Reply to if your HH income is around 200K...

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]"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%.  [/quote]

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?[/quote]

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.[/quote]

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