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Sir_Wesley_of_Wells

Thanks for the pay cut, government!

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Well, yesterday I got my first paycheck of 2013. My health insurance doubled and my social security tax went up by about 40%. Joseph Stalin...I mean Barack Obama sure is doing a good job. That is, assuming his job is to run this country into the ground. Otherwise, he sucks horribly as do the rest of the stooges in power.

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You didn't understand that the tax holiday was just a temporary stimulus measure two years ago?

 

Of course I did, lol. The solution to the problem is less government spending, not taxing the citizens even more. Revolution, anyone?

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Income tax didn't go up our federal retirement fund contribution just returned to calculated equilibrium levels. If you want to argue that the fed shouldn't be able to borrow money from that fund is a different story.

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Income tax didn't go up our federal retirement fund contribution just returned to calculated equilibrium levels. If you want to argue that the fed shouldn't be able to borrow money from that fund is a different story.

 

I didn't say anything about income tax. I was talking about social security. I agree with you that the Fed shouldn't be able to touch that money though. If the government would cut its spending by about 25% (which is easily do-able, they just don't want to) they wouldn't need to dip into social security. Our government needs to be scaled way back, stop all foreign aid, and just worry about our own problems. That alone would save a ton of money each year.

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

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I agree with the Payroll Tax Holiday expiring. The SS fund was running dry before the holiday, so why would they lower the rate? lol.

 

anyway... how did your SS tax go up by 40%?

 

 

my stance... cut spending. keep taxes where they are for the middle class, raise them for lower class and upper class, **** other countries when our country is declining...

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I agree with the Payroll Tax Holiday expiring. The SS fund was running dry before the holiday, so why would they lower the rate? lol.

 

anyway... how did your SS tax go up by 40%?

 

 

my stance... cut spending. keep taxes where they are for the middle class, raise them for lower class and upper class, **** other countries when our country is declining...

 

I agree and some foreign aid is necessary but a lot could be put to better use for our country.

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How much money did you guys lose per week this year compared to last year with the social security tax going back up 2% and also with your medical insurance changes?

 

After getting married, I was up $75 more. Than after choosing a gold plan for my medical instead of a platinum plan, along with the social security tax going back up to 6.2%, I'm only up $50 more per paycheck than last year.

 

What have your experiences been like for those who work?

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losing 2% to payroll tax cuts expiring sucks **** .. hopefully, maybe I'll get $$ back at the end of the year next year ... I owe state and federal this time around

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I agree with the Payroll Tax Holiday expiring. The SS fund was running dry before the holiday, so why would they lower the rate? lol.

 

anyway... how did your SS tax go up by 40%?

 

 

my stance... cut spending. keep taxes where they are for the middle class, raise them for lower class and upper class, **** other countries when our country is declining...

 

My SS tax went up from $48 a paycheck (every two weeks) to $62. I thought it was a little less than that to begin with so it isn't 40%, but it's still a substantial increase. My health insurance went from $38 per pay period to $64. So, I basically lost $40 out of every paycheck. That's just over a $1000 a year stolen from my pocket. X(

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How much money did you guys lose per week this year compared to last year with the social security tax going back up 2% and also with your medical insurance changes?

 

After getting married, I was up $75 more. Than after choosing a gold plan for my medical instead of a platinum plan, along with the social security tax going back up to 6.2%, I'm only up $50 more per paycheck than last year.

 

What have your experiences been like for those who work?

 

About $150. My insurance premium went down by about $60 per check though.

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I agree with the Payroll Tax Holiday expiring. The SS fund was running dry before the holiday, so why would they lower the rate? lol.

 

anyway... how did your SS tax go up by 40%?

 

 

my stance... cut spending. keep taxes where they are for the middle class, raise them for lower class and upper class, **** other countries when our country is declining...

 

My SS tax went up from $48 a paycheck (every two weeks) to $62. I thought it was a little less than that to begin with so it isn't 40%, but it's still a substantial increase. My health insurance went from $38 per pay period to $64. So, I basically lost $40 out of every paycheck. That's just over a $1000 a year stolen from my pocket. X(

 

My gf is out 60 a check. 1440 year.

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this may be a bit off topic but hey kevbo you should stop by one day, drink some beers and watch 1 lunatic 1 icepick with me some time. ive got the popcorn all ready.

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Well .... I'm hoping this:

 

Before the payroll tax cuts and the "Make work Pay" **** I used to actually be able to get a federal refund with some liability to the state. After the cuts I owed federal every year except the year I missed substantial work due to illness and made under the threshold that I could deduct my 401k savings for an actual credit.

 

I'm hoping now ... maybe .... I'll be able to get a refund next year ... Also it ****ing sucks that somehow my medical expenses were still under the level that it didn't just make more sense to claim the standard deductions ... I spent nearly 10% of my annual gross just on the expenses from my March surgery ... not to mention the other little bull**** during the calendar year.

 

Either way ... meeting with my financial advisor week after next to see what I might be able to do to salvage this year..... lol right now I stand to get a $2 fed refund and have a $1 state liability ... wtf.....

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I agree with the Payroll Tax Holiday expiring. The SS fund was running dry before the holiday, so why would they lower the rate? lol.

 

anyway... how did your SS tax go up by 40%?

 

 

my stance... cut spending. keep taxes where they are for the middle class, raise them for lower class and upper class, **** other countries when our country is declining...

 

I agree that cutting spending for the budget is important for programs that do not yield a positive investment in return. The whole budget should be seen as an investment with a return for the most part.

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this may be a bit off topic but hey kevbo you should stop by one day, drink some beers and watch 1 lunatic 1 icepick with me some time. ive got the popcorn all ready.

 

That's a long drive from Texas brother.

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

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this may be a bit off topic but hey kevbo you should stop by one day, drink some beers and watch 1 lunatic 1 icepick with me some time. ive got the popcorn all ready.

 

Curiosity got the best of me & I googled "one lunatic one icepick" - my eyes. :c

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people pay taxes on tips? lol

 

Only if they're noobs. Im sure he can manage to have them tip "under the table" if he tried hard enough.

 

You dont know how the process works kevbo. Ill take a pic of my check for you.

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

Did you also get tips on top of that?

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

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O

Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

 

oh he is in the top 13% of wage earners in your country. He said so himself.

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

 

oh he is in the top 13% of wage earners in your country. He said so himself.

 

lol! This^

 

Can we now all agree that dude is full of ****?

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people pay taxes on tips? lol

 

Only if they're noobs. Im sure he can manage to have them tip "under the table" if he tried hard enough.

 

You dont know how the process works kevbo. Ill take a pic of my check for you.

 

Oh really? Back when I was serving tables(read in the 90's) the minimum wage they could pay was $2.15 an hour. I doubt it dropped since then, and I doubt they would take 60-70% in taxes on that either...

 

 

Here's a take on averages.

 

http://www.foodservicewarehouse.com/restaurant-equipment-supply-marketing-articles/restaurant-management-and-operations/employee-wages-and-benefits/c28023.aspx

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

 

oh he is in the top 13% of wage earners in your country. He said so himself.

 

lol! This^

 

Can we now all agree that dude is full of ****?

 

It's still fun to read about this type of stuff. Don't forget to tip your 20% in Vegas, baby!

 

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

Did you also get tips on top of that?

 

Exactly. See classic gets it. Maybe I wont have to go through the trouble of taking a pic after all.

 

So the way it works is that the IRS assumes based off my sales that I make a certain amount per hour in tips. Then they add that number to my standard hourly rate. Since they cant straight take taxes out of my cash I take home everynight they take it out of my check. Lets say I make 10 hourly and work 65 hours. Thats 650 gross, then they magically add 30 per hour ontop of that to my gross. So 30*65 = 1950 in tips. Then 1950+650 = 2600 and they tax me as if my two week check is 2600. And all that tax comes out of the 650 gross on my check. Leaving me with 38 dollars (I just looked, its 38 not 34).

 

Does that make sense?

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

 

at college .............................................. forever

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

 

at college .............................................. forever

 

Because he doesn't want to take out a student loan, where the interest of the student loan is tax deductible. So, he's taking part time classes... so, he's in college for a longer period of time and than he's being passed up on a career to other people who did finish their education + work experience in his field much faster.

 

The student interest loan tax form is 1098-E.

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

 

at college .............................................. forever

 

Because he doesn't want to take out a student loan, where the interest of the student loan is tax deductible. So, he's taking part time classes... so, he's in college for a longer period of time and than he's being passed up on a career to other people who did finish their education + work experience in his field much faster.

 

I'm going to be 40 by the time BJJNoob ends his college marathon

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lol woah woah woah

 

For one I love college. I will cry when its over. Two, I have as of last year gone full time at school. Three, I do not believe in borrowing money. Four, If deducting the interest was financially smart why is there still so much student loan debt? Five, repeat of four. Six, I believe deducting the interest on student loans is similar to mortgage loans. Basically, you only deduct a piece of it, not all of it. Ill make that trade with anyone right now. You give me 1000 bucks and ill give you back 300 dollars. Anyone?

 

Lastly, I live my life financially by keeping risk as low as possible. Loans = risk. Why play that game when I dont have to?

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lol woah woah woah

 

For one I love college. I will cry when its over. Two, I have as of last year gone full time at school. Three, I do not believe in borrowing money. Four, If deducting the interest was financially smart why is there still so much student loan debt? Five, repeat of four. Six, I believe deducting the interest on student loans is similar to mortgage loans. Basically, you only deduct a piece of it, not all of it. Ill make that trade with anyone right now. You give me 1000 bucks and ill give you back 300 dollars. Anyone?

 

Lastly, I live my life financially by keeping risk as low as possible. Loans = risk. Why play that game when I dont have to?

 

Because people are incredibly stupid, who use loans irresponsibly and than get back little to nothing in return. That's why there is so much overall student loan debt.

 

If they were actually smart, they'd utilize student loans to graduate much sooner than most people traditionally do. You and I both know most people are not smart. One person may or may not be smart. People are typically stupid, however. The thing you didn't calculate is that you are missing out on one very important variable: Time. Time allows for you to actually work in the field you're pursuing. You're going to be behind when it comes to time because of the strategy you were utilizing. Good job on going to school full time last year, btw.

 

The time you are still in school now, people are getting work experience and already have a college degree. They are making ACTUAL good income as a career and not just a job. Therefore, they have more earning potential and they can deduct a good portion of their student interest per year.

 

I have gone over this with you in other threads, but you are adamant about not borrowing money. That's perfectly fine - it's your choice. But, than, you complain about how much you pay in federal taxes and that the government is "stealing" from you and I just laugh. Which is a shame, because you are actually a good person, IMO.

 

http://www.irs.gov/taxtopics/tc456.html

 

Who does your taxes for you, BJJnoob?

 

You may be able to deduct interest you pay on a qualified student loan. Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid.

 

You can claim the deduction if all of the following apply:

 

You paid interest on a qualified student loan in tax year 2012

You are legally obligated to pay interest on a qualified student loan

Your filing status is not married filing separately

Your modified adjusted gross income is less than a specified amount which is set annually, and

You and your spouse, if filing jointly, cannot be claimed as dependents on someone else's return

 

 

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You make great points, especially about time. I am actually getting married in August, so I guess by those standards I wouldnt be able to deduct the full interest. I am currently able to pay cash for school and attend full time so theres no reason to take a loan anyways.

 

I personally believe that all these tax incentives for loans, and pell grants and all that nonsense has pushed more people to college than should go. So im not going to partake in something Im staunchly against. It has created a student loan bubble and its on its way to bursting. The same house of cards was set up for housing. People like you told people other people that hey you can deduct the interest on a house, and interests rates are low and blah blah blah and you get your bubble. Everyone IMO tries to get crafty with money and loans and I disagree with it. I guess im more addressing that culture pushes people into loans and college too often. Its that mentality of go go go. Its faster to just take a loan and graduate then to work and pay cash.

 

Well the reason they are taking a loan in the first place is because they dont have the money currently correct? Well what if they never graduate? What if they major in something and when they do graduate those jobs flop? What if anything possible comes up and they have to drop out? Then what? You cant bankrupt the loans they are always there. Forever and ever.

 

Now me I could do it and be just fine. But like I said, the way I live financially is by keeping risk low. I have no car loan, no mortgage, no student loans. We even have the cash put aside for the wedding already (not a dollar was put forth by our families). And this is my choice because end of day, anbything could happen. And when the **** hits the fan, the last thing I want to do is be bogged down in debt.

 

 

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You make great points, especially about time. I am actually getting married in August, so I guess by those standards I wouldnt be able to deduct the full interest. I am currently able to pay cash for school and attend full time so theres no reason to take a loan anyways.

 

I personally believe that all these tax incentives for loans, and pell grants and all that nonsense has pushed more people to college than should go. So im not going to partake in something Im staunchly against. It has created a student loan bubble and its on its way to bursting. The same house of cards was set up for housing. People like you told people other people that hey you can deduct the interest on a house, and interests rates are low and blah blah blah and you get your bubble. Everyone IMO tries to get crafty with money and loans and I disagree with it. I guess im more addressing that culture pushes people into loans and college too often. Its that mentality of go go go. Its faster to just take a loan and graduate then to work and pay cash.

 

Well the reason they are taking a loan in the first place is because they dont have the money currently correct? Well what if they never graduate? What if they major in something and when they do graduate those jobs flop? What if anything possible comes up and they have to drop out? Then what? You cant bankrupt the loans they are always there. Forever and ever.

 

Now me I could do it and be just fine. But like I said, the way I live financially is by keeping risk low. I have no car loan, no mortgage, no student loans. We even have the cash put aside for the wedding already (not a dollar was put forth by our families). And this is my choice because end of day, anbything could happen. And when the **** hits the fan, the last thing I want to do is be bogged down in debt.

 

 

First off, congrats on getting married in August. I hope everything goes well for you. In every situation, it differs. Taking out student loans and than failing classes or dropping out - obviously, if you continuously do that, you will suffer in the long run and rightly so. College can be one of the best investments you make, if you are serious about yourself and your future. I am fiscally conservative, just like you.

 

You are allowed to have your own ideology of what you feel is right. I'm looking at the world as it is, realistically. I actually never looked at paying student interest as a means to go to college. I just learned about it recently because I'm doing my own taxes. You should always find a medium ground of paying off principal and interest for what you feel is something you can comfortably afford. College allowed me to: Have more access to a VARIETY of career opportunities (not just one for the rest of my life). It also allows me for more opportunity to RETAIN the employment I currently have. The rate of unemployment with a bachelor's degree compared to a high school diploma is about half. So, if it's 9% for someone with a high school diploma, it would be around 4.5% for a bachelor's degree. It's a degree that will never go away and it's one of the biggest investments you can ever make in yourself. Because it's an investment that helps throughout your lifetime, it's best to get as early as you can. It allows you to find a career in which you can find OTHER like minded people who also have a similar college experience in which a relationship can occur.

 

But, college is not for everyone. If you are not sincere with yourself, unwilling to develop a plan to reach your goals and enjoy the process, while you see yourself failing, how can you ever achieve anything? That's not talking to you, BJJnoob - it's for anyone and for food of thought, like most of this post.

 

Choosing a horrible field while doing no research on the demand of that field, failing to execute on a goal of finishing college because you slack off and jerk off too much or whatnot... Anyone can fail at anything. If you are truly sincere about the effort you put in that is needed to accomplish anything, more often than not, you'll be successful overall.

 

When I saw your posts a few months ago (you mentioned it was about one's personal drive that is a strong determinant which leads to success - which I agree with), I knew you'd turn out well no matter what. It was your preference in order to finish sooner, but you have a certain ideology of what is right or wrong. You're thinking with your heart and not your head. Regardless, it doesn't matter. You do what you feel is right either way. Congrats again on getting married, man.

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

 

oh he is in the top 13% of wage earners in your country. He said so himself.

 

I never personally said I do. People at my restaurant make over 100k a year though. I dont care if you believe me.

 

Its Vegas! Big money big tips is how we roll. Stay angry. lmao

 

 

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There you ****es go. I removed my name address routing and check number. Great research though kevbo! :))

So where is your top 13% wages. I see 2 weeks pay, 2500$. 26 pay periods in your year and a total of 65,000$.

 

So where is the rest of your magic income?

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Agreed. Aggravating isn't it? With the way the tax system works for tipped employees, my check was 34 dollars. 65 hours on, and I got 34 dollars. Between the busy holiday and the increase I got seriously fisted.

 

your take home pay was 34 dollars? that is mindblowing

 

That's an hourly take home rate of at or around $0.52. There are children working in Taiwanese sweat shops at better rates than that. He's either exaggerating, or lying because that is against the law. Literally...

 

thats what I was thinking, that's so low that he couldn't possibly survive and be at college

 

oh he is in the top 13% of wage earners in your country. He said so himself.

 

I never personally said I do. People at my restaurant make over 100k a year though. I dont care if you believe me.

 

Its Vegas! Big money big tips is how we roll. Stay angry. lmao

 

Missed this post. I think your wage is decent for a server, but pathetic overall. I'm not mad, I just call a liar a liar. You said your top 13% of the country. You lied, now you post you wage and its nowhere even close. Whoop dee doo

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I didnt lie. I never once said I make in the top 13%. I said servers in my restaurant do. Your lust for me being wrong has clouded your ability to comprehend text. I make the lowest in my restaurant. Im the newest member so I do not get tables like Dana White for example. Business conventions bring in huge dollars as well.

 

And watch it on that pathetic comment. You could be offending a lot of people. Just for clarity sake thats $65,000 at 33 hours a week.

 

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