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Nationally:
Below $20,000 = in poverty
Below $30,000 = working poor
$30,000 - $50,000 = working class
$50,000 - $75,000 = lower middle class
$75,000 - $100,000 = middle class
$100,000 - $250,000 = upper middle class
$250,000 and above = wealthy
In NJ
Below $30,000 = in poverty
Below $40,000 = Working poor
$40,000 - $55,000 = working class
$55,000 - $85,000 = lower middle class
$85,000 - $125,000 = middle class
$125,000 - $300,000 = upper middle class
$300,000 and above = wealthy
But is that for a family or single person? And if for a family, how large are we talking?
I disagree. I think saving for one's childen's education is responsible parenting at most income levels. Even someone making $100k should forego other things in favor of saving for their child's education. It is a sad state of affairs when saving for college is considered a "luxury". I suppose saving for retirement is a luxury as well?
This is an old thread,but yes,saving for retirement and college is a luxury.
Parents aren't obligated to pay for the kids college education.
That said,I'm not sire how someone can sqeeze any more money out of 100,000 in Nj.
I'm usre it can be done in Alabama though.
Can't really break it down. But from what I know..since we were dating..he brought home a little over $5,000 dollars a month..maybe closer to $6K.
Single, no kids, not a homeowner - he was getting taxed heavily; and he complained about it every time he opened his paystub.
He wasn't eligible for tax breaks either..since he didn't have any..
We ended our relationship right while he was filing his taxes...I honestly think he was worried that he was going to owe, or get little to nothing for his return (since that was what it was looking like when he filed with H&R).
This is an old thread,but yes,saving for retirement and college is a luxury. Parents aren't obligated to pay for the kids college education.
That said,I'm not sire how someone can sqeeze any more money out of 100,000 in Nj.
I'm usre it can be done in Alabama though.
That may not be true in NJ. My friend's spouse's ex sued for college support and won. The parent paid for two young adults (over 18) to attend four-year colleges. Then one kid tried to sue for another four-year school and lost.
Number 18. College or Other Post-Secondary Education Expenses
"...In all cases, primary consideration shall
be given to the continued support of minor children remaining in the primary residence
by reapplying the child support guidelines for those children before determining parental
obligations for the cost of post-secondary education and/or continued support for a child
attending college.
Number 25. Support for a Child Who has Reached Majority
"...After a child reaches majority and completes secondary education, a support obligation, if found by the court to be appropriate, shall be determined in accordance with N.J.S.A. 2A:34-23 and existing case law."
Can't really break it down. But from what I know..since we were dating..he brought home a little over $5,000 dollars a month..maybe closer to $6K.
Single, no kids, not a homeowner - he was getting taxed heavily; and he complained about it every time he opened his paystub.
He wasn't eligible for tax breaks either..since he didn't have any..
We ended our relationship right while he was filing his taxes...I honestly think he was worried that he was going to owe, or get little to nothing for his return (since that was what it was looking like when he filed with H&R).
if he saved in a 401k he would've gotten a tax break. are you sure that wasn't taken out of his pay? he also gets the standard deduction, so he does technically get a tax break.
That may not be true in NJ. My friend's spouse's ex sued for college support and won. The parent paid for two young adults (over 18) to attend four-year colleges. Then one kid tried to sue for another four-year school and lost.
Number 18. College or Other Post-Secondary Education Expenses
"...In all cases, primary consideration shall
be given to the continued support of minor children remaining in the primary residence
by reapplying the child support guidelines for those children before determining parental
obligations for the cost of post-secondary education and/or continued support for a child
attending college.
Number 25. Support for a Child Who has Reached Majority
"...After a child reaches majority and completes secondary education, a support obligation, if found by the court to be appropriate, shall be determined in accordance with N.J.S.A. 2A:34-23 and existing case law."
if he saved in a 401k he would've gotten a tax break. are you sure that wasn't taken out of his pay? he also gets the standard deduction, so he does technically get a tax break.
No, he hadn't set up a savings plan as of yet - that I knew of. I honestly don't know where that money went. He had asked me for help since I work in finance (budgeting), but I never had the time to do so..maybe he had set it up in the past and was looking to make changes to it..but I wasn't aware of this.
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