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So let me get this right. This hypothetical includes a $200k salary. Once you consider Federal income tax, FICA, and State income tax, you're sitting $130k in C
by iplaw 10y ago
So let me get this right. This hypothetical includes a $200k salary. Once you consider Federal income tax, FICA, and State income tax, you're sitting $130k in CA and NY, $135k in OK, etc. You want to "put away" $80k/year.
Haha.
- dlp211 10y agoThat is literally if you do nothing to shield yourself from taxes AND you are single. Do you plan on being single your entire life? and never investing in any tax advantage accounts?, never tax loss harvesting?, never being semi-serious about FIRE? You are so out of touch it is beyond unreal. There are people that live and work in every single one of those locales on 1/3rd and less just fine.
- iplaw 10y agoI have a CPA tax attorney who handles this for me. As I said in the other reply, I don't think that I am out of touch. $200k isn't as much as people make it out to be. It's enough to not worry about monthly commitments, but it's not enough for much else. A new construction home in a middle class part of Dallas runs $700k, or $3300/month + another $13k in tax = $50k annually. Add your 5-Series for $500/month for another $6000. Plus insurance. Meh. And as I said before, at $200k, you can utilize a 401(k).
- micahbright 10y agoI make $110k per year. I pay, $15k in child support, and save $40k per year. Yes, you can easily save $80k per year on a $200k salary. It just depends on how you decide to spend your money.