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Lmfao!!!
Mangos are tax exempt after Celestia’s surrender in Equestrian-Mango War to End All Wars when bat pony commandos managed to destroy Equestria’s Strategic Cake Reserves.
The US is particularly complicated since its, well, a collection of 50 states with their own constitutions and sets of laws and have a sizable degree of autonomy. There is also the incorporated territories, D.C. district, and the reservation system that adds further complexity.
That’s not to say other countries (especially big ones) don’t get complicated, but US history has always had a complicated relationship with taxes, dating even back to the colonial days. From the Stamp Act to Prohibition, the latter of which was responsible for starting federal income tax. I’m ignorant as to the economy of other nations as the uncultured American I am though.
Some thoughts like in the comic were going through my head as midnight drew closer and closer. :) I eventually found someone’s advice to maintain my sanity, deleted the “automatic” form, and manually filled four sum totals from Form 1099-B instead. Next year, I think I’m going to see if I can find a tax preparer person.
Edited
XD
Only real difference is a lot more screeching.
horse taxes
” but are bat-pony taxes different?If you live in the US, if you make below a certain threshold (I believe currently $72,000/yr) you can use the IRS’s “Free File” program, which gives you free vouchers for various tax filing software (Turbotax by Inuit for example, though I have had issues with this service this season). If you have a basic understanding of high school algebra, you also know more than you need to do them yourself, though filing electronically is still faster and more accurate.
Also to anyone who is confused about how tax brackets work (in the US), we use a progressive tax system and your income is taxed at a certain percentage between certain ranges. Currently the Federal Tax Brackets 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Many people believe your entire income is taxed at one of these brackets (which stops them from taking high paid promotions or jobs, with the fallacy that they’ll actually make less due to taxes), this is not true. In reality different parts of your income are taxed at certain rates.
Let’s say you make $45,000 a year. Your income is taxed across 3 brackets. The first $9,950 is taxed at 10% ($995), the amount between $9,951-$40,525 is taxed at 12% ($4,863), and the final $4,475 is taxed at 22% ($984.5). So your federal tax owed would be $6,843 ($995 + $4,863 + $984.5 = $6,842.5 rounded up) at an effective tax rate of about 15.2% (divide the income tax expenses by the income earned).
This number is going to fluctuate due to credits, deductions, penalties, etc. This also does not take into account State Income Taxes (which is varies by state, some have no tax while others have either a flat or graduated rate, but are always going to be lower than the federal brackets), FICA taxes (which includes a 6.2% witheld on the first so-and-so dollars you make - I think it was $142,800 in 2021 - and a 1.45% Medicare tax, employers typically have to withold an extra 0.9% on money earned over $200,000), and any local income or wage taxes depending on your city or county (varies for literally everyone). There are other factors involved, namely what you put on your W-2/W-4/etc and if you have any investments in, say, stocks in which you pay capital gains tax which are either Short-Term (anything owned for less than a year, brackets are equal to normal federal brackets) or Long-Term (ranging from 0% for $0 to 74,900, 15% for $74,901 to $464,850, and 20% for $464,851+ ) when those assets are sold. Other things like dividends, donations, retirement accounts like IRA and 401k, Health Savings Accounts, penalties on these said accounts, etc also factor in.
If you have any questions concerning these things, talk to a tax professional, I’m hardly a wealth (pun intended) of information on these sorts of things. There are resources out there that can help, be they paid professionals or free infohubs or tutorials on YouTube. Key takeaway here is learn all you can about taxes, especially if you plan on investing or operating a business.
This concludes my unnecessary, sleep-deprivation fueled essay.
EDIT: Also you can talk to the IRS regarding certain issues, they’re usually understanding and accommodating when it comes to paying the taxes you owe.
EDIT 2: Also forgot to mention that there are different bracket amounts depending on whether you are filing as “Single”, “Married”, or “Head of Household”, the latter two having higher thresholds compared to Single. The example used in this essay uses the “Single” brackets.
Edited
Only in USA
Rabble rabble rabble!!!
Okay, I’m done… Awesome pic, by the way…
Many non first time taxpayers feel this as well.