Posted on 10/16/2008 4:54:29 PM PDT by goodnesswins
Are YOU SMARTER THAN a 7th Grader? Question #1…..
If a company has 6 employees and their average annual gross pay is $45,000 annually…..what is the chance they will get TAXED under Obama’s plan???? (Obama has stated no one who “makes” over $250,000 will see an increase in taxes.)
ANSWER: 6 x 45,000 = $270,000….which is over $250,000 and, that’s only PART of what a CEO (leader of a company that earns money) has to “make” in sales/receipts in order to be in business. (Remember, there are gross sales, and net sales, but, who knows what Obama is talking about…..seen anyone in the media ask him?)
Anyway, the $270,000 is over $250,000….so according to Obama that RICH company CEO deserves to be taxed MORE, RIGHT? What about the cost of the materials he has to buy to produce/sell their products? Oopps….that means they have to have sales receipts WAY above, $270,000, say, another $200,000……oh, oh…..the tax man cometh…..this CEO is really RICH if he can afford to pay $470,000 for salaries and goods through his GROSS sales receipts – he hasn’t made any money, yet, however, for himself.
And, don’t forget…..taxes are a cost of doing business and are passed on in the cost of products YOU pay for….or in the lack of salary you will receive. How much more do you want to pay for your new game?
Are YOU SMARTER than a 7th Grader? Question #2
Penny Pritzker was a major developer of the sub-prime loan business. She also was Chair of the Board of Superior Bank (that means she RAN the place) – Superior Bank went bankrupt and left hundreds of people without their money under her leadership. Should she be hired to be the Campaign Finance Manager for the Obama Campaign?
ANSWER: Too late. Penny Pritzker IS an Obama Campaign Finance Manager.
Are YOU SMARTER than a 7th Grader? Question #3
If a white person says they won’t vote for Obama, but they would vote for Michael Steele (black American), Clarence Thomas, (black American) and other conservative Black American’s……Are they a RACIST?
ANSWER: YOU know the answer….don’t be scammed by the racist Obamanites who are now infiltrating the McCain campaign and yelling…..has the Media interviewed even ONE of them yet??? Of course not….they can’t…..why….because there was NO person YELLING “Kill Him”
Are YOU SMARTER than a 7th GRADER? Question #4
You have a friend….his name is William Ayers….he used to participate in the planning of bombing places (including the Pentagon) that killed people. Do you think he would be a good advisor, especially, if he still says, he “didn’t do enough” in his bombing activities? Oh, and he meets with people who would love to see the US go down in ashes…i.e. Chavez.
ANSWER: Oh, c’mon…you’re Momma taught you better!
Question #5.....Obama proposes to allow savers with tax-favorable (that means you Mom & Dad save money to spend on things for YOU) Individual Retirement Accounts and 401(k)’s to withdraw 15 percent of those retirement savings, up to a maximum of $10,000, without paying a tax penalty as the law currently requires for withdrawals before age 59 and a half;
ANSWER: Wow...your older brother is NOT EVEN THAT sneaky...Obama’s proposal is a very cool way of increasing tax revenues RIGHT NOW. (You’re parents will have less money to give you for an allowance or to buy things with). While the tax “penalty” would be waved, the taxes owed on the ordinary income withdrawal would be taxed at the person’s current tax rate instead of their (lower) tax rate in retirement.
Are YOU SMARTER than a 7th Grader? Question #6....If you’re Mom & Dad together make $75,000 a year, are they Rich?
ANSWER: Well…where do you live? Alaska? San Francisco? Pocatello, ID? Podunk, Arkansas? But, actually, according to Obama, YES, they are rich….they make more than $42,000 a year. He voted for tax increases on anyone making over $42K a year. But, what do YOU think? Anything over $100 a week is RICH to you, right?
Are YOU SMARTER than a 7th Grader? Question #7.....If 40% of the population pays NO taxes, and Obama says 95% of the population will pay no taxes….WHO will be paying taxes?
ANSWER: EVERYONE who Works….so people who do NOT work can get some of your money.
Are YOU SMARTER than a 7th Grader? Question #8 If Obama says he will cut the Capital Gains Tax for small businesses, but, small business do NOT pay capital gains taxes….what is he saying?
ANSWER: He will tax anything and everything he can, and lie to get you to vote for him.
Are you SMARTER THAN a 7th Grader? Question #9 …If you’re teacher bombed an abortion clinic 20 years ago, and was not sorry for it, would you want your Mom to serve on the School Board with him?
Are you SMARTER THAN a 7th Grader? Question #10 If you earn $50 this month…..how much of that $50 should you give to your non working friends….because Obama says “we should spread the wealth around?”
ANSWER: However much Obama decides, but probably about 30% at least – or about $15. Your lazy friends and neighbors thank you. Oh, and the more you make the higher the percentage he will give to others. You do know how to calculate percents, don’t you?
Are you SMARTER THAN a 7th Grader? Question #11 Your BFF decides to start asking a bunch of your fellow classmates whether you are stupid or not, she polls 30% who are your friends, and 50% who she thinks hate you. The results are YOU are stupid, 55%, you are NOT stupid, 45%…..do you think her method of polling was fair?
ANSWER: Who cares…..she got the message out by posting the results that YOU are STUPID. How do you like THAT? (He who controls the POLL, controls the result.)
Are YOU SMARTER THAN a 7th Grader? Question #12 If you lie to your teacher and cheat on a paper and are found out.
ANSWER: (help me here…..freepers……
No, but I’m wiser.
this is HILARIOUS...and sad just the same!!
Right now my husband owns a small business with 2 employees and the gross is under 250K...
Why the HE** should we expand, hire, and place ourselves in a higher bracket so Obambi can share OUR WEALTH?
AAHGGGH...you’re right! Have to change that....
Question: If Obama increases taxes on businesses, what happens to the price of iPods, video games, clothes and the other things businesses make or sell? Who will pay those higher prices? Who does Obama really tax?
Answer: Prices will go up. Everyone who buys those things will pay the higher prices. Obama’s corporate tax hikes are tax increases on everyone, even if they make less than $250k per year, even if they’re 7th graders.
Thanks....that’s probably better than my attempt....I’ll use it!
Just an accounting review example for question #1.
Income Statement
Sales 2,000,000
Cost of Goods Sold 1,000,000
Gross Profit 1,000,000
Selling/Ad. Expense (Salaries, Incl. owner) 519,000
Depreciation Expense 200,000
Operating Income 281,000
Interest Expense 100,000
Earnings BEFORE Taxes 181,000
Taxes 63,350
Earnings After Taxes 117,650
Dividends to Shareholders 0
Retained Earnings 117,650
Just to correct question #1, the owner does not pay taxes until after he has deducted his operating expenses (overhead, cost of products sold, salaries to employees, salary to himself, depreciation of equipment, and interest on loans). So, he really only gets taxed on 181,000 of income, not the 2,000,000 of his gross sales. So, as long as he and none of his employees makes more than 250,000 during the year, then their taxes won’t increase.
I gave the owner a salary of 249,000, the workers 45,000, and taxed the Earn. before taxes at 35 percent. If the owner did not want to pay taxes twice, he could do one of the following:
1. Give himself a higher salary and then pay more in personal income taxes under Obama’s plan.
2. Increase his employee’s salaries (to roughly 77,000 each) so the company’s earnings would equal 0. Like option 1, this would leave no retained earnings for the company. Likely the owner would rather have the money for himself or his company rather than give it to his employees.
3. Minimize his tax payment by balancing salaries with company income. For example, he may find that taking a salary of 249,000 and then having the company pay 35 percent on 181,000 and keeping the retained earnings is cheaper than taking a salary of 430,000 for himself and leaving no money for the company to be taxed on.
I wrote this fast, so if my numbers are off or whatever, sorry, I was just trying to clarify the accounting to show that he doesn’t get taxed on the money that he pays to his employees. That is an expense that is written off before he pays taxes.
Do we know whether Obama’s tax is BEFORE expenses or AFTER????
Taxes come after expenses. That’s according to Generally Accepted Accounting Principles (GAAP) and is not subject to Obama’s influence unless he somehow becomes the singular dictator and changes the way the best accountants have been doing accounting since the Great Depression. As a matter of fact, GAAP came about because of the fraud in accounting prior to the G.D.. If GAAP changes, it is likely to be more strict, but expenses will never be taxed, it doesn’t make sense and Obama can’t change that.
Thanks....I really did KNOW that....but, in my hurry, didn’t remember.....That’s why I posted this - for FREEPERS to correct me...thanks again.
But, I just thought of something....7th Graders do NOT know that....LOL!!!
True. Unfortunately, neither do most adults. My wife got her B.A. and her Master’s without having to take a single economics or math class. The fact that she took over 200 undergrad/grad credit hours without a single math or basic econ class blows my mind (double major of music/art, master’s of secondary ed.). They should at least make these artist/music majors take some business classes so they can learn how to market their talents and run a business IMO.
And since at least 50 percent of voters think Obama’s tax plan is great, we know that at least 50 percent of adults don’t understand any business at all. Senator Government can finance his huge government programs by increasing income (taxes), debt financing (federal deficit), or cutting expenses (eliminate gov. programs). He has declared he can cut taxes, lower the federal deficit, and increase government spending all at the same time. This is impossible and preposterous, yet for some reason people believe him! We are in a sad state!
Hmmm. A guy on the radio said today that Obama’s jump from 36% to 39% in taxation rate for “Joe” was really 8.5%, I think he said, rather than only 3%. What am I missing here? Is that correct, and if so, I’m more tired than I thought.
Aside: Without the math classes, she didn’t get much science, either? No wonder the AGW/GCC scam is so easily perpetrated.
[Note: ~130 semester-hours, and no music courses. *<];-)]
8.3% increase in tax paid is correct. Increase in rate is 3%
Now: 36% on $100 = $36 tax paid
BHO: 39% on $100 = $39 tax paid
increase = 39-36 = $3 increase in dollars paid
$3/$36 X 100 = 8.333% increase in amount paid
Freshman biology and Physical Science were her two science classes. Neither require more than basic math.
That seems pretty typical any more.
To even qualify for admission when I graduated, we had to have three years English/literature (four recommended); math through Algebra II, with either 1 semester of trig or prob & stats, and 1 semester ‘elemetary’ functions recommended; 2 years of a foriegn language; 4 years of P.E., which meant dressing out nearly every day; 1 year each of general science, biology, & either chemistry or physics—both recommended. “Citizenship”; US history; world history; civics.
Didn’t leave much room for HS electives; BUT the state college & university system also required 2 years of college math; at least one each of a physical and a life science, at least one of which included a lab; and a lot of other general ed for any BS and most BA’s, though for a BA the math was only one year. For a science major, the general ed science classes didn’t count, but were extra.
The libs have watered it heavily, and have moved most requirements to the ‘soft side’ of the campus.
Students and young grads today are not prepared to effective refute the Gores and Hansons and Obamas of the world, let alone point and laugh them into oblivion.
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