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re: After doing my neighbor's taxes, who's on fixed income
Posted on 5/20/20 at 10:28 pm to Friedbrie
Posted on 5/20/20 at 10:28 pm to Friedbrie
70k a year is a pretty solid fixed income. 8k total (assuming no other income taxes) isn’t a bad deal honestly.
I think of people on “fixed income” as scraping by on social security at 30k or less a year. Although any income could be classified as a “fixed income” as long as doesn’t fluctuate, I guess. Semantics.
I think of people on “fixed income” as scraping by on social security at 30k or less a year. Although any income could be classified as a “fixed income” as long as doesn’t fluctuate, I guess. Semantics.
3
Posted on 5/20/20 at 10:28 pm to jnethe1
quote:
We literally spend over half of our money to pay people to exist.
Not true.
Posted on 5/20/20 at 10:29 pm to Ric Flair
quote:
70k a year is a pretty solid fixed income. 8k total (assuming no other income taxes) isn’t a bad deal honestly.
That was my first thought as well.
The only question is where do they live. In my neck of the woods, 60k goes a long, long way. Especially if housing is covered.
Posted on 5/20/20 at 10:31 pm to Friedbrie
What is his source of fixed income to get to 70k?
Is it a pension plan payout? Was he a government employee for his career?
Is it a pension plan payout? Was he a government employee for his career?
Posted on 5/20/20 at 10:34 pm to AUCE05
quote:
go look how much they spend on war.
Truth.
But they don't care about this spending.
We could literally cut our defense spending in half, and put that half towards infrastructure, plus make the defense budget left over pay for the VA, and still be spending 20 times more on our military than the next biggest military in the world.
But it will never happen.
Posted on 5/20/20 at 10:34 pm to jnethe1
quote:
Check out how much money the average person pays in social security, then compare that with how much you’ll ever be able to recoup. You’ll never be able to recoup that which you paid. Not even close.
I'll never argue that paying into SS is better than just putting it into index funds, but the above appears to be completely false.
Posted on 5/20/20 at 10:35 pm to Friedbrie
Sounds like neighbor planned poorly
Posted on 5/20/20 at 10:36 pm to magildachunks
quote:
be spending 20 times more on our military than the next biggest military in the world
The world would explode
Posted on 5/20/20 at 10:37 pm to Ric Flair
(no message)
Posted on 5/20/20 at 10:41 pm to GreatLakesTiger24
quote:
who isn't on a fixed income?
A non retired able bodied individual with opportunities to earn more money by changing jobs, picking up a second job, etc.
You troll frick.
This post was edited on 5/20/20 at 10:43 pm
Posted on 5/21/20 at 1:53 am to Friedbrie
If he's single making more than median household income ($61,937 in 2018 per census.gov) and pays 11.4% effective tax rate, that's not surprising. How much of that was SS?
Posted on 5/21/20 at 4:41 am to Friedbrie
It took doing your neighbors taxes to realize this? You’ve never received a paycheck and looked at the stub?
Posted on 5/21/20 at 5:35 am to AUCE05
quote:
If that passes you off, go look how much they spend on war.
About 25% of what they spend on entitlements
Posted on 5/21/20 at 5:36 am to magildachunks
Some of you don’t understand the difference between discretionary and non-discretionary spending.
Here’s a pro tip: the issue isn’t discretionary spending. And hasn’t been for over 50 years.
Here’s a pro tip: the issue isn’t discretionary spending. And hasn’t been for over 50 years.
Posted on 5/21/20 at 5:50 am to Friedbrie
quote:
$70,000. Owes almost $8,000 to fed and state.
If his AGI is $70k, then his actual income was at least $82,200. I hope to do that well as retiree or cripple.
This post was edited on 5/21/20 at 5:50 am
Posted on 5/21/20 at 5:57 am to AUCE05
quote:
go look how much they spend on war.
Yeah but war gets shite done. Kills the enemy, installs a more favorable regime, garners new markets and resources, and allows the victor to spread hegemony.
Social programs don’t do shite except promulgate the status quo.
I’m much happier pretending all my taxes pay for cool shite like drones, war planes, tanks, and artillery then for some fig to get counseling cause he thinks he’s a her.
Posted on 5/21/20 at 5:58 am to Friedbrie
Sounds like he didn’t have any withheld from his retirement distributions. That’s his fault.
Posted on 5/21/20 at 6:11 am to Joshjrn
quote:
Assuming this is a 401k/traditional IRA withdrawal, he could have paid taxes a long time ago. He chose to pay them now.
Unfortunately, this is the truth.
Posted on 5/21/20 at 6:59 am to magildachunks
It is true though.
Posted on 5/21/20 at 7:02 am to meansonny
No, I don’t have a link for that. All I did was some math. Go and see how much you have and will likely contribute before you can access the social security. Then look at how much you’ll be able to access on a monthly basis. You will not be able to take in nearly as much as you put into the system. It’s a pyramid scheme.
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