" Obviously, bullets don't hit the ground at the same speed that they left the muzzle which I think some people believe."
Fired pretty much straight up, a bullet will fall BASE first.
For more on bullet behavior: How do bullets fly.
www.nennstiel-ruprecht.de/bullfly/#Contents
And from
www.nennstiel-ruprecht.de/bullfly/faq.htm#Q13
"Q: If a bullet is fired vertically from a rifle, what will its terminal velocity be if it strikes the top of someones head on its way back down?
A: This question is hard to answer in general. The best I can give is a "worst-case" estimation.
When a gun is fired vertically, the bullet after some time reaches a summit where the velocity is zero, and then falls back.
The bullet will fall back base first which is hard to calculate. I can estimate the velocity if it would fall nose first, that is the normal flying position for which drag is well known - so
the real terminal velocity will actually be smaller than the following prediction.
For a .22 lr bullet (m=40 grain, v0 = 1150 ft/s)
the summit will be at 1164 ft, the total flight time 30 seconds and the terminal velocity 270 ft/s
For a SS109 military bullet (m= 55 grain, v0=3200 ft/s)
the summit will be at 2650 ft, the total flight time 44 seconds and the terminal velocity 404 ft/s.
For this bullet are indications that it will become unstable. This will further reduce summit height and terminal velocity considerably. "