General Discussion

Benton D Struckcheon

(2,347 posts)

8. 150k is, actually...

Fri Feb 1, 2013, 10:34 PM

Feb 2013

...a pretty correct level.
Most folks may not realize we're talking TAXABLE income, which is way way different from actual income.
Self employed people can, for instance, put 45 or 50k, some number like that, in a SEP-IRA, and ALL of that money is sheltered from tax. An employee making that much can, of course, put 15k in a 401k. So you'd have, at minimum, to be making 165k before you'd pay a single penny more in tax.
How many people do you know making 165k or more? Of those, how many do you think would report 150k in taxable income?

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