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hailthefish posted:I'm.. honestly I don't know what's worst. Subjunctive posted:In NYC the effective tax rate on $500,000 is 43% Not sure if serious. gvibes fucked around with this message at 15:09 on Apr 16, 2018 |
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Apr 16, 2018 15:04
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Very serious after Federal, New York City, State, Social Security, Medicare, and net investment taxes. Exclusive of sales tax and property tax, which are hefty on a $1.5MM home.
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Apr 16, 2018 16:09
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Subjunctive posted:In NYC the effective tax rate on $500,000 is 43% in 2017. How on earth is it effectively 43% on the entire $500k?
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Apr 16, 2018 16:35
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I think people are confusing "effective" with "top marginal"
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Apr 16, 2018 16:43
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Subjunctive posted:In NYC the effective tax rate on $500,000 is 43% in 2017.
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Apr 16, 2018 16:46
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Wait, when Americans speak of taxes they include social security, medicare and the like? Because in that case you can add like 20% or more "taxes" to every European tax rate.
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Apr 16, 2018 16:54
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I like when people have a weird self defined concept of After Tax Income My buddy whines about being poor on her $85k salary because "after tax it's only 3 grand a month" Federal tax State tax 401k HSA max contribution Health insurance premium 10% goes to a savings account Payments on her dumbass wife's maxed credit cards Where all the money go!!
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Apr 16, 2018 16:54
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SiGmA_X posted:Can you please post the applicable maths? Single earner in New York City with $500,000 wage income pays $205,062 in federal and state income taxes before deductions, effective rate 41.0% before property taxes and typical sales taxes.
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Apr 16, 2018 16:58
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Randler posted:Wait, when Americans speak of taxes they include social security, medicare and the like? Yeah, federal taxes on every paycheck (both employee and employer side) are 1.45% for Medicare and 6.2% for Social Security (only for the first $128,400 a year). The employer also pays unemployment (both state and federal), and the employee also pays income taxes based on the state. It's all deducted directly from their paycheck.
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Apr 16, 2018 17:12
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You guys might have been thinking of this Chicago area law professor who was crying about tax increases driving him to the poor house while he's earning $250k+ http://articles.chicagotribune.com/2010-09-23/business/ct-biz-0924-rich-blog-20100923_1_law-professor-blog-taxes
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Apr 16, 2018 17:13
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The NYC example is a two income household with two kids. It's not applicable to say what the effective tax rate is for a single no kid household making $500k Filing jointly with two dependents and $36,000 in 401k contributions their effective tax rate is waaaay lower
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Apr 16, 2018 17:14
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Randler posted:Wait, when Americans speak of taxes they include social security, medicare and the like? And 6% sales tax! We are so taxed! I’m not sure I want to know what you Europeans pay in VAT.
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Apr 16, 2018 17:15
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Krispy Wafer posted:And 6% sales tax! We are so taxed!
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Apr 16, 2018 17:22
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GoGoGadgetChris posted:The NYC example is a two income household with two kids. It's not applicable to say what the effective tax rate is for a single no kid household making $500k In that case it is $186,303 or 37.2% before property taxes and typical sales taxes, I will leave it up to the thread to have a multiple-page argument about whether the difference between 41% and 37% is way lower or just lower. Also keep in mind that all of these people are going to be materially subject to the AMT and all sorts of phase-outs for dependent credits etc for this filing year that make having kids a lot less juicy than it sounds
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Apr 16, 2018 17:35
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Krispy Wafer posted:And 6% sales tax! We are so taxed! Probably a wise decision. May I interest you tales of Germany's investment taxation regime where you have to pay taxes on purely theoretical dividends even if you invest in funds that do not pay dividends? 
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Apr 16, 2018 17:36
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Remember that 37% to 41% is not a 4% increase, it's an 11% increase Yuge
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Apr 16, 2018 17:38
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Look I think we can all agree that the guillotine is an effective tool of execution for the rich. We're simply arguing the details of who gets a trip to the platform.
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Apr 16, 2018 17:40
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Peak happiness got inflated from 75k to 100k recently, right? Difficult times for us all, even the low middle class making 100,001 a year
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Apr 16, 2018 17:43
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Peak happiness can only be obtained when one does not care anymore for the trifles of money. To find out more, my seminars are an affordable $6,900 (travel expenses not included). Simply follow the flight of the hawk departing from the convention center atrium while it flies deep into the wilderness.
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Apr 16, 2018 17:48
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Hoodwinker posted:Look I think we can all agree that the guillotine is an effective tool of execution for the rich. We're simply arguing the details of who gets a trip to the platform. Doctors are exempt right?
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Apr 16, 2018 17:50
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Residency Evil posted:Doctors are exempt right? Lol your salary is easily googleable hence an easier target
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Apr 16, 2018 18:02
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Residency Evil posted:Doctors are exempt right?
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Apr 16, 2018 18:03
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We will keep a select few for their medical knowhow. It will be easy to find some housepoor doctors who don't deserve death
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Apr 16, 2018 18:03
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GoGoGadgetChris posted:We will keep a select few for their medical knowhow. It will be easy to find some housepoor doctors who don't deserve death
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Apr 16, 2018 18:10
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For the last page or so, I seriously thought I was back in D&D again. I hit the back button and thought my browser hiccuped when it was BFC. Biggest advantage of living in the bay area: I cannot possibly be house-poor because I cannot possibly buy a house.  quote:All of this is covered in my seminar, "Money is Evil and You Should Give Me All of It For Safekeeping." You seriously could sell that out here as long as you aren't too obvious. I just saw an ad in the local paper for Pet Seances. Speak to the spirit of your departed pets for the low low price of... (call me to negotiate).
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Apr 16, 2018 18:15
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GoGoGadgetChris posted:Peak happiness got inflated from 75k to 100k recently, right? 100,001 Bolivars is barely working class.
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Apr 16, 2018 18:54
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Sundae posted:You seriously could sell that out here as long as you aren't too obvious. I just saw an ad in the local paper for Pet Seances. Speak to the spirit of your departed pets for the low low price of... (call me to negotiate).
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Apr 16, 2018 19:31
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Wife and her sister inheriting father's home with $240K mortgage. We'll need to refinance to keep it. Wife's sister's finances are a mess. [USA][MA] https://www.reddit.com/r/personalfinance/comments/8coggd/wife_and_her_sister_inheriting_fathers_home_with/ quote:tldr; I'm seeking info about how to handle refinancing a mortgage on a property soon to be inherited by my wife and her financially irresponsible sister. It's a property we want to keep since it's been in family 3 generations. I need help with the following questions: 1. When it comes to refinancing, how might my sister in law's lovely finances affect the outcome? 2. How should we use a $100k life insurance payout to help augment payment of the mortgage? One lump sum before refinancing to reduce remaining mortgage or to buy us time, using it for monthly payments, until sister in law gets her act together to help out financially? 3. The FIL's 2nd wife gets to stay in home as long as she wants after his passing, despite it going into my wife and her sister's names. How do we ensure the 2nd wife helps with mortgage until she leaves the home? There is no way this doesn't end with an update where they spend their share of the mortgage and don't wind up with anything to show for it. cosmic gumbo fucked around with this message at 19:49 on Apr 16, 2018 |
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Apr 16, 2018 19:37
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Uterine Lineup posted:So, I need to help my wife and sister figure out how to make this all work. Also, when he says the trust is managed by the 2nd wife, how much damage can she do? Can she remortgage it or something stupid like that?
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Apr 16, 2018 19:55
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Uterine Lineup posted:Wife and her sister inheriting father's home with $240K mortgage. We'll need to refinance to keep it. Wife's sister's finances are a mess. [USA][MA] Well inevitably it's going to end with the house being sold, whether it's now or later. The sister can't pay for it, the 2nd wife is literally allowed to legally squat there, and they can't afford to on their own. They'd tend up ahead by quitclaiming their share of the house to the sister the second they get it. It's really a question if they want to continue their good finances or destroy them for a lost cause.
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Apr 16, 2018 19:58
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Uterine Lineup posted:Wife and her sister inheriting father's home with $240K mortgage. We'll need to refinance to keep it. Wife's sister's finances are a mess. [USA][MA] Help me reddit, my wife and her sister inherited a mortgage but her father's 2nd wife inherited a house! 10 years ago, a friend of mine died of a cancer that progressed super fast. So it was like 9 months from when he found out he was sick to when he died. It was still plenty of time to get his stuff in order. He had just bought a loaded F-150 the year before he found out he was sick, so when he died it was less than 2 years old and it was a big cool truck. This was already handled in the will, and he still owed ~$30k on it. His widow had 6 different extended family members approach her after he died/at the funeral/whatever and told her that her late husband had told them that he wanted that family member to have his truck. She knew that he hadn't promised his truck he was making payments on to 6 different people. She started responding to them "Did he also tell you that he owes 30 grand on it?" and then all of them slunk away and decided that they would rather have her keep the truck instead.
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Apr 16, 2018 20:02
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canyoneer posted:Help me reddit, my wife and her sister inherited a mortgage but her father's 2nd wife inherited a house! lol, family is garbage.
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Apr 16, 2018 20:07
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canyoneer posted:Help me reddit, my wife and her sister inherited a mortgage but her father's 2nd wife inherited a house!
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Apr 16, 2018 20:09
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Hoodwinker posted:Write a loving will, people. A significant number of people cite "I don't want to jinx myself / I fear this action would increase my chances of dying" as the reason they don't write a will!
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Apr 16, 2018 20:09
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GoGoGadgetChris posted:A significant number of people cite "I don't want to jinx myself / I fear this action would increase my chances of dying" as the reason they don't write a will!
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Apr 16, 2018 20:23
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Could be worse, but you know....it's the day before the deadline so we're full of stories: I need to buy my wife and I IRA's before the tax year is up. How do I do it? quote:As the title says, I need to get my wife and I retirement savings accounts before the tax year is up. I wanted to get a Vanguard IRA, but they say it can take 2 days to get verified, at which point the tax year will be over. Should I go to the bank and get one, even though they have higher fees, because I'll be saving more than the fees on the tax free income? Not sure how to proceed. I want to put 5,500 into a traditional ira, while my wife wants to put 5,500 into a roth ira. Thanks for the help
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Apr 16, 2018 20:25
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Hoodwinker posted:Write a loving will, people. poo poo like this is why you write a will. I see that there is a will in this situation. That is good. WRITE A loving WILL, PEOPLE. Well the father has clearly established wishes, they just don't make any sense for anybody involved. It is really pretty unusual that the second wife is the trustor of the trust which apparently is intended to hold title of the house, seeing as she has a very serious direct conflict of interest regarding the primary asset of the trust. I wonder if financial mismanagement is genetic in this family seeing as apparently this house still has a mortgage on it after three generations of ownership which they are very proud of.
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Apr 16, 2018 20:25
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Half the responses are “get an estate lawyer and figure this poo poo out.” It looks like mess, but a lawyer would be able to determine what kind of mess it is. At the same time, that mortgage has to be pretty heavily amortized, they could cut the payment to $1,300 a month if we assume 5% interest and a 30 year refi. Still not a fun thing to be involved with.
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Apr 16, 2018 20:26
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 It's in the fine print so I'll detail: 2016 Cayman GT4 Price: $104,750 $829/month. For *12 years*. Which does not include the 20% down payment. So that's $140,326. Which does not include any taxes or fees. Oh, or you could lease it for 5 years, at $1759/month. With $8024 due at signing. That'd only be $113,564.
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Apr 16, 2018 20:27
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Parents divorcing and remarrying late in life is always a mess. My partner's dad divorced his wife 20 years ago and remarried 2 years ago at the age of 65 His Will? 100% of Everything -> the new wife The new wife's will? 100% of Everything -> her kids from a previous marriage Never count on inheriting a penny from anyone, ever!
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Apr 16, 2018 20:30
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