How much money do you need to make to spend

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#21

08-31-2025, 07:49 PM

raulus

Nicol0 Pin.oli

Join Date: May 2022

Posts: 3,017

Quote:

Originally Posted by gunboat82

The highest federal tax rate with self-employment is just under 42%. That's nothing to sneeze at, but why are you adding property tax? That's not based on income at all.

If you choose to live in a $3M house... yes, you'll pay a lot... but your income doesn't require it. You could choose to live in a modest house and fill it with baseball cards.

That you could.

Luckily, the property tax is less than 1% of my income. So you can leave it out if you prefer. Won’t move the needle very much.

But don’t forget state income tax and local and county income tax. Those add another 14% to your federal tally.

Plus the phantom income is a real kick in the shorts.

__________________
Trying to wrap up my master mays set, with just a few left:

1968 American Oil left side
1971 Bazooka numbered complete panel

Last edited by raulus; 08-31-2025 at 07:52 PM.

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