Quote:
Originally Posted by mookiemookie
If he's truly taking home $200,000 out of a $350,000 salary, he's got some horrible tax planning going on. He should fire his accountant.
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The article says that's after taxes, 401k contributions, and insurance for a family of 5. He should be paying an effective income tax rate closer to 27%, right? NY income tax is just under 7% for everything over 20k. That's 34% right there. Add in a little over 2% for FICA. 36% taxes, not counting property taxes in NYC, which are no doubt non-trivial.
Insurance? 10k? (2.85%). We're at 38% or so. 401k is over 15k now, right? That's another 4%. We're at 42% just spitballing. The 43% figure is not unreasonable.
I think the idiot is living
way beyond his means, mind you, but 200k is chump change in NYC. We watch that "selling ny" show, and what we've learned aside from the fact we can't stand anyone on the program (agents or customers), is that we'd not be able to find a place we'd consider decent for under maybe 2-3 million. And that would be for a huge cut in space compared to Nuevo Mexico
. I think the issue (aside from this guy's stupidity) is that they count on his "bonus" income instead of him getting paid a salary that actually shows what he is worth. As a result, an unexpected cut nukes them. They are living a lifestyle based on 350k PLUS some substantial amount, maybe even a
multiple of 350k. Didn't see what this guy's usual bonus was.
A guy on another forum is a cabinet maker in nyc and will likely be hurt because of this. Guy's blowing their "bonus" are a large source of his income.