Social Secruity Means Testing (typical, beach, raise, family)
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It doesn't matter, you are still not rich. High income does not mean you are wealthy. You've been mislead.
There are annual limits. In 2016, if you are under 50 years old, you can contribute a maximum of $18,000. If you're 50 or older, you can make an additional catch-up contribution of as much as $6,000, for a total of up to $24,000. Those contribution limits change annually to track inflation.
Total Income $200,000 - Still not rich
Total Deductions $12,600
Total Exemptions $8,000
Taxable Income $179,400
Regular Taxes $37,284
Alt. Minimum Tax $0
Additional Taxes $0
Tax Credits $0
Tax Payments $0
Your owe $37,284
Marginal Tax Rate 28%
Total Income $250,000 - Still not rich
Total Deductions $12,600
Total Exemptions $8,000
Taxable Income $229,400
Regular Taxes $51,284
Alt. Minimum Tax $0
Additional Taxes $0
Tax Credits $0
Tax Payments $450
Your Owe $50,834
Marginal Tax Rate 28%
Total Income $400,000 - Still not rich
Total Deductions $12,600
Total Exemptions $2,080
Taxable Income $385,320
Regular Taxes $102,685
Alt. Minimum Tax $0
Additional Taxes $1,350
Tax Credits $0
Tax Payments $1,800
Tax Owed $102,235
Marginal Tax Rate 33%
a big factor is how that income is arrived at . big incomes from capital gains can easily trigger the amt tax . i have never ever hit those income levels when we sold a property and not been on the amt tax system instead of the regular system .
What we can't tell from the tables is how many of the PT workers wanted FT work and settled for PT or had their hours cut back by an employer avoiding costs of FT benefits.
There are a boatload of people that would disagree that making over $200k a year does not qualify you to be considered rich. And over $400k..???? Seriously??
There are a boatload of people that would disagree that making over $200k a year does not qualify you to be considered rich. And over $400k..???? Seriously??
And our progressive sliding scale means that if you barely reach the upper levels, it's only your last few dollars that are taxed at the highest rate. A substantial number of people in the range of the 3 examples shown will be maxing out a 401k with catch up, which is another $24k that won't be taxed. Oh and maybe another 2500 in an FSA for out of pocket medical and possible even another 5K for dependent care.
When I was in elementary school, my much-older half brother was in the 90% tax rate category and still made his first million (when a million dollars was really a big deal) before he turned 30.
Guess what? The high tax rate didn't hurt him a bit and it helped the U.S. economy. He just bought a whole bunch of American-made products for his business (for which he got hefty write-offs) and everyone prospered, the workers and the businessman.
The people who would benefit least from a higher corporate tax rate are those who do not invest money back into real businesses (some businesses are just shams, as we all know) that employ U.S. workers.
I was just thinking about Ike last night. The higher income folks would wet their pants if he were President today.
What we can't tell from the tables is how many of the PT workers wanted FT work and settled for PT or had their hours cut back by an employer avoiding costs of FT benefits.
Yes, you can tell exactly that.
People who are working part time but would prefer full time, or who had hours cut back from full time against their wishes are called part time for economic reasons. BLS breaks that out in the link below it amounts to less than 23% of part time workers.
There are a boatload of people that would disagree that making over $200k a year does not qualify you to be considered rich. And over $400k..???? Seriously??
I'm middle class and made good decisions so you are forced to subsidize me. I pay $0 fed income tax and most of my health insurance is covered by Obamacare subsidies. I thank you.
See above. You're doing it wrong.
I thought you are living overseas, there is Obamacare overseas?
$400 000.00 - $102,400.00 = $297,600.00
minus state and local taxes = ? how much money is left
Yep, it's a nice income. So if you can retire on what's you saved after taxes (even saving several years) and that years expenses for 30+ years, your good.
I agree it's nice income, but it's not rich. It depends on where you live. In my neck of the woods, it's not even top 1% for income.
People who are working part time but would prefer full time, or who had hours cut back from full time against their wishes are called part time for economic reasons. BLS breaks that out in the link below it amounts to less than 23% of part time workers.
Bottom line = most part time workers want to be part time workers.
That's true, but you might be missing the point. Even though only a portion of the PT workers would rather be FT, if you add them into the mix to get the median income it will almost certainly come down some. I say almost certainly because I don't know what portion of the 23% of PT workers you speak of make less than 43k, but I think it is likely the vast majority; maybe over 90% of them. But that is a guess.
So the median wage of workers that want to be working FT is somewhere between 30k and 43k but it isn't really clear where in that range it is.
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