Wow, that's crazy high. Congrats. No way can we get that high considering federal, state, property, etc tax already takes a pretty high percentage.Sent from my SAMSUNG-SM-G930A using Tapatalk
Ditto. Our federal + state income tax is more than our spending.
Quote from: Nate79 on December 02, 2017, 07:25:16 PMWow, that's crazy high. Congrats. No way can we get that high considering federal, state, property, etc tax already takes a pretty high percentage.Sent from my SAMSUNG-SM-G930A using TapatalkDitto. Our federal + state income tax is more than our spending.
Quote from: ixtap on December 03, 2017, 08:32:37 AMQuote from: Nate79 on December 02, 2017, 07:25:16 PMWow, that's crazy high. Congrats. No way can we get that high considering federal, state, property, etc tax already takes a pretty high percentage.Sent from my SAMSUNG-SM-G930A using TapatalkDitto. Our federal + state income tax is more than our spending.I'm guessing these numbers are based on net income (so not including taxes or health insurance, etc). Even someone at the top of the 15% bracket is paying an 18.4% effective rate between federal taxes and FICA leaving only 6.5% (~$6300/year) to cover state taxes, deductions like health insurance, and expenses to still end up at a 75% savings rate based on gross income.
Yes, I should have clarified the calculation in my original post. The savings rate in the OP was calculation like this: "After Tax Savings" + "401k contr"/"Take Home Pay" + "401K contr"If I calculate my savings rate on a gross income basis, I'm at ~61%
We are at 30%. It would be 35% if I made my minimum student loan payments. Because I pay extra it's 30%.