What is your income level? - Page 3 - Miata Turbo Forum - Boost cars, acquire cats.

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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

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Old 04-09-2012, 05:55 PM   #41
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Quote:
Originally Posted by Joe Perez View Post
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.
Quote:
Originally Posted by Joe Perez View Post
Gross was just shy of $200k, but after expenses and 1/2 Schd. SE writedown (remember, I'm self-employed) I missed the top bracket by quite a bit.
Sorry; I understand what you are going for and am not calling shenanigans. Maybe I am confusing myself.

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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Old 04-09-2012, 06:08 PM   #42
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Quote:
Originally Posted by Scrappy Jack View Post
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?
I perhaps used the term "Gross Income" improperly in my first post. "Gross Receipts" would have been a more proper term.

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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Old 04-09-2012, 06:17 PM   #43
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Quote:
Originally Posted by y8s View Post
an important thing to ask at this point is: why don't you drive a classier car, 1%ers?
OK, so I've been called out. But it's a good question worthy of an answer.

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 06:40 PM.
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Old 04-09-2012, 06:29 PM   #44
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I am almost at the top of the 25-50,000 only but loose about 10k after Uncle sam, insurance, retirment hits.

How does being married affect my tax bracket? I need to look at filing single but married vs. joint for next year.
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Old 04-09-2012, 06:33 PM   #45
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Quote:
Originally Posted by Joe Perez View Post
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.)
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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Old 04-09-2012, 06:37 PM   #46
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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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Old 04-09-2012, 06:40 PM   #47
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Quote:
Originally Posted by Pitlab77 View Post
I am almost at the top of the 25-50,000 only but loose about 10k after Uncle sam, insurance, retirment hits.

How does being married affect my tax bracket? I need to look at filing single but married vs. joint for next year.
My brother and I own a business together. Exactly 50/50, our income from the business is exactly the same. I am married, and he is not. His fiance does not work, and my wife made ~30k.

I paid 6976, and my brother paid 11920.

A rather significant difference.
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Old 04-09-2012, 06:41 PM   #48
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Quote:
Originally Posted by Scrappy Jack View Post
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.
Ok. Then my vote remains the same.
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Old 04-09-2012, 06:44 PM   #49
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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.
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Old 04-09-2012, 06:59 PM   #50
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Quote:
Originally Posted by yellowihss View Post
My brother and I own a business together. Exactly 50/50, our income from the business is exactly the same. I am married, and he is not. His fiance does not work, and my wife made ~30k.

I paid 6976, and my brother paid 11920.

A rather significant difference.
Just looked it up. It would really change.
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Old 04-09-2012, 07:08 PM   #51
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Quote:
Originally Posted by rleete View Post
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.
true that cost of living is different in different areas.

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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Old 04-09-2012, 08:20 PM   #52
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blah

Last edited by Faeflora; 04-10-2012 at 12:42 AM.
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Old 04-09-2012, 08:24 PM   #53
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Quote:
Originally Posted by y8s View Post

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.
wut? I think you mean someone paying 2x as much to live in san fran


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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Old 04-09-2012, 08:44 PM   #54
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Got $12k back from Fed... no state income tax for FL. Yes... I've fixed my deductions and my paychecks (twice monthly) are not about $400 more each.
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Old 04-09-2012, 08:55 PM   #55
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I am in college and poor, so yeah. At least I have a paid internship this semester, got 550 back in taxes.
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Old 04-10-2012, 02:53 AM   #56
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Originally Posted by cardriverx View Post
I am in college and poor, so yeah. At least I have a paid internship this semester, got 550 back in taxes.
About the same here. Got 630 back. I do make ~100 a week doing car work for friends and family though.

This summer, I'm going to start working full time as a gas turbine field service tech.
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Old 04-10-2012, 06:21 AM   #57
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I hover between 20k-25k depending on overtime and taxes.

I got 350 back this year, and $1 back from the state.


I bought a gun.
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Old 04-10-2012, 09:09 AM   #58
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Quote:
Originally Posted by Scrappy Jack View Post
Let's just scrap this whole thread, ban the OP and start over using 2011 1040 AGI (or estimate for those of us that have not filed 2011 returns yet).
Quote:
Originally Posted by y8s View Post
an important thing to ask at this point is: why don't you drive a classier car, 1%ers?
So I voted based on an estimate of our household (DINK) AGI. I have no way of telling if I am in the top 1% of MTers by income, but we are in the top 25%for sure. I think it's like Hornetball said - most of us "mass affluent" weren't necessarily born that way and didn't move up the socio-economic scale by overspending, overpaying or otherwise consistently making bad economic decisions.

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 09:21 AM.
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Old 04-10-2012, 11:31 AM   #59
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Quote:
Originally Posted by jbresee View Post
Poll should have been net income after wife and kids take their cut!

55k / year of college tuition takes a bite our of the old paycheck.

Simple solution, stop paying your kids college tuition.

Cut the cord...
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Old 04-10-2012, 11:56 AM   #60
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Originally Posted by Efini~FC3S View Post
Simple solution, stop paying your kids college tuition.

Cut the cord...
LOL! My parent's gross contribution to my college experience was something along the lines of about $800.

Compared to the money they saved by not having to feed and house me, I think they made bank on the deal...
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