Less Income = More Disposable Cash

[newracer]

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

[Shootersfab]

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

[Ashton]

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

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.

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

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

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

[Tinelement]

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!???

[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.

[Dave_L]

Is 2400 a month realistic for child care?

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

[Dave]

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

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.

[Dave_L]

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.

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

[BigDee]

Is 2400 a month realistic for child care?

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.

[BigDee]

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.

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.