Struggling On $174,000 A Year

[boedicca]

I did a quick estimate of what it could cost a two income family living in CA in terms of taxes and expenses. It's not a high life style.

Gross Income 174,000.0
401K contribution 26,100.0
Pre-Tax Health 4,800.0
Adjusted Income 143,100.0

Federal Taxes 36,000.0
CA State taxes 9,700.0
FICA 11,252.1
Property Taxes 6,000.0
Total Taxes 62,952.1

After tax income 80,147.9

Mortgage & Insurance 30,000.0
Car payments & Insurance 6,000.0
Gasoline 3,600.0
Utilities 4,800.0
Food 9,600.0
Phone & Internet 1,800.0
Dining Out 2,400.0
Clothing 3,000.0
Childcare 12,000.0
Houshold 1,600.0
Entertainment 1,200.0
Life Insurance 1,200.0
Personal Care 1,200.0
Car & House Maintenance 2,000.0

Total Expenses 80,400.0

Balance (252.1)

Exactly and your list of expenses does not even consider sending kids to college. Which if you have a couple of bright kids of college age who get into good schools, can be a lot.

No kidding. The one thing I did include was to make sure they took advantage of the 401K - but it's their only real savings. There is no rainy day fund in this.

 

[Ravi]

I did a quick estimate of what it could cost a two income family living in CA in terms of taxes and expenses. It's not a high life style.

Gross Income 174,000.0
401K contribution 26,100.0
Pre-Tax Health 4,800.0
Adjusted Income 143,100.0

Federal Taxes 36,000.0
CA State taxes 9,700.0
FICA 11,252.1
Property Taxes 6,000.0
Total Taxes 62,952.1

After tax income 80,147.9

Mortgage & Insurance 30,000.0
Car payments & Insurance 6,000.0
Gasoline 3,600.0
Utilities 4,800.0
Food 9,600.0
Phone & Internet 1,800.0
Dining Out 2,400.0
Clothing 3,000.0
Childcare 12,000.0
Houshold 1,600.0
Entertainment 1,200.0
Life Insurance 1,200.0
Personal Care 1,200.0
Car & House Maintenance 2,000.0

Total Expenses 80,400.0

Balance (252.1)

He doesn't live in California. 26,000 in 401 K is not an expense. $2500 a month for mortgage and insurance is not what someone would pay in WI.

The guy is a crybaby.

But he hates teachers, so all is good.

 

[Meister]

Has anyone asked themselves why would a person want, not just a term or two....but a career at being a politician.....with all of that education for a measley 174K?
Just askin....not expecting any responses.

 

[boedicca]

I did a quick estimate of what it could cost a two income family living in CA in terms of taxes and expenses. It's not a high life style.

Gross Income 174,000.0
401K contribution 26,100.0
Pre-Tax Health 4,800.0
Adjusted Income 143,100.0

Federal Taxes 36,000.0
CA State taxes 9,700.0
FICA 11,252.1
Property Taxes 6,000.0
Total Taxes 62,952.1

After tax income 80,147.9

Mortgage & Insurance 30,000.0
Car payments & Insurance 6,000.0
Gasoline 3,600.0
Utilities 4,800.0
Food 9,600.0
Phone & Internet 1,800.0
Dining Out 2,400.0
Clothing 3,000.0
Childcare 12,000.0
Houshold 1,600.0
Entertainment 1,200.0
Life Insurance 1,200.0
Personal Care 1,200.0
Car & House Maintenance 2,000.0

Total Expenses 80,400.0

Balance (252.1)

He doesn't live in California. 26,000 in 401 K is not an expense. $2500 a month for mortgage and insurance is not what someone would pay in WI.

The guy is a crybaby.

But he hates teachers, so all is good.

Blah blah blah blah.


401K contribution aren't an expense. Really? I included them as an adjustment to gross income, which anybody with an actual income and a paycheck stub would recognize.

 

[Sallow]

Wow. We're really sinking as a nation. It used to be that millionaires were the Evul Rich.

Then those who make $250K per year were promoted to that category.

And now, people who earn $174K and must live in two places to do their jobs are RICH.

Watch out! You're Next!

Believe it or not..I sorta of agree. $174K a year is not alot of money.

Which begs the questions..how are people making 34K a year with families, surviving?

 

[JFK_USA]

So he is struggling at 174,000/year but teachers need a pay cut from 51K because they are so rich?

Republican logic, never makes sense.

 

[boedicca]

Wow. We're really sinking as a nation. It used to be that millionaires were the Evul Rich.

Then those who make $250K per year were promoted to that category.

And now, people who earn $174K and must live in two places to do their jobs are RICH.

Watch out! You're Next!

Believe it or not..I sorta of agree. $174K a year is not alot of money.

Which begs the questions..how are people making 34K a year with families, surviving?

Struggling, no doubt...and with the Fed's QE inflation, it's going to get much worse.

 

[boedicca]

So he is struggling at 174,000/year but teachers need a pay cut from 51K because they are so rich?

Republican logic, never makes sense.

I haven't seen anyone advocating cutting teachers' salaries - it's the excessive pensions and health care for life benefits which need to be reformed.

 

[DaGoose]

We do not really know enough to make a judgment. Is he married? Does he have kids? Is his the only income? Where does he live? I assume he maintains 2 homes? one in the Capital?

there are places in this country, where a family with 2 or 3 kids, would struggle on 174 grand a year. After all the taxes he pays. I am sure he only takes home about 85grand. If he has 2 mortgages, College to pay for, for his kids, and lives in a place like NYC or Cali. He could indeed be struggling. I mean come on people. To send your kids to a good school can cost you 30 or 40 Grand a year right there

That is why it is so blatantly false to just come up with a number and say anyone who makes more than that is Rich and has to much money.

I get by on my income here in Michigan. In California I would not make it. Cost of Living is much much higher there.

I agree. We need to know more.....

How much allowance does he get for living expenses?

How much allowance does he get for office expenses?

How much allowance does he get for staff?

Did he NOT know beforehand what the job paid?

Did he NOT make adjustments to compensate?

.

All legitimate questions that however do not change the fact that If you are supporting your spouse and a few kids, and live somewhere with a high cost of living, that you could struggle to live on that salary.

Then he should not seek a job (and probably spent millions getting) that pays such a pittance.

Wow. We're really sinking as a nation. It used to be that millionaires were the Evul Rich.

Then those who make $250K per year were promoted to that category.

And now, people who earn $174K and must live in two places to do their jobs are RICH.

Watch out! You're Next!

And you (and those that thanked you) know darn well that if it was a Dem you would be raking him over the coals. Especially for complaining about his tax payer paid salary.

.

So find a Democrat making the same amount. You're the one who singled out this Republican.

The thread boils down to this- a Republican who has something that you don't.
You want it, you can't have it.

Accept your lot in life.

"Accepting your lot in life" is EXACTLY what I expect this Congressman to do. He wanted it, he got it, now he should STFU and quit whining about his pay.

.

 

[JFK_USA]

So he is struggling at 174,000/year but teachers need a pay cut from 51K because they are so rich?

Republican logic, never makes sense.

I haven't seen anyone advocating cutting teachers' salaries - it's the excessive pensions and health care for life benefits which need to be reformed.

Bullshit.

They want to cut teachers salaries.

 

[Charles_Main]

Exactly and your list of expenses does not even consider sending kids to college. Which if you have a couple of bright kids of college age who get into good schools, can be a lot.

They are adults. They can pay their own way through college.

So you don't like the idea of parents saving for a kids college? Lots of people do.

 

[Sallow]

So he is struggling at 174,000/year but teachers need a pay cut from 51K because they are so rich?

Republican logic, never makes sense.

EXACTLY!!!!!

 

[Sallow]

Wow. We're really sinking as a nation. It used to be that millionaires were the Evul Rich.

Then those who make $250K per year were promoted to that category.

And now, people who earn $174K and must live in two places to do their jobs are RICH.

Watch out! You're Next!

Believe it or not..I sorta of agree. $174K a year is not alot of money.

Which begs the questions..how are people making 34K a year with families, surviving?

Struggling, no doubt...and with the Fed's QE inflation, it's going to get much worse.

So exactly why are conservatives so keen on cutting salaries of people working for peanuts while looking the other way when CEOs are cutting themselves big freakin checks?

 

[3DG4life]

So he is struggling at 174,000/year but teachers need a pay cut from 51K because they are so rich?

Republican logic, never makes sense.

Ikr?

I'm also wondering why Scott Walker hasn't cut his own pension and health benefits yet.. Being the great leader he is and all, you'd think he'd lead by example..

 

[boedicca]

Believe it or not..I sorta of agree. $174K a year is not alot of money.

Which begs the questions..how are people making 34K a year with families, surviving?

Struggling, no doubt...and with the Fed's QE inflation, it's going to get much worse.

So exactly why are conservatives so keen on cutting salaries of people working for peanuts while looking the other way when CEOs are cutting themselves big freakin checks?

I call shenanigans. Conservatives are not SO KEEN to cut salaries of people working for peanuts. Conservatives are for NOT INCREASING TAXES and NOT INCREASING INFLATION on people who work for peanuts just to pay excessive pension and benefit payments for public union employees.

 

[3DG4life]

Struggling, no doubt...and with the Fed's QE inflation, it's going to get much worse.

So exactly why are conservatives so keen on cutting salaries of people working for peanuts while looking the other way when CEOs are cutting themselves big freakin checks?

I call shenanigans. Conservatives are not SO KEEN to cut salaries of people working for peanuts. Conservatives are for NOT INCREASING TAXES and NOT INCREASING INFLATION on people who work for peanuts just to pay excessive pension and benefit payments for public union employees.

Excessive benefits like the ones Walker recieves as a state employee?

 

[Charles_Main]

So he is struggling at 174,000/year but teachers need a pay cut from 51K because they are so rich?

Republican logic, never makes sense.

I haven't seen anyone advocating cutting teachers' salaries - it's the excessive pensions and health care for life benefits which need to be reformed.

Bullshit.

They want to cut teachers salaries.

Of course you do not have one quote, or one sound bite, to prove that. You simply believe it and want us to. So far all they have cut is benefits. Put up some evidence maybe?

 

[Montrovant]

$174k a year may not be rich, but I think in most parts of the country it's certainly very comfortable.

What I wonder is what caused the debt which is so much greater than his salary? At first blush it sounds like irresponsible spending.

 

[boedicca]

And what benefits are those?

Are they nearly double those of his base pay? And if his are excessive, then shouldn't the same standard be applied to all public sector workers?

 

[Charles_Main]

So he is struggling at 174,000/year but teachers need a pay cut from 51K because they are so rich?

Republican logic, never makes sense.

I haven't seen anyone advocating cutting teachers' salaries - it's the excessive pensions and health care for life benefits which need to be reformed.

Bullshit.

They want to cut teachers salaries.

Of course you do not have one quote, or one sound bite, to prove that. You simply believe it and want us to. So far all they have cut is benefits. In Wisconsin the teachers still have the right to collective Bargaining over Wages, they lost the right over pensions and benefits, and things like over time. Put up some evidence maybe?