4 ms·

This is a wildly exaggerated calculation. I make roughly around 300k and my effective taxes (both Fed and State combined) was 28%. I also have daughter and she

by dmode 10y ago

This is a wildly exaggerated calculation. I make roughly around 300k and my effective taxes (both Fed and State combined) was 28%. I also have daughter and she goes to daycare that costs me $1200/month. I also own a 5 bedroom 2800 sqft house in East Bay, that costed me around a million bucks and the mortgage is around 3500 including insurance and property taxes

bogomipz 10y ago
That can't be correct. The nominal tax rate for 300K is 33%: http://www.efile.com/tax-service/tax-calculator/tax-brackets/ http://www.efile.com/tax-service/tax-calculator/tax-brackets... California also has the highest State to Federal tax ratio which is around ~ 10% for what you describe. So your number are way off. http://www.bankrate.com/finance/taxes/state-taxes-california.aspx http://www.bankrate.com/finance/taxes/state-taxes-california...
- 205guy 10y ago
  Mortgage interest deduction, probably. And it seems like we've gone full circle to the original comment about bankers capturing all the income beyond what it should cost to eat every day and build a house to sleep in.
- dmode 10y ago
  Mortgage deduction, property tax deduction, child credits, business expenses, charity deduction, medical expense deduction, child care deduction. Also, the entire state taxes is deducted.
makerman1982 10y ago
My 300k is 1/3 in private stock options which may not actually become money for another 5yrs, if ever. They don't accept it in exchange for homes and my 200k income isn't enough to buy a home, esp given there is a mass layoff every 7yrs. House prices go up more than the down payment I save each year so I get further from owning a home. Oh, and the east bay is about 2hrs fro SF so I'd never see my kids even if I bought a home
- rco8786 10y ago
  You make 200k in income, not 300k.
  - Harimwakairi 10y ago
    I wish I could upvote this more than once.
- dmode 10y ago
  East bay is 2 hrs from SF ?? Oakland ?
makerman1982 10y ago
So how do you get away from FICA/SocialSecurity taxes?

by dmode 10y ago

bogomipz 10y ago

That can't be correct. The nominal tax rate for 300K is 33%: http://www.efile.com/tax-service/tax-calculator/tax-brackets/ http://www.efile.com/tax-service/tax-calculator/tax-brackets... California also has the highest State to Federal tax ratio which is around ~ 10% for what you describe. So your number are way off. http://www.bankrate.com/finance/taxes/state-taxes-california.aspx http://www.bankrate.com/finance/taxes/state-taxes-california...

205guy 10y ago
Mortgage interest deduction, probably. And it seems like we've gone full circle to the original comment about bankers capturing all the income beyond what it should cost to eat every day and build a house to sleep in.
dmode 10y ago
Mortgage deduction, property tax deduction, child credits, business expenses, charity deduction, medical expense deduction, child care deduction. Also, the entire state taxes is deducted.

makerman1982 10y ago

My 300k is 1/3 in private stock options which may not actually become money for another 5yrs, if ever. They don't accept it in exchange for homes and my 200k income isn't enough to buy a home, esp given there is a mass layoff every 7yrs. House prices go up more than the down payment I save each year so I get further from owning a home. Oh, and the east bay is about 2hrs fro SF so I'd never see my kids even if I bought a home

rco8786 10y ago
You make 200k in income, not 300k.
- Harimwakairi 10y ago
  I wish I could upvote this more than once.
dmode 10y ago
East bay is 2 hrs from SF ?? Oakland ?

makerman1982 10y ago

So how do you get away from FICA/SocialSecurity taxes?