Message Font: Serif | Sans-Serif
No. of Recommendations: 2
People who work for a living are getting robbed, legally.

Well, somebody's gotta pay the bills, lol...

On gross income of nearly $340k, we're looking at about $54k in federal tax. That'll go down just a little when I finish entering the last few deductions. Oh, and we paid another $20k in SS and Medicare taxes (just our share, not employer). And I expect a little extra medicare tax on our investment income. Let's ballpark it at $75k total for the year. Wow...

But at the end of the day, I really can't complain. Where else could I find the amazing opportunities we've been lucky enough to enjoy? We made way more money than we really need, saved a ton, and paid a bunch of taxes too.

Interestingly, when I run our rough numbers through a tax calculator, I find that we would have paid $11.5k MORE in federal tax under 2017 rules. As I mentioned upthread, the newly expanded 24% bracket is ridiculously favorable to those in our income range. While my pocketbook loves it, I do wonder about the long term impact...
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.