Make $120k and live paycheck to paycheck, brehs

[Antiquity]

This does not make sense in that you will get a lot of that back when you do your taxes.

You'll get a nice refund in what? April? For those other 11 months you're getting your paychecks lessened by thousands of dollars.

Also you are not taxed at a flat rate. Your rate will chance as the income goes up. For a single filer you are being taxed at 28% on 29K if we are using 120k as a baseline. So that person would still get something back after filing. The way they manage that money and the fact that this mythical person lives in a large city will determine their quality of life.

I'm not sure why you keep mentioning tax refunds. That's money that you will not be seeing until either Feb, March, or April. The rest of the year you will be taxed and your money will be disappearing even more when the deductions are factored in.

 

[Master Teacher]

I really hate smart dumb nikka logic. Listen to what you're saying. You're advising people do something that YOU yourself have never done yourself like it's the simplest thing in the world.

You completely glossed over the downsides which is a TON of bookkeeping and tax reporting you have to do, more tax liability. you will most likely have to hire a CPA to handle everything for you. that's one big time suck. with my current work I opted to do a W2 instead of C2C because I didn't want that headache even tho it could've been a bit more money. Just because I didn't do whatever daymond john tells me doesn't mean I don't deserve financial freedom ol emotional caps lock typin ass nikka

Jesus christ your too stupid to understand simple concepts

Once again, if you're too scared to do something that literal has zero risk, you don't have what it takes to make it in america anyway

so I'm dumb wasting my breath

book keeping for what? WHat are you talking about

goddamn your stupid

 

[Master Teacher]

LLC is a business entity. Your asking your employer to pay your business, not you. Don't make a lick of difference if you actually do any business through the LLC.

And whats the value of having no taxes witheld by your employer, only to pay them yourself unless your trying to write everything off through 'your business' as an expense. It all hinges on your employer paying you as a 1099, which I explained above is not as easy or s benificial as you claim it is.

Please stop talking, you brought up Non Disclosure agreements, when you can sign these with anything

there's literally no difference of you using your social security number to be paid and your tax ID number

you can't even grasp that concept, you don't understand, which is why you will always be a civilian

 

[MikelArteta]

Everyone has a different life. No one knows the expenses folks may have, especially working at a hospital one thing I've learned is never to judge.

A dude may be paying his grandma's medical bill or her meds. Or his sick aunt's rent, or his wife is on disability or lost her job so he's got to shell out more.

It's easy to sit on a high horse and be like this and that but until you can see someone's budget and their expenses .

this is how it is man, i've got co workers that will be down to their last 4 dollars right before pay day, some of them hit the negative

they just casually talk about the shyt too like it's not a big deal

 

[Listen]

I really hate smart dumb nikka logic. Listen to what you're saying. You're advising people do something that YOU yourself have never done yourself like it's the simplest thing in the world.

You completely glossed over the downsides which is a TON of bookkeeping and tax reporting you have to do, more tax liability. you will most likely have to hire a CPA to handle everything for you. that's one big time suck. with my current work I opted to do a W2 instead of C2C because I didn't want that headache even tho it could've been a bit more money. Just because I didn't do whatever daymond john tells me doesn't mean I don't deserve financial freedom ol emotional caps lock typin ass nikka

Not to mention,

When you're an employee, your boss pays half of your Social Security and Medicare taxes (together, usually referred to as FICA taxes) and withholds your half of these taxes from your pay.

But as an independent contractor, you pay 100% of the FICA taxes when you file your tax return. You also must pay the income taxes that weren't withheld.

So then your counting on write offs and tax breaks through this loophole to make up the difference in cost and turn it into a savings. Have fun.

 

[Rekkapryde]

3 kids with his two ex wives combined and one on the way with his fiance..

He deserves to be broke

 

[ndthentherewasx]

3 kids with his two ex wives combined and one on the way with his fiance..

dude never learned


Somebody's gonna die

 

[the bossman]

Jesus christ your too stupid to understand simple concepts

Once again, if you're too scared to do something that literal has zero risk, you don't have what it takes to make it in america anyway

so I'm dumb wasting my breath

book keeping for what? WHat are you talking about

goddamn your stupid

my nikka are you crazy? what bookkeeping?
you have to file and report payroll, quarterly taxes, income taxes, social security, medicare, etc all that shyt. When you are a regular W2 your employer does this all this for you. you must keep receipts on every thing.

The way you get so emotionally riled up when someone questions your idea shows that you really not confident in what you're talking about.

I hope to God some young breh doesn't read your shytty advice and get himself in trouble with IRS

 

[Rusty$hackleford]

this is how it is man, i've got co workers that will be down to their last 4 dollars right before pay day, some of them hit the negative

they just casually talk about the shyt too like it's not a big deal

That shyts just sad. I making more now than I ever have, granted I'm still busted by Coli standards of excellence
But even during all the years of hourly wages I never lived like that. Gotta live within your means and stay ready for them unexpected events

 

[NoChillJones]

Just this morning at work I’m in the breakfast line a couple people behind my boss, he gets up to the cash register and his card declines for some links, eggs and a juice…I’m standing there like da fuk..he told the lunch lady to try again and she did, shyt declined again ..the lady behind him hands him some cash, not sure how much she gave him but he pays and then he walks off with this embarrassed look..about a half hour later I went to his office to chop it up and I asked him what was wrong wit the lunch ladys card reader and he just flat out said “Nothing..that was all me, 2 ex-wives and a mortgage leaves the tank empty”…I changed the subject after that but it got me thinking..damn yo..we gotta learn how to manage our money better than this, that’s unacceptable..stop living above your means brehs..whats the point in having a 5 bedroom house if you cant buy hot links and eggs, brehs.

breh is a grade 15 step 1

Spoiler

Pay & Leave : Salaries & Wages - OPM.gov

$124k and broke 2 ex wives at 35 years of age

Breh he blantly stated his 2 ex wives and a mortgage was draining his money. That's not living above his means......he chose the wrong women to marry and apparently bought a house with one of them. You gotta learn how to listen better...........

 

[bennyfein]

Two divorces

 

[International Playa]

Damnnnn. Live below your means brehs.

 

[tahoj4]

You'll get a nice refund in what? April? For those other 11 months you're getting your paychecks lessened by thousands of dollars.



I'm not sure why you keep mentioning tax refunds. That's money that you will not be seeing until either Feb, March, or April. The rest of the year you will be taxed and your money will be disappearing even more when the deductions are factored in.

I mention tax refunds because you will get some money back. I did some calculations with this website Free Income Tax Calculator - Estimate Your Taxes | SmartAsset on that 120k in MA. I am assuming a 0 deductions would give this person 6476k a month after taxes, or around 35% will be lost to taxes. Depending on deductions that person will get a some back. As I pointed out earlier. This is a money management issue. I pointed this out because that person will still have to live with in their means regardless of the taxes. That person could invest what they got back in taxes every year and would be on their way to a retirement better than most Americans.

If the same person lived in Houston where there is no state tax and made the same amount. That person will still pay the same amount in fed taxes. The lower cost of living will improve that persons life. The problem with this is the assumption that 120k is not a lot of money. Outside of maybe 3 - 4 metro area's in this country it is a lot of money. I have pointed out the average income of a black male in this country is 37k. Meaing there are alot of people living on a lot less.

The person making that amount in either place can change the deduction so that they are not paying that much in taxes so that they can pocket more of their money. I have done it for years

 

[Kwéyòl]

Some of y'all need to travel outside NA

 

[Weaver31]

Two divorces

And it seems like he is trending for a 3rd divorce and another child support payment. In his future....4 (or more) child support payments and 3 alimonies....that scares the living shyt out of me for the guy and I'm not him or even know who he is...