Wealth, income and affordability poll

Euro Durch Tod · 11-08-2007, 02:43 PM

For me my car is more than just a means of transportation its a big part of my life. Instead of goin to the bar or somethin else on a saturday night I may just go out for a cruise wit my buddies for $10 in gas. So to me at least it makes sense to spend a lil more on a car.

HFranks · 11-08-2007, 02:58 PM

Quote:

Originally Posted by MrRoboto

Out of curiosity...what percentage do you folks from USA pay to income taxes given certain income levels?

For Single Taxpayers it is as follows for Federal Income Tax
If taxable income is over-- But not over-- The tax is:
$0 $7,550 10% of the amount over $0
$7,550 $30,650 $755 plus 15% of the amount over 7,550
$30,650 $74,200 $4,220.00 plus 25% of the amount over 30,650
$74,200 $154,800 $15,107.50 plus 28% of the amount over 74,200
$154,800 $336,550 $37,675.50 plus 33% of the amount over 154,800
$336,550 no limit $97,653.00 plus 35% of the amount over 336,550

This doesn't count for state income taxes (in all but a few states) and it doesn't take into account the alternative minimum tax which is often higher when you make around $125,000 or more. Rates for married couples follow a similar path with higher limits (google tax rates for exact numbers).

imported_MPower · 11-08-2007, 02:59 PM

Quote:

Originally Posted by MrRoboto

^^^I understand what you are saying but buying a car that costs more then a years gross salary seems a little out of wack. There are better was to spend your hard earned 30k.

Certainly. But with the mentality of credit dominating life, some dont see the 30,000 being invested immediately. FWIW, I do not agree with this mentality.

CeeTeeX5 · 11-08-2007, 03:13 PM

Just purchased an E46 M3. Based on price and test drive, I might trade in or sell private party when the time comes.

hector · 11-08-2007, 04:12 PM

Quote:

Originally Posted by black135i

haha im wondering, how do you do that?

2 words: fried rice

; can satisfy your caloric requirements for about a quarter; of course you'll need to add some protein.

needanewcar · 11-08-2007, 04:17 PM

man waht do you guys do, making 150k+???

TESLAASTRO · 11-08-2007, 04:58 PM

Quote:

Originally Posted by Garrett

Your making a huge generalization. If you don't have kids and don't care about a 401k... and realize that when you die, if you owe nothing or are $400k in debt... you win!

Obviously thats not the mojority of the populace. But not everyone shares your ticket to success.

So Garrett, your moral compass says its ok to drive up huge debts vs saving for retirement?....not everyone shares my ticket to success(which isnt mine BTW), but the one you outline above is strictly for narcissistic sociopaths.....

TESLAASTRO · 11-08-2007, 05:01 PM

Quote:

Originally Posted by HFranks

For Single Taxpayers it is as follows for Federal Income Tax
If taxable income is over-- But not over-- The tax is:
$0 $7,550 10% of the amount over $0
$7,550 $30,650 $755 plus 15% of the amount over 7,550
$30,650 $74,200 $4,220.00 plus 25% of the amount over 30,650
$74,200 $154,800 $15,107.50 plus 28% of the amount over 74,200
$154,800 $336,550 $37,675.50 plus 33% of the amount over 154,800
$336,550 no limit $97,653.00 plus 35% of the amount over 336,550

This doesn't count for state income taxes (in all but a few states) and it doesn't take into account the alternative minimum tax which is often higher when you make around $125,000 or more. Rates for married couples follow a similar path with higher limits (google tax rates for exact numbers).

Who gets assessed the AMT is a closely guarded IRS secret.....There is only speculation about what may trigger the AMT....

TESLAASTRO · 11-08-2007, 05:04 PM

Quote:

Originally Posted by MikeT

Word of advice, guys... Don't overspend on a wife.

except for the ring, i got her for free! wheres the best place to buy one nowadays?

TESLAASTRO · 11-08-2007, 05:08 PM

Quote:

Originally Posted by kere

I want those trips and toys now (24) rather than when I'm old and tired :biggrin:

60 is the new 40.....besides, you Finnish folks eat alot of omega 3s and bathe in those great hot springs.....youll never be 'old and tired'......youll live to be 120....of course youll have to eat dog food and pull your teeth out with pliers.....but hey, you had a beeeeeeeeeemer when you were 24....

TESLAASTRO · 11-08-2007, 05:10 PM

Quote:

Originally Posted by 1ster

volume

you

TESLAASTRO · 11-08-2007, 05:11 PM

Quote:

Originally Posted by 1ster

posts

really

TESLAASTRO · 11-08-2007, 05:12 PM

Quote:

Originally Posted by 1ster

overwhelming.

think?

TESLAASTRO · 11-08-2007, 05:15 PM

Quote:

Originally Posted by MrRoboto

Suprised at the amout of folks who earn under 30k and are looking at this car. Amazing how you can afford it.

LMFAO ........AMEN........

ramen noodles.....quick, easy, and only $.15

1ster · 11-08-2007, 05:19 PM

Quote:

Originally Posted by TESLAASTRO

you

Quote:

Originally Posted by TESLAASTRO

really

Quote:

Originally Posted by TESLAASTRO

think?

TESLAASTRO · 11-08-2007, 05:21 PM

Quote:

Originally Posted by MPower

Not saying that I represent this group, but it all depends on what your monthly costs are. It really has nothing to do with what your raw income is.

i disagree with you.....

buying a car that is disproportionate to your income, regardless of monthly costs, results in the purchaser foregoing other important avenues to channel $.....retirement savings, cash funds et al.....

ibeam81 · 11-08-2007, 05:23 PM

Quote:

Originally Posted by TESLAASTRO

Who gets assessed the AMT is a closely guarded IRS secret.....There is only speculation about what may trigger the AMT....

Really? AFAIK it's based upon income. If you exceed the threshold (which hasn't been indexed for inflation and is now catching those in the upper-middle income brackets) you recompute your taxes after removing certain deductions then you pay the higher amount of the 2 calculations.

TESLAASTRO · 11-08-2007, 05:23 PM

Quote:

Originally Posted by 1ster

I think we all understand what you're saying. Sometimes the volume of your posts can be a little overwhelming.

How am I doing papa????....you've inspired me....you ain't seen nothing yet....

oh, and could you please clarify what you meant by volume ?....I wasnt SHOUTING in my posts....did you mean frequency or words per post?

ibeam81 · 11-08-2007, 05:26 PM

Quote:

Originally Posted by TESLAASTRO

except for the ring, i got her for free! wheres the best place to buy one nowadays?

Russia seems to be doing a thriving business with mail-order brides. :biggrin:

TESLAASTRO · 11-08-2007, 05:29 PM

Quote:

Originally Posted by ibeam81

Really? AFAIK it's based upon income. If you exceed the threshold (which hasn't been indexed for inflation and is now catching those in the upper-middle income brackets) you recompute your taxes after removing certain deductions then you pay the higher amount of the 2 calculations.

AMT is not automatically assessed based on income....many folks earning 250k arent hit with it......some people earning 50k are hit with it....lots of theories though....some think if you deduct interest on home equity loan or line of credit, state income taxes, or exercising stock options, it may trigger the AMT....

imported_MPower · 11-08-2007, 05:31 PM

Quote:

Originally Posted by TESLAASTRO

i disagree with you.....

buying a car that is disproportionate to your income, regardless of monthly costs, results in the purchaser foregoing other important avenues to channel $.....retirement savings, cash funds et al.....

Opportunity cost is present in anything you do with your money. Also, there are no rules to say that you can not purchase a new car while investing. The only way that you have to do one or the other is if you throw all 30 grand out the window at once. That does not have to be the case.

ibeam81 · 11-08-2007, 05:56 PM

No the AMT is not automatic, but once you exceed a certain threshold income (and the thresholds are fairly low) the taxpayer needs to compute their taxes using both the standard method and the AMT method (which removes many deductions). If the AMT amount is higher then you pay that amount. In general the AMT is triggered if you have a lot of deductions.

View Poll Results: What's your annual income?
under 30k	29	8.01%
30k-40k	22	6.08%
40k-50k	27	7.46%
50k-60k	27	7.46%
60k-70k	38	10.50%
70k-80k	41	11.33%
80k-100k	50	13.81%
100k-150k	66	18.23%
150k-250k	33	9.12%
over 250k	29	8.01%
Voters: 362. You may not vote on this poll

11-08-2007, 02:43 PM	#67
Euro Durch Tod Private First Class 6 Rep 106 Posts Drives: mustang Join Date: Dec 2007 Location: ny iTrader: (0)	For me my car is more than just a means of transportation its a big part of my life. Instead of goin to the bar or somethin else on a saturday night I may just go out for a cruise wit my buddies for $10 in gas. So to me at least it makes sense to spend a lil more on a car.
	Appreciate 0 Quote

11-08-2007, 03:13 PM	#70
CeeTeeX5 Major 936 Rep 1,180 Posts Drives: 2018 X5 xDrive35i M-Sport Join Date: Apr 2008 Location: Issaquah, WA iTrader: (0)	Just purchased an E46 M3. Based on price and test drive, I might trade in or sell private party when the time comes.
	Appreciate 0 Quote

11-08-2007, 04:17 PM	#72
needanewcar New Member 5 Rep 17 Posts Drives: Join Date: Oct 2007 iTrader: (0)	man waht do you guys do, making 150k+???
	Appreciate 0 Quote

11-08-2007, 05:56 PM	#88
ibeam81 Captain 20 Rep 722 Posts Drives: 2016 EBII M235i, 2004 Acura TL Join Date: Jul 2007 Location: Germantown, MD iTrader: (0)	No the AMT is not automatic, but once you exceed a certain threshold income (and the thresholds are fairly low) the taxpayer needs to compute their taxes using both the standard method and the AMT method (which removes many deductions). If the AMT amount is higher then you pay that amount. In general the AMT is triggered if you have a lot of deductions.
	Appreciate 0 Quote