Thread: Exxon made 45 billion in profit and paid $0 in federal income taxes.
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Old 04-15-2010, 03:12 PM  
KillerK
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Join Date: May 2008
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Quote:
Originally Posted by GatorB View Post
Ok if you're going to be technical. SE taxes would be about $125K but since you get to deduct half that off your income it reduces the taxes I mentioned earlier by $22K. So an overall increase of around $103K. State taxes? Good thing I live in a state with ZERO income tax. So I'd "only" have $513k to live on. Even if I did live ina state with an income tax that tax is dedectable on income taxes too.

Also this isn't taking into account personal exemption and dependant deduction. If you were married with 2 kids you're taxes would be lowered even more, but I won't get into that.

So if you have an income of $880K and you only have $450k left over I'd sue your accountant.
Btw, if you make more then $85k or so, you can't deduct your wife and kids. The deduction is head of household which is very small.

He's still looking at 300k in taxes which is more then you paid in 20 years he pays in 1 year.
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