[jeffkrol]

Apparently he doesn't understand angry old white folk..................

Fiscal cliff talks turn sour, Obama threatens veto | Reuters

Obama said he was puzzled over what was holding up the talks and told Boehner's Republicans to stop worrying about scoring "a point against the president" or forcing him into concessions "just for the heck of it."

"It is very hard for them to say yes to me," he told a news conference in the White House. "At some point, you know, they've got to take me out of it."

good luck w/ that.....................................

[Tom S.]

Given the Republicans behavior a year ago over renewing the tax cut for middle and lower class workers, I have a tendency to agree with him. There has been no bipartisanship since he was elected the first time.

[JohnInIndy]

There has been no bipartisanship since he was elected the first time.

So when will he start acting in a partisan way? When will he actually start talking spending compromises and get off tax increases?

[Nesster]

Republican definition of bipartisanship: do it our way or not at all.
Obama defintion of bipartisanship: bend to what used to be Republican territory, making Democrats cringe, and still be called ridiculous by the Republicans.

[Tom S.]

So when will he start acting in a partisan way? When will he actually start talking spending compromises and get off tax increases?

So I take it you're one of the millionaires that don't want to pay your share?

[JohnInIndy]

So I take it you're one of the millionaires that don't want to pay your share?

What is "My fair share"?

All of it?

75% like the French?

Over 50% like I do now when all taxes are considered?

What is "My fair share"?

How about the 47% paying something? Anything?

[Nesster]

How about the 47% paying something? Anything?

That's been debunked several times already.

[jeffkrol]

What is "My fair share"?

All of it?

75% like the French?

Over 50% like I do now when all taxes are considered?

What is "My fair share"?

How about the 47% paying something? Anything?

Jealousy and envy of the poor because they don't pay FEDERAL income taxes.. though, again, they pay PLENTY of other taxes...............

[JohnInIndy]

That's been debunked several times already.

Where? And I am talking about Federal Income Taxes. Excluding SS, Medicare. Just INCOME TAXES. And add in those who have it taken out of their check but get back all of it or more in a refund.

Factbox: Half of Americans pay no U.S. income tax? Well, sort of .. | Reuters

- About 46 percent of U.S. households paid no federal income tax in 2011, according to the Tax Policy Center, a centrist think tank in Washington, D.C.

Jealousy and envy of the poor because they don't pay FEDERAL income taxes.. though, again, they pay PLENTY of other taxes...............

Keep it on FEDERAL INCOME TAX. And the "rich" pay all of those taxes also. Plus we pay Income Tax unlike 47% of the populace.

BTW. If tax rates stay the same I will gladly pay more in taxes. Means I made more money and am able to hire more people. Not only able but will have no choice but to hire more. But why should I get any larger if over half of it will go to the government to waste?

[Tom S.]

What is "My fair share"?

All of it?

75% like the French?

Over 50% like I do now when all taxes are considered?

What is "My fair share"?

How about the 47% paying something? Anything?

Being part of the 47% (retired and drawing SS) I would settle for them paying at least what I was paying when I was working, which was 28% - give or take. And don't think that I don't continue to pay, because I do - to the tune of around 18% - again give or take.

So now that I answered your question - answer mine - are you one of the millionaires who don't want to pay your share?

[JohnInIndy]

Being part of the 47% (retired and drawing SS) I would settle for them paying at least what I was paying when I was working, which was 28% - give or take. And don't think that I don't continue to pay, because I do - to the tune of around 18% - again give or take.

So now that I answered your question - answer mine - are you one of the millionaires who don't want to pay your share?

Seems as though I did

Over 50% like I do now when all taxes are considered?

And that's a conservative estimate. So how much more should I have to get confiscated by our government so they can waste it?

[Nesster]

Keep it on FEDERAL INCOME TAX. And the "rich" pay all of those taxes also. Plus we pay Income Tax unlike 47% of the populace.

But you claim 50% when all taxes are considered. Please follow your own advice

BTW. If tax rates stay the same I will gladly pay more in taxes. Means I made more money and am able to hire more people. Not only able but will have no choice but to hire more. But why should I get any larger if over half of it will go to the government to waste?

However if your marginal tax rate goes up - and it seems like this number is heading towards $500K in taxable income - your last dollars only are at the higher rate. Which means your business deductions, including that person you hire, get a larger tax subsidy.

[seacapt]

In all fairness, many people do not realize just how much in taxes and fees employers pay that workers don't

[JohnInIndy]

In all fairness, many people do not realize just how much in taxes and fees employers pay that workers don't

Yeah but here we/I am just talking Federal Level.

But you claim 50% when all taxes are considered. Please follow your own advice

I also said this:

And that's a conservative estimate. So how much more should I have to get confiscated by our government so they can waste it?

In addition to salaries and wages, the employer will incur some or all of the following payroll-related expenses:

1. Employer portion of Social Security tax
2. Employer portion of Medicare tax
3. State unemployment tax
4. Federal unemployment tax
5. Worker compensation insurance
6. Employer portion of insurance (health, dental, vision, life, disability)
7. Employer paid holidays, vacations, and sick days
8. Employer contributions toward 401(k), savings plans, & profit-sharing plans
9. Employer contributions to pension plans
10. Post-retirement health insurance

For example, if an employee earns $40,000 of wages, the entire $40,000 is subject to the Social Security tax. This means that in addition to the withholding of $1,680, the employer must also pay $2,480. The combined amount to be remitted to the federal government for this one employee is $4,160 ($1,680 of withholding plus the employer's portion of $2,480).


Every employer must contribute/remit to the federal government an amount identical to the Medicare tax withheld from each employee's pay. This match is considered to be an expense for the employer. For the year 2012, the employer's portion of the Medicare tax is the same rate as the employee's withholding—1.45% of every dollar of each employee's annual wages and salary.

Unlike the Social Security tax, there is no cap (ceiling or limit); if a top executive earns a salary of $300,000, the employer must pay a Medicare tax of $4,350 in addition to the $4,350 that was withheld from the executive. The combined amount to be remitted to the federal government for this one employee is $8,700.

State governments administer unemployment services and determine the state unemployment tax rate for each employer. (Some not-for-profit organizations—such as churches without schools—may not be required to pay state unemployment taxes. You should check with your state unemployment office to learn the specifics for your organization.)

Generally, states require that the employers pay the entire unemployment tax. Often, employers that have built up a large reserve in the state's unemployment fund will have lower unemployment tax rates; conversely, employers with a small reserve (or no reserve at all) will have higher unemployment tax rates.

The unemployment tax rate is often applied only to the first $7,000 of each employee's annual salary and wages (this amount will differ from state to state). If we assume that an employer's unemployment tax rate is 4% and that this is applied to the first $7,000 of annual salaries and wages, then the employer's state unemployment tax cost will be a maximum of $280 per year for each employee ($7,000 × 4%).



The federal government oversees the state unemployment programs and requires employers to pay a federal unemployment tax of 0.8% on each employee's first $7,000 of annual salaries and wages.

Using the example of three employees with annual 2012 earnings of $19,000, $40,000, and $4,000; with a federal unemployment tax rate of 0.8%, the employer will pay a tax of $144 to the federal government:



Worker compensation insurance provides coverage for employees who are injured on the job. State law usually requires that employers carry this insurance. Worker compensation insurance rates are a function of at least three variables: (1) the type of business or industry, (2) the type of job being performed, and (3) the employer's history of claims.

For example, statistics show that a production worker in a meat packing plant has a greater-than-average chance of suffering job-related cuts or back injuries. Because of this, worker compensation insurance rates for these employees can be as high as 15% of wages. On the other hand, the office staff of the meat packing plant—provided that they do not venture out into the production area—may have a rate that is less than 1% of salaries and wages.

The worker compensation insurance rates are then applied to the wages and salaries of the employees to arrive at the worker compensation insurance premiums or costs. Although the insurance premiums are based on employee salaries and wages, the entire premium cost is likely to be paid by the employer and is considered an expense for the employer. (Contact your state's worker compensation office for the specifics in your state.)

If the employer pays the premium in advance, a current asset such as Prepaid Insurance is used. The account balance will be reduced and Worker Compensation Insurance Expense will increase as the employees work.

If the employer does not pay the premiums in advance, the company must accrue the expense with an adjusting entry that increases Worker Compensation Insurance Expense along with increases in a current liability such as Worker Compensation Insurance Liability. In this situation the current liability will be reduced when the employer pays the worker compensation insurance premiums.

Worker compensation insurance is a significant expense for the employer and therefore we consider it an important part of payroll accounting.

Worker compensation insurance provides coverage for employees who are injured on the job. State law usually requires that employers carry this insurance. Worker compensation insurance rates are a function of at least three variables: (1) the type of business or industry, (2) the type of job being performed, and (3) the employer's history of claims.

For example, statistics show that a production worker in a meat packing plant has a greater-than-average chance of suffering job-related cuts or back injuries. Because of this, worker compensation insurance rates for these employees can be as high as 15% of wages. On the other hand, the office staff of the meat packing plant—provided that they do not venture out into the production area—may have a rate that is less than 1% of salaries and wages.

The worker compensation insurance rates are then applied to the wages and salaries of the employees to arrive at the worker compensation insurance premiums or costs. Although the insurance premiums are based on employee salaries and wages, the entire premium cost is likely to be paid by the employer and is considered an expense for the employer. (Contact your state's worker compensation office for the specifics in your state.)

If the employer pays the premium in advance, a current asset such as Prepaid Insurance is used. The account balance will be reduced and Worker Compensation Insurance Expense will increase as the employees work.

If the employer does not pay the premiums in advance, the company must accrue the expense with an adjusting entry that increases Worker Compensation Insurance Expense along with increases in a current liability such as Worker Compensation Insurance Liability. In this situation the current liability will be reduced when the employer pays the worker compensation insurance premiums.

Worker compensation insurance is a significant expense for the employer and therefore we consider it an important part of payroll accounting.

Many companies pay their permanent employees for holidays such as New Year's Day, Memorial Day, July 4th, Labor Day, Thanksgiving, and Christmas. It is not unusual for employees to be paid for 10 holidays per year. It is also common for employees to earn one week of vacation after one year of service. Many employers give their employees two weeks of vacation after three years of service, with more weeks given after 10 years of service.

Paid sick days are also a common benefit given to employees. If an employee is absent from work due to such things as illness or surgery, the company will pay the employee for the time missed. Employers generally set policies as to how sick days are to be used, and as to whether or not an employee is permitted to carry over unused sick days into subsequent years.

The matching principle requires that the cost of compensated (or paid) absences (holidays, vacations, and sick days) be recognized as an expense during the time the employee is present and working. In other words, the cost is expensed when the benefit is being earned by the employee, not when the benefit is being used by the employee. (However, the Financial Accounting Standards Board generally allows for sick days and holidays not to be accrued.)

To illustrate, assume that an employee works full-time for the entire year 2011 and as a result earns one week of vacation to be taken any time during the year 2012. During the year 2011 (when the employee is working), the employer records the vacation expense and the vacation liability. In 2012, when the employee takes the vacation earned in the previous year, the employer records the cash payment by crediting Cash and reduces the company liability by debiting Vacation Payable.

[jeffkrol]

Where? And I am talking about Federal Income Taxes. Excluding SS, Medicare. Just INCOME TAXES. And add in those who have it taken out of their check but get back all of it or more in a refund.

Factbox: Half of Americans pay no U.S. income tax? Well, sort of .. | Reuters

Keep it on FEDERAL INCOME TAX. And the "rich" pay all of those taxes also. Plus we pay Income Tax unlike 47% of the populace.

BTW. If tax rates stay the same I will gladly pay more in taxes. Means I made more money and am able to hire more people. Not only able but will have no choice but to hire more. But why should I get any larger if over half of it will go to the government to waste?

Back Medicare for all and I'll personally campaign for lower taxes for you.. including eliminating all FICA..........

No you are angry and jealous some people get "stuff" and you don't...........

Don't go babbling on about free stuff when in fact we have had a free (and troublesome) military (and military industries backed by "free money") for decades.............and some want to give them MORE free money .. while taking things out of the hands of the poor.. TO BE perfectly honest.. that is a bit twisted............