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I don't think it matters if the car payments can be counted or not. But, according to [0] (I'm not sure how accurate/reputable it is; again, IANAA), the deduct
by warfangle 10y ago
I don't think it matters if the car payments can be counted or not.
But, according to [0] (I'm not sure how accurate/reputable it is; again, IANAA), the deductible portion of $60452=$31,408 is only $2,218.90.
Gas at $5752=$2,964 already extends past that cap.
Assuming her income is taxed before the lease payments are made, and hits her full deductible, she's paying total taxes of $4,437.81
So, net after-tax, after-expense income - I didn't realize that about routine maintenance - is $604-$160-($57 - ($2,218.90/52)) - ($4,437.81/52) = $344 / wk, or $13/hr.
Compared to working multiple inflexibly-houred minimum wage jobs, it's definitely better.
But in no way is it lucrative, or even lower middle class.
- pc86 10y agoIn most of the country $13/hr is indeed lower middle class.
- evilduck 10y agoIn places where $13/hr is a viable lower middle class wage, Uber is also generally not available as a job.
- untog 10y agoWe are specifically talking about Seattle here, though. All the other variables would also be different in different parts of the country.
- dragonwriter 10y ago> We are specifically talking about Seattle here, though. The newspaper is from Seattle, but the driver featured in the article whose numbers were used for the calculations in this thread was actually in Los Angeles.
- untog 10y agoAh, I stand corrected! But either way, things like car payments, insurance vary widely by geography, so it doesn't seem like applying this particular situation nationwide would prove much.