What is your income level? - Page 4 - 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 04-10-2012, 12:20 PM   #61
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I think my parents' contribution was $16. That's how much gas it took to drive the truck and horse trailer to haul all of my stuff to campus. It was a one-way trip, lol.
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Old 04-10-2012, 12:53 PM   #62
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Quote:
Originally Posted by Scrappy Jack View Post
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.
I voted the same way - before I read all the hand-wringing over definitions.

Living here in the gloriously over-priced and over-taxed Northeast, I seem to make a good buck but get to keep a pretty small chunk of it. We're in our 50's and saving carefully so that we can(hopefully) continue to eat and live indoors when we retire. The expense of a more upscale car toy isn't justified.

Besides, on a practical note - I'm past the point to think a Porsche is going to get me laid.
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Old 04-10-2012, 03:50 PM   #63
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Quote:
Originally Posted by Scrappy Jack View Post
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.
so wait, you included your spousal income? if it was just yours, would it change the category? adding my wife in would definitely bump me up a bracket. it doesn't intimidate me at all that she works for what some here would call a "liberal hippie nonprofit" and may out-earn me within 5 years.

I drive a miata because 11 years go when I got it, it was the perfect "new and reliable" way to complement a modded wh0re of a celica alltrac turbo.

now the tables have turned and the miata is the modded wh0re of a car. naturally we bought something new again.

I wonder what the Countryman will look like in a decade after I get my hands on it. Either lifted safari wagon or dropped tarmac rally car... who can say?
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Old 04-10-2012, 03:51 PM   #64
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if i was including my wife i'd bump up my bracket as well, two to be exact.
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Old 04-10-2012, 04:03 PM   #65
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While on the topic of taxes.

My CPA sends out a new comic page every year to all his clients.
I finished my taxes last month and received my new comic for this year.

I thought it would fit here.


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What is your income level?-irs0001.jpg   What is your income level?-irs0002.jpg  
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Old 04-10-2012, 04:25 PM   #66
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Quote:
Originally Posted by yellowihss View Post
See, this is what I don't understand. And I'm not pointing fingers at you, this is more of a general observation.

I just don't see why this idea exists that filing your income tax is difficult.

My Federal tax package for this year consisted of Forms 1040 and 2210, Schedules A, B, C, D and SE, and Publications 463 and 1542. And even that wasn't exactly difficult. No calculus, no linear algebra, just a bunch of simple fixed-point addition and subtraction. Basically mathematics at a second-grade level.

Can people really not follow simple instructions and add?


(Also specific gravity is a measure of density, so like all planets with atmospheres, the specific gravity of the Jovian atmosphere is not a constant- it varies with altitude. You'd think that the writers of editorial cartoons would have a better grasp of basic physics.)
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Old 04-10-2012, 04:27 PM   #67
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Quote:
Originally Posted by Joe Perez View Post
See, this is what I don't understand. And I'm not pointing fingers at you, this is more of a general observation.

I just don't see why this idea exists that filing your income tax is difficult.

My Federal tax package for this year consisted of Forms 1040 and 2210, Schedules A, B, C, D and SE, and Publications 463 and 1542. And even that wasn't exactly difficult. No calculus, no linear algebra, just a bunch of simple fixed-point addition and subtraction. Basically mathematics at a second-grade level.

Can people really not follow simple instructions and add?
What is second grade mathematics to someone such as you or I, Joe, can be horribly trying and complex to someone who never uses math in their daily life, and never took math classes beyond bare minimums required.

I only wish I was joking.
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Old 04-10-2012, 04:31 PM   #68
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Originally Posted by blaen99 View Post
What is second grade mathematics to someone such as you or I, Joe, can be horribly trying and complex to someone who never uses math in their daily life, and never took math classes beyond bare minimums required.
But that's what I'm talking about. Addition and subtraction are well within the bare minimums for anybody who was raised in a country with a basic compulsory education law. They covered this stuff just after shapes and colors.
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Old 04-10-2012, 04:33 PM   #69
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Quote:
Originally Posted by Joe Perez View Post
But that's what I'm talking about. Addition and subtraction are well within the bare minimums for anybody who was raised in a country with a basic compulsory education law. They covered this stuff just after shapes and colors.
I think you would be surprised at the results some of the forum gets with your mathematics just after shapes and colors, Joe.

And that's for forum members, not the population as a whole. At least I try to convince myself the forum has a higher-than-typical intelligence of the US.
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Old 04-10-2012, 04:35 PM   #70
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Quote:
Originally Posted by Joe Perez View Post
Can people really not follow simple instructions and add?
maybe they need these:

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Old 04-10-2012, 04:41 PM   #71
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I know my biggest problem when filing taxes is knowing which numbers go on which forms. I was given some investments by grandparents and relatives, and some send me a statement, others do not. I never know what to claim and what to ignore. Once I figure out what to put in the boxes, the math is the easy part.
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Old 04-10-2012, 04:42 PM   #72
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we do it multiple times on mulitple platforms to make sure it comes out right. it doesn't always.


it's not simple. especially for a high roller baller like me.
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Old 04-10-2012, 04:43 PM   #73
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Quote:
Originally Posted by Joe Perez View Post
See, this is what I don't understand. And I'm not pointing fingers at you, this is more of a general observation.

I just don't see why this idea exists that filing your income tax is difficult.
I am assuming you are implying you do your own taxes.


I run a small business with about 1.5M-4M in sales annually.
Its not really about how easy or hard it is, its about the liability.
I pay $700 to have my CPA take care of everything, and that lets me sleep knowing I didn't miss anything.

Well worth it.
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Old 04-10-2012, 04:45 PM   #74
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i feel bad for the non-english speaking people who go to places that work on comission, get crap tons in returns, leave very happy, then wonder why the irs is knocking on their door next year saying they took more in returns than they made in a year
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Old 04-10-2012, 04:45 PM   #75
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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.)
LOL at having to fill out your own tax forms. I have my accountant do it all. She also pays for the walls that I tear out of the hotels I live in, but that is neither here nor there.

Commoners.

I also assumed that it was combined income for both myself and my wife. I could do it separately, but then I would have to allocate investment income separately since it is all commingled.
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Old 04-10-2012, 04:54 PM   #76
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Originally Posted by Joe Perez View Post
My Federal tax package for this year consisted of Forms 1040 and 2210, Schedules A, B, C, D and SE, and Publications 463 and 1542. And even that wasn't exactly difficult.
And how much time did you spend doing this that could have been more fruitfully applied? How about the time spent learning about the deductions, reviewing tax court decisions and getting up to speed on year to year changes? To really understand the tax code is hard work. Guess wrong and give yourself the benefit of the doubt and you can get into some serious trouble. Go conservative, and you're likely to overpay.

My biggest beef is just how inefficient the taxation process is.

My second beef is that the tax code is a playground for Congress. They can reward cronies and supporters with tax breaks and it really doesn't rise to the level of scrutiny involved in passing a law. It's just squirelled away.

All in all, I am not a fan and I think it is much harder and less efficient than it should be.

OTOH, when going against the likes of Al Capone's lawyers, income tax evasion may be all you can get.
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Old 04-10-2012, 04:55 PM   #77
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I always go with the most simple form possible. Probably miss out on some money, but I can get that ---- done in about 5 minutes and move on with my day. Though this year I e-filed, and got both fed and state filled out in about 20 minutes, and had my refund in my bank account in about 10 days.
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Old 04-10-2012, 05:04 PM   #78
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Quote:
Originally Posted by blaen99 View Post
What is second grade mathematics to someone such as you or I me, Joe, can be horribly trying and complex to someone who never uses math in their his daily life, and never took math classes beyond bare minimums required.

I only wish I was were joking.
And then there are others who slept through grammar class.
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Old 04-10-2012, 05:17 PM   #79
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Originally Posted by mgeoffriau View Post
And then there are others who slept through grammar class.
And Mg, perhaps unknowingly, proves my point. I'd lay no small amount of money on there being very few people who can correct me grammatically - and actually be right about it.
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Old 04-10-2012, 06:06 PM   #80
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Originally Posted by y8s View Post
so wait, you included your spousal income? if it was just yours, would it change the category? adding my wife in would definitely bump me up a bracket. it doesn't intimidate me at all that she works for what some here would call a "liberal hippie nonprofit" and may out-earn me within 5 years.
Yes, removing her income would drop me down one bracket. We have flip-flopped "top income earner" position over the years and last year she made about 65% of what I made. I expect her to close that difference over time and would be thrilled if we both made the same (or she made more than me).

Quote:
Originally Posted by Braineack View Post
if i was including my wife i'd bump up my bracket as well, two to be exact.
That's why I said we should just ban the OP and start over again.
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