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50%...feels like a rip off

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50%...feels like a rip off
Old 08-03-2019, 09:24 PM
 
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I wasn't sure if this was a political post or a vent...but from my current level of irritation I am going with vent .

I just looked at my ESY earnings.

I work hard for that 20 days. I earned every penny. I go into it knowing I am putting myself in physical harms way for the good of the students (they deserve a teacher who is dedicated to them not regressing and losing ground that was hard earned-I work my fanny off for them), but also because I need more money than my 12 month salary in order to not go into the negative at some point in the year (like when my car registration comes due the day before Christmas, or when I need new tires and I foget to add that into the budget).

SO when I see that my earnings are 4,580 and I only ever get to see 2, 715 which is a paltry 59%-and thats with no insurance and union dues or many other extras that get taken out routinely-well it just burns my biscuits.

Other countries take out near 50% but then they give more for it. I feel like they take and take but dont give. If this was France I'd get free health care and the best-est disability insurance ever for a 45% tax rate. And I think maybe free daycare too.

We need to see a similar give for all this take.


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Old 08-03-2019, 09:48 PM
 
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How is that possible? Are those all state level taxes? Are you sure it's correct?

I just looked at my pay stub and I got 77%, and that's with regular union dues, retirement, and all of the other deductions accounted for. Were you somehow getting taxed more for "extra" money or you only get that percentage of every check? This is just crazy to me!
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Old 08-04-2019, 03:48 AM
 
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I agree with Haley. Florida is 30ish% Do you have more withholding taxes taken out? I only have 20$ extra taken out each pay, but no more. And we even have to contribute to FRS . You need to look into this.
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taxes
Old 08-04-2019, 04:08 AM
 
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I earned extra money on top of my salary last year. It was taxed differently. I called and they explained how it was taxed at a different rate. Very frustrating!
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Old 08-04-2019, 04:50 AM
 
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It sounds like the higher tax rate is because of the way your district paid you. You were taxed at a higher rate...in the way bonuses are taxed at a higher rate.

However, that does not mean that you will actually being paying a higher rate of tax on your ESY money. It simply means that you overpaid your taxes and will receive it back in your tax refund.


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Whatís the breakdown?
Old 08-04-2019, 04:58 AM
 
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That does seem like a high percentage of deductions. Is everything listed on your pay statement? On mine it shows every pre-tax, tax deferred and post-tax deduction. I just looked at my pay from May and $1,950 was deducted in taxes (22%). An additional $395 (4.5%) was deducted for healthcare/dental and $1,261 (14%) was deducted for dues, life insurance, pension, 403b. I have an additional $200 withheld. So the total net pay is just under 60% of my gross even with the additional deductions beyond taxes.

Weíre you paid as a private contractor vs an employee?
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Old 08-04-2019, 05:28 AM
 
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What were the individual amounts for state and federal taxes?
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Old 08-04-2019, 06:24 AM
 
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I bet Kinderkr4zy lives in California. I receive about 59% of any extra money I earn in my district due to retirement, dues, and taxes. However, a portion of the supplemental money earned goes into a separate retirement account so when I retire, Iíll receive my pension plus an extra sum from the supplemental account.
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Old 08-04-2019, 06:31 AM
 
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That is frustrating!

We had a grant a few years ago and we could earn a bonus for being deemed highly effective. Because that was a bonus , it was taxed differently.

With this grant also came some stipend positions. I had to document hours worked, and supply agendas for this position. Because the money was from the grant, they cut one check, so my stipend was taxed at the higher, bonus rate!
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Sounds about right
Old 08-04-2019, 08:10 AM
 
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I live in CA and Iím betting Kinder does, too. Before taxes, I make $5,246. After taxes, I take home $3,110. Yes you read that right. I do get paid for 12 months though.


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Old 08-04-2019, 08:20 AM
 
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The same happened to me and I teach in Mississippi. I worked summer school and should have earned $2250 but after taxes it was $1700. That was very disappointing. Not as bad as yours, but still disappointing!
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Old 08-04-2019, 09:37 AM
 
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I assume that 5,246 is monthly pay. Thatís for what step? Just wondering since I know that wonít go far in much of CA.
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Old 08-04-2019, 10:31 AM
 
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Quote:
I bet Kinderkr4zy lives in California. I receive about 59% of any extra money I earn in my district due to retirement, dues, and taxes. However, a portion of the supplemental money earned goes into a separate retirement account so when I retire, Iíll receive my pension plus an extra sum from the supplemental account.
Bingo-you hit the nail on the head-its considered "other" so its taxed differently and apparently your right about the separate retirement fund thing.

Ugh. looking at all the money just run away from me. Its uncomfortable. apparently Im getting some of it back later but still-later is like decades
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Not taxed higher
Old 08-05-2019, 10:05 AM
 
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Your money was not taxed at a higher rate, the withholding was applied at a higher rate because it was considered a bonus.

When you do your taxes next spring all the money you earned this year will be taxed at which ever tax bracket you are in. Your tax bracket depends on family status and total household income.

Any additional withholdings are refunded back to you by the IRS. (Which is your tax refund).

Bonuses are withheld at a higher rate because you may not have figured the extra earnings in when you submitted your W4 to your employer. The bonus withholding rate is the IRS's way to ensure that you don't have a surprise tax due bill next April.
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