Less Income = More Disposable Cash

That is why they all have smart phones and drive Escalades.

This makes me want to throw up! Good info!!!!

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Originally Posted by Dave

So going to college and getting a degree was a waste of my time then? [Bang]

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Originally Posted by kidicarus13

Not a waste of time, you just had to work harder to end up with less than those that don't give a rat's ass. I mean someone has to pay for the entitlements, might as well be you.

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Originally Posted by BigBear

Yes. I'm in the same boat and I have two of 'em....

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Lewks liek aye wun heir boyz! NOH DEGREAH FER MEAH!

Really though. College is a scam. It's for wealth preservation not wealth creation.

Come on guys.....

We all know example 1 is taking that extra money and putting it in a college fund for her kids, or investing it in their future.

Right!???


[Bang]

When I was making $30,000, my monthly income was hundreds less than example #1's gross income. Must be the difference in dependants.

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Originally Posted by anomad

Is 2400 a month realistic for child care?

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For 3 children, yes. $200/week per kid.

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Originally Posted by Irving

When I was making $30,000, my monthly income was hundreds less than example #1's gross income. Must be the difference in dependants.

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Well, with 3 kids she would likely claim 4 exemptions. Though my spreadsheet and paycheckcity.com show a monthly pay of 2083 and 4 exemptions in CO to pay about 60 in fed taxes and 31 in state each month. Not going to say what my federal witholdings were last year. [Rant1]

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Originally Posted by Dave

Well, with 3 kids she would likely claim 4 exemptions. Though my spreadsheet and paycheckcity.com show a monthly pay of 2083 and 4 exemptions in CO to pay about 60 in fed taxes and 31 in state each month. Not going to say what my federal witholdings were last year. [Rant1]

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But they NEED more money for those kids they CHOSE to have. :)

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Originally Posted by anomad

Is 2400 a month realistic for child care?

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Yup. In fact it's about middle of the road. $200 per child per week. If you send your kids to a Primrose or comparable facility it's around $325 per child per week.

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Originally Posted by Dave

Well, with 3 kids she would likely claim 4 exemptions. Though my spreadsheet and paycheckcity.com show a monthly pay of 2083 and 4 exemptions in CO to pay about 60 in fed taxes and 31 in state each month. Not going to say what my federal witholdings were last year. [Rant1]

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Example 1 can claim exempt on her W4 and still receive a refund at the end of the year due to EITC and the Dependent Care Credit.

Example 1 would qualify as head of household providing an $8700 standard deduction. Example 1 would also qualify for 4 exemptions at $3650 a pop that equates to $14600. This means example 1 only has around $1700 of taxable income. Even taxed at say 10% that's $170 which would simply be deducted from the tax return of over $6K.