/biz/ - Business & Finance

That's around upper-middle class.

No, it will take you over a decade to make a million dollars.

300K+ -- now we're talking.

It depends on what country you live in.

>>276456

not really, unless you somehow manage to have 0 expenses and save it all

>100k
>30k to taxes
>30k to living expenses
>20k for entertainment

most people making 100k don't save much money, unless they choose to live very frugal lives

>>276478
>30k to taxes
what the fuck?

it's a hell of a lot more than i make right now

>>276478
>secretly have 100k a year job
>move in with parents and tell them you're broke
>wear Dollar General polo but change shirt on the way to work into suit
>change back on way home
>make parents cover all expenses until you save up 1 mil

>>276478
>>20k for entertainment
WHAT THE FUCK?

>>276478
if you're self employed and make more than something like 108k, the tax rate drops from 17% to something laughable like 4%.

>>276484

Yeah, that's wrong. Ordinary income tax is going to be less than that before deductions.

Depends on debt, children or not, desired life style, etc.

>>276494

That's self-employment tax (to cover medicare / social security). You still have to pay tax on your income as well

>>276494

That's plain wrong, firstly.

Federal tax on 100k would be 20k; state tax (depending on state) may be 5-8k; then you have to pay FICA which is 6k.

Which comes out to a bit more than 30k.

>>276478
>20k to entertainment
You should reconsider your life if you're spending this much. The housing is also very high.

>>276511
do the self-employed have to pay state tax if they work entirely online?

>>276519

Yes.

>>276519

If you are located in a state that has income tax, then you do have to pay state tax. There are states such as Florida, Texas, Nevada, etc that do not have state income tax.

Then there are places like New York where state tax can get as high as 8.25%; if you live in NYC you also have to pay NYC tax which is another 5%+.

>About 20 percent of American households earn more than $100,000.

http://www.bankrate.com/finance/personal-finance/100-000-income-no-big-deal-anymore-1.aspx

And that's just households, so yeah, $100K is a pretty good salary, despite what the NEETs on here tell you.

>>276511

For me, $100K would be -
$21,175.75 Federal
$6,470 State
$7,650 FICA

So I'd take home $64,704.25, or roughly $5,250 a month. This would be good if I were to be single for life.

>>276533
>if I were to be single for life

If you don't marry a sleezebag wife, there will be an additional income coming in.

Let's say your wife makes $40k and you have two kids.

For simplicity purposes, say you have $90K total income after taxes. If you can't afford a decent house, two decent cars, and to feed four mouths on $90k a year, then you're fucking stupid. Families survive on much less.

>>276544

>all these dubs

It's hard to find a wife who isn't a sleezebag. You risk losing your assets for little reward.

>>276544

OP isn't asking about survival.

>>276544
>2 working parents
>not having the mother stay at home to nurture the kids

>>276552

Not getting a dog and paying for hookers with credit card to build credit score for future stability. If I wanted somebody to cook and clean for me or take care of children I would maybe have, a nanny would be much cheaper.

>>276552

School + daycare

>>276547
Good thing I wasn't replying to OP. I was replying to your troll.

>>276494

These are the people that post advice here.

>>276552
>Having kids who are faggy enough to want to hang out with their mom all day.

Kids want to hang out with other kids. Enroll them in an after school program.

>>276558

Which makes you the stupid one.

I take home $3K a month. $1250 goes to rent and utilities. $500 to food and groceries. Car is payed off, but I pay $500 a year for UMF. I rarely drive as I live across the street from Walmart and a bank so not much in transportation costs. I live a comfortable life. I would rather not risk losing my lifestyle to pursue a relationship with a woman. I'd rather live with a professional male roommate and a dog, with casual female encounters at the bar.

>>276568
>take home $3K a month.

But the hypothetical in your post was if you were making $100K annually.

>>276576

In which I was replying to OPs question, not shitposting about how people can survive

>>276491
cocaine is one hell of a drug, man

>>276579
In which you implied that a $100K salary would not good enough.

So I replied that if your wife actually worked, it would be survivable for a good life.

It's really not that hard to understand.

>>276582

I said it was perfect if you were single, however supporting a family on $5K a month would limit your ability to invest for retirement.

If you are single and young? Yes.

If you are married, middle aged, and have kids? No.

>>276555
Daycare is horrible.

>>276628
this.. My sister and bro in law have 2 kids, a mortgage, student loans, 2 car loans, day care, etc... They make about 150k/yr combined and I have way more disposable income with my 80k/yr and no loans or kids or wife

> 100k income
> 27
> advertising

feels bretty good

>>276484
You pay approximately 7.2% for Social Security and Medicare taxes. Then you're about in the 25% tax bracket. That's why it's fairly important to put as much into a tax-deferred instrument such as an IRA or 401K as possible.

>>276700
So wait, if every cent I put into a IRA is deductible from my income for tax purposes?

I can put $70k into a IRA every year and not pay taxes on it?

What about when I hit retirement age?

>>276830
no retard its -5500 for IRA per year

to even think that could be doable just goes to show how herpa derp you are

>>276834
i don't know shit about taxes man

>>276834
Not everyone knows about taxes. but thanks for the information.

$100,000 = £65,000

try living in london where I live £65k is barely getting by.

Middle class is at least £100,000 here