Six Figure Income

Rct851 said:

I live in a suburb just outside of Houston and I really wish 100k went as far you you described. Housing in a “relevant” area isn’t that cheap, nowhere near California, but 200k isn’t going to buy the killer house typically described.

High 6 figures has to be $666,666+. People just like saying they earn 6 figures and leave the rest up to interpretation

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Our 'burbs here around Indy are weird. The Northwest to Northeast are so much more expensive than everywhere else. One day, a lady at work (I work in a North 'burb) was asking why we didn't build our house in one of these areas. I was trying to be nice and explain different perspectives, but she just kept probing (in an oddly nice way) about it. Schools, shops, etc...

I finally told her, "If you could find me 7 acres for $65,000, I'd gladly look at it."

"Oh, that's less than we paid for our half acre lot!"

I rest my case lady. Not everyone wants to be stacked on top of their nose-raising neighbors. I'll take my trees, tractors, and four wheeler rides over your shopping center every day and twice on Sunday. Not to mention, I don't want my kids going to a school with 6,000 other kids.

/rant

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kirks5oh said:

you’d be shocked at high 6 to 7 figures, how much money goes to taxes, etc.

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Why would I be shocked? I know how much I pay, and the math to scale it up is pretty easy.

Coiled03 said:

Why would I be shocked? I know how much I pay, and the math to scale it up is pretty easy.

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Agreed. Low seven figure income pays high 6 figures taxes. It sucks to see it on paper and realize what that extra money could mean.

kirks5oh said:

Agreed. Low seven figure income pays high 6 figures taxes. It sucks to see it on paper and realize what that extra money could mean.

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Its appalling how much low 6 figure income gets taxed in my opinion, hell even the taxes on high 5 figure income...but that's a story for another day

kirks5oh said:

Agreed. Low seven figure income pays high 6 figures taxes. It sucks to see it on paper and realize what that extra money could mean.

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If low 7-figure is paying high 6-figure in taxes, he needs to find another tax write off or 10.....or a better accountant.

J

kirks5oh said:

Agreed. Low seven figure income pays high 6 figures taxes. It sucks to see it on paper and realize what that extra money could mean.

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And then to get chastised that I just need to pay my fair share....

Coiled03 said:

If low 7-figure is paying high 6-figure in taxes, he needs to find another tax write off or 10.....or a better accountant.

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This is the grey area of 1% ers. People that have a fantastic job, work their ass off, make $1.5-2M, but don’t own a business where they can bury all their income and claim endless write offs. They simply don’t have a way to escape paying 40+% federal/state taxes. They end up paying $750k taxes and then have a $60k Tax bill at the end of the year as well

IA Shelby said:

J


And then to get chastised that I just need to pay my fair share....

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A good friend of mine pays more in taxes a year than I make in the same year...I'm not jealous one bit and his cpa saves him a ton but man he still gets hammered

My wife and i do quite well for our area...and I hate how much we pay in taxes. The rest of family bitches they only get back X amount in taxes...well ****ers my wife and I usually write a check so quit bitchin...we both have extra taken out so any year we get return Is good...buts not much compared to someone who puts In way less and gets 10 fold back

kirks5oh said:

Agreed. Low seven figure income pays high 6 figures taxes. It sucks to see it on paper and realize what that extra money could mean.

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Need a better tax guy...


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gimmie11s said:

Need a better tax guy...


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$2 mill at 47% top tax bracket is about $900k. It’s a myth that top earners don’t pay taxes or they all have loopholes. It is a fact the minority(high income) still pay the majority of all taxes.

I think it’s all relative. Wife and I make about 175k a year combine. We have a family friend who is a partner at a cpa firm and I know the husband makes ~350k. To me that is high income.

However, we’ve gone to some parties with them and some of the people he mingles with make millions.

Adower said:

I think it’s all relative. Wife and I make about 175k a year combine. We have a family friend who is a partner at a cpa firm and I know the husband makes ~350k. To me that is high income.

However, we’ve gone to some parties with them and some of the people he mingles with make millions.

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High income and high 6 figure income is different.

would one consider 3 or 8 high? $90k is high 5 figure income $350k is low to mid 6 figure even though it’s 4 times higher than the high 5 figure.

ON D BIT said:

$2 mill at 47% top tax bracket is about $900k. It’s a myth that top earners don’t pay taxes or they all have loopholes. It is a fact the minority(high income) still pay the majority of all taxes.

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This

Been audited twice and switched CPA’s a few times. It’s not fun at the end of the year for me. There’s no escaping taxes for most high income earners.

Rct851 said:

I live in a suburb just outside of Houston and I really wish 100k went as far you you described. Housing in a “relevant” area isn’t that cheap, nowhere near California, but 200k isn’t going to buy the killer house typically described.

High 6 figures has to be $666,666+. People just like saying they earn 6 figures and leave the rest up to interpretation

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100k in Huntsville is baller status.

Double"O" said:

Its appalling how much low 6 figure income gets taxed in my opinion, hell even the taxes on high 5 figure income...but that's a story for another day

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Tell me about it. We broke into the next tax tier last year by a couple dollars and the IRS broke it off into my ass big time

jeffh81 said:

100k in Huntsville is baller status.

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Yea cause the guy you just saw walking along the highway anywhere near there just escaped from Huntsville prison lol

Rct851 said:

Yea cause the guy you just saw walking along the highway anywhere near there just escaped from Huntsville prison lol

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Shh I was keeping that a secret. The place has blown up the last couple years with a lot of people getting away from the city life

Adower said:

I think it’s all relative. Wife and I make about 175k a year combine. We have a family friend who is a partner at a cpa firm and I know the husband makes ~350k. To me that is high income.

However, we’ve gone to some parties with them and some of the people he mingles with make millions.

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Except it's not relative. $1mil a year is $1mil a year any where in the country.

Same with $20k a year.

We're not talking about buying power, etc.. Just the number itself. $175k a year is a healthy living the vast majority of the country, but not even in Somalia is it high six figure income.

If my friend that makes 56k says high six figure I know he’s talking about 184k. When my doc friend that makes 300k+ says high six figure I know he’s talking about $6xxk+.

Dat der perspective is strong

Rct851 said:

If my friend that makes 56k says high six figure I know he’s talking about 184k. When my doc friend that makes 300k+ says high six figure I know he’s talking about $6xxk+.

Dat der perspective is strong

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Hm. Interesting.