Post ID: @5emz+1e1ybXFE
Then don’t live in NYC which has one of the most expensive costs of living in the world. Simple.
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Sounds like a lot of people that are high wage earners live the live of a rock star, then complain they have bills resulting from that and want more.
When you spend like a drunken sailor that happens. Learn to set a budget, live within it and save for a rainy day because the gravy train always stops sometime.
250k isn't anything in NYC. That is most likely low middle class, but 250k in Mississippi is upper middle class. So it depends where you live. Just to level set, rule of thumb on federal tax rate is about 35-40% when you get over 150k. More less, you retain about half your pay once everything is said and done.
I got debt just like every other person and the more I make the better life I can provide for my family.
@2joj+1e1ybXFE Can i ask which decade this 110k was in? Inflation is real? My parents did the same thing, but they paid like 300 a month for daycare vs 4K. I am laughing at what you did back in the day when gas was 97cent a gallon and you still managed to save. I bet you did bc your 110k salary was significantly more in 2000 than 2021. Prices have increased but salaries have not. My student loan payment wasn’t even in my initial breakdown. People owe a house payment in student loans, then you have a mortgage, a Honda civic is almost 30k today . When i got one in college brand new it was 17k. I am laughing at how comical your comparison of your yesteryear salary can do with today’s prices.
If you had to pay 1/4 of my bills you too would think 250k ain’t what it use to be.
East Coast here. I put kids through college, paid 5OOk for my home and saved 350K on a 110K salary. Don't cry to me. Learn how to manage money.
@2qmh+1e1ybXFE I married one. If there is a tax loophole we know it. You are basing 250k off the middle of America pricing. My daycare bill is 4k a month. So 6k in taxes is a significant hit from one person’s check. I don’t care how you cut it. That’s 10k out the door and I haven’t eaten, bought a roof, or retired with it!!
@2ycz+1e1ybXFE
Do you realize what kind of administrative staffing that would require? Half of the people out there keep voting to reduce spending/jobs in govt and requiring a break down -which may show like 0.00017 for some items). It's spread across many things and part of paying taxes means you don't choose where it goes.
I don't make anything close to that and I live in the bay area and I give most of my money to the tax man. I know this is a lame question but why can't I get an itemized receipt to what I have paid for with all of my taxes each check?
Life is so tough on $250k, especially when you have to overwithhold xtra from your own paycheck LOL.
This is too hilarious for words. Talk to a financial planner and have them get you a jumbo mortgage. The only people who really benefit from a mortgage deduction are high earners with high mortgage payments. You are screaming half empty with a full glass just brimming over the top.
99% of the people in the world would just love to have your problems.
$250k = around $9,600 gross per check. You are paying around 3k-3.5k in taxes a check. You haven’t even maxed out your 401k, paid health insurance, paid your mortgage, daycare bill or anything else. Could you imagine paying 6k-9k in taxes a month depending on 2-3 check month cycle? Not to mention at that rate you get absolutely no deduction whatsoever. Can’t write off health care cost, you make too much. Your daycare fsa cuts off at 2500 instead of 5k, so there goes that. Not a single stimulus check was issued at this rate, but cost of goods still went up for everyone bc of Covid. You pay all that money in taxes just to owe at the end of the year!!! Never ever gotten a refund check. We have to file single just to break even. So even though I do not make anywhere near what he does, I’m still forced to lower my bi weekly pay so we do not have some large tax bill in April.
Depends on location. I'm in NYC area and def not. Would feel the same in SF.
However any other state (FL, NC, etc.) would be enough.
$250k = around $9,600 gross per check. You are paying around 3k-3.5k in taxes a check. You haven’t even maxed out your 401k, paid health insurance, paid your mortgage, daycare bill or anything else. Could you imagine paying 6k-9k in taxes a month depending on 2-3 check month cycle? Not to mention at that rate you get absolutely no deduction whatsoever. Can’t write off health care cost, you make too much. Your daycare fsa cuts off at 2500 instead of 5k, so there goes that. Not a single stimulus check was issued at this rate, but cost of goods still went up for everyone bc of Covid. You pay all that money in taxes just to owe at the end of the year!!! Never ever gotten a refund check. We have to file single just to break even. So even though I do not make anywhere near what he does, I’m still forced to lower my bi weekly pay so we do not have some large tax bill in April.
You are looking at the gross pay but not net. It is not the same. As someone whose spouse makes this we still very much live on a tight budget because it’s not as much money as you think as most of it goes to taxes, inflation, COLA. especially with daycare cost for multiple kids costing more than our metropolitan city mortgage rate.
250k in 2021 is not the same 250k of 1990. I really wish they would move the needle of wealth in this country especially based on your zip code location.
Even worse, imagine being an adult who works at a Financial Institution knocking down doesn't understand how marginal tax works.
Priceless: “The hire amounts you make at that level the less you actually see. The rich pay an extreme amount in taxes, it’s ridiculous.”
Folks, they walk among us…particularly in the Bay Area.
Most of it goes to taxes. If you saw the tax bill every check you would probably have a heart attack
Yes
"The hire amounts you make at that level the less you actually see."
Imagine being an adult who doesn't understand how marginal tax works
In Cali Gav Man takes half for state pension funds and other such gov't bloat, the rest goes to welfare bunnies and their votes. Every year they vote in a new sales tax increase or multi billion dollar bond fund. Anway all said and done your left with roughly half your gross. Avg home price in SF is $1.46M, if you put 10% down that stills about a $6950 mortgage payment. At some point though capitalist drive is lost when the Brandon's of the world keep picking your pocket for votes.
The reality is 250k is gonna equate to about 5k take home per check. Half your money is going to taxes to give to all the people that didn’t want to work during covid and don’t want to be fiscally responsible. The hire amounts you make at that level the less you actually see. The rich pay an extreme amount in taxes, it’s ridiculous.
More is more.
lol 250k in SF is basically not that much.
Yes.
You want the title and the commensurate pay without any of the work or responsibility. Most people in these positions have years of experience and a history of delivering with quality results (most not all). If the market dictates that my skill, education, experience, level of responsibility (over 200 people depend on my leadership) has me earning over $250K then I will take every cent. I can then determine how to donate or invest my money accordingly. Why should I take $20K less to just give to someone not willing to put in the work and who complains on sites like this one?
It depends on the person, but if you have financial goals in life (being debt free, retiring young, buying a beach house, whatever), you'll want enough to reach those...so more would always be better. Not everyone has such goals, however, or puts such emphasis on them that'll they'll move heaven/earth to reach them.
Not really. I'm happy enough.
no matter how much you make, you always want more