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Spoiledbrat · F
Yeah if house is paid for. @dominateofyou
KingofBones1 · 46-50, M
TrunkZ · 56-60, M
atlantic59 · 61-69, M
@MarineBob you'll be fine
samueltyler2 · 80-89, M
JamesBugman · 56-60, T
samueltyler2 · 80-89, M
@JamesBugman that is a rather high rate of taxation for that income. In the US, the tax rate is not a single rate it varies with the level of income, number of dependents, etc., the total tax on $120,00 would be in the low 20% range.
https://www.bankrate.com/taxes/quick-tax-rate-calculator/
https://trybeem.com/blog/how-much-income-tax-to-pay-on-salary-of-120000-per-year/
https://www.bankrate.com/taxes/quick-tax-rate-calculator/
https://trybeem.com/blog/how-much-income-tax-to-pay-on-salary-of-120000-per-year/
SandWitch · 26-30, F
@samueltyler2
The total tax on $120,000 in the State of New York is nowhere near the low 20% range. If that's what your link is telling you, then it is quoting something very generic that is not inclusive of annual mandatory deductions.
The marginal tax rate assuming standard deductions on $120,000 is 39.5% and the average tax rate on $120,000 is 29.9%
What @JamesBugman stated as a taxation rate of 35% is spot-on within a reasonable margin of error and personal circumstance.
The total tax on $120,000 in the State of New York is nowhere near the low 20% range. If that's what your link is telling you, then it is quoting something very generic that is not inclusive of annual mandatory deductions.
The marginal tax rate assuming standard deductions on $120,000 is 39.5% and the average tax rate on $120,000 is 29.9%
What @JamesBugman stated as a taxation rate of 35% is spot-on within a reasonable margin of error and personal circumstance.
samueltyler2 · 80-89, M
@SandWitch i didn't plug in NY State or worse, the city. The "marginal rate" as i understand is the rate at that bracket, but only on the way income in that bracket, the lower income is at a lower rate. I also do not know if the statement was meant to include social security and Medicare taxes, and perhaps sales tax. The rate is also dependent upon dependents.
RopinTexan · 31-35, M
That’s very subjective. What do you consider “comfortable?” Do you want to be a homeowner or are you okay with renting? Do you want a car or are you okay with using public transit? Also, where do you live? A 1,000 sq. ft. apartment in NYC and an identical apartment in Biloxi, MS are going to have vastly different rent costs.
Are you “comfortable” living with a roommate, or do you want to live alone? Are you comfortable buying cheap food from ALDI, or do you need healthy food from Whole Foods?
What one person considers to be “living comfortably” another person considers poverty, and yet another person considers luxury.
Are you “comfortable” living with a roommate, or do you want to live alone? Are you comfortable buying cheap food from ALDI, or do you need healthy food from Whole Foods?
What one person considers to be “living comfortably” another person considers poverty, and yet another person considers luxury.
DunningKruger · 61-69, M
scorpiolovedeep · 46-50, M
@Sequoia51 Best comment this !
saragoodtimes · F
NatureGuy77 · 56-60, M
thewindupbirdchronicles · 46-50, M
120000 a year? If you are asking your retirement in this economy, probably barely.
thewindupbirdchronicles · 46-50, M
@CrazyMusicLover Any apartment you could find $2000 +, it becomes absurd enough with the right credit you MIGHT be able to find a mortgage just slightly less,
CrazyMusicLover · 31-35
@thewindupbirdchronicles That is insane. The rent prices around Europe are often less than 1000 €.
thewindupbirdchronicles · 46-50, M
@CrazyMusicLover That would be close to 1500 in CDN dollars. Now imagine the space we have in the world, but it comes down to what we have built already so while there is an abundance of land everything is so expensive
jackieash · 26-30
Do you mean £££ $$$$ euros....? In any case, I should think it's more than enough to live comfortably.
SandWitch · 26-30, F
@jackieash
It doesn't really matter the currency because it's all relative.
If you get paid in euros, your cost of living where you live is based on euros.
If you get paid in $$$, your cost of living where you live is based on your base currency, regardless of it being US dollars or Canadian dollars or Cayman Island dollars.
The currency you are paid in will buy the same amount of 'stuff' where you live, as will a different currency buy the same amount of 'stuff' in the country where that different currency is found.
It doesn't really matter the currency because it's all relative.
If you get paid in euros, your cost of living where you live is based on euros.
If you get paid in $$$, your cost of living where you live is based on your base currency, regardless of it being US dollars or Canadian dollars or Cayman Island dollars.
The currency you are paid in will buy the same amount of 'stuff' where you live, as will a different currency buy the same amount of 'stuff' in the country where that different currency is found.
SW-User
I think it depends on where someone lives and if that is before or after taxes. Most places I would think it is enough.
Longpatrol · 31-35, M
Yeah that's ok, depending on your responsibilities and how much you need to save for a perfect storm
CrazyMusicLover · 31-35
€?$? I'd legit start fearing thick neck guys with that income here. That would be far more than a person needs.
Pretzel · 61-69, M
Not if you are rich. Trumps exes leave more in the couch cushions...but the majority of people would make do.
CactusJackManson · 46-50, M
I see your OnlyFans account is working
Elessar · 26-30, M
Depends. Where I am, yeah. Monte Carlo? Maybe not
Hell yeah
MasterLee · 56-60, M
Depends. Dollars or pesos
MarkPaul · 26-30, M
It's a bit skimpy.
Selah ·
Where do I sign up?
SalttyDawg · 70-79, M
Sounds about right
SW-User
For me,yeah.
bijouxbroussard · F
HotPizza71 · 51-55, M
atlantic59 · 61-69, M
@HotPizza71 but one good lottery ticket away to change that trajectory
Moneyonmymind · 31-35, M
For the most part yes. I hope to get there one day..
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jackjjackson · 61-69, M
🤙🏼 @atlantic59