Taxes - Fed/State/Property/Sales

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01-08-2025 | 08:04 AM

#21

172skychicken

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From: 757/767

Quote:

Originally Posted by Stan446

Really? Its a graduated tax system. 450K was about 90K fed liability. And I live in a state with no income tax.

Your deductions were substantial if your fed liability was only 90k off of 450k.

01-08-2025 | 08:17 AM

#22

Chub

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Quote:

Originally Posted by 172skychicken

Your deductions were substantial if your fed liability was only 90k off of 450k.

450k AGI, married filing jointly, standard deduction, equates to about $90k fed income taxes, and about $15k in FICA taxes.

01-08-2025 | 08:47 AM

#23

172skychicken

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From: 757/767

Quote:

Originally Posted by Chub

450k AGI, married filing jointly, standard deduction, equates to about $90k fed income taxes, and about $15k in FICA taxes.

I was including the FICA taxes. Should've been more clear.

01-08-2025 | 09:43 AM

#24

FangsF15

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Quote:

Originally Posted by Chub

450k AGI, married filing jointly, standard deduction, equates to about $90k fed income taxes, and about $15k in FICA taxes.

Breaking out State taxes is fine, but in this context breaking down Federal “taxes” between FICA, SS, and Medicare is utterly irrelevant and a distraction.

It all goes in one check to the US Treasury...

01-08-2025 | 04:10 PM

#25

Chub

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Quote:

Originally Posted by FangsF15

I agree I was just replying to the guy replying to Stan about the 90k for Fed income not being accurate.

01-08-2025 | 08:59 PM

#26

Dynamiterabbit

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Joined: Sep 2023

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Quote:

Originally Posted by HotSnakes

Ohio Taxes Suck.(Proposed legislation to phase out State Taxes god willing it will pass )

Ohio has one of the lowest top marginal tax rates in the country (3.5%). Are there other taxes you’re talking about? (I’m not from Ohio, just curious)

01-09-2025 | 05:50 AM

#27

Recliner

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From: SIC

Quote:

Originally Posted by Dynamiterabbit

Ohio has one of the lowest top marginal tax rates in the country (3.5%). Are there other taxes you’re talking about? (I’m not from Ohio, just curious)

One might say FL, WY, NH, SD, NV, TN, and TX are a little lower

01-09-2025 | 06:32 AM

#28

PineappleXpres

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Joined: Apr 2022

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Quote:

Originally Posted by Recliner

One might say FL, WY, NH, SD, NV, TN, and TX are a little lower

Not in Property tax, Home owners insurance, car insurance, sales tax, toll fees/car registration, and health care insurance gaps. That’s mostly in reference to FL. Commuting costs thanks to delayed upgrade, missed premium, redundancies (beater car, crash pad, extra eating out), and more time missed at home for the actual commute will all result in a net loss over the 3.5% income tax. The spreadsheet doesn’t lie.

01-09-2025 | 06:35 AM

#29

PineappleXpres

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Quote:

Originally Posted by bonvoyage

I love how you add military pay in the total for year 1/2 DAL FO

I do too. I want to know everyone’s side hustle and investment return income.

01-09-2025 | 06:36 AM

#30

FangsF15

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Joined: Sep 2011

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Quote:

Originally Posted by PineappleXpres

Not in Property tax, Home owners insurance, car insurance, sales tax, toll fees/car registration, and health care insurance gaps. That’s mostly in reference to FL. Commuting costs thanks to delayed upgrade, missed premium, redundancies (beater car, crash pad, extra eating out), and more time missed at home for the actual commute will all result in a net loss over the 3.5% income tax. The spreadsheet doesn’t lie.

My thoughts exactly. They get you one way or another.