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What is your household income?
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 2008-05-19 12:52 PM |
Veteran  399  |  Subject: What is your household income?A lot of interesting discussion going on in the "$90K+" thread and it's just itching for a poll. So I thought I'd post one. 1 - Include your household income as it benefits you. So, your spouse's income counts, but not your roommate's or someone else living with you that you do not pool funds with. 2 - Include all your yearly income. Anything that brings in cash. Please convert to USD as the current rates. |
 2008-05-19 12:56 PM in reply to: #1411175 |
| Subject: ... This user's post has been ignored. |
| 2008-05-19 1:01 PM in reply to: #1411184 |
Champion 10154  Alabama | Subject: RE: What is your household income? JeepFleeb - 2008-05-19 12:56 PM Do I count everything or just what I tell the IRS about?
Do you have to report your race winnings?
~Mike |
| 2008-05-19 1:04 PM in reply to: #1411198 |
| Extreme Veteran 416 Mercer Island, WA | Subject: RE: What is your household income? Rogillio - 2008-05-19 1:01 PM JeepFleeb - 2008-05-19 12:56 PM Do I count everything or just what I tell the IRS about?
Do you have to report your race winnings?
~Mike As an attorney, I feel obliged to let you know... The IRS defines income as all income/money/gifts, from whatever source derived~! :-) |
| 2008-05-19 1:11 PM in reply to: #1411175 |
Sneaky Slow 8694   Herndon, VA, | Subject: RE: What is your household income? D_M_S - 2008-05-19 1:52 PM Please convert to USD at the current rates. You're asking quite a bit of our non-USD-using friends to do, just so they can check a radio button in a poll. Just struck me as funny, that's all. |
| 2008-05-19 1:17 PM in reply to: #1411175 |
| Extreme Veteran 498 Carpinteria, Ca. | Subject: RE: What is your household income? I think it's kind of silly to assume that you must be upper middle class to do tri's. For many it's just a logical progression. Look at hunters, golfers, roadies, kyakers, divers................. Every one of the above costs an arm and a leg to get into, and even after all the gear is bought it isn't free. Imagine if smokers stopped smoking, hell in some places a two pack a day habit costs more than the top pros gear is worth, and entry fees and traveling and such. I know many people's monthly wine fund is more than a huge tri budget. Throw Starbucks, Blenders in the Grass, restaurants and such and you are now ingesting more $ per week than a family of four in 99% of the countries in the world will in a year. Priorities. I will admit that if someone just jumps in from just jogging to top notch gear in tri's it is expensive. But so is eating three times the Recommended Daily Allowances, filling up my truck. |
| 2008-05-19 1:21 PM in reply to: #1411249 |
| Sneaky Slow 8694 Herndon, VA, | Subject: RE: What is your household income? ZekeB - 2008-05-19 2:17 PM I think it's kind of silly to assume that you must be upper middle class to do tri's. For many it's just a logical progression. Look at hunters, golfers, roadies, kyakers, divers................. Every one of the above costs an arm and a leg to get into, and even after all the gear is bought it isn't free. Imagine if smokers stopped smoking, hell in some places a two pack a day habit costs more than the top pros gear is worth, and entry fees and traveling and such. I know many people's monthly wine fund is more than a huge tri budget. Throw Starbucks, Blenders in the Grass, restaurants and such and you are now ingesting more $ per week than a family of four in 99% of the countries in the world will in a year. Priorities. I will admit that if someone just jumps in from just jogging to top notch gear in tri's it is expensive. But so is eating three times the Recommended Daily Allowances, filling up my truck. ? I'm not quite following... too many references to too many different things in that post. Are you saying that people with lower-than-middle-class incomes could afford to do tris if they gave up Starbucks, filling up the truck, monthly wine, eating copious amounts, and smoking? Just not following. P.S. WITW is "Blenders in the Grass?" |
| 2008-05-19 1:24 PM in reply to: #1411269 |
| Extreme Veteran 330 Austin Texas | Subject: RE: What is your household income? newleaf - 2008-05-19 1:21 PM ZekeB - 2008-05-19 2:17 PM I think it's kind of silly to assume that you must be upper middle class to do tri's. For many it's just a logical progression. Look at hunters, golfers, roadies, kyakers, divers................. Every one of the above costs an arm and a leg to get into, and even after all the gear is bought it isn't free. Imagine if smokers stopped smoking, hell in some places a two pack a day habit costs more than the top pros gear is worth, and entry fees and traveling and such. I know many people's monthly wine fund is more than a huge tri budget. Throw Starbucks, Blenders in the Grass, restaurants and such and you are now ingesting more $ per week than a family of four in 99% of the countries in the world will in a year. Priorities. I will admit that if someone just jumps in from just jogging to top notch gear in tri's it is expensive. But so is eating three times the Recommended Daily Allowances, filling up my truck. ? I'm not quite following... too many references to too many different things in that post. Are you saying that people with lower-than-middle-class incomes could afford to do tris if they gave up Starbucks, filling up the truck, monthly wine, eating copious amounts, and smoking? Just not following. P.S. WITW is "Blenders in the Grass?" Dude, thanks for the laugh...Yes, smokers can do Tri's so long the quit. |
| 2008-05-19 2:10 PM in reply to: #1411175 |
| Regular 96 Novi, MI | Subject: RE: What is your household income? The better question...what do you do for a living? I would like to apply. |
| 2008-05-19 2:15 PM in reply to: #1411175 |
| Pro 4339 Husker Nation | Subject: RE: What is your household income? |
| 2008-05-19 2:16 PM in reply to: #1411486 |
| Pro 4339 Husker Nation | Subject: RE: What is your household income? Bripod - 2008-05-19 2:15 PM What about the eta: d'oh |
| 2008-05-19 2:17 PM in reply to: #1411175 |
| Expert 3974 MA | Subject: RE: What is your household income? Best I can tell he loads trucks with grass for Starbucks? |
| 2008-05-19 2:17 PM in reply to: #1411466 |
| Subject: RE: What is your household income? pmsmith - 2008-05-19 3:10 PM The better question...what do you do for a living? I would like to apply. Yeah, the stuff I like to do/was educated to do does not pay well at all. Though it made me happy to see that there were a few others in my piddly income bracket above Edited by wurkit_gurl 2008-05-19 2:18 PM |
But I also don't have the benefit of spousal income. | 2008-05-19 2:23 PM in reply to: #1411208 |
| Veteran 152 Kansas City (Roeland Park) | Subject: RE: What is your household income? runrachierun - 2008-05-19 1:04 PM As an attorney, I feel obliged to let you know... The IRS defines income as all income/money/gifts, from whatever source derived~! :-) As an attorney and former pizza delivery guy, I feel obliged to let you know... Reimbursement is not taxable income. If you are paid $1 per delivery, its taxable. If you are reimbursed mileage at $X/mile, it is not taxable. Also, if you have a hobby that brings in money, its taxable. If you set up a business entity, only the net income is taxable. (Gross income - business expenses) Lawyering isn't a lot of fun, but I do love loopholes. ETA: for the record, Attorney does not necessarily mean high income. Edited by Hot Joe 2008-05-19 2:24 PM |
| 2008-05-19 2:30 PM in reply to: #1411510 |
| Master 2021 Alpharetta, GA | Subject: RE: What is your household income? Hot Joe - 2008-05-19 3:23 PM runrachierun - 2008-05-19 1:04 PM As an attorney, I feel obliged to let you know... The IRS defines income as all income/money/gifts, from whatever source derived~! :-) As an attorney and former pizza delivery guy, I feel obliged to let you know... Reimbursement is not taxable income. If you are paid $1 per delivery, its taxable. If you are reimbursed mileage at $X/mile, it is not taxable. Also, if you have a hobby that brings in money, its taxable. If you set up a business entity, only the net income is taxable. (Gross income - business expenses) Lawyering isn't a lot of fun, but I do love loopholes. ETA: for the record, Attorney does not necessarily mean high income. I beg to differ on that. For business trips I am reimbursed per mile traveled for gas/wear-n-tear on my personal car. At the end of the year, that amount paid goes into my total taxable value. |
| 2008-05-19 2:36 PM in reply to: #1411175 |
| Pro 4612 MA | Subject: RE: What is your household income? As of not, the poll result shows that 77.38% of the poll participants make more than I do, and 47.45% makes twice as much. I am a poor BOPer. Shouldn't be in this sports int he first place. :p |
| 2008-05-19 2:41 PM in reply to: #1411526 |
| Master 1472 | Subject: RE: What is your household income? Coldfire - 2008-05-19 12:30 PM Hot Joe - 2008-05-19 3:23 PM I beg to differ on that. For business trips I am reimbursed per mile traveled for gas/wear-n-tear on my personal car. At the end of the year, that amount paid goes into my total taxable value. runrachierun - 2008-05-19 1:04 PM As an attorney, I feel obliged to let you know... The IRS defines income as all income/money/gifts, from whatever source derived~! :-) As an attorney and former pizza delivery guy, I feel obliged to let you know... Reimbursement is not taxable income. If you are paid $1 per delivery, its taxable. If you are reimbursed mileage at $X/mile, it is not taxable. Also, if you have a hobby that brings in money, its taxable. If you set up a business entity, only the net income is taxable. (Gross income - business expenses) Lawyering isn't a lot of fun, but I do love loopholes. ETA: for the record, Attorney does not necessarily mean high income. Hence the problem with our tax code. You got taxed the first time you got paid. You spend your TAXED money to travel. You turn in reciepts to get YOUR ALREADY TAXED MONEY back and get taxed on it again. That makes no sense what so ever! Edited by idahodan 2008-05-19 2:42 PM |
| 2008-05-19 2:41 PM in reply to: #1411491 |
Alpharetta, Georgia Bronze member | Subject: RE: What is your household income? wurkit_gurl - 2008-05-19 2:17 PM But I also don't have the benefit of spousal income. Word. 2 incomes would be NICE. All though, if you are both triathletes, is it a wash? |
| 2008-05-19 2:44 PM in reply to: #1411573 |
| Master 1472 | Subject: RE: What is your household income? lisac957 - 2008-05-19 12:41 PM wurkit_gurl - 2008-05-19 2:17 PM But I also don't have the benefit of spousal income. Word. 2 incomes would be NICE. All though, if you are both triathletes, is it a wash?
My wife spends more than she makes. There is no benefit there. |
| 2008-05-19 2:47 PM in reply to: #1411588 |
| Subject: RE: What is your household income? idahodan - 2008-05-19 3:44 PM lisac957 - 2008-05-19 12:41 PM wurkit_gurl - 2008-05-19 2:17 PM But I also don't have the benefit of spousal income. Word. 2 incomes would be NICE. All though, if you are both triathletes, is it a wash?
My wife spends more than she makes. There is no benefit there. Okay - well, barring any irresponsibility, dual income would be nice Edited by wurkit_gurl 2008-05-19 2:48 PM |
Plus, the odds are probably pretty good that if I ever get married, my spouse will most likely make a lot more than me - not a sexist thing; I'm just trained in fields that are not very lucrative.| 2008-05-19 2:48 PM in reply to: #1411175 |
| Veteran 486 Newcastle, England | Subject: RE: What is your household income? and im worth every penny |
| 2008-05-19 4:58 PM in reply to: #1411526 |
| Champion 5781 Northridge, California | Subject: RE: What is your household income? Coldfire - 2008-05-19 12:30 PM Hot Joe - 2008-05-19 3:23 PM runrachierun - 2008-05-19 1:04 PM As an attorney, I feel obliged to let you know... The IRS defines income as all income/money/gifts, from whatever source derived~! :-) As an attorney and former pizza delivery guy, I feel obliged to let you know... Reimbursement is not taxable income. If you are paid $1 per delivery, its taxable. If you are reimbursed mileage at $X/mile, it is not taxable. Also, if you have a hobby that brings in money, its taxable. If you set up a business entity, only the net income is taxable. (Gross income - business expenses) Lawyering isn't a lot of fun, but I do love loopholes. ETA: for the record, Attorney does not necessarily mean high income. I beg to differ on that. For business trips I am reimbursed per mile traveled for gas/wear-n-tear on my personal car. At the end of the year, that amount paid goes into my total taxable value. Erm, this is becoming a major hijack...but...as a bookkeeper and a former messenger service driver, I have to tell you that you are getting screwed then. Mileage reimbursement up to the per-mile limit set by the IRS is NOT taxable income, any more than any other legitimate business expense reimbursement is. (And, if you happen to be reimbursed by your company at less than the allowed rate, it's my understanding that you can claim a deduction for the difference as long as you have documented your legitimate--i.e., non-commute--business miles...but I'm only a bookkeeper, not a CPA, so don't quote me on that.) |
| 2008-05-19 5:01 PM in reply to: #1411573 |
| Champion 5781 Northridge, California | Subject: RE: What is your household income? lisac957 - 2008-05-19 12:41 PM wurkit_gurl - 2008-05-19 2:17 PM But I also don't have the benefit of spousal income. Word. 2 incomes would be NICE. All though, if you are both triathletes, is it a wash? I spend more than my wife does on tri's, but it ain't cheap to operate a two triathlete household, lemme tell you... |
| 2008-05-19 5:12 PM in reply to: #1411991 |
| Veteran 290 Texas | Subject: RE: What is your household income? tcovert - 2008-05-19 2:58 PM Coldfire - 2008-05-19 12:30 PM Erm, this is becoming a major hijack...but...as a bookkeeper and a former messenger service driver, I have to tell you that you are getting screwed then. Mileage reimbursement up to the per-mile limit set by the IRS is NOT taxable income, any more than any other legitimate business expense reimbursement is. (And, if you happen to be reimbursed by your company at less than the allowed rate, it's my understanding that you can claim a deduction for the difference as long as you have documented your legitimate--i.e., non-commute--business miles...but I'm only a bookkeeper, not a CPA, so don't quote me on that.)Hot Joe - 2008-05-19 3:23 PM I beg to differ on that. For business trips I am reimbursed per mile traveled for gas/wear-n-tear on my personal car. At the end of the year, that amount paid goes into my total taxable value. runrachierun - 2008-05-19 1:04 PM As an attorney, I feel obliged to let you know... The IRS defines income as all income/money/gifts, from whatever source derived~! :-) As an attorney and former pizza delivery guy, I feel obliged to let you know... Reimbursement is not taxable income. If you are paid $1 per delivery, its taxable. If you are reimbursed mileage at $X/mile, it is not taxable. Also, if you have a hobby that brings in money, its taxable. If you set up a business entity, only the net income is taxable. (Gross income - business expenses) Lawyering isn't a lot of fun, but I do love loopholes. ETA: for the record, Attorney does not necessarily mean high income. This thread is cracking me up! Agree with runrachierun, Hot Joe and tcovert - reimbursements are not taxable - I oversee HR & accounting - on both sides these are the rules... On the dual income - two brings more money and more other stuff too! TriAya in her interview talked about being lured to the sport by seeing all different types of gear and people doing tri's - maybe it attracts a certain income level, but all levels could participate with some fairly basic stuff. Seems like I've read a few articles about garage sale bikes and board shorts. |
| 2008-05-19 5:19 PM in reply to: #1411175 |
| Elite 3290 Oliver, BC, "Wine Capital of Canada" | Subject: RE: What is your household income? Wow, this poll makes me feel very poor. |
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