if your HH income is around 200K...

[Anonymous]

230k (about 10,500k take home after taxes/retirement/FSA)

$2000 mortgage + HOA + line of credit
$2500 private school tuition
$900 2 car payments (sadly both cars died within a year or each other)
$200 car insurance
$150 student loan
$300 gas/electric
$250 cable/internet/phone
$200 cell phones
$700 groceries/target
$650 savings (emergency/household repairs)
$200 life insurance
$300 cleaning service

[Anonymous]

Any good links for a payroll tax calculator? I've been using: http://www.adp.com/tools-and-resources/calculators-and-tools/payroll-calculators/salary-paycheck-calculator.aspx
but the numbers it's giving me aren't matching up to my current paycheck. Asking about the calculator so I can add in spouse income and get an accurate take home amount.

[Anonymous]

Anonymous wrote:

Anonymous wrote:155K HHI.

Net salary: 7000/Mo
(includes about 1.5K 401k, and 760 Insurance)

Mort. $2K
Food $800k
Cars Payments (total $800)
Utilities/Cell: $420
Medical about $800/mo (maxes out at 9K/year)
Entertainment: $100
Lunch for me (at work): $180
Gas: $120
The rest I do not know....but we are not saving money.

Medical bills are high to keep primary wage earner/cancer patient alive.

I think you have a problem with your food at 800k.

I like food....but what is three orders of magnitude

[Anonymous]

Anonymous wrote:"Your HHI of $200K, it does not mean you have the total amount. Have you subtracted out your taxes yet? For examples, Federal tax, state tax, SS tax, medicare tax, Obama tax, 99% tax etc. With all these taxes, it total about 40% of your HHI if you are lucky. It can be higher. So here you go, you only have 60% of you $200K or $120K. Now you know why you have no money left."

Not true. I make 195K and pay about 50K for state and federal income tax and property tax. Even if you include my bit of SS/medicare, it is less than 30%.

You must be a very good CPA. Here's break down. Federal tax in average 20% with your HHI, VA tax 5.7%, SS/Medicare 6.5%, real property tax about 1% of house value (let's say your house is $400K. it is 2% of your $195K HHI). If my math is correct, it is more than 30%. How about sale tax, car tax?

[Anonymous]

Anonymous wrote:Any good links for a payroll tax calculator? I've been using: http://www.adp.com/tools-and-resources/calculators-and-tools/payroll-calculators/salary-paycheck-calculator.aspx
but the numbers it's giving me aren't matching up to my current paycheck. Asking about the calculator so I can add in spouse income and get an accurate take home amount.

Try this one -- it works for me: http://www.yourmoneypage.com/withhold/fedwh1.php

[Anonymous]

Anonymous wrote:

Anonymous wrote:"Your HHI of $200K, it does not mean you have the total amount. Have you subtracted out your taxes yet? For examples, Federal tax, state tax, SS tax, medicare tax, Obama tax, 99% tax etc. With all these taxes, it total about 40% of your HHI if you are lucky. It can be higher. So here you go, you only have 60% of you $200K or $120K. Now you know why you have no money left."

Not true. I make 195K and pay about 50K for state and federal income tax and property tax. Even if you include my bit of SS/medicare, it is less than 30%.

You must be a very good CPA. Here's break down. Federal tax in average 20% with your HHI, VA tax 5.7%, SS/Medicare 6.5%, real property tax about 1% of house value (let's say your house is $400K. it is 2% of your $195K HHI). If my math is correct, it is more than 30%. How about sale tax, car tax?

New poster but I think your math is wrong. SS is 6.2% and medicare is 1.45% for a total of 7.65%, not 6.5%. Also, SS tax is only on the first $113K of income so, in this case with $195K HHI, it's an average of 3.59% + 1.45% medicare on all income. The federal tax may be lower after you subtract the deduction for interest on the mortgage. My average tax rate is about 20% and I only take the standard deduction.

[Anonymous]

What's the Obama tax? The 99% tax?

Sales and car tax are discretionary use taxes-you get taxed On what you spend and they don't belong in this conversation.

[Anonymous]

Anonymous wrote:What's the Obama tax? The 99% tax?

Sales and car tax are discretionary use taxes-you get taxed On what you spend and they don't belong in this conversation.

You got the point. You don't pay me to answer your questions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's the Obama tax? The 99% tax?

Sales and car tax are discretionary use taxes-you get taxed On what you spend and they don't belong in this conversation.

You got the point. You don't pay me to answer your questions.

Yup. I figured. Just another idiot poster who gets testy when called out on specifics.

[Anonymous]

"You must be a very good CPA. Here's break down. Federal tax in average 20% with your HHI, VA tax 5.7%, SS/Medicare 6.5%, real property tax about 1% of house value (let's say your house is $400K. it is 2% of your $195K HHI). If my math is correct, it is more than 30%. How about sale tax, car tax?"

Are you seriously telling me that I don't know how much I pay in taxes each year??? That takes some balls, and pretty much discredits anything you say.

[Anonymous]

Anonymous wrote:We make 180k, so a little less.
We spend $2800 on our mortgage
No car loans, no daycare.
Groceries at $400 a week. Clothing at $150 a month.
We make sure to always put in 5k a month into our savings account.
We have a 7k travel budget a year that allows us to do one international trip and multiple other little week/weekend trips in the US.

DH does travel a lot so we get extra $$ from per diem plus free airfare anywhere we go.

We aren't rich or too cushy, but I think it's because we're trying so hard to save that 5k a month. One thing we've tried really hard to stick with is that when your income goes up, to keep banking the difference and live like you make what you did when you start.

Good for you for saving $5k/month on this.

We make almost 200k, no car loans or daycare, similar mortgage and we do not save $5k a month. We do max out 401ks and iras.

[Anonymous]

Anonymous wrote:"You must be a very good CPA. Here's break down. Federal tax in average 20% with your HHI, VA tax 5.7%, SS/Medicare 6.5%, real property tax about 1% of house value (let's say your house is $400K. it is 2% of your $195K HHI). If my math is correct, it is more than 30%. How about sale tax, car tax?"

Are you seriously telling me that I don't know how much I pay in taxes each year??? That takes some balls, and pretty much discredits anything you say.

Our taxes are typically in the 18-20% range as well, once you take out all the credits/deductions (retirement, healthcare, mortgage interest, etc.) we keep thinking we'll get hit with AMT, but thankfully not yet. Lots of people with good salaries pay less than 30% when it's all said and done.

[Anonymous]

Anonymous wrote:

Anonymous wrote:"You must be a very good CPA. Here's break down. Federal tax in average 20% with your HHI, VA tax 5.7%, SS/Medicare 6.5%, real property tax about 1% of house value (let's say your house is $400K. it is 2% of your $195K HHI). If my math is correct, it is more than 30%. How about sale tax, car tax?"

Are you seriously telling me that I don't know how much I pay in taxes each year??? That takes some balls, and pretty much discredits anything you say.

Our taxes are typically in the 18-20% range as well, once you take out all the credits/deductions (retirement, healthcare, mortgage interest, etc.) we keep thinking we'll get hit with AMT, but thankfully not yet. Lots of people with good salaries pay less than 30% when it's all said and done.

I wrote the lat part. I was responding to the first part, not the reply.