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Started By
Message
re: I don't grasp how families make it.
Posted on 11/18/19 at 7:27 pm to 187undercover
Posted on 11/18/19 at 7:27 pm to 187undercover
Take 20% in taxes and 8k in yearly expenses per kid 80k becomes 40k net pretty damn quick. That’s tough
0
Posted on 11/18/19 at 7:28 pm to Azkiger
quote:
Bruh, minimum wage is $7.25 here in Louisiana.
I don't know what time period you grew up in but that's horrible advice today.
$7.25, 40 hours a week = 15,000 a year.
$10.88 (+50%), 40 hours a week = 22,600 a year.
If you make 37,000 a year its not a good idea to have 3 kids. You won't be supporting them, taxpayers will be.
When my wife and I matin 1987 minimum wage was 4.25 an hour
It was a struggle but we made it on our own means and didn’t require other taxpayers to fund us
I wasn’t giving my situation as advice
I was just stating that it can be done
I worked 2 jobs while going to college and eventually we did better
Now 32 years later we are upper middle class
If someone doesn’t make it in the US they have no one to blame but themselves
Posted on 11/18/19 at 7:28 pm to 187undercover
You left out where she has summers off.
Posted on 11/18/19 at 7:32 pm to fallguy_1978
quote:
It's probably closer to $4700 after taxes and deductions.
You think a family pulling in 80k is going to pay 23k in taxes?
That's like a 29% effective tax rate...
With 3 kids they're effectively paying zero income tax.
I went on a tax calc for 2019, put in jointly 80k, 3 dependents, standard deductions, and zero withholdings so far, and it said I owed 284 dollars. Effective tax rate was .3%.
Posted on 11/18/19 at 7:33 pm to fallguy_1978
(no message)
This post was edited on 1/20/20 at 1:10 pm
Posted on 11/18/19 at 7:34 pm to Loserman
quote:
I was just stating that it can be done
If you were a young couple in the 80's sure.
quote:
If someone doesn’t make it in the US they have no one to blame but themselves
Agreed, and some of that blame could be having children at a bad time.
Posted on 11/18/19 at 7:35 pm to Azkiger
quote:
You think a family pulling in 80k is going to pay 23k in taxes?
That's like a 29% effective tax rate...
That's taking home 70% which would also include expenses like health insurance, state taxes, dental, 401k etc. I figured 70% was about right. I think ours is around 63% but we make a good bit more than OPs family member.
Posted on 11/18/19 at 7:36 pm to cahoots
quote:
Fed taxes on $80k joint with 3 kids is almost 0 but let's call it $1,000. FICA is 7.65%. That's over $6k a month take home.
It's like 300 bucks, so they'd pull in more than 6,600 a month because I rounded off the 66 dollars a month off.
They're actually making ~6,642 a month after federal income taxes. State income tax won't take them below 6,600 a month.
This post was edited on 11/18/19 at 7:49 pm
Posted on 11/18/19 at 7:37 pm to cahoots
quote:
It is straight up dishonest to suggest that such is a family is being squeezed by taxes. I mean, this is a first world country. You have to pay something. 7.65% of your income is less than sales tax.
I didn't suggest that. He just divided 80000/12 when their take home pay is probably much lower. 80k isn't poor. They should be able to figure out how to make it work.
Posted on 11/18/19 at 7:38 pm to 187undercover
quote:Lets unpack how you chose your user name
187undercover
Posted on 11/18/19 at 7:38 pm to fallguy_1978
quote:
That's taking home 70%...
Assuming your numbers were right, sure.
But they're not.
Posted on 11/18/19 at 7:40 pm to fallguy_1978
quote:
He just divided 80000/12
Yes, because they're effectively paying zero federal and state income taxes. Health insurance, dental, 401k, those are bills, not taxes.
Posted on 11/18/19 at 7:40 pm to fallguy_1978
(no message)
This post was edited on 1/20/20 at 1:10 pm
Posted on 11/18/19 at 7:41 pm to 187undercover
Health care needs to be fixed. There aren't market forces at work. It's a corporatocracy and the GOP defends the monstrosity. Entire analyst firms just devoted to pricing drugs to exploit the system the most. If you knew someone in the industry and how they work you'd be disgusted.
I don't see the GOP to get their heads out of their asses long enough to do anything but defend the corporatists bottom line and it resulting in anything but socialized medicine.
I don't see the GOP to get their heads out of their asses long enough to do anything but defend the corporatists bottom line and it resulting in anything but socialized medicine.
Posted on 11/18/19 at 7:45 pm to 187undercover
So his job in the plant is around $40 to 45K/yr? How young is he, because that seems awful low...
Posted on 11/18/19 at 7:45 pm to Azkiger
quote:
Assuming your numbers were right, sure.
But they're not.
It's fairly close to $4600-4700 which is about what they probably bring home. It may be 4900 but I can almost guarantee you that it's not 6600.
Posted on 11/18/19 at 7:45 pm to TeLeFaWx
quote:
I don't see the GOP to get their heads out of their asses long enough to do anything but defend the corporatists bottom line and it resulting in anything but socialized medicine.
What? Obama passed Obamacare, he did the endzone dance and everything. The media was celebrating and patting him on the back.
You mean healthcare still isn't fixed?
Hrm...
Posted on 11/18/19 at 7:47 pm to fallguy_1978
quote:
It's fairly close to $4600-4700 which is about what they probably bring home. It may be 4900 but I can almost guarantee you that it's not 6600.
What do you think a family's effective income tax rate is who's making 80k a year with 3 kids?
Posted on 11/18/19 at 7:53 pm to Azkiger
quote:
What do you think a family's effective income tax rate is who's making 80k a year with 3 kids?
Probably 10-15% state and federal combined. Maybe 7 or 8% federal and 3% state. They'll pay SS and Medicare too.
I'm just thinking about the cash they'd have leftover after taxes, insurance and hopefully saving some for retirement. That's really what they have to work with.
Again, I don't think they are poor but having 70% of your gross income left is probably a pretty decent estimate. Maybe it's 75% but it's not 90+%.
This post was edited on 11/18/19 at 7:54 pm
Posted on 11/18/19 at 7:57 pm to Azkiger
quote:
What? Obama passed Obamacare, he did the endzone dance and everything. The media was celebrating and patting him on the back.
You mean healthcare still isn't fixed?
Hrm...
Many things were broken long before Obamacare.
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