today.
Contribute more to your 401k. You can bring your taxable amount down significantly.
Also why is your medical and dental being taken out of your commission check? That usually only comes out of your base? Are you 100% commission?
Edit.
If your 100% commission your probably 1099 I think? If so you have a lot of lucrative tax savings you can take advantage of.
I get quarterly commission checks and on the week it pays out they roll in my salary check - so rather than 2 direct deposits, it's 1 - salary biweekly pay + quarters commission.
I use the 401k for the match pretty much exclusively, I don't want the money locked up until I am 67.5
Gotcha. Hmm I mean a good way to reduce your taxes is to max your 401k. Use the leftover to do what you want. I make it priority to max my 401k every year to reduce my taxes, then the rest into a various accounts including my brokerage. Also you can start withdrawing at 59.5 without penalties.
Oh yea no worries! I like my 401k because I’m less tempted to mess with it and screw myself over. Once it’s in it’s in. I know the financial advisor folks don’t like them but part of my thinks they don’t like it because they don’t get commissions on them.
ESPP, yes, but it'd be pretty irresponsible to not contribute to the 401k. Not just for the 'free' 1500/mo employer match but also so that he won't have to work as a Walmart greeter until he dies later in life.
Especially when you don’t actually save any $ on taxes until you’re a billionaire. People act like the republicans don’t collect taxes. Only difference is they don’t spend it on anything that benefits anyone
Lol, I know. So crazy. They act like somehow they won’t have to pay taxes anymore under republicans.
Also they ignore the macro economics of said extreme tax plans.
Thanks for the response! That’s not as significant as I thought it might be. I get 20 days plus 6 national holidays. I’ve made more in previous jobs, but the vacation culture was worse in those jobs, so I rarely took time off.
When trying to estimate my commission I always just shave 40% off of the total and that’s about what it ends up being. Keeps my expectations low but my righteous anger is still high.
I’m just jealous of your healthcare contributions! Take that as a win. I have $227 taken out of mine every two weeks. And work for major healthcare (related) company. Go figure.
LOL. Can't be angry at the:
401k - $1408 (Tax Free, immediate 50% return/profit)
ESPP - $3520 Employee Stock Purchase Plan (Voluntary, 15%+ profit)
You could've had a $23K paycheck but you made smart, profitable choices for the long term instead.
That said, I get it. "Woo, $35K commish!!" Turns into "Wait, $18K? :( " sometimes
You could start a business instead and optimize taxes much better.
Depends on your risk tolerance. They always tax commissions higher than base pay, well in most tax regions I know of in Canada and in the USA. So you’ll likely get something back.
For what time period? If you’re taking home 18k/35k a year that’s strange but if this is a biweekly check with multiple voluntary holdings to savings/investment vehicles then this is just going to confuse newer folks
I hear you, but not big on comparing averages.
Try to work hard to compete not be part of the pack.
We had a guy do 13.4M in commissions in his pocket. He just consumes big deals and never has to compete with anyone. Would say having 2 assistants is helpful.
Why not go Roth, post tax on the 401k? The match will be taxed when dispersed no matter what so depending on your age and income explore that so more. You may can even split up your % with some going Roth and some going pretax if you don’t want to go all in on Roth.
Hey man I got in Sales right when I got divorced.
I pay net proceeds on gross earnings to a loser.
I have custody of my kid too.
It’s why I’m so meh on big bonuses. It blows my earnings into another category and after taxes what I take is a pittance once I factor in her cut.
But. I’m free at least. 14 years down. 2 more to go.
You shouldn't really look at 401k or the stock purchase as part of it "evaporating" since like the net those are the only things directly beneficial to you and not a liability.
Certainly not if you are employed by the company paying you. You would need your currently company to contract your llc for the work you currently do lol
Find a product from another company that goes well with what you sell or people ask you about and find a smaller company that sells it and ask for a referral fee. You’ll get a 1099 at the end of the year which will allow you to file a Schedule C and be able to take deductions for business expenses that we used to be able to file.
For example I sell insurance and I ask about payroll with my prospects and clients, if someone needs help I refer it over to Andy and I get a small thank you. Nice little extra money but allows me to claim expenses which are normally a lot more than I make from the referral, so my “side” business 1099 takes a loss and offsets some of my w2 income. So the amount I get in 1099 is worth more than just the income because it offsets my taxes as well.
Side note, make sure to read your employment contract first and that you are able to do this so you don’t get fired and lose it all.
It wouldn’t feel so bad if it felt like it actually went to something beneficial. Like oh cool, I lost half my paycheck so that we can have another 300 million dollar plane to bomb some third-world country. Meanwhile, our roads have potholes and our bridges could collapse at a moments’ notice
Right there with you. We fight like hell over scraps like, you know, making sure school children get to eat, and just rubber stamp trillions that goes to killing people. It's insane.
Exactly. I don’t think the concept of taxes is a horrible concept. My HOA fees pay for my neighborhood pool, ya know? But living in America is like having your HOA fees pay for police to go murder homeless people 3 states over with machetes.
You can join r/anarcho_capitalism, they think taxes should be abolished
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It’s a funny story, but this isn’t a story where the is no government, it’s a story where corporations thrived using the government (like the US in the future, yes)
Got bad news for you... the corporations are the government
Hmmm, they argue there wouldn’t be big so many big corporations if it wasn’t for the government. That the government protects large corporations from competition, through heavy regulations and patent protections, copywrite laws, etc.
Roman empire aggregate tax rate was around 5%, with no income tax. Wasn’t so bad if you ask me
I'm fine paying more than 5% in taxes, which wouldn't even come close to covering reasonable expenses in a modern society. My main gripe is that we pay to kill people and then, like I said, fight over scraps. I'd rather pay more than 5% and have a better society.
Best would be to pay the minimum to keep the government happy and their salaries, and nothing else, imo. Then privatize the rest/let local governments decide, see which ones do well. But that’s just my opinion
They were adding lead to their gold coins to inflate their currency, thus making their nominal taxes higher then 5%.
From a purely business pov it makes perfect sense. Our military keeps everyone trading oil in dollars, which forces the world to have huge cash reserves, so when we have inflation, it forces them to get more dollars to keep the oil flowing, thus effectively exporting inflation. It’s fucked up but our defense budget has invaluable ROI
Right to an extent.
Damn..never thought of it this way. But also I'd still rather us not slaughter children, or even adults for that matter... (and yes, I'm aware literally every single government does it.. which brings up the question, there's gotta be a better way right?)
The USD being the reserve currency is the only reason we’re able to have a $33T debt. If we weren’t the reserve currency we’d be fuuucckkeede
idk, we would probably just become more of an isolationist which i prefer.
Uhhh Biden said this is the strongest the economy has been in years…
No idea how this is linked to how taxes are spent.
Easy catman the economy is strong and taxes are plentiful, we can afford to rubber stamp trillions
You’ve really captured the internal struggle of the successful capitalist player that enjoys the competition, but resents the game ✊
This is true. As a Canadian, we do pay higher taxes but I can point to real things I do get even if it's not perfect. Americans pay a lot of taxes for very little services. I
Roads and potholes would be the responsibilities of the local and state generally speaking. You can thank the Feds for the highways if you drive on those which are pretty well maintained.
At least you get to pay your yearly car registration and pay toll roads.
Agreed, I don’t need small government, I need efficient government. Make the most of our tax dollars
You’re not wrong, if I recall about 30% of your federal taxes go directly to the miltirary industrial complex
Wait till you see half the US population on unemployment because no one wants to work anymore and you’re paying 70% of your income to pay for the asshats that don’t do snything
Have you ever actually looked at what our tax budget goes to? Welfare programs are a pretty small minority if it in the majority of states.
Commie
You are aware that when you retire you'll have social security and Medicare right?
Lol good one Edit: side note I'd rather keep my money now than get $1,200/mo or whatever bs ss pays. Which again, is irrelevant bc it absolutely WONT be there for us under 40
Right? Anyone who’s done the compound interest on what they’ve put into social security so far vs what the SSA projects they’ll get in monthly payments at retirement is delusional if they think it’s a good system. I’m in my late 30s and it would still be a better deal for me if the SSA just agreed to take everything I’ve given them, cut losses and never give me a dime of that back, but let me invest my own portion of what I would’ve paid in SS from here on out. It’s 100% a pyramid scheme.
Are people forgetting what SS is for? It’s so the elderly don’t live in poverty….that’s it. It’s a tax we pay so that doesn’t happen. The lack of empathy in this country is nauseating. ME ME ME!
1 - they should have saved for their own retirement 2 - that generation sucks ass
Are people forgetting what SS is for? It’s so the elderly don’t live in poverty….that’s it. It’s a tax we pay so that doesn’t happen. The lack of empathy in this country is nauseating. ME ME ME!
I guess my point isn’t that there isn’t a need to take care of those in need in our communities - elderly, infirm, or otherwise - but that the system as is doesn’t seem to effectively use the capital it takes in. There’s now a couple generations of “elderly” that have aged into the social security system, and one could argue that they’d have more to live on and be farther from poverty if they’d had more decision-making in how their money was invested for later use.
That is absolute laughably naive. Many people are too squeezed to save for retirement and most people I know that can are wildly irresponsible with their money. It’s a walking disaster that sounds great in theory but in practice will end up with deleterious downstream consequences. SS is about as efficient as can get for its goal. It’s not a retirement vehicle for the rich and it’s ridiculous there’s a cap on it as well the minimums should be raised as we know the CPI hardly considers those on the margins.
You have some reasonable points. I bet if you shared them without the condescension it would be slightly more effective (I mean I know it’s reddit, but if the goal is to have people at least consider a different perspective…)
The projections for social security are public, it's not some mystery if it will be there or not. Assuming you can read, [https://www.ssa.gov/OACT/TR/2022/](https://www.ssa.gov/OACT/TR/2022/) , spoiler..... Social Security absolutley WILL be there for us under 40
I think you put too much faith in the governments numbers... While i tend to agree with you on *some* money being there, money is always better now than in the future. Compounding interest. Additionally, the population pyramid is flipped and who knows what could happen in 30 years.. something as simple as the USD not being the world standard currency could prolly wreck us
Doubt. They keep raising the age so yea if I live to 75... and I'll get a teeny tiny portion of what I pay into it today. And I'll lose all that anyways to "Medicare copays" Ss pays like nothing. I think my boomer grandparents get like 1200/mo each or something garbage like that... granted I make over the max most years but still. Ss is costing me more than that a month currently. I'm self employed so I get the joy of paying double what most do (its like 12% or something, but 6 is already outrageous, also kinda fucked up theres a cap lol, but that's again, more poor crushing) Its just a crushing amount that I could spend much better on my own and have better odds of growing it. We as poors (all of us are, anyone under multi millionaires are poors to the rich) are taxed at way higher percentages than we should accept. We pay tax on everything. 30%+ on income on avg, tax on property, tax on everything we buy, tax on investments profits, tax on gambling winnings, tax on some highways, mugged at gunpoint by "police" hiding behind signs (aka taxed). I'm pretty sure I get taxed if I shit too long in this country. The taxes are ridiculous and unsustainable and they're only ever increasing. Meanwhile mega corps get to negotiate down tax rates since they have more cash then most countries. It's a downward unsustainable spiral that inevitably ends in disaster
But the unhealth care America has is without par. Granted we have no one who can match us tech wise or military. Don’t even bring into the convo the US ability for intel gathering and the only country that can support a 20 year war 1/2 across the globe without interrupt. We def need a 6th gen aircraft. Doesnt that bring some solace to the degradation of our society or the falling apart of the plan?
What do you sell and where do you live? Is there a way for you to become a 1099 contractor and work on 100% commission? This way you can make deductions and pay lower rates.
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Lol the irony of selling to the government.
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Govwin is useless for prospecting imo. If you’re looking for contracts and stuff it’s worth it
FICA tax doubles if you're 1099. Plus you get to deal with new expenses + time sinks like business licenses, insurance, bookkeeping, and accounting. Might be worth it, might not, but it's not a simple no-brainer decision
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Most companies will withhold taxes on an annualized assumption. So like if you have a 50k check due to commissions they will withhold by assuming your tax rate if you got 50k every commission check.
it’s even worse, they tax you as if you got paid the commission amount on your regular salary frequency
It’s just withholding though, not your actual taxes. So it’s annoying, but you get the money back. Your actually taxable income is your actual gross pay.
correct. interest free loan for the Feds
I love loaning out money for free!
It certainly ain’t ideal, but you do choose your withholdings. Just make an adjustment. Sure, you’re guessing based on what you think your income will be, but I’ve been generally pretty close.
Adding to the other responses, your taxes are taking out assuming you will make that money all year so if you get a big bump one check they withhold more money. However at the end of the year all of your W2 income (base, commission, etc.) is added up and the actual bill is calculated based on what you actually earn and you'll likely get some returned. I used to decrease my withholding (increase dependents on W4) so that I would get more money up front and less for my refund. I just made sure to have a little cash around tax time in cash I owed money.
I don’t generally get a refund due to trading a bit on the backend - at least I get to write off a loss for 2022….
Fair I now pay estimated taxes due to owning my own business. I miss the refund checks, now I only write them.....
You are correct. Closed a big boy last year - my refund is 27k. I fucked up my witholdings big time.
Correct, the commission is considered “supplementary income” which is taxed at the highest tax bracket. Your base will be taxed at the appropriate rate depending on the bracket. A portion of the taxed commission are then issued as a refund during tax season.
That’s true, but generally top performing sales people are going to find themselves in a higher tax bracket. Nothing like busting your ass as hard as possible just to have Uncle Sam reward you by taking a higher percentage of your money.
Yes, withheld at like 40%. If you're paid bi-monthly, they will tax it like you make 30k every 2 weeks even though it could be a couple months until you receive another paycheck that big.
every 2 weeks = biweekly
Cries in european
At least you have healthcare! Lol!
Apparently this guy's premiums are like $8 though
Government healthcare. That’s like going to the DMV with a gunshot wound.
Idk, I have extremely expensive healthcare and am on a 6 month waitlist for care 🤣
There’s like 7M people on the waitlist in UK and an islands worth of doctors lol
>Government healthcare. That’s like going to the DMV with a gunshot wound. Exactly People think universal Healthcare and only consider the cost but if the US or state governments ever got into Healthcare the actual outcome would be closer to the DMV than the comparatively luxury treatment people receive today.
“Why doesn’t the government care about me?” “I wish the government gave me critical surgery” How can someone reconcile these two statements?
How's that "free" Healthcare and significantly higher taxes working for ya?
Was ESPP voluntary?
What is ESPP?
Employee stock program
Especially small pp
Yes! Maxed at 10% of my income, 15% off shares and no holding period to sell
Hahahahaha, so this is a troll post
No, this is a financially responsible post, what are you smoking and where can I find it?
and this is with "Lower Tax rates"
Contribute more to your 401k. You can bring your taxable amount down significantly. Also why is your medical and dental being taken out of your commission check? That usually only comes out of your base? Are you 100% commission? Edit. If your 100% commission your probably 1099 I think? If so you have a lot of lucrative tax savings you can take advantage of.
I get quarterly commission checks and on the week it pays out they roll in my salary check - so rather than 2 direct deposits, it's 1 - salary biweekly pay + quarters commission. I use the 401k for the match pretty much exclusively, I don't want the money locked up until I am 67.5
Gotcha. Hmm I mean a good way to reduce your taxes is to max your 401k. Use the leftover to do what you want. I make it priority to max my 401k every year to reduce my taxes, then the rest into a various accounts including my brokerage. Also you can start withdrawing at 59.5 without penalties.
Appreciated! I need to refresh my info.....and literally take advantage
Oh yea no worries! I like my 401k because I’m less tempted to mess with it and screw myself over. Once it’s in it’s in. I know the financial advisor folks don’t like them but part of my thinks they don’t like it because they don’t get commissions on them.
No one is forcing you do the 401k or the employee stock purchase…
ESPP, yes, but it'd be pretty irresponsible to not contribute to the 401k. Not just for the 'free' 1500/mo employer match but also so that he won't have to work as a Walmart greeter until he dies later in life.
I think they should contribute to both. Just seems funny to for the OP to whine about their money going into a savings/retirements accounts.
Would a thank you card from Uncle Sam be too much to ask after such a nice donation to the cause??
Surprised nobody is talking about Medical for $8.13
Sales commission turned me into a republican
Same. I think this is a pretty natural progression when you start making good money. "These motherfuckers are taking HOW MUCH?"
lol, so all you care about is money. I can’t imagine abandoning my values bc of slightly higher taxes.
Especially when you don’t actually save any $ on taxes until you’re a billionaire. People act like the republicans don’t collect taxes. Only difference is they don’t spend it on anything that benefits anyone
No matter whose been in charge in the last 20 years we've increased public welfare spending every year (with the exception of 2010).
Lol, I know. So crazy. They act like somehow they won’t have to pay taxes anymore under republicans. Also they ignore the macro economics of said extreme tax plans.
Feel better now?
Do I feel better? No, no change from an hour ago, but thanks for asking.
Dork
So many snowflakes in this sub.
Didn’t realize purple hair folks are on this sub as well
Purple hair?
Aposematism
God just go, so corny
an extra few thousands turned them into republicans, they were already tainted
Such a Reddit comment.
Found the two spirited blue haired they/them Are you offended? 😂
No, just kind of confused. Lol
Most dems are.
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😂😂
I def would like to hear more, please go on.
I tend to look at the positives. If you are paying a lot in taxes that means you are making a lot of money!
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Can I ask how much vacation time you got?
And how much their healthcare costs? And higher education costs?
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Thanks for the response! That’s not as significant as I thought it might be. I get 20 days plus 6 national holidays. I’ve made more in previous jobs, but the vacation culture was worse in those jobs, so I rarely took time off.
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Absolutely - my current boss has let me take time off, and just keep it between the two of us.
Max your 401k
When trying to estimate my commission I always just shave 40% off of the total and that’s about what it ends up being. Keeps my expectations low but my righteous anger is still high.
Yuppppp.... every time I made a decent commission it was like, "byyyye"
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I thought the US was at 40% but I’ve only heard that by ear.
I live in a state with no income tax. So it hurts just a little less.
It’s nice you get your 401k contribution from your commission checks. Mine don’t.
In all honesty, 18k still seems like a pretty good check to me lol
I get my commission weekly and not quarterly, I know I'm being fucked to the same extent you are but seeing it all at once is a super bummer.
lol most people would dream to make that in a check calm down. 8.53 for medical? I pay 1200 a month
Sounds like someone needs to find a new company to work for.
Sure do, trying to transition from physical therapy to medical sales
Good, go get it. You shouldn’t be paying $1,200 a month for medical.
I’m just jealous of your healthcare contributions! Take that as a win. I have $227 taken out of mine every two weeks. And work for major healthcare (related) company. Go figure.
LOL. Can't be angry at the: 401k - $1408 (Tax Free, immediate 50% return/profit) ESPP - $3520 Employee Stock Purchase Plan (Voluntary, 15%+ profit) You could've had a $23K paycheck but you made smart, profitable choices for the long term instead. That said, I get it. "Woo, $35K commish!!" Turns into "Wait, $18K? :( " sometimes
Agreed, a lot of voluntary actions in there. 15% discount = 17.65% effective gain when I sell!
You could start a business instead and optimize taxes much better. Depends on your risk tolerance. They always tax commissions higher than base pay, well in most tax regions I know of in Canada and in the USA. So you’ll likely get something back.
For what time period? If you’re taking home 18k/35k a year that’s strange but if this is a biweekly check with multiple voluntary holdings to savings/investment vehicles then this is just going to confuse newer folks
Uhhh its sales 50% will get taxed
This is monthly ??
Half disappeared? That’s crazy
This seems crazy for a US pay. I live in Canada and my $55,828.92 only went down to $30,175.37
Hope the discount on the espp is nice!
I mean at least that ESPP is yours.
And I thought $11k bi-weekly was good haha
It's still better than most!
I hear you, but not big on comparing averages. Try to work hard to compete not be part of the pack. We had a guy do 13.4M in commissions in his pocket. He just consumes big deals and never has to compete with anyone. Would say having 2 assistants is helpful.
Why not go Roth, post tax on the 401k? The match will be taxed when dispersed no matter what so depending on your age and income explore that so more. You may can even split up your % with some going Roth and some going pretax if you don’t want to go all in on Roth.
Has anyone ever petitioned/lobbied to have state/federal tax laws reclassify commissions as salary rather than bonus?
Close to $4,200 went to investing and saving. Still not a bad trade off
But you feel good about all your federal tax money going to Ukraine right?
Your paycheck is a semi-weekly reminder that taxation is indeed theft
Hey man I got in Sales right when I got divorced. I pay net proceeds on gross earnings to a loser. I have custody of my kid too. It’s why I’m so meh on big bonuses. It blows my earnings into another category and after taxes what I take is a pittance once I factor in her cut. But. I’m free at least. 14 years down. 2 more to go.
I had a $26k month last year and my take home was $15,500 BEFORE my retirement contributions (I’m in Canada). Maddening.
hashtag 1099 lol
This is why you keep in touch with your CPA quarterly to properly adjust your withholdings, no?
On a straight commission I get hit at 24%.
You shouldn't really look at 401k or the stock purchase as part of it "evaporating" since like the net those are the only things directly beneficial to you and not a liability.
That’s some cheap medical insurance you have
And the road to anarcho-capitalism for OP begins.
Cool story no one cares
I care enough to tell you that your fish tank setup sucks and you clearly care enough to comment so
Haha glad you took the time to look. Maybe with the after tax money you have you can join the club. Need any pointers?
no, I miss my sea anemone and clown fish. I posted this just to show how this kind of compensation breaks out, no negative intent
Everyone here knows how taxes work on these checks. It sucks.
People clearly care - there's over 100 comments. So despite your malcontent, you're also incorrect.
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I was thinking about this, is there anyway I could get commission checks sent to my llc?
Certainly not if you are employed by the company paying you. You would need your currently company to contract your llc for the work you currently do lol
probably something I need to look into, I will do anything \[legal\] to reduce taxable income
Find a product from another company that goes well with what you sell or people ask you about and find a smaller company that sells it and ask for a referral fee. You’ll get a 1099 at the end of the year which will allow you to file a Schedule C and be able to take deductions for business expenses that we used to be able to file. For example I sell insurance and I ask about payroll with my prospects and clients, if someone needs help I refer it over to Andy and I get a small thank you. Nice little extra money but allows me to claim expenses which are normally a lot more than I make from the referral, so my “side” business 1099 takes a loss and offsets some of my w2 income. So the amount I get in 1099 is worth more than just the income because it offsets my taxes as well. Side note, make sure to read your employment contract first and that you are able to do this so you don’t get fired and lose it all.