Are you "Upper Middle Class"?

[michigancat]

did my taxes, tax rate on W2 income was 18%, on my actual income without pretax payroll deductions it was 15.5% (and I had our cheapest health insurance plan).

According to the estimated sales tax calculator from the IRS, sales tax was about 1.5% of my income. No nanny, and as as a renter I don't count property tax even though my rent pays it.

all in all, seems pretty reasonable

[Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)]

did my taxes, tax rate on W2 income was 18%, on my actual income without pretax payroll deductions it was 15.5% (and I had our cheapest health insurance plan).

According to the estimated sales tax calculator from the IRS, sales tax was about 1.5% of my income. No nanny, and as as a renter I don't count property tax even though my rent pays it.

all in all, seems pretty reasonable

You should make more money and get better insurance.

[michigancat]

did my taxes, tax rate on W2 income was 18%, on my actual income without pretax payroll deductions it was 15.5% (and I had our cheapest health insurance plan).

According to the estimated sales tax calculator from the IRS, sales tax was about 1.5% of my income. No nanny, and as as a renter I don't count property tax even though my rent pays it.

all in all, seems pretty reasonable

You should make more money and get better insurance.

but those low cali state taxes!

[michigancat]

http://www.npr.org/sections/thetwo-way/2015/12/09/459087477/the-tipping-point-most-americans-no-longer-are-middle-class?utm_medium=RSS&utm_campaign=thetwoway

[steve dave]

$126k as upper class is pretty wtf.

[sys]

$126k as upper class is pretty wtf.

you may be a little out of touch.

[Dr Rick Daris]

seems like there need to be more than 3 classes. a family of 3 making 45k seems quite a bit different than a family of 3 making 115k.

[steve dave]

$126k as upper class is pretty wtf.

you may be a little out of touch.

A teacher and construction worker with a kid in NE or KS make that. I imagine they'd make significantly more than that on either coast. Maybe it's my idea of what "upper class" stands for that's off.

[chum1]

$126k as upper class is pretty wtf.

you may be a little out of touch.

A teacher and construction worker with a kid in NE or KS make that. I imagine they'd make significantly more than that on either coast. Maybe it's my idea of what "upper class" stands for that's off.

Or a lot out of touch.

[star seed 7]

$126k as upper class is pretty wtf.

you may be a little out of touch.

A teacher and construction worker with a kid in NE or KS make that. I imagine they'd make significantly more than that on either coast. Maybe it's my idea of what "upper class" stands for that's off.

probably not

[Dr Rick Daris]

yeah i don't think your avg ks teacher/constructo combo is making 126k.

[steve dave]

Well, fine

[CNS]

A very specific pair would,  but def not the avg teacher/ construction combo.

[sys]

A teacher and construction worker with a kid in NE or KS make that.

they'd actually make just as much without a child, although taxes would cut into their take home a littler harder.

[CNS]

Still,  I think SD's point is valid

[sys]

his point about how his concept of upper class was skewed was valid.

[john "teach me how to" dougie]

$126,000 in a major city on either coast is an average Joe lifestyle. In a place like Houston or Detroit, you're living in a mansion.

[michigancat]

seems like there need to be more than 3 classes. a family of 3 making 45k seems quite a bit different than a family of 3 making 115k.

I agree

[steve dave]

So I'm obviously out of touch but I can see $126k being upper-middle. in my head there are 6 classes. lower, lower-middle, middle, upper-middle, upper, ultra rich. and, again this is just in my head if you asked me, "hey sd, if my household income (2 adults) was X where would you say I fell?" I would make the cutoffs:

lower: below $25k
lower-middle: $25k-$50k
middle: $50k-$100k
upper-middle: $100k-$250k
upper: $250k-$1 million
ultra rich: $1 million+ or a net worth of $5 million+

but, without anything to describe the classes other than the words that make up the class names it's pretty meaningless. also net worth isn't something I think about outside of the ultra rich and it probably should be.

[Cire]

Depends on number of people in family too I would think.

Debt should be a consideration to.  If you make 150k and owe 150k where does that put you?


Sent from my iPhone using Tapatalk

[steve dave]

Depends on number of people in family too I would think.

Debt should be a consideration to.  If you make 150k and owe 150k where does that put you?


Sent from my iPhone using Tapatalk

yeah, both good points. I think in the original example it was a household of 3 so I assumed 2 adults and a kid.

[michigancat]

 perhaps relevant

http://www.psmag.com/business-economics/why-rich-people-think-theyre-in-the-middle-class

[michigancat]

Also relevant: http://www.npr.org/sections/money/2015/03/19/394057221/how-much-or-little-the-middle-class-makes-in-30-u-s-cities

[michigancat]

Depends on number of people in family too I would think.

Debt should be a consideration to.  If you make 150k and owe 150k where does that put you?


Sent from my iPhone using Tapatalk

That just means you've probably built up quite a bit of equity in your home.

[michigancat]

Also relevant: http://www.npr.org/sections/money/2015/03/19/394057221/how-much-or-little-the-middle-class-makes-in-30-u-s-cities

Amazing how many poor people are in NYC. I realize it's a huge place full of neighborhoods most people never go, but still.