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Trending data chart I found as a fascinating case study, and that I thought the forum would also find enlightening:
His total income was $164,700.
Assuming he is single, and the simplest schemes, he should be in the 4th highest tax bracket, taxed at an income rate of 24%, below the 3rd bracket taxed at 32% ($157,501-$200,000); his bonus should be federally taxed at the flat rate of 22%.
Despite the high cost of living in NY, in which I'm assuming he gains no equity, with those savings, he should be well on his way to ascending to the ranks of what many in this country perceive as "wealthy" thanks to his remarkable savings which I assume are intended for a future home purchase, or other stable investments with modest yields I assume would appeal to a banker who makes charts like this.
I recall an article a year or two ago in the WSJ that found women in the 18-35 bracket spend in average range from ~$3,000-$8,500 a year on clothes & make-up alone (largely dependent on where they live in the country). The average household income in 2017 was $61,372, and the average wage in the USA was $48,251. That's comes out to roughly 10% of the typical American income.
I still believe our fates lie largely in our own hands.
His total income was $164,700.
- His total income after tax was $104,800 (-36.4% effective tax rate)
- His total savings were $27,700 (16.8% of total income, 26.4% of total after tax)
- His rent exceeded his savings at $28,900
- His personal spending exceeded both of these at $41,500 (25.2% of total income; 39.6% of total after tax)
Assuming he is single, and the simplest schemes, he should be in the 4th highest tax bracket, taxed at an income rate of 24%, below the 3rd bracket taxed at 32% ($157,501-$200,000); his bonus should be federally taxed at the flat rate of 22%.
Despite the high cost of living in NY, in which I'm assuming he gains no equity, with those savings, he should be well on his way to ascending to the ranks of what many in this country perceive as "wealthy" thanks to his remarkable savings which I assume are intended for a future home purchase, or other stable investments with modest yields I assume would appeal to a banker who makes charts like this.
I recall an article a year or two ago in the WSJ that found women in the 18-35 bracket spend in average range from ~$3,000-$8,500 a year on clothes & make-up alone (largely dependent on where they live in the country). The average household income in 2017 was $61,372, and the average wage in the USA was $48,251. That's comes out to roughly 10% of the typical American income.
I still believe our fates lie largely in our own hands.
