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So let me get this straight, just answer YES or NO - thanks!

Is this how Obama's plan would work - YES or NO - I just asked this question and no one would give me a straight answer! 2 people just gave me a link to Obama's site where the answer is not there!

Say someone owns a photography business. Their take home pay is 120,000 but their gross income is 260,000.

Are they taxed on the 260,000 or the 120,000?

Just answer YES or NO and provide comments if you wish!

Answer Question
 
Anonymous

Asked by Anonymous at 11:07 AM on Nov. 3, 2008 in Politics & Current Events

Answers (13)
  • Taxes are based on your gross personal income! They are not based on your net pay!
    SAHMinIL

    Answer by SAHMinIL at 11:09 AM on Nov. 3, 2008

  • So they are taxed on the 260k amount, right?!?!??!?!?!?!?!?!??!

    Anonymous

    Answer by Anonymous at 11:10 AM on Nov. 3, 2008

  • Yes, it's the 260k amount.
    Anonymous

    Answer by Anonymous at 11:11 AM on Nov. 3, 2008

  • Thank-you for FINALLY GIVING me a straight answer!
    Anonymous

    Answer by Anonymous at 11:11 AM on Nov. 3, 2008

  • Yes, taxes are on the gross amount.
    heavenschild99

    Answer by heavenschild99 at 11:12 AM on Nov. 3, 2008

  • When you have payroll, the tax is based on gross. At the end of the year your tax is based on your taxable income after adjustments, so you may get a return or not. Initially you will be taxed on the 260, but after deductions you will be taxed on the 120 DEPENDING on what is able to be written off and what your tax table is for your bracket. You will pay more under Obama regardless of what bracket you fall under. I suggest studying every way you can possibly write off everything you can NOW so it is not suspicious after 2010 and your deductions go way up. That is a red flag.
    Anonymous

    Answer by Anonymous at 11:13 AM on Nov. 3, 2008

  • You'll be taxed on the 260K at a rate of over 35%. Enjoy that.
    Anonymous

    Answer by Anonymous at 11:15 AM on Nov. 3, 2008

  • Yes mam,it's what you make,not what you take home dear.
    Val504

    Answer by Val504 at 11:18 AM on Nov. 3, 2008

  • the 260K

    you can't ask yes or no to a multiple choice question BTW LOL
    Anonymous

    Answer by Anonymous at 11:34 AM on Nov. 3, 2008

  • You'll be taxed on the 260K at a rate of over 35%. Enjoy that.

    To add to what this anon said, that's ONLY federally.

    You'll still have to add in state, and by the time you've figured that, you could be paying nearly 65%.
    Anonymous

    Answer by Anonymous at 11:38 AM on Nov. 3, 2008

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