Taxes - how I hate them

[Rabrrrrrr]

A few years ago I got stocks as part of my bonus from the company I worked for. Those stocks have come to term now, so it's time for them to actually give me the stock.

But of Johnny Government has to get it's share - so here's the breakdown of the barely 50% I'll actually receive (all calculations made by me on my trusty HP calculator which alas is one of those junky and unuseful financial ones, not the bitchin' cool programmable scientific one I had in college that I lost, no lie, within an hour of my very very last final, senior year):

Federal: 25.0%
State: 8.2%
Local (&@*^$ NYC income tax): 4.8% (can you believe that?)
Social Security: 6.2%
Medicare: 1.45%

Total taxes: 45.6%

What a crock.

So, my option is to either write the company a check for the actual amount of taxes after the give me the stock OR have them sell how ever many shares are needed to pay the taxes. I will do the latter, but this really sucks, and I'm really bummed.

(p.s. but not so bummed that the geek in me can't say "RPN rulez!!")

[mhr]

1. You Mean You Couldn't Afford The Tax Shelter To Shield You From Taxes?

Why, just thank GW and the Repugs for keeping you in the middle class.

[Rabrrrrrr]

2. Sadly, I'm not in the top 1% so I didn't get

any of the tax cut for the poor that His Ridiculous and Moranic Shrubness said was gonna kick start this economy into realms of utter incredibaltude.

[pacifictiger]

3. the crying shame is that

in countries like New Zealand a 45% bracket (approx) gives everyone a great education, health care, as well nursing home care if needed.

[Interrobang]

4. I was just gonna say...

I like paying taxes. Making $23 800/a at my last job, I was still in about a 30% bracket, and I didn't mind a bit. I happen to like all the stuff that tax money buys me -- hospitals, roads, schools, infrastructure, Unemployment cheques, Welfare, and all that good stuff. I like museums and government subsidies to microbusiness and the arts. I even like the city guys who drive the snowplows and haul away the garbage, only I wish they would come more often.

From what I've seen of NY state, though, your ROI is ridiculous. Did you have to pay for the sidewalks in your neighbourhood like my fiance's parents did? *That's* a travesty!!

[Rabrrrrrr]

5. I like what we get from taxes, too - mostly

I'm not so keen on the amount that is used for debt for Reagan's and the Bush's spending orgies (if Dems are "tax and spend", and I don't think they are, at least they "tax"). But you are right, taxes are essential and necessary - I like having police and fireman and a water supply and roads and buildings and a military and schools and etc.

But you are also right about NY - waaaaaay too high. The ROI is not, IMO, as high as it could be.

[unblock]

6. what was this grant? ISOs? restricted stock?

ordinary stock? publicly traded company?

[Rabrrrrrr]

7. restricted common stock of a publicly traded company