Reply to I hate being stuck at $230k HHI and feel poor AF

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Interesting. I'm a single mom to two college-aged kids, and we live off $110k/mo plus $1200/mo child support, which covers my mortgage.
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I don't know how child support works, but if it is tax free, that's massive amounts of income.

My biweekly paycheck making around $150k.afyer tax is only $2478 after maxing 401k contributions, health care, etc. You have huge cash flow due to child support, assuming it is tax free.[/quote]

That doesn’t make sense. NP here. My salary of $145k with max 401k deductions including 50 plus, works out to $3100 take home every two weeks. Are you deducting too much in taxes so that you get a big refund check?

And $1200 a MONTH is not a big windfall. An extra $14400 a year isn’t substantial. [/quote]

NP, but I'm looking at both my 2024 W2 right now and my biweekly pay stub issued today.  My W2 for 2024 shows annual wages at $193,310.  My latest pay stub (no major changes in salary so far this year) was a net of $3095.

So I'm making more than you, deducting 20% combined for 401K and 457 contributions (which is not maxing out; 20% = $1442 biweekly gets me to more like $40K towards 401K+457 combined vs the combined deferral limit is $47,000;), and yet still taking home less on a biweekly basis.

I did receive a tax refund last year of about $6K and will likely get a refund again although I made some adjustments to reduce that.  I otherwise can't explain the differential between mine and yours, but surely other deductions need to be considered -- healthcare, state and city taxes, pension, whatever else.  I'm not complaining the way OP is because I "count" my retirement contributions into my overall big picture, but there's more than just retirement deductions to consider in the biweekly take home.[/quote]

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