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amdx[_3_]

On 10/2/2014 6:18 PM, wrote:
On Thu, 02 Oct 2014 17:34:49 -0400, F*O*A*D wrote:

On 10/2/14 5:13 PM, amdx wrote:
On 10/2/2014 7:50 AM, KC wrote:
One helpful yardstick to judge whether you're middle class: Median
household income was $51,017 in 2012, according to the most recent U.S.
census data. Robert Reich, a professor of Public Policy at the
University of California-Berkeley and former Secretary of Labor, has
suggested the middle class be defined as households making 50 percent
higher and lower than the median, which would mean the average middle
class annual income is $25,500 to $76,500.

I am "guessing" the three most vocal "middle class" folks here (all who
seem to own or boats worth a couple years income, and homes all over the
country), are (HERE) really "middle class"... no matter how much they
insist
they are. Nothing wrong with being rich, but to try to assume you
struggle like "middle class" folks is comical...

I think maybe you missed a NOT where I added a HERE in parenthesis above.

But, Where is "household income" on the income tax form.
Looking at my 1040 form;
Is it line 22, Total income?
Is it line 37 Adjusted Gross income?
Is it line 43 Taxable income?
Is it taxable income minus taxes? (Doubt That)

Line 22 Total income = 100%
Line 37 Adjusted Gross income = 63% of line 22
Line 43 Taxable income = 37% of line 22
taxable income minus taxes paid = 23% of line 22

Note: I'm self employed so taxes paid includes S.S. taxes.

Using Line 22 Total income, looks like I'm rich, at least this year.
Taxable income minus taxes paid,---- I'm living in poverty.

So, now I wonder, what does Median Household Income mean?

Mikek

Household income simply is the total amount of money brought into a home
from all sources by everyone in the home.

All "median income" means is the amount that divides the income
distribution into two equal groups, half having income above that
amount, and half having income below that amount. Mean income (average)
is the amount obtained by dividing the total aggregate income of a group
by the number of units in that group.

That's from Wikipedia. It is correct. I doubt it gives you any useful
information. The median household income in the United States in 2012
was just under $31,000.

I think his point is what number do they use and how would they
actually get it? Most people do not have a clue what their after tax
income is. If they did they would be marching on Washington and their
state house.

If you note the difference between my total income and my taxable
income, a lot has come off before I pay taxes. I have the standard
deduction, but then I knock off about 37% more because we save. That
allows us to max out the deductions for two SEP's, an HSA, then there
are the health insurance and the deductible part of self employment tax
deduction.
The real killer is the Social Security and medicare tax. (15.2%?)

The sad part, say you get to keep 70%, with that you get to pay
gasoline tax, cellphones taxes, license plate taxes, cable/internet
taxes, and sales taxes, that's all I can think of now, but there are more.
Mikek

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