My taxable income was 501k. Which is wild, where the f is that money coming from?! My salary is 218k with my original stock RSU grant being 90k/year. I literally only get 8k on my paycheck per month after taxes. I ended up owing an additional 50k on taxes this year, basically wiping my savings account down to 0. I already max out my 401k. What other ways do tech people lower their taxable income?
Sounds like you paid the correct amount. Maybe just expect it next time
The financial institution that manages your RSU might not be reporting cost basis of your RSUs. Check if you are reporting a massive short term capital gain as part of your 501k income.
I haven’t sold any RSUs, would it still be considered capital gains?
If you set it to sell stock to cover taxes each time your stocks vest, they could be calculating STCG if cost basis is not reported. You said initial grant 90k/year, wat was the value of that 90k/yr last year? Similar or did the stock substantially increase in value since your initial grant?
Similar situation here. It’s wild. Being taxed to fund wars with the illusion that it’s what we have to do to “stay on top” though the last 20 years of wars has done nothing but hurt our nation economically and diplomatically.
And you forgot that they come back a year later to ask you to pay more because you are now considered “rich” and you should be able to pay “your fair share”.
Fund wars of the past, handouts to other countries around the world and increase in welfare programs today. It is going up after Biden’s new tax plan hits those over 400k
This is how stakeholders take you money away: they got super low tax rate on their capital gains while hard working people had their half of income taken by IRS. Then the government spent your money on things benefiting the rich the most.
How do higher brackets get lower rates on capital gains? Isn’t it the other way around? Higher brackets have higher rates? Educate me plz
Capital grains is taxed at a lower rate than the salary/bonus. If all your income is from investment gains, you pay a lower rate than somebody making a lot less money than you.
Buy and actively manage rental properties
What’s the benefit of this in terms of taxes ?
You can deduct rental income from earnings and show it as house depreciation.
lol cry me a river
That's crazy! Amen!
Know how you feel. I paid over 500k in taxes in 2020 and that was with LTCG tax.
Nice brag dick
Thanks, I managed to get some it back 2 years later by getting cancer and qualifying for Medicaid thanks to not working. America! Fuck Yeah!
Something doesn't seem right, I owed about 20k for a combined household of 500k
That means nothing without saying what your total withholding was
Why are people so uneducated about taxes?
stocks vesting = supplemental income, did ur stock appreciate by a lot or something? also make sure u update ur rsu cost basis when filling ur taxes
So the supplemental income falls under a separate tax bracket? Like is it taxed at the same rate as income tax right?
he probably didnt sell his stock to cover the income tax and whining why he owes so much money