6 figures brehs, how much are taxes hurting your pockets?

[Ezekiel 25:17]

Minimize your taxable income by shielding it in investment vehicles like a 401k, Roth IRA, and HSA brehs

Yeah but that's money you can't touch?

 

[Michael's Black Son]

Taxes are the reason I sell weight with/for BMF

 

[MegaTronBomb!]

Depending on where you're stationed, A sizeable amount of income from extra pay like BAH and BAS are untaxed.

an e6 in Hawaii,San Diego or LA can bring home 100k+

 

[neph27]

Yeah but that's money you can't touch?

You can always touch your contributions to a Roth IRA, just not the gains until retirement age. That flexibility is really nice when you're young

The 401k is a great way to build a long term nest egg, which everybody should be doing

 

[Heafcliffe]

Straight pillaged & colonized, b.

I try to lower my AGI with max deductions for FSA and maxing out retirement (i.e.401k) tho.

 

[Uachet]

Because of my renal failure and my previous military service, I don't have to pay property taxes on my home nor my wife's car (could choose one, and I chose the newer car to remove taxes from).

So, I am not hurting as much as others around me may be.

 

[Geek Nasty]

I'm in the 24% tax bracket but I also have no debt. If Democrats get elected taxes will go up considerably.

Not on your tax bracket

 

[capt_saveahoe]

Single with no kids in a major city. Effective tax rate of 29%...I paid a little over $250k, the dollar amount definitely makes me cringe but I am okay with paying 30%. No major expenses the past year, saved about $500k across all accounts.

 

[JLova]

Income tax rates for individuals - Canada.ca

Information on income tax rates in Canada including federal rates and those rates specific to provinces and territories.

www.canada.ca

Federal income tax rates for 2024
Tax rateTaxable income threshold
15%on the portion of taxable income that is $55,867 or less, plus
20.5%on the portion of taxable income over $55,867 up to $111,733, plus
26%on the portion of taxable income over $111,733 up to $173,205, plus
29%on the portion of taxable income over $173,205 up to $246,752, plus
33%on the portion of taxable income over $246,752

Ontario
Ontario income tax rates for 2024
Tax rateTaxable income threshold
5.05%on the portion of taxable income that is $51,446 or less, plus
9.15%on the portion of taxable income over $51,446 up to $102,894, plus
11.16%on the portion of taxable income over $102,894 up to $150,000, plus
12.16%on the portion of taxable income over $150,000 up to $220,000, plus
13.16%on the portion of taxable income over $220,000

Canada's a tough country to live in right now.

 

[detroitwalt]

It's not hard. Finding a rotational job is the issue. I work for 90 days then am off for 90 days. Outside of DoD contracting I don't know if that's a thing. Even rotational work is a small piece of DoD contracting. That said, Vectrus and KBR are good companies for your line of work. The pay isn't the greatest but the experience will be great for you to job hop. I was getting around $700 a day in Afghanistan and Iraq. Vectrus supply guys were getting $450-550 a day. Most of those guys couldn't go home as much neither. Still might be worth a shot if you are interested.

Apply, take an interview, and see what's what. General Dynamic is a great overseas company to work for as well. I got a few buddies that work in Europe for them.

Damn 90 on/90 off is a beast. The most I’ve seen was 90/30.

 

[Belize King]

Damn 90 on/90 off is a beast. The most I’ve seen was 90/30.

They are out there. I’m tapped in if you need a plug for 60/60 positions.

When I say tapped in I mean. I know where to look.

Probably need a clearance though. SNC is about to post some rotational jobs for Korea next month.

 

[detroitwalt]

They are out there. I’m tapped in if you need a plug for 60/60 positions.

When I say tapped in I mean. I know where to look.

Probably need a clearance though. SNC is about to post some rotational jobs for Korea next month.

No felonies and my credit score is in the 800s. I do have some questionable decisions in my past tho so I’m not sure I could get a clearance again.

 

[Primetime]

It's 126,500 for the 2024 tax season

From what I understand after you cross the limit you pay taxes only on the amount that’s taxable. If you make 150 and the limit is 125 then you only pay taxes on that 25k. I’m headed to Kuwait in January so I’ll be finding out soon.

Yup. The FEIE provision is part of a cheat code i've been eating off of for years now.

By design it "helps expats avoid double taxation because your foreign income will likely be taxed in your country of residence."

However, not every country levies an income tax