This shows net tax rate should be 8% or so. Federal

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Sep 27, 2024
3:28:09pm

veddarhall Political Junky

Pew Research Center

Who pays, and doesn't pay, federal income taxes in the U.S.?

Since 2000, there has been a downward trend in average effective tax rates for all but the richest taxpayers.

https://www.pewresearch.org/short-reads/2023/04/18/who-pays-and-doesnt-pay-federal-income-taxes-in-the-us/

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veddarhall

Bio page: veddarhall
Joined: Jul 23, 2003
Last login: Nov 15, 2024
Total posts: 2,539 (22 FO)

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Messages

Author

Time

Help me do the math here on owning a house. Topic of discussion so use me as a

BaseCoug

Sep 27, 10:48am

Where?

Courtimedes

Sep 27, 10:49am

Wherever I’m lucky enough to get an offer probably. In reality I will rent

BaseCoug

Sep 27, 10:52am

Don’t count yours dollars until you land a job.

germ1

Sep 27, 3:03pm

You mean Salt Lake Valley?

stoils

Sep 27, 10:53am

Everyone can afford a home. Even TNT.

DirtyWater

Sep 27, 10:52am

More lucrative is $90,000? What field?

Wife_Apologist

Sep 27, 10:52am

Nice humblebrag…

ochobeeguy

Sep 27, 11:06am

That’s a really good starting salary after undergrad.

stenso

Sep 27, 11:21am

OP is getting his Masters... in lucrative field.... sounds like we agree

Wife_Apologist

Sep 27, 11:25am

Where are you living and do you want to start saving for retirement right away?

rad dawg

Sep 27, 10:54am

This is big. People will only look at mortg payment but if you have a $150 HOA, that could push you up to a

Soupie

Sep 27, 11:02am

That, and HOAs are an affront to my sense of independence.

Courtimedes

Sep 27, 11:40am

Daughter bought a 3 bdr 2 bth starter a year ago with $30K down on a teacher's salary. Yes, you can

Soupie

Sep 27, 10:57am

Impressive. That is not easy. Lots of sacrifices involved.

Acorn

Sep 27, 11:12am

It took me 8 years out of college before I bought a home. If you expect to

BostonCougar

Sep 27, 10:59am

I bought my first home as an undergrad.

DirtyWater

Sep 27, 11:04am

Same here. I bought a condo while going to school. Glad I did.

Tim Riggins

Sep 27, 11:10am

There’s nothing wrong with wanting that. I did and it was a fantastic decision

stenso

Sep 27, 11:23am

Your taxes will be way lower

veddarhall

Sep 27, 11:01am

I hope so, I just went from the first thing on google

BaseCoug

Sep 27, 11:09am

Not if he is including state, SS, and Medicare taxes.

RGGeemer

Sep 27, 11:31am

27% rate on $90k seems very high

veddarhall

Sep 27, 1:49pm

Are you accounting for kids?

rad dawg

Sep 27, 2:00pm

No way

RGGeemer

Sep 27, 3:25pm

This shows net tax rate should be 8% or so. Federal

veddarhall

Sep 27, 3:28pm

Now add in 7.65% fica and 4.55% state (assuming utah). You're at 20.2%

RGGeemer

Sep 27, 3:38pm

And the 8% is taking into account child tax credits which he won't have.

RGGeemer

Sep 27, 3:47pm

Not really. With deductions I'd say he should round up to 70K take home.

JuicyJam

Sep 27, 11:39am

No, 5500 is about right.

BNcoug

Sep 27, 11:58am

So house payment of $1600 should be okay. Unfortunately that will take a fixer or big down payment.

Soupie

Sep 27, 1:09pm

Some people also find themselves with 10% less

ochobeeguy

Sep 27, 11:04am

The best place to start is to download the Zillow or Redfin apps.

elmerfudd

Sep 27, 11:12am

Do they have condos and stuff you can buy too? This is probably what I would

BaseCoug

Sep 27, 11:13am

Yes, you can filter by price of house, size of house, type of house, essentially

elmerfudd

Sep 27, 11:37am

Don't forget tithing

RGGeemer

Sep 27, 11:29am

Unless you have some savings, you’re not ready for your first home.

Who pays, and doesn't pay, federal income taxes in the U.S.?

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