what does a $500 gun cost ???

[MemphisStockBroker]

[Drake]

It does seem ridiculous to pay so much in taxes. You're right on with the percentages and total amount if you are self-employed, but the numbers don't add up. By the way, is sales tax 7.5%? Does Olive Branch add an extra half of a percent? If you work for the man(not self-employed), it only costs $ 858.06 using 7% sales tax. Your employer pays the difference!!!

Total pay $ 858.06
Soc. Sec. & Medicare (7.65%) ( 65.64)
Fed. Income Tax (assuming 25%) (214.52)
State Income Tax (assuming 5%) (42.90)
Sales Tax (using 7% rate) (35.00)

I just bought a gun over $500 this past weekend. Pretty coincidental I guess.

[MemphisStockBroker]

you have to produce it for your employer to pay it... think about it for a second and it will make sense. you pay both parts of the 7.65%. part he writes a check for, the other part shows up on your statement.

and yes, many municipalities tack on some additional sales tax. .5% - 1% is common.