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However, it does disgust me, when I watch financial audit shows on YouTube and see people who make as much, or even significantly less than me, netting way more than I do each month. I mean seriously, how many people out there are not paying their fair share of taxes, paying for medical insurance, or contributing to a 401k?
However, it does disgust me, when I watch financial audit shows on YouTube and see people who make as much, or even significantly less than me, netting way more than I do each month. I mean seriously, how many people out there are not paying their fair share of taxes, paying for medical insurance, or contributing to a 401k?
What constitutes one’s “fair share” of taxes? How much would that be?
What constitutes one’s “fair share” of taxes? How much would that be?
C'mon you know the answer, LOL.
That question reminds me of the old canard about someone earning $100 more a year than me is a fat capitalist pig and someone making $100 less a freeloader.
That question reminds me of the old canard about someone earning $100 more a year than me is a fat capitalist pig and someone making $100 less a freeloader.
Right now, my take-home after taxes, 401K, and health insurance contributions is running about 65%. If I maxx'd out my 401K contributions, I'd drive that down to about 48%.
But federal income tax, federal payroll tax, and state income tax take about 25% of my gross. I'm really netting 75% of my gross, and allocating some of that net income voluntarily to savings and a small amount involuntarily to health insurance employee contributions.
Right now, my take home pay after taxes and deductions is about 52%. About 25% goes towards pension/403B, and about 18% goes to taxes. The remaining goes to life insurance/accident insurance/union dues.
Keep your income lower to prevent paying high taxes but in the end, it will give you a lower Social Security check.
That's our circumstance.
However, we also worked for cash for about 10% of our income and saved that cash so it worked out
Keep your income lower to prevent paying high taxes but in the end, it will give you a lower Social Security check.
That's our circumstance.
However, we also worked for cash for about 10% of our income and saved that cash so it worked out
That’s a pretty suboptimal strategy. More money is more better.
Wouldn’t you prefer to have more money, rather than less? If you had a chance to earn an additional $50,000 without any additional work, would you turn it down so that you wouldn’t have to pay taxes on it?
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