View Poll Results: What's your income level?
<$25,000
16
18.18%
$25,001-$50,000
21
23.86%
$50,001-$75,000
22
25.00%
$75,001-$100,000
6
6.82%
$100,001-$150,000
10
11.36%
$150,000+
13
14.77%
Voters: 88. You may not vote on this poll
What is your income level?
04-09-2012, 04:55 PM
#41
Elite Member
iTrader: (2)
Join Date: Sep 2008
Location: Central Florida
Posts: 2,799
Total Cats: 179
By nulling out such expenses to generate AGI, I'm coming up with a number that is functionally equivalent to box 1 (Wages, tips & other compensation) of your W-2 form. This is how Schedule C (profit & loss from business) works. You start at the top with total gross receipts (lines 1a-1c) then you subtract out the cost of goods sold, travel expenses, and so forth, and you wind up with Net Profit, which you then enter into the exact same section of Form 1040 that you'd put your W2 earnings if you were a company man.
You are distinguishing "gross income" from AGI and have not referenced taxable income (what I think of as "net income")? You are basically comparing your AGI to a salaried person's AGI?
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04-09-2012, 05:08 PM
#42
Boost Pope
iTrader: (8)
Join Date: Sep 2005
Location: Chicago. (The less-murder part.)
Posts: 33,019
Total Cats: 6,587
None of what I have described previously should be construed as meeting the IRS definition of "AGI", as I've not counted any deductions or exemptions. Only business expenses, which would make it "Gross Income" as per IRS definitions.
For the purposes of this thread, do we want to use 1040 line 22 (Total Income) or 1040 line 37 (Adjusted Gross Income)?
(Also, I'm starting to become suspicious of the number of people we have here claiming >$150k.)
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04-09-2012, 05:17 PM
#43
3 reasons:
1. The Miata is a great car. Why wouldn't I drive a Miata?
2. Like most of you (I'm guessing), I like working with my hands and the Miata is a great car to mod.
3. I'm a 1%er based upon ordinary income. I wasn't born with a silver spoon. I've scraped and struggled and worked hard (including a significant period in the armed forces while married with kids) for decades to get where I am. The experience has made me a bit of a tightwad. I've only bought two new cars in my whole life, and both cost less than $15,000. I've noticed that my favorite cars (my '66 Sport Fury and my '90 Miata) both cost me less than $4K when I bought them. That's my personal sweet spot.
Honestly, I have a hard time spending money on me.
Now, where are the junk pictures?
Last edited by hornetball; 04-09-2012 at 05:40 PM.
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04-09-2012, 05:33 PM
#45
Elite Member
iTrader: (2)
Join Date: Sep 2008
Location: Central Florida
Posts: 2,799
Total Cats: 179
I think AGI (2011 1040 line 37) makes the most sense as it allows a deduction for 1/2 of self-employment tax and is close to what most people think of as "their income." In other words, those that voted thinking about their "gross income" are in the same ballpark as their AGI and would not need to change their vote.
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04-09-2012, 05:37 PM
#46
Cpt. Slow
iTrader: (25)
Join Date: Oct 2005
Location: Oregon City, OR
Posts: 14,175
Total Cats: 1,129
Damn, not counting my GF's salary makes me look like a chump. My hourly salary isn't much when looked at alone, but if you consider the fact that my lovely GF pays the morgage...
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04-09-2012, 05:41 PM
#48
Boost Pope
iTrader: (8)
Join Date: Sep 2005
Location: Chicago. (The less-murder part.)
Posts: 33,019
Total Cats: 6,587
I think AGI (2011 1040 line 37) makes the most sense as it allows a deduction for 1/2 of self-employment tax and is close to what most people think of as "their income." In other words, those that voted thinking about their "gross income" are in the same ballpark as their AGI and would not need to change their vote.
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04-09-2012, 05:44 PM
#49
I had to file an extension. My accountant fell ill and passed away this year leaving me to scramble for a new accountant. I am going to miss the old man.
My income last year was not that great, but it is looking pretty good for 2012. I think I will finally get to have some 'cheese' on my burgers.
My income last year was not that great, but it is looking pretty good for 2012. I think I will finally get to have some 'cheese' on my burgers.
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04-09-2012, 06:08 PM
#51
2 Props,3 Dildos,& 1 Cat
iTrader: (8)
Join Date: Jun 2005
Location: Fake Virginia
Posts: 19,338
Total Cats: 573
150k in Upstate NY is significantly more disposable income than the same in SoCal or VA. I'd have to make at least double what I do now to live in the more expensive areas of the country.
I bought my house in 1986 for less than $75,000. Today, it's worth in the 140-150 thousand dollar range. That same house in Boston, LA or near DC would cost me 2-3 times that, easy.
I bought my house in 1986 for less than $75,000. Today, it's worth in the 140-150 thousand dollar range. That same house in Boston, LA or near DC would cost me 2-3 times that, easy.
but one could argue that job availability and life enjoyment are different as well, depending on who you are.
big question: would someone making 75k, spending 1/2 of their salary to live in upstate NY feel just as rich as someone making 150k spending 1/2 to live in SF proper?
of course there's no answer, only a discussion/debate.
I think I'd prefer the latter.
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04-09-2012, 07:24 PM
#53
Elite Member
iTrader: (2)
Join Date: Jan 2007
Location: Los Angeles, CA
Posts: 8,682
Total Cats: 130
Btw lars ur a dum shi to stay in hicksville nc.
Move to dc in a year and make $75/hr. you can even buy your own $300k place for that much money. And have more left over for turbloners.
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04-10-2012, 08:09 AM
#58
Elite Member
iTrader: (2)
Join Date: Sep 2008
Location: Central Florida
Posts: 2,799
Total Cats: 179
While most of us are not quite as stingy as Braineack seems to be, we didn't end up with Miatas for project cars because that's all we could afford. It's what we chose to spend.
Last edited by Scrappy Jack; 04-10-2012 at 08:21 AM.
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