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I was just thinking the same thing. 15% of income INCLUDING housing? Maybe he still lives with parents? Wow.
No, I don't live with my parents... I don't live in expensive apartments... that's my choice... I have people tell me to move to a nicer apartment and save less... I choose not to... I don't live beyond my means.. It will more than likely change in the future as I am saving money to buy a house when I am ready... I choose not to buy a house when I can't afford it yet... I know what I want and I am saving up for it...
1. you pay into taxes each month,
2. you get a refund from the amount that you over-paid each year.
This means that you have too much being taken out from your pay-check.
Yes, I know too much is taken out of my paycheck, but I am only at my workplace for another year so I really don't care to change it. I know I pay taxes each month, the poster above suggested that I didn't have any money to pay taxes... I corrected him/her....
Quote:
3. Not everyone pays into income taxes each money. Not everyone pays into income taxes each year either.
Most people do, very little don't. Most people do pay into income tax at the end of the year, they get a refund because they overpaid, but they still paid something.. very little people don't pay taxes... I am talking about the majority..
65% into retirement (401k, IRA, mutual fund, and whole life insurance)
20% of my income to student loans
15% to pay rent, food, cellphone, gasoline, and internet (and NOTHING else, everything else is a LUXURY...
I only mentioned taxes because you hadn't mentioned it in your post...
Thanks for setting me straight that it is "After Tax" Income breakdown noted above...
15% goes into my 401K..pretax
From what I actually get in my paycheck per month I sock 50% away and live off the other 50%.
2-3 more years and I can get off the treadmill.
i put 25% per paycheck into 401k, i started late so its catch up time! i want to invest in treasury notes or bonds soon. for some reason i feel really safe treasury investmensts.
i put 25% per paycheck into 401k, i started late so its catch up time! i want to invest in treasury notes or bonds soon. for some reason i feel really safe treasury investmensts.
Maxxing your 401k is likely a good idea. So long as your employer is kicking in some money too.
Most people do, very little don't. Most people do pay into income tax at the end of the year, they get a refund because they overpaid, but they still paid something.. very little people don't pay taxes... I am talking about the majority..
The Tax Foundation - Number of Americans Outside the Income Tax System Continues to Grow
32% in 2004. I had thought that it was like 28%, but then who am I?
As that article explains; with 'Standard Deduction's, 'Personal Exemption's, and 'Child Credit's many folks are able to lower their obligation to zero.
I generally have used schedule 'C's, 'E's and 'F's.
One thing that I did notice is that the article does not make any reference to child support payments, or housing allowances, or any of the other non-taxable incomes. Assuming that folks have a gross income of less then $40k, is entirely different when you consider all of the non-taxable income streams.
I have seen negative AGIs where the family's gross was over $80k.
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