I am one human being that hates lairs and every time I get to see or know anyone or anything that is being passed up as a lie to hurt or take advantage of another person I make it my business to deal with it.
That is why today I want to deal with these crazy taxes that are levied on our salaries but we just never see any benefits from them or get to understand why?
Am just so tired of workplaces that give false information about what they offer freely to their workers and yet the same freebies they claim to give you, are paid for by you in taxes.
Now let’s talk about the free food, the free toiletries that are delivered every month did you know you pay for that or you are just like most young professionals who go around telling themselves they have the above freely including health insurance but never question why they have to shoulder such a huge tax cut every month.
What kind of taxes are you paying for and how much are you paying and why? Ask for the why? I know you might find it intrusive but if employers are not scared of asking you; what your weaknesses are as if they are your therapist, why would you be afraid to ask them about taxes something that directly affects you.
You should always ask why you pay for certain taxes and how you benefit from them because the purpose of paying for taxes is so that you get better services.
What services are you receiving from these taxes? Last year I had a colleague who always questioned the taxes that we paid for. Every time we would get paid he would head to accounting to be explained to why he was still paying certain taxes and how he would benefit from them.
He always said that was because his personal finance department was as important as our employers finance department therefore he gave it equal attention as his job there. We used to find him weird but as I gave the idea more attention I realized he was right.
That gentleman helped us understand that paying taxes for an employee should be equally important and it should be reflected in the benefits you gain from the person levying these taxes on you.
You’ll have to forgive me I am not talking about National Social Security Funds here or Health insurance I am talking about those company taxes you are paying like withholding taxes.
Taxes that are retained by the company you work for, how do you benefit from them and for how long do you have to pay for them.
All this should be found out in your orientation week at your new job or if you didn’t talk about taxes and by now you are already working put that on your to do list this week. Find time and talk to the Finance Department/ Accounting Department to help you understand how much you are supposed to pay in taxes.
- Why do you pay that much, how much are you supposed to pay in taxes per year or month, how many months have to go by as you pay this money, find out whether some taxes are only paid for by new employees or which taxes do the employees pay in general.
- This information will help you understand the business of your job and give you a clear idea on how to manage and budget the amount of money you get.
- It will help you keep track on your salary and avoid the shock of finding out you are being over taxed. Therefore get that information.
- It will help you know which months your salary will come in full when certain taxes have been fully paid for, for that particular year.
- The knowledge of your taxes will help you plan extensively either for a career move or to line yourself up for a promotion by studying to attain more papers to support you for a career promotion or to plan when to exit into business.
- This knowledge will help you know beforehand how much money you can get from a bank loan because without knowing it you’ll be learning some accounting.
- And finally on the other hand these findings will in part help you in cases where you are unlucky to have a vampire accounting team devouring you’re hard earned money by over taxing you without your knowledge because taxes are often reflected in small amounts it’s hard for you to notice you are being fleeced.
It will be easy for you to build a case against them by presenting your truth to them and they’ll have to explain to you why you are still paying for these taxes or they might have made an honest mistake which will need correcting but without this information you have no case to built against them.
The same wisdom can be carried forward to your Bank, go find out what taxes you pay. You don’t have to be held in the dark if you are paying for it.
What taxes are you paying for and what benefits are you getting from them?