State Income Tax (Los Angeles: how much, home, buying)

[tmoney222]

Im in high school and thinking of moving to Los Angeles but one issue is really holding me back...taxes. In California is the state income tax rate really 9%?? In the state of California the state get 70 cents a gallon tax on every gallon you spend! Yet the government still has a budget crisis? Are taxes in California this bad?

[Charles]

The one thing holding you back is state income tax? You have a job, housing, and transportation all squared away?

About gas tax, less dollars are being raised from gas taxes because people are driving less and using less gallons due to higher gas prices. Adds to the misery for building roads as not only is there less money for roads, the price of asphalt (an oil product) is skyrocketing too.

I think property taxes are relatively worse. Consider the average home is around $500K in the big metros and property taxes are like 1.25% so tack on an extra $500/month for property taxes.

[Lovehound]

The state income tax rate is *NOT* 9 percent. It depends on your income and the bracket increases as you earn more money.

As a student I'm surprised you expect to earn enough money to feel that you would face the 9 percent bracket. Visit Franchise Tax Board Homepage for more details. Wow I just checked, remembered the URL flawlessly. Must'a spent some time on their site (yeah!).

As a graduating student you'll be lucky to reach the 9 percent bracket anytime soon.

And you're buying a $500K home. Just out of school jobs must pay better than they did when I graduated from UCLA.

[LASam]

Originally Posted by tmoney222

Im in high school and thinking of moving to Los Angeles but one issue is really holding me back...taxes. In California is the state income tax rate really 9%?? In the state of California the state get 70 cents a gallon tax on every gallon you spend! Yet the government still has a budget crisis? Are taxes in California this bad?

You're in high school and researching different potential places to live based on state taxes?! Wow! I'm impressed!

[AustinGuy]

Originally Posted by Lovehound

The state income tax rate is *NOT* 9 percent. It depends on your income and the bracket increases as you earn more money.

The 9.3% rate in California kicks in at $44,814. That isn't a heck of a lot of money, and I wouldn't be surprised if even some graduating high school students would be kicked into that bracket relatively quickly. Although the 9.3% rate will only apply to dollars earned about $44,814.

[CESpeed]

Typical of a kid making decisions. I applaud your effort, at least you are making an effort to make an educated decision. There are more important issues than State taxes to worry about. Housing, food, clothing, finding a job to pay for it all. Transportation to get to the job. Unfortunately, it won't be easy on only a high school education. I do wish you the best and strongly encourage you to consider going to college.

[katenik]

if you are coming to LA with the marketable skills typical of someone with only a high- school education, you won't be earning enough to reach that tax bracket any time soon. you are placing the proverbial cart before the horse. get an education first, and then you can worry about how much of your money sacramento will take.

[Charles]

For all we know, this high school person didn't tell us everything....It's possible his post could have read "Im in high school and thinking of moving to Los Angeles because I just signed a $70 million dollar contract with the Lakers..."

High School basketball players going to the NBA


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[tmoney222]

I plan on attending CSULB then living in Los Angeles