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Old 09-17-2008, 05:20 PM
 
Location: Teton Valley Idaho
7,395 posts, read 13,102,570 times
Reputation: 5444

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not to mention the ya-yas you have Gigi!

We miss you by the way!
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Old 09-17-2008, 07:20 PM
 
Location: Down East Maine
222 posts, read 529,935 times
Reputation: 381
Default Miss you guys too!

Quote:
Originally Posted by mollysmiles View Post
not to mention the ya-yas you have Gigi!

We miss you by the way!
I sure miss lunch with you guys! School just eats up about every last drop of energy-I can't wait for a break to catch up with lunch with you, peachie and MW!
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Old 09-17-2008, 07:53 PM
 
Location: Forests of Maine
37,468 posts, read 61,406,816 times
Reputation: 30414
Quote:
Originally Posted by shadowfax1997 View Post
curious - what do you pay in...
income tax for that $70K?
property tax?
sales tax?
medical insurance?
electricity?
cable?
phone?
car insurance?
food?
gas?
That is really hard to answer.

Income taxes are very individual. One person's income tax picture will be completely different from another person's.

What kind of investments you have will also influence it. There are folks who can manage their income properly who will have a Gross salary of $120,000, and yet who pay no income taxes. While someone else might gross $60,000 and be paying 25%.

Property taxes, are all about your house. How expensive your house is, and how high your town sets it's tax rates at. I have paid $5,000 each year for property taxes on a house and I have paid $47 on a different house.

sales tax: is only applied when purchasing some items, not all items have a sales tax. And sales tax is different from one state to another state.
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Old 10-06-2008, 12:12 PM
 
3 posts, read 6,945 times
Reputation: 10
Quote:
Originally Posted by shadowfax1997 View Post
curious - what do you pay in...
income tax for that $70K?
property tax?
sales tax?
medical insurance?
electricity?
cable?
phone?
car insurance?
food?
gas?

It could be comparable after conversions. I don't have any idea what these things go for in england.
Well, base tax is 22% I believe it goes up after hitting £40k or something similar,
Property tax is based area wise as it is in most places.
Sales tax is a VAT of 17.5% and applies across the board to everything (no hidden taxes like in the US, those really annoyed me :P if you advertise at $1 I don't expect to get the checkout and have to dig out change, tell me)
Medical Insurance doesn't count as the UK has the NHS so everything's free which is a big plus.
Electricity is probably more, cable is comparable, phone is cheap.
Car insurance is an iffy one as in a city here you don't need a car.
Food isn't bad, bit more expensive (loaf of bread = 35p)
Petrol is awful, 3 times as expensive but again I dont drive and I would pref live in a city here that is bikeable.

Now on the housing front yes you have more land and it's cheaper but again exactly how big a house could you buy on a salary of about $30-$35k before taxes and food and expenditure anyway?
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Old 10-06-2008, 05:59 PM
 
Location: Maine
502 posts, read 1,736,019 times
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Quote:
Originally Posted by forest beekeeper View Post

What kind of investments you have will also influence it. There are folks who can manage their income properly who will have a Gross salary of $120,000, and yet who pay no income taxes. While someone else might gross $60,000 and be paying 25%.
Care to share how you can not pay any income taxes on $120K?
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Old 10-06-2008, 08:48 PM
 
Location: Forests of Maine
37,468 posts, read 61,406,816 times
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Quote:
Originally Posted by shadowfax1997 View Post
Care to share how you can not pay any income taxes on $120K?
I did not mean to imply that I earn $120k.

I have filed taxes for friends who do though.

Proper tax-planning of course. Is the answer.

We have rental property which usually manages to shelter our Gross Income from taxes.

Any professional should have enough career expenses to keep himself pretty well sheltered [professional guilds, union dues, trade shows, etc].

Before I retired I always had enough business expenses to keep us sheltered.

The IRS offers courses on itemizing your taxes, and tax-planning. My wife and I each took their courses a few times, and were certified to assist folks doing their taxes.

Really over 30% of American households do not pay income taxes, they itemize and use the write-offs written into the IRS code to allow 'tax-payers' to avoid the process [and expense].

We have been tax-exempt since the early 1980s.

Alas I have been retired for 7 years now, and we now live on a much lower income.
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Old 10-07-2008, 05:08 AM
 
Location: Maine
6,631 posts, read 13,544,749 times
Reputation: 7381
Quote:
Originally Posted by shadowfax1997 View Post
Care to share how you can not pay any income taxes on $120K?
Gross minus expenses sometimes equals little net if you're careful.
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Old 10-07-2008, 06:14 AM
 
Location: Southwestern Ohio
4,112 posts, read 6,520,821 times
Reputation: 1625
Quote:
Originally Posted by lawmom View Post
My father has a Master's degree in education and taught elementary school for 35+ years. Granted, he retired some 10 years ago, but his highest salary was $42k.
I know that we have high school and junior high school teachers who clear more than the superintendent (i live in southwest Ohio). There are some that retired that were making in excess of $80 or $90K. Granted that was after 25 or 30 years.
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Old 10-07-2008, 06:18 AM
 
Location: Southwestern Ohio
4,112 posts, read 6,520,821 times
Reputation: 1625
Quote:
Originally Posted by forest beekeeper View Post
That is really hard to answer.

Income taxes are very individual. One person's income tax picture will be completely different from another person's.

What kind of investments you have will also influence it. There are folks who can manage their income properly who will have a Gross salary of $120,000, and yet who pay no income taxes. While someone else might gross $60,000 and be paying 25%.

Property taxes, are all about your house. How expensive your house is, and how high your town sets it's tax rates at. I have paid $5,000 each year for property taxes on a house and I have paid $47 on a different house.

sales tax: is only applied when purchasing some items, not all items have a sales tax. And sales tax is different from one state to another state.

It's not necessarily managing your money incorrectly. We gross about 60% and usually owe, but our daughter is over the age of the child tax credit and our deductions for our home has almost always been less than the standard deduction. Though we got back last year because she is still at home and we're paying for college, if she moves out, we're probably up you know where without a paddle.(this is with me putting my federal max into 401K).
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Old 10-07-2008, 08:06 AM
 
Location: Forests of Maine
37,468 posts, read 61,406,816 times
Reputation: 30414
Quote:
Originally Posted by Maine Writer View Post
Gross minus expenses sometimes equals little net if you're careful.
Are you depreciating everything that you are supposed to be depreciating?

We were amazed to see goats listed in the depreciation tables.

The IRS will tell you that you are required to be depreciating everything that can be depreciated.

We depreciate our rental properties.

Though we have not began depreciating our goats, sheep, pigs, or beehives. Technically from previous conversations with auditors we really should be.
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