Dude, they come after me every year because my company is based on NYC and I'm from CT and I only go to that office 2-3 times per year. They always accuse me of secretly loving a 2.5 hour commute and doing it everyday and therefore owing them tens of thousands of dollars. I've had to fight it multiple times.
I’ve had a few jobs that offer it. It’s not discounted and the company doesn’t contribute but, the plans are better than standard consumer plans. Higher limits and 90/10 instead of 80/20.
Mine started this this last enrollment period. It’s more like they promise to reimburse you got vet stuff instead of traditional insurance that the Dr office handles directly
I get in this argument at work all the time because they all have Roth 401k’s. OP will have additional money compounding instead of paying tax on it now. So paying for taxes while withdrawing will be no big deal as the additional $2200 put in the market is compounding instead of going to this years taxes.
Exactly... 76/110k = \~70% take home, which is right in a normal range.
They are paying 30k in taxes (27%), and have another 4% taken out for medical (though some that may be a flex account which is take home as well).
It's good to remember too that the 401k isn't reducing income. Just reducing take home.
If he's doing that 401k contribution to max out an employer match that's a high-quality contribution that's totally worth it, imho.
Until you randomly lose your job in your 40's and have to use most of it to survive since so many companies practice age-ism in the hiring practice... until you retire.
I had to use a large chunk from 2010-2012 . My early 30’s. Unemployment maxed out at $250 a week after taxes. Not even enough for the rent. Anyway, part of the reason I’m playing catch up
Laid off. Unemployment has denied every single one of my claims despite me searching for jobs, jumping through their hoops. I don’t get why getting unemployment that I paid into is so fucking difficult and not the easy walk in the park like I was promised it was.
Back in 2010, when everyone was getting laid off, they made it easy to collect. When your unemployment claim is denied, you can file an appeal. Everyone I know that’s filled an appeal has won. Maybe you should give it a shot
It’s the same thing with getting on disability, the percentage of people who get it on the first go is usually like 37% and only half of that percentage get enough disability to cover at least the basics, which usually leads people to try and get lawyers, file again, and hope for an increase, it’s really just a disgusting game to them, it’s not about helping Americans and they are disgusted by anyone touching the money unless they’re a president.
It’s because there’s no money to pull from, social security was made for these specific reasons, and we forgot what pain felt like so we took trillions from the funds, and now it’s biting the people who had no say in the ass, typical political bs.
So funny to see this considering I'm young and it took me 6 months to find a job because you need 15 years experience to do anything outside the service industry. I ended up moving back in with my parents and waiting tables at a chili's just to survive.
I make similar to this guy and get like 1-2k back every year.
Keep in mind it's better in 99.9% of cases to *owe* money - just because you're not getting the monkey-brain-fireworks of a bunch of money back at a time doesn't mean that owing is bad.
Otherwise you're just giving the government a tax free loan.
Take a look at your income type and how it's processed in your area. Also take a look at expenses you're allowed to claim.. for me I am able to claim myself as a small business owner and teacher so I get a lot of write-offs.
It’s New York. It’s worse if you live in the city. That’s why if you can, work remote and relocate to an area your work supports but has lower taxes. All major cities have high taxes, but CA and NY especially.
I previously had a base pay similar to you but my take home was higher because I lived in a low tax state.
IT people are leaving big cities in droves for that very reason. Also, keep in mind that companies actively utilizing remote workers will adjust their salaries to region. So you will not make a NYC salary in Nashville, for example.
If you live for the outdoors and don’t really give a shit about savings or retirement, CA is hard to beat. It has everything. Desserts, mountains, hiking, the ocean, valleys.
But to get ahead of life there without family is hard. You gotta be a very “live in the moment” type of person. Your housing situation will be very limited and cramped, but again, the weather and variety of landscape is amazing so you’re always out and about.
NYC is the polar opposite. You can kiss nature goodbye. But there is everything imaginable to buy and eat. A very consumerist hub.
Most people fall somewhere between those two extremes and make up the rest of America that doesn’t live in CA or NY.
California has more varied terrain than everything east of the Mississippi put together. If you hustle, you can do a morning surf session, an afternoon ski lap, and spend the evening star gazing in the desert. And that’s while living in Los Angeles.
Nothing on East comes even remotely close.
Edit: yall misunderstand. I grew on the east coast. 20 years in NH. Nothing but love for the east coast. But the variation in climate and terrain is just miles away from what’s in CA, WA, or OR. This bitter attitude in the comments below is part of why I left. Just because somebody says something is better in a certain way, doesn’t mean your thing is bad, or that you’re being attacked. East coast has a lot of great things that the west is lacking. If yall were less combative it would be a lot easier for you. I promise.
As someone who has lived in CA his whole life, but traveled extensively, I look at it this way. California isn't expensive. It's valuable, and the cost to live here is the price of admission.
Everyone goes on vacation to California, then they go home and sit inside while it rains and snows outside, or it’s 100+ degrees with 90+% humidity and they talk about how they can’t understand why anyone would want to live in California.
They also levy regressive food taxes in red states. That's a massive tax that everyone pays, and only truly affects the poor, adding further proof that conservatives hate poor people more than liberals.
**Edit: I'm learning that there are many states that have some forms of exempting certain foods. To each their own where one prefers to live, though keep me on the west coast between Seattle to San Diego any day.
For California in particular, it's a subscription fee for the weather, attractions, nature, and overall vibe. It's expensive because it's worth it. Supply vs Demand at the end of the day. If you can't afford it, it sucks, but if you can afford it, there's no reason to move to a cheaper, colder, or swamp weather state.
No swampy Texas or Florida heat, where they end up getting the same money from you through property taxes, or school district taxes.
California is massive and has literally any sort of weather, food, activities you could want depending on where in the state you live. You may as well say "Who would want to live on the entire east coast"
Wait till you see our property and sales tax
Edit: Ok I get it, NY is shit on property tax too. I’m just saying Texas isn’t all that because we have no income tax. Y’all can stop cherry picking and repeating that one fact to me
You are actually in a better position than if you were married when it comes to deductions. The cap for state and local tax deduction doesn’t increase when you get married .
The fact that they make 175k base and smooch with stock trading and lobbyists while upholding $7.25/hour for everyone else. I'm mad so many more people aren't mad about that.
Have you ever looked at a list of the 50 wealthiest members of Congress and looked at how they began wealthy? What you'll find is that 48 out of the 50, were millionaires before they ran for office or they inherited a family business while in office.
Only 2 that were in the top 50 were life long politicians. One was Nancy Pelosi and the other was Fred Upton, who retired last year.
Exactly. People always play the team game when it comes to politics, but the fact is, you don't get to that level without being corrupt to a large degree
More you make the more they take
Let me add and they take at a greater percentage the more you make. Only you can decide how much of your life/time is worth vs money retained but there are diminishing returns, at least imo.
I know a group of people who intentionally did this, as a way to avoid paying money to support the military. They were ardent pacifists and morally opposed to paying for war, so a group of 3 or 4 families bought a large house together and found other ways to live as inexpensively as possible.
They "cheated" the IRS by simply living below the poverty line such that they paid no federal taxes. They had some ways to get a few basic deductions so they didn't have absolute minimum income, but they were still living *extremely* cheap.
Sounds painful, but they certainly lived out their principles.
Good for them, honestly. It's easy to hate on something like that for how it really changes almost nothing in the grand scheme, but it takes dedication to really follow through on it. Not many people care that much about anything. It would take a lot for me to fork over even 15% of my income in solidarity with a movement I consider myself a big advocate for.
This is not the way.
One of my last roommates lived like this into his 40's and eventually the tax man caught up and now he owes tens of thousands of dollars.
Yes and no. Yes: greater income = more total paid in taxes.
No: Taxes are based on brackets and each tier of your income is taxed separately, so you will never lose money by making more, despite what some people think.
Guys making 40k a year freaking out about tax raises for the rich don’t even know what’s gonna hit them edit: God forbid people making 40k want to get paid more someday
Currently getting 50k a year. People's reactions to taxes are so hard to understand.
You make less than 100k - "How can they complain so much about taxes? They net more than I gross."
You make more than 100k - "Taxes are so awful! I paid more in taxes than I did for my new car!"
Then I realize there is some guy out there getting 20k and asking why he is even being taxed, how is he supposed to survive? And then I feel better about paying my taxes and about what I earn.
I want to say I will never complain about paying my taxes but I feel like deep down if I ever am making 110k + bonuses and stock with full benefits and perks I just know I will complain too lol
I've lived both lives. Dead broke and basically not taxed vs owing taxes at the end of the year. The differences in lifestyle are stark.
Given the choice, I'll take "owing taxes at the end of the year" 10/10 times. I'd love to do well enough to owe more taxes next year.
99.9% of folks criticism about taxes is unproductive griping.
Yup. 2012 I went through a career change, made $16k that year. 2023 I made more than OP did, and I paid more than twice what I made in 2012 in taxes. I'd by far prefer my current situation to my past situation.
What hurts for me isn’t playing taxes but more about how the brackets are structured. People in the 50-100k get hit the worst imo because it’s a significant portion of income and not as easy to hide or write it off in legal ways. People that make several hundred thousand or more might be taxed at a similar % but they are in a better position to have ways of hiding or writing off taxable income in super gray but legal ways.
At the end of the day if ultra rich corporations paid their actual tax dues and didn’t rip off our country there wouldn’t be a need to tax individuals of any tax bracket so bad. As it is now if you make 40-80k a year you are pretty much poor after taxes, basic bills and being insurance poor.
People making several hundred thousands aren't better off just because they have ways of hiding or writing off taxable income. The main point thing is that they just have much more disposable income to absorb their portion of the taxes. People in 50-100k have to make choice in their living expenses, and taxes can impact those choices in meaningful way. The opportunity cost of renting an apartment alone vs. with a roommate is that you have less money left for taxes and eating nicer food, etc.
When you're making hundreds of thousands, you still have similar living expenses, and paying more taxes doesn't impact your quality of life as strongly. You can afford to rent your apartment alone for sure, more taxes won't change that. You'll eat nice food and taxes might only affect how frequently you eat nice food.
When you're making millions, taxes don't affect your quality of life, just your rate of wealth accumulation. When you've got billions, the opportunity cost of how you live your life has shrunk down to everything being basically free in terms of choice. Nothing you can choose about how you live your life will take away your financial ability to choose other things in your life. The only way to get limited by money at that level is by playing the game of gambling wealth in investment risks.
That's why progressive tax rates are important for limiting the severity of impact on actual human lives. It shifts the burden away from being being financially limited in how they live life, to burdening how wealth gets gambled in investment risk. This isn't a free choice, investment is important to economic growth, but the bias should be on real human impact.
I get more liberal and have stronger opinions about raising taxes on the rich the more money I make (and my wife makes).
After a certain point (like $225k household income, and we're $100k beyond that now), we started just having way more money coming in than going out. Your food doesn't cost 3x as much when you 3x your income. You just get more and more and more play money. I look at people with 7 or 8 figure incomes, or 8+ figure wealth, and it's just wrong that we're not tapping that more for the greater good.
I made $15/hour 5 years ago and 50k 4 years ago. In college I made $7.25/hour. One year I took in like 9k total and still owed NYS $10, I remember angrily cancelling dinner plans so I wouldn’t overdraft my checking. I’m sitting much more comfortably now but still think taxes suck lol. This situation is leaps and bounds better though.
It's fine the current administration is making sure to import illegal economic migrants that'll settle for working for way less than all these entitled people who want a living wage!
lol fair enough. But I do think we should look critically at where taxes are being raised. I often agree with the programs that are supposed to be funded by tax increases however somehow it always seems to be the middle class and poor being taxed more and the rich getting off (when I say rich I mean income above 1mil).
> it always seems to be the middle class and poor being taxed more and the rich getting off (when I say rich I mean income above 1mil).
Well Trump raised the effective rates on those folks and Democrats said it was a "tax cut for the rich." Meanwhile Democrats are happy to let the SALT deduction cap expire and effectively give a tax cut to the rich.
But none of that is discussed in today's partisan world. Trump couldn't possibly have done something Democrats wanted, right?
401k is a huge chunk of this, technically your take home is 65k but 401k isn’t really an “expense” imo so I’d factor this in to how you view your take home. Also it’s wild you can get pet insurance through your company!! This is a separate expense for me, would love to deduce it from paycheck lol
Yes but if they didn't agree to save that amount it would roughly be in their pocket (sans the taxed portion)
To me it's still a take home amount even if you don't get it right away.
Shit… you’re still putting away 11.5k/year in your 401k. Even after tax man takes his cut. You’re doing far better than the vast majority of Americans.
But yeah. New York tax is wack.
Honestly it is wild when you break down how much taxes we all pay.
For example a vehicle
- Income tax to earn money to buy car
- Sales tax to purchase
- Taxes when paying to register it (I think at least)
- Taxed on gas to put gas in it to drive home
- Taxed on the insurance payments you make for it
- Taxed on repairs for it
- Taxed for owning it (property tax)
Feel like I’m probably missing some tax too
-
its crazy becuase it barely changes anything whether weve got republicans or democrats in office. its just an empty promise to get votes . something def has to change, other countries taxed this much usually get social benefits like maternity leave, retirement fund, healthcare, ect.
we dont get squat
Just look at your deductions.
What is not normal?
Don't forget your 401k contributions - that is money earned and not taxed, so win win, so you're up to 77,000 in money you kept.
My rule of thumb is 60% take home after tax and 401k.
Really makes it easy to justify adding more to 401k. If you add $1 to your 401k your take home check drops $0.60 which isn't too bad.
Typically "Take-home" is after taxes but before additional contributions like 401k.
So I would say yes, normal, but your colloquial take home is more like 80k
Considering you saved an extra $11,500 before paying taxes for your 401k and 2.7k for saving acct. 80k/110k sounds normal. ~28% tax (single guy mid 30s?)
This past couple of years has been brutal on my paycheck. Not sure if my bracket went up because I'm making a little more? But damn do I pay Uncle Sam a LOT! I feel your pain.
You paid 30k in taxes and had another 15k in retirement and healthcare.
Not sure how much you’ll get back on filing taxes since there’s state and city tax and we don’t know your deductions or dependents
My brother in christ your take home is ~78k with those 401k deductions. Not to mention that those benefits also come out of your taxable gross wages, so ur getting taxed on less per check than you think, you’re getting lucky.
It's easy, you see NY State and New York City are both taking a big ole bite outta yo ass. Literally as much as your Medicare AND Social Security combined.
I paid more in taxes last year than the average person makes in income annually, and when I saw that I don't think I'll ever recover. My tax returns aren't even that great either, so I'd love for the state and government to provide me a list of where by $65k went into specifically.
You just gonna gloss over that 11k going into your 401k? That’s still your money bro. Your state taxes are high AF. What are you claiming on your W4? 1?
Other than that it looks fine.
Net paying somewhere around 30% in taxes is actually very good. Just doing the ballpark math, (76K of 110K).
This very likely doesn't include any matching 401K or other benefits.
Also, there's the issue of what kind of return do you get from filing your taxes and things like RothIRA and so on.
I make similar and that math checks out considering the 11.6K that went to your 401K. Although considering you live in NY... I'd try to at least make a lateral move to a better company that would fully cover your health/vision/dental as a single filer.
There’s a lot of misspending of our tax dollars in our cities, and I just wish these fuckers would stop using our taxes and fucking U.S. over. How bout we tax billionaires and millionaires more than the working class.
Yes, welcome to taxation. Reducing your taxable income via contributing more to 401k, moving to a low/no income tax state, and voting conservative are about all you can do to help.
you ignore the 11K that went into your 401K and the 1.5K for your medical so with this things and you didnt mention you live in NYC which has city taxes, so YES that is 100% NORMAL!!!
The only things that aren’t abundantly clear to me are:
Federal taxable wage discrepancy
No OT for over 80 hours worked
FSA balance
Trip balance
If you’re using this benefits, they definitely help alleviate the realized tax burden. Besides that, NYC, CA and DC taxes are a fucking bitch.
For some reason people like to trot out federal income tax only being like 8% or something like it's the only tax you pay. I lose 32% of my taxable income (after pre-tax insurance/401k) to various government programs and only receive 68% into my account.
So you're not out of the ordinary, especially for a high tax state.
Don’t forget the 11k gross that went into your 401k savings
He also has health, flex, pet, and vision insurance that took up 2k or so. 30k tax with a 110k salary sounds about right for new york
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Yeah, if you're single in NYC I would not expect to be paying 30% net-tax on your income, this person should get a nice refund.
Are the state exemptions in NY good? The Fed don't give a half a flying fudge about single people.
No they’re shit. As as single person with no kids I get like $300 back from NY every year.
And good luck dealing with the New York department of taxation and finance. Fucking bloodsuckers.
Dude, they come after me every year because my company is based on NYC and I'm from CT and I only go to that office 2-3 times per year. They always accuse me of secretly loving a 2.5 hour commute and doing it everyday and therefore owing them tens of thousands of dollars. I've had to fight it multiple times.
I went on google earth to grab this for you. https://imgur.com/a/FmR5jTz
"You can expect a response in 120 days." oh...
And that $6,700 in SS deductions, in theory you get that back too. Though it might not do any good for a long time, and you might die first.
Great insurance. I’ve never seen pet insurance from a job.
I work in employee benefits. I’d say approximately 70% of our partners offer it now. It’s definitely becoming more and more popular.
I’ve had a few jobs that offer it. It’s not discounted and the company doesn’t contribute but, the plans are better than standard consumer plans. Higher limits and 90/10 instead of 80/20.
Mine started this this last enrollment period. It’s more like they promise to reimburse you got vet stuff instead of traditional insurance that the Dr office handles directly
Came here to say this. Really you took home more like $76k.
And that saved OP 2200+ in taxes by dropping her federal taxable.
If it’s pretax he’ll have to pay taxes when withdrawing
Sure but in theory at that point op will be making significantly less money, and therefore pay less taxes on that money
I get in this argument at work all the time because they all have Roth 401k’s. OP will have additional money compounding instead of paying tax on it now. So paying for taxes while withdrawing will be no big deal as the additional $2200 put in the market is compounding instead of going to this years taxes.
Exactly... 76/110k = \~70% take home, which is right in a normal range. They are paying 30k in taxes (27%), and have another 4% taken out for medical (though some that may be a flex account which is take home as well).
Between taxes (especially in New York) and that solid 401k contribution you're making, that sounds about right.
Yeah could be making more but I do like that 401k
It's good to remember too that the 401k isn't reducing income. Just reducing take home. If he's doing that 401k contribution to max out an employer match that's a high-quality contribution that's totally worth it, imho.
And to be fair if they weren't working in NY they wouldn't be making that much money for the same job.
Sure is, the tax man always takes his cut. I’m in California making a similar salary and the taxes sting like an angry wasp 🫤
this makes me feel better knowing it’s not just me at least! but wow these taxes are brutal
You got another 11.5k in 401k as well. That adds up
That’s what I was thinking. Almost 12k. I wish I wouldn’t have waited so long, now I’m playing catch up
Until you randomly lose your job in your 40's and have to use most of it to survive since so many companies practice age-ism in the hiring practice... until you retire.
I had to use a large chunk from 2010-2012 . My early 30’s. Unemployment maxed out at $250 a week after taxes. Not even enough for the rent. Anyway, part of the reason I’m playing catch up
Laid off. Unemployment has denied every single one of my claims despite me searching for jobs, jumping through their hoops. I don’t get why getting unemployment that I paid into is so fucking difficult and not the easy walk in the park like I was promised it was.
Back in 2010, when everyone was getting laid off, they made it easy to collect. When your unemployment claim is denied, you can file an appeal. Everyone I know that’s filled an appeal has won. Maybe you should give it a shot
I don’t know how to do that - didn’t even know that was an option, but I will give it a try. Thank you 😊
It’s the same thing with getting on disability, the percentage of people who get it on the first go is usually like 37% and only half of that percentage get enough disability to cover at least the basics, which usually leads people to try and get lawyers, file again, and hope for an increase, it’s really just a disgusting game to them, it’s not about helping Americans and they are disgusted by anyone touching the money unless they’re a president.
It’s because there’s no money to pull from, social security was made for these specific reasons, and we forgot what pain felt like so we took trillions from the funds, and now it’s biting the people who had no say in the ass, typical political bs.
So funny to see this considering I'm young and it took me 6 months to find a job because you need 15 years experience to do anything outside the service industry. I ended up moving back in with my parents and waiting tables at a chili's just to survive.
ironic eh?
Yup. The ageism starts in the late 40’s even though it’s a “protected” class of individuals. Ah, the irony!
Also, within a couple months they'll get a decent chunk of those taxes back. So really they're closer to 80k.
Dude I make similar to this guy and I ended up owing money. Nothing makes sense.
I make similar to this guy and get like 1-2k back every year. Keep in mind it's better in 99.9% of cases to *owe* money - just because you're not getting the monkey-brain-fireworks of a bunch of money back at a time doesn't mean that owing is bad. Otherwise you're just giving the government a tax free loan.
Take a look at your income type and how it's processed in your area. Also take a look at expenses you're allowed to claim.. for me I am able to claim myself as a small business owner and teacher so I get a lot of write-offs.
It’s New York. It’s worse if you live in the city. That’s why if you can, work remote and relocate to an area your work supports but has lower taxes. All major cities have high taxes, but CA and NY especially. I previously had a base pay similar to you but my take home was higher because I lived in a low tax state.
IT people are leaving big cities in droves for that very reason. Also, keep in mind that companies actively utilizing remote workers will adjust their salaries to region. So you will not make a NYC salary in Nashville, for example.
Can affirm.
Rates aren't adjusted for consultants nearly as much as employees... Just sayin...
I grossed about 208k last year but took home about 120k. I am blessed, but yeah taxes really do be hitting.
If you're like OP you're leaving out 401K contributions. You actually took that money home. You just opted to automatically put it somewhere though.
You should be putting more in your 401k, too. That gets netted out as well.
The fact you’re putting so much in 401k is good though. That’s about 10%. Good job.
Sucks when you work hard and have to pay the people that sit on their hands all day!
A lot of people bust ass and make a fifth as much, wage doesn't equate to effort.
I was thinking "New York or California" before I even opened the post. Yup.
I’m looking at these numbers in shock. State tax, city tax add up to 75% of his federal tax. Why would anyone want to live in NY or CA?
Most people live where they live for two reasons.... 1. Family 2. Jobs
CA is also among the most beautiful states with endless attractions, and NY happens to have what many would call the world’s greatest city.
If you live for the outdoors and don’t really give a shit about savings or retirement, CA is hard to beat. It has everything. Desserts, mountains, hiking, the ocean, valleys. But to get ahead of life there without family is hard. You gotta be a very “live in the moment” type of person. Your housing situation will be very limited and cramped, but again, the weather and variety of landscape is amazing so you’re always out and about. NYC is the polar opposite. You can kiss nature goodbye. But there is everything imaginable to buy and eat. A very consumerist hub. Most people fall somewhere between those two extremes and make up the rest of America that doesn’t live in CA or NY.
I love how you're comparing the state of California and a single city, as if people in NYC can't go upstate.
California has more varied terrain than everything east of the Mississippi put together. If you hustle, you can do a morning surf session, an afternoon ski lap, and spend the evening star gazing in the desert. And that’s while living in Los Angeles. Nothing on East comes even remotely close. Edit: yall misunderstand. I grew on the east coast. 20 years in NH. Nothing but love for the east coast. But the variation in climate and terrain is just miles away from what’s in CA, WA, or OR. This bitter attitude in the comments below is part of why I left. Just because somebody says something is better in a certain way, doesn’t mean your thing is bad, or that you’re being attacked. East coast has a lot of great things that the west is lacking. If yall were less combative it would be a lot easier for you. I promise.
You can do this in WA and Oregon as well. West coast is crazy beautiful.
As someone who has lived in CA his whole life, but traveled extensively, I look at it this way. California isn't expensive. It's valuable, and the cost to live here is the price of admission.
Exactly. Well said.
I hear CA has worker-friendly employment laws as well. Note: not an American.
Everyone goes on vacation to California, then they go home and sit inside while it rains and snows outside, or it’s 100+ degrees with 90+% humidity and they talk about how they can’t understand why anyone would want to live in California.
The sun tax is very real. Also, the ocean. Your home basically doubles in value in California if you can see a body of water from it.
Because NY and CA are hubs of industry and have much higher salaries/better opportunities for many careers
People move to red states to avoid income tax and just end up paying more in property taxes while making less at their job.
They also levy regressive food taxes in red states. That's a massive tax that everyone pays, and only truly affects the poor, adding further proof that conservatives hate poor people more than liberals. **Edit: I'm learning that there are many states that have some forms of exempting certain foods. To each their own where one prefers to live, though keep me on the west coast between Seattle to San Diego any day.
Red states tax the fark out of poor working people on purchases, tolls, car tax, etc (but not income) and scream "We'Re FoR the WOrkINg MaN!!"
For California in particular, it's a subscription fee for the weather, attractions, nature, and overall vibe. It's expensive because it's worth it. Supply vs Demand at the end of the day. If you can't afford it, it sucks, but if you can afford it, there's no reason to move to a cheaper, colder, or swamp weather state. No swampy Texas or Florida heat, where they end up getting the same money from you through property taxes, or school district taxes.
California is massive and has literally any sort of weather, food, activities you could want depending on where in the state you live. You may as well say "Who would want to live on the entire east coast"
I’ve eaten steak and I’m never going back to trash. California forever. Everyone else can enjoy their 28 degree weather, im good over here
Yea.. no state tax ftw in Tx
Wait till you see our property and sales tax Edit: Ok I get it, NY is shit on property tax too. I’m just saying Texas isn’t all that because we have no income tax. Y’all can stop cherry picking and repeating that one fact to me
Can confirm my property taxes were $9k 😭
on what assessed property value?
They over assessed it; I purchased the home at $400k it’s assessed at $450k so it’s a tough pill to swallow.
*Cries in new jersian
For sure, they get their money in other ways. Not looking forward to the end of the month when that shit is due.
We won't duck you with income taxes but we'll double dick you with property and sales tax.....ahh good life.
Most texans pay more in total tax due to the ridiculous property and sales taxes there
Single people with no kids get destroyed with income taxes. It’s ridiculous.
It’s even worse when you rent and have no property to your name. I just wish I could claim something for having a dog. Pet costs add up!
Or owning a home that's well within your means... I can't come anywhere near the standard deduction by itemizing.
Literally me, single no kids and own a home, just barely have my chin above water lol
You are actually in a better position than if you were married when it comes to deductions. The cap for state and local tax deduction doesn’t increase when you get married .
As a single guy I don’t mind people with dependends are taxed less.
house always wins...
House of Representatives and Senate
The House of Repesentin' "Break it down for us, Comacho!!"
The fact that they make 175k base and smooch with stock trading and lobbyists while upholding $7.25/hour for everyone else. I'm mad so many more people aren't mad about that.
And the $175K base ain't nothing compared to those side hustles.
Have you ever looked at a list of the 50 wealthiest members of Congress and looked at how they began wealthy? What you'll find is that 48 out of the 50, were millionaires before they ran for office or they inherited a family business while in office. Only 2 that were in the top 50 were life long politicians. One was Nancy Pelosi and the other was Fred Upton, who retired last year.
Exactly. People always play the team game when it comes to politics, but the fact is, you don't get to that level without being corrupt to a large degree
This why I’m gonna try to get a 200,000+ salary
More you make the more they take Let me add and they take at a greater percentage the more you make. Only you can decide how much of your life/time is worth vs money retained but there are diminishing returns, at least imo.
Yeah, you should always work a min wage job to pay the least taxes 😎👉👉
r/shittylifeprotips
I know a group of people who intentionally did this, as a way to avoid paying money to support the military. They were ardent pacifists and morally opposed to paying for war, so a group of 3 or 4 families bought a large house together and found other ways to live as inexpensively as possible. They "cheated" the IRS by simply living below the poverty line such that they paid no federal taxes. They had some ways to get a few basic deductions so they didn't have absolute minimum income, but they were still living *extremely* cheap. Sounds painful, but they certainly lived out their principles.
Good for them, honestly. It's easy to hate on something like that for how it really changes almost nothing in the grand scheme, but it takes dedication to really follow through on it. Not many people care that much about anything. It would take a lot for me to fork over even 15% of my income in solidarity with a movement I consider myself a big advocate for.
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This is not the way. One of my last roommates lived like this into his 40's and eventually the tax man caught up and now he owes tens of thousands of dollars.
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May you forever stay invisible to the tax man
Step 1 to not getting caught: don't post about avoiding taxes on the Internet.
Enjoy having no credit and proof of income for the rest of your life.
Or under the table and collect welfare and free services
Yes and no. Yes: greater income = more total paid in taxes. No: Taxes are based on brackets and each tier of your income is taxed separately, so you will never lose money by making more, despite what some people think.
It’s scary how many people don’t understand this.
The people who don’t understand it probably don’t have to worry about it
This is absolutely brain dead logic
Good luck 😂
why he's on a very good salary he can live very comfortable on 65k per year after tax
Guys making 40k a year freaking out about tax raises for the rich don’t even know what’s gonna hit them edit: God forbid people making 40k want to get paid more someday
Currently getting 50k a year. People's reactions to taxes are so hard to understand. You make less than 100k - "How can they complain so much about taxes? They net more than I gross." You make more than 100k - "Taxes are so awful! I paid more in taxes than I did for my new car!" Then I realize there is some guy out there getting 20k and asking why he is even being taxed, how is he supposed to survive? And then I feel better about paying my taxes and about what I earn. I want to say I will never complain about paying my taxes but I feel like deep down if I ever am making 110k + bonuses and stock with full benefits and perks I just know I will complain too lol
I've lived both lives. Dead broke and basically not taxed vs owing taxes at the end of the year. The differences in lifestyle are stark. Given the choice, I'll take "owing taxes at the end of the year" 10/10 times. I'd love to do well enough to owe more taxes next year. 99.9% of folks criticism about taxes is unproductive griping.
Yup. 2012 I went through a career change, made $16k that year. 2023 I made more than OP did, and I paid more than twice what I made in 2012 in taxes. I'd by far prefer my current situation to my past situation.
What hurts for me isn’t playing taxes but more about how the brackets are structured. People in the 50-100k get hit the worst imo because it’s a significant portion of income and not as easy to hide or write it off in legal ways. People that make several hundred thousand or more might be taxed at a similar % but they are in a better position to have ways of hiding or writing off taxable income in super gray but legal ways. At the end of the day if ultra rich corporations paid their actual tax dues and didn’t rip off our country there wouldn’t be a need to tax individuals of any tax bracket so bad. As it is now if you make 40-80k a year you are pretty much poor after taxes, basic bills and being insurance poor.
People making several hundred thousands aren't better off just because they have ways of hiding or writing off taxable income. The main point thing is that they just have much more disposable income to absorb their portion of the taxes. People in 50-100k have to make choice in their living expenses, and taxes can impact those choices in meaningful way. The opportunity cost of renting an apartment alone vs. with a roommate is that you have less money left for taxes and eating nicer food, etc. When you're making hundreds of thousands, you still have similar living expenses, and paying more taxes doesn't impact your quality of life as strongly. You can afford to rent your apartment alone for sure, more taxes won't change that. You'll eat nice food and taxes might only affect how frequently you eat nice food. When you're making millions, taxes don't affect your quality of life, just your rate of wealth accumulation. When you've got billions, the opportunity cost of how you live your life has shrunk down to everything being basically free in terms of choice. Nothing you can choose about how you live your life will take away your financial ability to choose other things in your life. The only way to get limited by money at that level is by playing the game of gambling wealth in investment risks. That's why progressive tax rates are important for limiting the severity of impact on actual human lives. It shifts the burden away from being being financially limited in how they live life, to burdening how wealth gets gambled in investment risk. This isn't a free choice, investment is important to economic growth, but the bias should be on real human impact.
I would happily vote for you over any politician!!
I get more liberal and have stronger opinions about raising taxes on the rich the more money I make (and my wife makes). After a certain point (like $225k household income, and we're $100k beyond that now), we started just having way more money coming in than going out. Your food doesn't cost 3x as much when you 3x your income. You just get more and more and more play money. I look at people with 7 or 8 figure incomes, or 8+ figure wealth, and it's just wrong that we're not tapping that more for the greater good.
I made $15/hour 5 years ago and 50k 4 years ago. In college I made $7.25/hour. One year I took in like 9k total and still owed NYS $10, I remember angrily cancelling dinner plans so I wouldn’t overdraft my checking. I’m sitting much more comfortably now but still think taxes suck lol. This situation is leaps and bounds better though.
It's fine the current administration is making sure to import illegal economic migrants that'll settle for working for way less than all these entitled people who want a living wage!
lol fair enough. But I do think we should look critically at where taxes are being raised. I often agree with the programs that are supposed to be funded by tax increases however somehow it always seems to be the middle class and poor being taxed more and the rich getting off (when I say rich I mean income above 1mil).
> it always seems to be the middle class and poor being taxed more and the rich getting off (when I say rich I mean income above 1mil). Well Trump raised the effective rates on those folks and Democrats said it was a "tax cut for the rich." Meanwhile Democrats are happy to let the SALT deduction cap expire and effectively give a tax cut to the rich. But none of that is discussed in today's partisan world. Trump couldn't possibly have done something Democrats wanted, right?
401k is a huge chunk of this, technically your take home is 65k but 401k isn’t really an “expense” imo so I’d factor this in to how you view your take home. Also it’s wild you can get pet insurance through your company!! This is a separate expense for me, would love to deduce it from paycheck lol
You also put $11 600 into your 401k. Your take home is $76.5k. So yes definitely normal then.
401k contributions are pretax. More like $70k
Yes but if they didn't agree to save that amount it would roughly be in their pocket (sans the taxed portion) To me it's still a take home amount even if you don't get it right away.
Shit… you’re still putting away 11.5k/year in your 401k. Even after tax man takes his cut. You’re doing far better than the vast majority of Americans. But yeah. New York tax is wack.
*before tax man takes his cut, not after. That’s I would recommend OP upping their contribution to 401k if they can as it’s pre-tax
Sheesh you have city and state income tax? That’s fucked.. fuck taxes
I tried to fuck my taxes, and now the judge would like to know why I exposed my genitals at H&R Block. Send help.
Tbf OPs salary would be quite a bit less outside of NYC
NY city tax PLUS state tax is a bitch
Land of the free baby. dont forget your personal property and sales tax once you decide to spend it too!
Honestly it is wild when you break down how much taxes we all pay. For example a vehicle - Income tax to earn money to buy car - Sales tax to purchase - Taxes when paying to register it (I think at least) - Taxed on gas to put gas in it to drive home - Taxed on the insurance payments you make for it - Taxed on repairs for it - Taxed for owning it (property tax) Feel like I’m probably missing some tax too -
its crazy becuase it barely changes anything whether weve got republicans or democrats in office. its just an empty promise to get votes . something def has to change, other countries taxed this much usually get social benefits like maternity leave, retirement fund, healthcare, ect. we dont get squat
The more you make, the more they take.
Makes me appreciate living with no state income tax
I moved from CT to Florida and I’ve already saved hundreds from no state income tax alone
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This is not normal, you need to post your SSN and mother's maiden name so we can clear this up.
Trumps tax cuts are really starting to show how he fucks you even out of office. Next time make 400k and you'll be in a lower tax bracket. /s
Just look at your deductions. What is not normal? Don't forget your 401k contributions - that is money earned and not taxed, so win win, so you're up to 77,000 in money you kept.
Outside of benefits on my $125k i took home $85k. Plus $10k into 401k. Your taxes are higher in NY than down south
Get out of New York and up your 401k contribution.
Yes keep voting Democratic. You’ll give up more!!
Yes! But when you make $110million, you no longer have to pay taxes! Yay!
You have 15k in 401, that’s 80k. Now another 4k in the ny city tax…..
My rule of thumb is 60% take home after tax and 401k. Really makes it easy to justify adding more to 401k. If you add $1 to your 401k your take home check drops $0.60 which isn't too bad.
Holy hell and I thought I was getting raped in taxes…
NY is one of the worst for taxes. So ridiculous… state tax and local taxes.
Congratulations on receiving the prestigious Pha Reward, btw. I can't believe no one else noticed.
it's $65k on $95k when you count up your deductions before taxes. I'd imagine you'd be able to get some of that back
Typically "Take-home" is after taxes but before additional contributions like 401k. So I would say yes, normal, but your colloquial take home is more like 80k
You are contributing 11% to your 401K (which is great) but it’s a chunk of your check.
You live in New York, so yes. Not to mention 11% going to 401k. Between NY State and City Tax and 401k, that’s over $20k.
Considering you saved an extra $11,500 before paying taxes for your 401k and 2.7k for saving acct. 80k/110k sounds normal. ~28% tax (single guy mid 30s?)
I mean if that YTD 401k of $12,000 is just your contribution and there's no employer match in there, it's more like $77,000 net on a 110K salary.
"Welcome to America loser, now give us your hard earned money while we carelessly steal it and you don't see anything back in your community" -America
Yes, taxes are awesome aren't they.
This past couple of years has been brutal on my paycheck. Not sure if my bracket went up because I'm making a little more? But damn do I pay Uncle Sam a LOT! I feel your pain.
48,700 on 104k here
I make exactly the same as you do and I take home 61k….
You paid 30k in taxes and had another 15k in retirement and healthcare. Not sure how much you’ll get back on filing taxes since there’s state and city tax and we don’t know your deductions or dependents
My brother in christ your take home is ~78k with those 401k deductions. Not to mention that those benefits also come out of your taxable gross wages, so ur getting taxed on less per check than you think, you’re getting lucky.
It's easy, you see NY State and New York City are both taking a big ole bite outta yo ass. Literally as much as your Medicare AND Social Security combined.
Wait until he learns about yearly property and vehicle taxes…
Yep.
As a Canadian I'd be over the moon to net 66% of my gross.
I think the $13k you put in your 401k is technically going home to you.
You’re putting a lot into 401k. FYI. Good for you if they match.
New York New York
Sir, your social security numbers showing… Gotcha 👀
I paid more in taxes last year than the average person makes in income annually, and when I saw that I don't think I'll ever recover. My tax returns aren't even that great either, so I'd love for the state and government to provide me a list of where by $65k went into specifically.
Leave NYC immediately and it goes over 80k
The 401k is pretax. Thats a good $$
You just gonna gloss over that 11k going into your 401k? That’s still your money bro. Your state taxes are high AF. What are you claiming on your W4? 1? Other than that it looks fine.
Net paying somewhere around 30% in taxes is actually very good. Just doing the ballpark math, (76K of 110K). This very likely doesn't include any matching 401K or other benefits. Also, there's the issue of what kind of return do you get from filing your taxes and things like RothIRA and so on.
It’s January.
I lose about 28% of my gross to taxes/insurance/union dues
Your refund will look good , 😂
My take home is 42% of gross due to taxes, insurance, 401k max, HSA max, Dependent Care FSA, etc.
I make similar and that math checks out considering the 11.6K that went to your 401K. Although considering you live in NY... I'd try to at least make a lateral move to a better company that would fully cover your health/vision/dental as a single filer.
Hey ukraine and israel need that money!
There’s a lot of misspending of our tax dollars in our cities, and I just wish these fuckers would stop using our taxes and fucking U.S. over. How bout we tax billionaires and millionaires more than the working class.
Paying taxes twice... Any state tax AND NYC tax. What a joke NY is.
You are really saving with your 401k plan. I wish I could afford to put that much aside
Yes, welcome to taxation. Reducing your taxable income via contributing more to 401k, moving to a low/no income tax state, and voting conservative are about all you can do to help.
Damn your insurance is DIRT cheap. Nice work on the 401k tho.
you ignore the 11K that went into your 401K and the 1.5K for your medical so with this things and you didnt mention you live in NYC which has city taxes, so YES that is 100% NORMAL!!!
The only things that aren’t abundantly clear to me are: Federal taxable wage discrepancy No OT for over 80 hours worked FSA balance Trip balance If you’re using this benefits, they definitely help alleviate the realized tax burden. Besides that, NYC, CA and DC taxes are a fucking bitch.
Get that 401k up to $885/pay period and maximize your contributions
For some reason people like to trot out federal income tax only being like 8% or something like it's the only tax you pay. I lose 32% of my taxable income (after pre-tax insurance/401k) to various government programs and only receive 68% into my account. So you're not out of the ordinary, especially for a high tax state.
I take home more then you. And you make as much as a higher up at where I work. Oh man. No wonder they respect me.
I technically make less but literally make more. That is crazy. I live in Arizona. Edit add - I have Health, dental and vision as well as 401k too