Taxed too much
By sumpter
@sumpter (214)
United States
September 3, 2008 7:28pm CST
Ever since I started I was excited with the prospects for making more decent money. My salary was very good and i was excited, waiting for the first check to come. However, when it came i was in shock at the amount of taxes being taken out. I have a friend who makes about 14, 000 less than I do and what seperates our check is about $200. Is anyone else feeling squeezed by uncle sam?
1 response
@agrim94 (3805)
• India
19 Mar 09
Thats pretty unfair. I am sure there is some accounting mistake by ur employer or who so ever is in charge of deducting tax on salary. I dont know it can never happen in India or i dont know if they are available in USA but out here you can acctually save tax by investing money up to 100,000 in over 100s of schemes approved by govt and you get decent returns too but lock in period of that investment is minimum 3 years.. so like u earned say 500,000 rs a year , u invest 100,000 u r taxed on only 400,000 and if u have taken home loan ( to buy a home) then if u pay interest of 150,000 that too is deducted from ur income so actually ur taxable income remains only 250,000... and tax on that if ur male then 35,000 and if ur female it is 32,000. may be chk out if ur friend took same kind of tax saving schemes and hense paid lot less than ur doing
