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I think the only way for me to get ahead is to either blatantly lie about my income or quit my high paying job and replace it with a low paying one. Let me give a little background so that readers can really feel what I'm saying...I am a single man with no children living in Brooklyn. I earn $100k working for the city of New York. I got to this salary after years of working in the IT field and picking up valuable experience and skillsets along the way. As a single man, I am taxed almost to DEATH and STILL wind up owing the government come April 15th no matter if I put '0' allowances on my witholding. Currently I rent and I was looking to buy something. I have $15k saved and went looking. With $15k available for downpayment and closing, I could only afford a co-op somewhere...or so I thought. Most co-ops want 10 - 20% down, plus closing costs. That effectively ended my quest to ever own real estate.
In the meantime, a person earning $20, $30, $40k can get a $10k grant from NYC to help with downpayment and closing costs and all kinds of assistance from goverment subsidies that my tax dollar go into to help them purchase a home. No help exists for people in my income bracket. I guess we're just supposed to blink savings into existence. By the time I save up for downpayment and closing costs, it will be too late for me to buy a home. The low income earner however, can find housing in newly renovated buildings, buy homes that they can't afford thanks to all the assistance programs available to them, receive healthcare for pennies on the dollar, get free training, etc. All you ever hear about is programs for low income families. Where is the assistance for middle class earners WHO PAY FOR EVERYTHING that the low income families reap the benefits from?
At this rate, I'll be renting from someone who works at McDonalds because they'll be able to buy a home way before I can. Maybe I should marry a woman doing life in prison and adopt a few children for tax relief. What do you think?
You are so blind to reality it is embarrassing. I don't know if this has been pointed out to you, but it is very foolish for someone who earns his money from tax payers, whining about low income earners and what they get from the government. You get $100,000, a healthcare plan, a 401k or 403b plan all subsidized by the government and or paid for by taxpayers.
I looked it up. Through 1999 there was a commuter tax imposed on the income of non-residents by both NYC and NYS. It changed in 2000 and there is no longer NYC tax but NYS charges a 0.34% tax on income of non-residents who work in any boroughs and downstate counties served by LIRR/MTA/Metro-North.
On which line of the NYS Income Tax Form is this tax reported?
I think the only way for me to get ahead is to either blatantly lie about my income or quit my high paying job and replace it with a low paying one. Let me give a little background so that readers can really feel what I'm saying...I am a single man with no children living in Brooklyn. I earn $100k working for the city of New York. I got to this salary after years of working in the IT field and picking up valuable experience and skillsets along the way. As a single man, I am taxed almost to DEATH and STILL wind up owing the government come April 15th no matter if I put '0' allowances on my witholding. Currently I rent and I was looking to buy something. I have $15k saved and went looking. With $15k available for downpayment and closing, I could only afford a co-op somewhere...or so I thought. Most co-ops want 10 - 20% down, plus closing costs. That effectively ended my quest to ever own real estate.
In the meantime, a person earning $20, $30, $40k can get a $10k grant from NYC to help with downpayment and closing costs and all kinds of assistance from goverment subsidies that my tax dollar go into to help them purchase a home. No help exists for people in my income bracket. I guess we're just supposed to blink savings into existence. By the time I save up for downpayment and closing costs, it will be too late for me to buy a home. The low income earner however, can find housing in newly renovated buildings, buy homes that they can't afford thanks to all the assistance programs available to them, receive healthcare for pennies on the dollar, get free training, etc. All you ever hear about is programs for low income families. Where is the assistance for middle class earners WHO PAY FOR EVERYTHING that the low income families reap the benefits from?
At this rate, I'll be renting from someone who works at McDonalds because they'll be able to buy a home way before I can. Maybe I should marry a woman doing life in prison and adopt a few children for tax relief. What do you think?
I understand your frustration and I do think there should be programs for the middle class to assist with child care, health care and etc. However, the flip side is the average family of 4 earns between $50,000 and $60,000 per year. Do you consider these people to be low income workers? We do not live in a world that is fair and equal. I have co-workers that are able to purchase properties in really nice areas because of the generational wealth of their families. The best candidate does not always get the job. The list is endless.
The government can not help us because they do understand what it means to be middle-class. I define it as the class that pays for everything without assistance and has very little left over at the end of the month. Maybe we should unite and create our own fund to help defray costs for high ticket items. Who is going to organize it? It will not be the government. Maybe Occupy Wall street can do it.
I think the only way for me to get ahead is to either blatantly lie about my income or quit my high paying job and replace it with a low paying one. Let me give a little background so that readers can really feel what I'm saying...I am a single man with no children living in Brooklyn. I earn $100k working for the city of New York. I got to this salary after years of working in the IT field and picking up valuable experience and skillsets along the way. As a single man, I am taxed almost to DEATH and STILL wind up owing the government come April 15th no matter if I put '0' allowances on my witholding. Currently I rent and I was looking to buy something. I have $15k saved and went looking. With $15k available for downpayment and closing, I could only afford a co-op somewhere...or so I thought. Most co-ops want 10 - 20% down, plus closing costs. That effectively ended my quest to ever own real estate.
In the meantime, a person earning $20, $30, $40k can get a $10k grant from NYC to help with downpayment and closing costs and all kinds of assistance from goverment subsidies that my tax dollar go into to help them purchase a home. No help exists for people in my income bracket. I guess we're just supposed to blink savings into existence. By the time I save up for downpayment and closing costs, it will be too late for me to buy a home. The low income earner however, can find housing in newly renovated buildings, buy homes that they can't afford thanks to all the assistance programs available to them, receive healthcare for pennies on the dollar, get free training, etc. All you ever hear about is programs for low income families. Where is the assistance for middle class earners WHO PAY FOR EVERYTHING that the low income families reap the benefits from?
At this rate, I'll be renting from someone who works at McDonalds because they'll be able to buy a home way before I can. Maybe I should marry a woman doing life in prison and adopt a few children for tax relief. What do you think?
That's odd. In Fairfield County (CT) the income limit for 1 person (actually 2 or less) ranges between $104k to $154k depending on what town you live in.
Savings? What's that? Federal takes $738 per paycheck and NY city and state help themselves to about $485 per paycheck. Tack on $300 per month to the IRS for back taxes which I CONSTANTLY owe, plus $1200 rent payments. I'm glad if I can put away $200 per paycheck. Congrats to you owning your home. I doubt they tax your income bracket as much as mine. As for you saving 15-20k per year, I find that hard to believe. What do you live on? To the poster with the car question....Yes, I have a car.
How do you owe back taxes if you declared "0"? That doesn't add up. I made less than half of what you do, am relatively young, and have more than $15K.
I owe them because for 3 years straight I was in the hole come April 15th and simply could NOT pay what I owed. Tack on penalties and interest and here I am
How do you owe back taxes if you declared "0"? That doesn't add up. I made less than half of what you do, am relatively young, and have more than $15K.
I was thinking the same thing. Sounds like you had either a crappy accountant or you did something wrong with your taxes. And unless you need the car for work, I would scrap it. Can't cry about being broke when you have something that is considered a luxury in this city.
How do you owe back taxes if you declared "0"? That doesn't add up. I made less than half of what you do, am relatively young, and have more than $15K.
I was never in the hole with the IRS but I also claim 0 yearly and always wind up owing state a few hundred for some reason. Nothing that I can't pay back, but nobody seems to know why.
I was never in the hole with the IRS but I also claim 0 yearly and always wind up owing state a few hundred for some reason. Nothing that I can't pay back, but nobody seems to know why.
A few hundred is nothing when you earn $100K. He could pay that off in a day. Something smells foul here...
A few hundred is nothing when you earn $100K. He could pay that off in a day. Something smells foul here...
This is why people should be diligent about checking their paychecks and making sure the proper deductions are being taken out. Know what the federal, state, and city deductions should be for your tax bracket. You can always compare your paycheck and plug in the info on a site like this one:Paycheck Calculators | Online Payroll Calculators | Paycheck City
If the numbers don't add up on your paycheck to what they should be, then contact your payroll department.
I've been doing payroll and accounting for 20 years. Trust me when I tell you, there are too many idiots out there who work for the big payroll companies who make mistakes and we end up paying for it.
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