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Old 02-19-2012, 02:13 PM
 
Location: Palo Alto
8,107 posts, read 2,175,467 times
Reputation: 2286
What does it say for single with no itemized deductions?
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Old 02-19-2012, 02:21 PM
 
Location: Hinckley Ohio
6,722 posts, read 2,000,583 times
Reputation: 1364
Quote:
Originally Posted by Crossfire600 View Post
They don't get it.. Sadly they just dont get it.. Remember who we are talking to here.. we could try to explain this several different ways but it's never going to happen.

Well, maybe they should think of it this way. Someone has to pay cash to provide the Medicaid services. If someone is paying out cash on their behalf then they are the recipient of the value of that cash or service. Therefor, they don't have to pay out of pocket which gives them more disposable income.

Na... They just don't get it.. We are doomed..
how does a medical bill paid by Medicaid turn into DISPOSABLE INCOME. That money was never in the families hands.

The $16k entry is an invention with no basic in reality. POTENTIAL benefits that might be paid don't equate to cash in hand.

Finally, where is the medical benefits the $60k family gets from their ekployer?
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Old 02-19-2012, 02:25 PM
 
Location: NC
586 posts, read 272,859 times
Reputation: 272
Quote:
Originally Posted by buzzards27 View Post

Seek help, you don't know how to file out that 1040.
I used Turbo Tax just like you just did. So gtfo here with that BS.

Your post said "someone" would pay 8-9% max at a $60k income. Not a "family"
I'm a "someone" and gave you my information.

I'm sure you're the smartest person you know so tell me, what can I legally claim to lower my 16+% effective federal rate @ $73k gross?

Single, no kids, no mortgage.
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Old 02-19-2012, 02:27 PM
 
Location: Twin Cities, MN
780 posts, read 197,077 times
Reputation: 217
Quote:
Originally Posted by KUchief25 View Post
Well in the entitlement USA it appears it's about a wash..........and folks wonder why there is no middle class. Many throw in the towel and get on the gravy train and join the ranks of the poor who it appear make out as good or better than the middle class.

"In what is sure to inspire some serious ire among all those who once believed Ronald Reagan that it was the USSR that was the "Evil Empire", Emmerich analyzes disposable income and economic benefits among several key income classes and comes to the stunning (and verifiable) conclusion that "a one-parent family of three making $14,500 a year (minimum wage) has more disposable income than a family making $60,000 a year." And that excludes benefits from Supplemental Security Income disability checks. America is now a country which punishes those middle-class people who not only try to work hard, but avoid scamming the system."

In Entitlement America, The Head Of A Household Of Four Making Minimum Wage Has More Disposable Income Than A Family Making $60,000 A Year | ZeroHedge
Hogwash.

That is all.
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Old 02-19-2012, 02:30 PM
 
Location: Hinckley Ohio
6,722 posts, read 2,000,583 times
Reputation: 1364
The fringe benefits of a $60k job can increase the total employee compensation package to $72,500 to $80,000.

Your Blogger missed these added benefits of having a decent job, that is not minimum wage. He has severely understated the $60k family's economic standing.

Quote:
Benefits Cost Typical benefits for a $50,000 salaried employee include life insurance, which cost $150, and health coverage, which cost $2,000 to $3,000 for single persons and $6,000 to $7,200 for families, says Joseph Hadzima, Jr., a senior lecturer at MIT Sloan School of Management. Other benefits could include long-term disability insurance ($250), dental plans ($240-$650), dependent care assistance, tuition reimbursement, retirement plans. The costs for basic salary, employment taxes and benefits, he says, are typically in the 1.25 to 1.4 times base salary range. This means that a $50,000 employee salary might really cost the company $62,500 to $70,000.
Cost of Employee Benefits for an Employer | Small Business - Chron.com

Last edited by buzzards27; 02-19-2012 at 02:54 PM..
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Old 02-19-2012, 02:34 PM
Status: "Happy Halloween!" (set 6 days ago)
 
Location: Foot of the Rockies
69,140 posts, read 58,270,444 times
Reputation: 19697
Quote:
Originally Posted by TrapperJohn View Post
Stated another way:

You and your friend go to the bar. You are a union carpenter and he is a general carpenter. You make X dollars per hour, and he makes 0.5X dollars per hour.

You order a beer and the bartender charges you $5. Your friend orders a beer and she charges him $2.50. When you question her why his beer was less, she tells you that non-union carpenters are charged less because they earn less, and the government subsidizes the bar owner half of every non-union beer to help equalize the disparity.

You both received the same economic benefit. The value of your dollar is half his for this transaction.
Analogy FAILURE!
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Old 02-19-2012, 02:36 PM
 
Location: Hinckley Ohio
6,722 posts, read 2,000,583 times
Reputation: 1364
Quote:
Originally Posted by TheThrillIsGone View Post
I used Turbo Tax just like you just did. So gtfo here with that BS.

Your post said "someone" would pay 8-9% max at a $60k income. Not a "family"
I'm a "someone" and gave you my information.

I'm sure you're the smartest person you know so tell me, what can I legally claim to lower my 16+% effective federal rate @ $73k gross?

Single, no kids, no mortgage.
Like I said, your example, single taxpayer, has zero bearing on a discussion of a family of four's taxation rate. Why offer it in the first place?

Dude, you don't know everything. Professional could guided you if you are really paying that much. A sole proprietorship is an easy thing to do and is the first step in lowering that tax bite.
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Old 02-19-2012, 02:41 PM
Status: "Happy Halloween!" (set 6 days ago)
 
Location: Foot of the Rockies
69,140 posts, read 58,270,444 times
Reputation: 19697
Quote:
Originally Posted by southking500 View Post
Actually a welfare mother with 3 kids can have a equal or higher standard of living than a 2 parent family with 2 kids.
The 2 parent family at 60K is probably bringing home about $4000.00 monthly after taxes. In my area a modest 3 bedroom house rents for about $1500.00, add another $300.00 for gas and electric. Groceries are going to be $800.00 at least. If their health insurance is typical they will have a deductible and copays that could easily add up to $500.00 a month for medical, dental, rx and 1 or 2 ER visits per year. That leaves less than $1000.00 per month for car expenses, clothing, phone etc. and hopefully the kids are not in daycare.
Meanwhile the welfare mother does not pay a dime for groceries or healthcare and if she has a section 8 certificate she can rent the 3 bedroom house next to the wage earners for $200 to $300. Govt. programs will also cover her heat, electric and even cell phone bill. The kids get free breakfast and lunch at school. If she is adept at working the system there are vouchers for clothing, furniture even cars.This leaves plenty of extra cash for hair, nails, tattoos and fast food meals at least a few times a week.
$500 a month in deductibles and co-pays for a family of two young adults and three healthy kids? I. . . .don't. . . . think. . . so! My ins. charges a $20 co-pay for dr. visits and most prescriptions. That would be the equivalent of 25 doctor visits and/or prescriptions filled a month.
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Old 02-19-2012, 02:47 PM
 
8,306 posts, read 6,675,318 times
Reputation: 3700
Please explain the section 8 subsidy. Added to the top line of family income that still comes out to $5000 a year. Where are you going to find anything that cheap? I know the COL in MS is low, but it can't be that low. And that leaves nothing for clothing and other necessities.
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Old 02-19-2012, 02:59 PM
 
Location: Palo Alto
8,107 posts, read 2,175,467 times
Reputation: 2286
Quote:
Originally Posted by Katiana View Post
Analogy FAILURE!
Better tell that to Obama and Pelosi. Need a link? :grin:
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