Winner Winner Chicken Dinner

 "Son, I've made a life
Out of readin' people's faces
Knowin' what the cards were
By the way they held their eyes
So if you don't mind me sayin'
I can see you're out of aces
For a taste of your whiskey
I'll give you some advice"

“The Gambler"

     

OK Bloggers come on down!

Want to make some money?

In an effort add some excitement to this blog and see who is awake, I decided to make this week’s blog entry on taxes is a contest (must be listed as a follower to win).  The first place prize is:

$50!

Yes I will mail a check (it will not bounce I promise) to the first person who emails me the last name of couple A below.   All entries must be submitted to me only (no giving away the answer or you are disqualified) by Sunday the 12^th of February.

There will be a 2^nd place award of $10 and a third place award of ….special recognition on the blog.

Here is all I will provide.

 

The following information is tax information from two couples (Married, no dependents) who lived in NY State in Tax year 2007.  I have left off the actual dollar amount of income from couple A, while couple B is Barbara and I.  Couple A really exists  ( I would think at least 80 percent of you have heard of them) and I have personally reviewed their detailed Tax Information and can verify that their return appears complete and accurate.

I will reveal more details about this couple next week as I will be away in Southern Florida playing golf until Sunday.  I will also use this info as the basis for my discussion in next week’s blog about taxation.

One tiny thing to note, Couple A had “top line” income 40 times more than Barbara and I did in 2007.     

                                                              Couple A                                        Couple B

A.      Gross Top Line Income                 XXXXX                                               1/40^th

B.      Total Federal Tax % Paid on A       24.70%                                            23.00%

C.      Charitable Contributions                 14.50%                                            10.70%

D.      State and Local  Taxes                    12.02%                                              6.60%

E.       Social Security                                    .03%                                              1.03%

F.       Medicare                                              .01%                                              1.07%    

G.      Total % going to above items          51.26%                                            42.40%

See you next week and good luck to all …except my editor who is ineligible to win!

Adieu