Curious...Which Income Bracket Do You Guys Fall In?

[dustin280zx]

I pay roughly 15,000 a year for college. I make roughly 6,000 in the year (mostly summer). so I make roughly -9000 a year.

[Mikelly]

Not to mention that us small business owners get to pay both the employer's part of the tax AND the employee's part. I didn't even know that employers paid 1/2 of the tax bill before the employee sees anything coming out of his check. That one was a bit of a shocker, and the only reason it didn't severely strain my company the first year is because I put away twice what I thought would be needed for taxes. I thought I was going to keep thousands of dollars, turns out I was $100 short.

 

Explore the wild side after 50? Sounds like a broken hip to me...

 

Yea, Jon, That's why I only take a paycheck as the president of my company, up to $25K. The Payroll tax alone (15.2% mandatory) was insane. Once we pull my business partner off contract, we'll recognize another break on HIS 15.2% payroll tax, which offsets his "employee" salary.

 

Employees truly have no idea the cost to an employer to "own" a company. Until you have set one up, and run it for a year, you have no idea what it's all about. A good lawyer, excellent CPA, and great bookkeeper have been the best "partners" to add to our extended family!

 

We just met with another large company today, and along with the great news that we'll be adding another TWO employees at the beginning of the month, it looks like we'll be partnering with yet another large prime contractor in the gov't contracting arena! Been a good week so far!!

 

Mike

[rustrocket]

I'm 23 with no degree, and this will be my biggest year at right around $70,000. Next year isn't looking so hot, but who knows, i said the same thing last year. I set a goal a few years ago to double my income every year and i've managed so far...but i know it'll get exponentially harder. I'm happy with the money i make now, but not happy about how much i work to get it.

 

I've already started taking mikelly's advice, and surrounded myself with smart people. I owe everything i have to hard work and networking/schmoozing with the right people.

[Guest Crispy Chicken]

Mike what type of work do you do? Sounds like you have a lot going on!

[janaka]

i'm in the 75-100 category.

25 with a business degree and a family business as my background. i'm in in-home sales now and have a job that fits my skill set like OJ and the leather glove. i work smart, not hard and I have lots of time to tinker with projects (both home and auto) so I can't complain much. although if you talk to my manager I complain a lot I think that is hereditary though.

[Mikelly]

I own a company that supports Federal Gov't contract support in the IT, Process and analytical fields, as well as secure construction consulting. I've been in the environment for 21 years, 10 of which as a civil servant, and 9 working for other companies, helping grow their business bases. Now I do it for my own Company, Brickner, Kelly & Associates. Shoulda done this a lot sooner!

 

Mike

[2003z]

International 767-400 First Officer, Delta Airlines

Owner, sole employee, Customs by Mike, custom powdercoating shop

[Guest da-man (is not!)]

I'm in the 100-125 category. 36 yrs old with no degree. I'm in sales, mainly in construction industry sales and sales management. I took a year and went into the racing industry sales. Had an awesome year income-wise.... and a terrible year family-wise, so I'm back in the saddle selling Electrical gear.

[garvice]

the people making 100k+, what are ur jobs?

 

I am an Electrical Engineer working mainly in the Mining Industries. Do Power and Instrumentation Design. Work out of a capital city which is good.

 

I think us Australians might have answers on the high side of this pole, but we do have to pay quite a bit of tax. Let me explain.

 

This is our current Tax rates

Taxable income Tax on this income

$1 – $6,000 Nil

$6,001 – $30,000 15c for each $1 over $6,000

$30,001 – $75,000 $3,600 plus 30c for each $1 over $30,000

$75,001 – $150,000 $17,100 plus 40c for each $1 over $75,000

$150,001 and over $47,100 plus 45c for each $1 over $150,000

 

 

On top of this you have to pay 1.5% Medicare Levy, on top of that if you have no private health insurance (the packages I am looking at which are pretty basic for a family set you back almost $3000 a year) you have to pay an additional 1% for the Medicare Levy surcharge.

 

On top of that if you have a government loan to pay for your University fees (mine were roughly $20k over four years but they have gone up considerably now) you have to pay the following:

 

HELP repayment income (HRI*) Repayment rate

Below $39,825 Nil

$39,825–$44,360 4% of HRI

$44,361–$48,896 4.5% of HRI

$48,897–$51,466 5% of HRI

$51,467–$55,322 5.5% of HRI

$55,323–$59,915 6% of HRI

$59,916–$63,068 6.5% of HRI

$63,069–$69,405 7% of HRI

$69,406–$73,959 7.5% of HRI

$73,960 and above 8%

 

 

So for my ~ $115 k /year I pay

$9 200 in Uni Loan Tax

$1 725 in Medicare Levy

$1 150 in Medicare Levy Surcharge

$33 100 in Income Tax

Total $45 175

 

Left with ~ $70 000

 

Oh yeah, we also have a 10% GST on almost everything we buy.

[myplasticegg]

i make about 15k a year, 18 credit/semester student@ community college.

 

I made the decision yesterday to join the army reserves in order to afford transferring to Millersville. Gotta give to take. At least I start as an E3...