Anonymous wrote:DH made something like $1.7M and has already had $500K taken out of this paycheck.
I thought rich people didn't pay much in taxes....

Get a better tax specialist?

Such hardship and suffering. I'm praying for you right now PP.

Anonymous wrote:DH made something like $1.7M and has already had $500K taken out of this paycheck.
I thought rich people didn't pay much in taxes....

You're still netting over a million dollars and have more discretionary money than most families would know what to do with. You're on the wrong board if you're expecting sympathy.

Anonymous wrote:We just did the math on this and I think $190K is about where you need to start worrying that it's not worth it.

Does this depend on the disparity between incomes? For instance, DH makes 100k and I made almost 90k (hopefully getting a raise soon). It seems like 190k is worth it even with childcare costs added in as opposed to just living off 100k. I imagine if one spouse makes 150k and the other makes 40k though, then it might not be worth it for the lower income person to work? I haven't run the numbers for both scenarios though.

And I'm sorry OP -- owing that much in taxes sounds awful

DH made something like $1.7M and has already had $500K taken out of this paycheck.
I thought rich people didn't pay much in taxes....

We just did the math on this and I think $190K is about where you need to start worrying that it's not worth it.

Anonymous wrote:Definitely run the numbers before you push over $200K because your DH is right - it may not be worth it at all if you have to pay daycare, buy nice work clothes and pay for a Metro commute or long drive/parking.

Any good sites to run numbers? Or just turbo tax?

Definitely run the numbers before you push over $200K because your DH is right - it may not be worth it at all if you have to pay daycare, buy nice work clothes and pay for a Metro commute or long drive/parking.

Anonymous wrote:I have cut back on work and make less. It's not worth trading your life for highly taxed income. I fully intend to throttle back and take government subsidies as I age and watch upper income people kill themselves paying for me. Especially in MD , where I know many vote for it. I figure the faster the system breaks, the faster it gets fixed. In the meantime , might as well enjoy yourself.

I'm not sure you will really "enjoy yourself" on the small amounts provided by the government but go for it.

For those with 0 deductions being hit with a huge tax bill, what's your income? 200k? 300k? We're one income and always get money back but I will be returning to work soon and that will push us over 200k. DH thinks it's not worth it because he fears the taxes.

Yes its terrible, it should be that if you check exempt yourself and family you shouldn't have to pay more. The tax code is just terrible for certain incomes.

Same thing happened to us 2 years ago, that was the first year DH and I both worked full time. We owed 5k, I couldn't believe it... Now I opt for additional lum sum withholding from my paycheck.

Anonymous wrote:We both claim 0 and put away an extra $800 a month. It's ridiculous since we're regular w-4 employees with a huge mortgage. Marriage penalty!

Yup, same here.

I just did mine today. I get about $2,000 back, but I was out of work for 11 months last year.

Oh OP, we were there last year. Same kind of thing- first full year being married, DH changed jobs, and I was claiming 1 instead of 0 by mistake. DH usually keeps track of this kind of stuff pretty well but the multiple things at once just confused things. Back on track this year but that totally sucked!

To Op ... How much did your mortgage interest knock down you bill? After just inputting our normal income, I owe 20k, but haven't inputted my mortgage/prop tax info yet