Video from tonight's episode, so spoiler alert:
Voted out tonight, Jeff Kent, who — though he never revealed it to the other contestants — "won the National League Most Valuable Player award in 2000 with the San Francisco Giants, and is the all-time leader in home runs among second basemen.... Kent is a five-time All-Star and his 560 career doubles put him tied for 21st on the all-time doubles list."
What he says in the clip is "You know what pisses me off is I think I made about 60 million dollars playing baseball, and I want this frickin' million dollars in this game, and it's not even a million bucks, it's 600 grand by the time Obama takes it!"
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It would've been 600k after Romney takes a chunk too.
First, the Federal tax taken out will not be any where near $400,000.
Two, what a dick. He worked so HARD for that million dollars on Survivor. What a putz.
Yes, I howled when I heard that, too. Hoping he would go further; now I'm cheering for Lisa.
Wouldn't it be better to take actual Survivors from these remote places, and give one of them a cool $1m for winning? Talk about a game changer.
Jay-
Why is my annual bonus taxed at near 40%?
Internet meme birthed.
EMD-Federal taxes do not take out forty percent. It is disingenuous to claim otherwise. Not that it is surprising that Ann highlights such misinformation.
But people are asked to pay taxes. Our national defense, public parks, infrastructure and a million other things don't pay for themselves.
This guy is a great role model for tea party types though.
First, the Federal tax taken out will not be any where near $400,000.
If he's got other income over $400K (very likely for an ex-baseball MVP), this will be taxed at 35%. So, I'd say "pretty near."
And if he lives in CA, the combined state and federal take will be well beyond $400,000.
Did CBS embargo this clip until the election, like the Benghazi segments of the "60 Minutes" interview of Obama?
I ran a few tax calculators online and got taxes of between 323k and 346k assuming he is single and has no other income and deductions.
So Jay Retreat is right.
Though his outrage is ludicrous.
By the way, retread, if Obama had his way the number would be pretty close to $400k. What with surtaxes and extension of social security, etc. My numbers are income tax alone--not medicare tax, not social security, not over 250k surcharges etc.
So Kent was calculating based on Obama's aspiration, not the present (but soon to change) reality.
As I said, ludicrous outrage.
assuming he is single and has no other income and deductions...
Pretty bad assumption.
Jeff Kent made over $86 million in his baseball career.
If he invested 1/8 of that in stocks paying 5% dividends, he'd get $500K a year in income.
leslyn said...
"Love and beauty" lasted about 30 seconds. :)
Yup. Then you arrived.
Stocks paying 5% dividends.
A quaint, retro notion to be sure.
There are a few such. But you would not want to make a portfolio of them.
AT&T is currently paying 5.35%.
It's a quaint stock.
3% is the overall average.
So up his saving rate to 15% from 12.5% and he's still at $400,000.
/whatev
Jeff Kent was a Met so he is a born loser.
Plus he was there in the jungle and didn't even get a hummer from Blair.
Loser.
S&P Dividend Yield:
Current Yield: 2.12% +5.03 bps
4:41 pm EST, Wed Nov 7
Mean: 4.45%
Median: 4.38%
Min: 1.11% (Aug 2000)
Max: 13.84% (Jun 1932)
"First, the Federal tax taken out will not be any where near $400,000."
Yeah, but the withholding won't cover the actual tax which will be owed.
And $600K? The winner will be lucky to clear $550K when it's paid after January 1 and the Obamacare surtax kicks in. And if the winner is lucky enough to live in California...
Mine is not as big as yours... said president Obama to Mitt Romney.
Thats how we talk now.
If the market drops a couple of thousand S&P points, we will get a 3% yield. Do hold your breath.
Correction: Dow Points
A couple of thousand S&P points would really be bad.
I mean Blair was the sexy one. I thought Jo was the lesbian.
Although I guess they should have had Tootie on the show if they wanted to be politically correct.
I wouldn't blame Obama as much as I'd blame your neighbors for voting for high taxes to pay for their free stuff.
Anyone catch this little joke on Modern Family tonight?
Luke went to the hospital and he was lying in a bed with an I.V. next to him. Lily (the little adopted Asian girl) was there with him.
Lily pokes at the I.V. and says "What's this?"
Luke says, "I don't know, but thanks to Obama, you're paying for it."
It's actually worse than that. If not for wage distortion due to illegal (i.e. unmeasured) immigration, environmental and human rights violations in China, redistribution of American debt, the 10% virtual economy built under Obama's oversight would have an immediate impact and act as a direct and comprehensive tax on every American taxpayer and consumer. Either way, none of these games are sustainable, but they do create a positive perception for many people.
No one answered my question about my bonus.
Sure, it's probably federal and state taxes (there is no local income tax in the township in which I live.) but it nets out to about 40% of the gross sum.
My income is taxed at a lower rate (28% I think). Is it because it is a one-time annual payment?
But people are asked to pay taxes.
Oh yes. They very politely ask.
EMD your bonus is part of your income. For tax purposes it's all the same. You may be confusing withholding with the actual tax due. If you are self employed, and depending on your income bracket, your marginal federal rate combining income and social security taxes could exceed 40%. That's not even counting state taxes.
It's a shame that Mrs. Garret wasn't there in the jungle. She was a goer.
She would have taken on the whole tribe.
Since Obama wants to restore the 39.5 percent tax bracket Kent paid back in 2000 when he and fellow asshole and teammate Barry Bonds were playing for the Giants, his remark is pretty accurate.
but I am a robot
i thought the Obama Administration was bribing, I mean paying Hollywood to do propaganda, errrr I mean PR for Obamacare during sitcoms and dramas. Modern Family was one of the shows.
Ah yes, probably withholding. My bad.
Thanks.
@gmama3
Seeing as it was a young kid making the Obama comment (and Luke in particular), I don't think it was actually a political statement one way or the other. I perceived it to be more like a child's take on politics.
I thought it was pretty funny, any way you slice it.
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I feel exactly like you've been writing today.
Wait till our carbon emissions tax hits.
Jay Retread said...
First, the Federal tax taken out will not be any where near $400,000.
Funny, when I would get gainsharing, the Feds nicked me for 40%.
Of course, as somebody noted, on 12/21 the world ends.
Hello that is good blogs and nice sharing with the people aire bra
Jay Retread said...
First, the Federal tax taken out will not be any where near $400,000.
State and Federal combined.
Two, what a dick. He worked so HARD for that million dollars on Survivor. What a putz.
Yeah, He did.
Oh. Forgot to add.
Any accountant will tell you to just deposit the 400,000 in your tax account and gather anything left over. Which won't be much.
David said,"
As I said, ludicrous outrage."
Why?
"What a putz"
How dare he make such an egregious rounding error!
Now on to "Dancing with the Stars"
Government equals highway robbery. The nice thing about real robbers is they are upfront about their intentions.
Rusty, my "ludicrous outrage" comment was directed at Jay Retread who was all upset that someone would claim that the taxes were $400k rather than $346k. So what? It's still a huge bite, and does not include social security, state taxes, medicare taxes, and other nonesuch.
David said...
Rusty, my "ludicrous outrage" comment was directed at Jay Retread who was all upset that someone would claim that the taxes were $400k rather than $346k. So what? It's still a huge bite, and does not include social security, state taxes, medicare taxes, and other nonesuch.
Oh. Sorry.
But yeah. Jay has some comprehension deficits add to that he's a very angry young man. I see jail time in his future if he doesn't get a handle on his anger issues.
My income is taxed at a lower rate (28% I think). Is it because it is a one-time annual payment?
Nope. you'll pay the max possible less all your allowable deductions.
Any reputable accountant will tell you to just open a tax savings account and deposit 400,000.
If its is not 40%, it is damn close to it.
I figure it is 35% for FIT, 1.5% for FICA base and 2.9% for excess FICA over the soc sec cap and then he pays the SIT which in my state is 3.07%. That adds up to 42.47%.
People still watch that interstitial between commercials?
How many former ball players live under the freeway?
Jay Retread is very angry that his idol, the state, doesn't eat you ALL up.
I know its hard to feel sorry for some guy who 'won' money.
But what about the bonuses people get. You work really hard to get a year end bonsus or a cross-sell bonus- and its taxed at a really high level. Sometimes the effort to get this money doesn't seem worth it.
This is one of the problems with socialism - you stucture disincentives for people to work hard - you will then have less to tax, and you have less government revenues. Its the way things work.
Wait till all the people playing lotteries see that with the rise in taxes the lottery isn't what they think it is.
They will be past the '$250,000' mark (but we know it will be MUCH lower than that) and 50 percent will be the tax for income. And then sales taxes, road taxes, property taxes, etc... and soon you have not much left in real money. And then add to that INFLATION.
Hope you guys like voting for Obama, 4 more years of this is coming.
I also laughed at this last night! I'm actually rooting for Jonathan Penner. I can't help it.
but i am a robot said...
[i]Anyone catch this little joke on Modern Family tonight?
...[/i]
Yes! That one made me laugh, as well. First I watched Survivor, and then Modern Family, and I was amazed that both episodes had references to Obama (cast in a negative light).
But people are asked to pay taxes.
People are not asked to pay taxes. They are required to, and if they do not, the force of law will take their money until the taxes are paid. This applies to everyone. Income taxes, sales taxes, gasoline taxes, sin taxes.
It may be a small detail, but it is a fact nevertheless.
Jay Retread said..
Two, what a dick. He worked so HARD for that million dollars on Survivor. What a putz.
Jay is angling for the "Determiner of who works hard for their money" Czar position in the obama cabinet.
So to recap:
He worked hard for the money.
So hard for it honey.
Maybe it would be better if we just treated him (and every citizen) right.
Yes! That one made me laugh, as well. First I watched Survivor, and then Modern Family, and I was amazed that both episodes had references to Obama (cast in a negative light).
We'll see more of that now that some (few) on the "speak truth to power" left angles to recapture some credibility and the jokes come too late to impact an obama reelection.
Expect to see alot of self-congratulatory back-slapping by the left as they now say "see, we are making fun of obama too!!"
By the way, anybody read up on the Boeing layoff notices that went out yesterday?
Who needs jobs when you have "Hope".
Do note that this action will hit Washington state and California hard, but with all the horrific economic actions being taken in the CA, you might not even notice.
Drago said...
"By the way, anybody read up on the Boeing layoff notices that went out yesterday?
Who needs jobs when you have "Hope"....."
11/8/12 8:07 AM
----------------------------------
..and more to come from other companies from coast-to-coast.
Jeff Kent is a morman by the way, thought that was an intersting factoid.
"But people are asked to pay taxes. Our national defense, public parks, infrastructure and a million other things don't pay for themselves."
Don't forget funding to build the ballparks he played in...
well fricken la de dah
By the way, anybody read up on the Boeing layoff notices that went out yesterday?
Who needs jobs when you have "Hope".
my best friend got laid off yesterday due to Obamacare. my business will outsource instead of hire. just simpler and cheaper and safer.
leslyn, I'm sure that made sense in your own head, which ought to worry you considering death panels and all.
Obama takes it and wastes it, too.
A punch - then a kick while you are down.
LilyBart said...
I know its hard to feel sorry for some guy who 'won' money.
But what about the bonuses people get. You work really hard to get a year end bonsus or a cross-sell bonus- and its taxed at a really high level. Sometimes the effort to get this money doesn't seem worth it.
Sometimes I ask for my bonuses as paid days off.
machine said...
"But people are asked to pay taxes. Our national defense, public parks, infrastructure and a million other things don't pay for themselves."
Don't forget funding to build the ballparks he played in..
You know what I think is wonderful, machine? I think it's wonderful that you aren't bothered that your IQ is limited to two digits. You've overcome so much in life. I'm proud of you.
Now run and get your mom to read this to you.
Sure, it's probably federal and state taxes (there is no local income tax in the township in which I live.) but it nets out to about 40% of the gross sum.
I've seen companies not take into account your deductions for bonuses. Also, I don't know how much you make.
Your bonus might be something like this:
Payroll Tax + 25% fixed Federal + some percentage for State, depending on where you live. So 31% plus state will probably get you close to 40%.
Depending on how much money you make, that 25% may not be enough, and so you may end up owing more when it comes time for your taxes to be paid.
When I saw that last night it made me think of one of my favorite scenes from one of my favorite movies:
HADLEY: Dumbshit. What do you figger the government's gonna do to me? Take a big wet bite out of my ass, is what.
TROUT: Oh. Hadn't thought of that.
HADLEY: Maybe leave me enough to buy a new car with. Then what happens? You pay tax on the car. Repairs and maintenance. Goddamn kids pesterin' you to take 'em for a ride...
MERT And drive it, if they're old enough.
HADLEY That's right, wanting to drive it, wanting to learn on it, f'Chrissake! Then at the end of the year, if you figured the tax wrong, they make you pay out of your own pocket. Uncle Sam puts his hand in your shirt and squeezes your tit till it's purple. Always get the short end. That's a fact. (spits over the side) Some brother. Shit.
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