THE economic stimulus thread

[Flubber]

Originally posted by DanS
I think it would be better to compare after-tax incomes. The differential may be less than it first appears.

Obviously and "rich" usually means a fair bit of accumulated wealth-- Ask someone who makes 100K and has 300K in accumulated debt from college how "rich" they are

Meanwhile someone making 25K and who inherited 10 million is quite rich in my books.

[snoopy369]

Continuing on Oerdin's earlier point about 'worker', I wonder about students who earned a stipend (and paid tax on it)? Are they 'workers' or are they equivalent of SocSec recipients?

[Flubber]

Originally posted by Jon Miller
As someone who makes 20k$ a year and feels well-off, you are rich.

JM

If you define 20K as "well-off" ( in my mind middle-class or upper middle) then well more than half the population is "rich"

heck a fast food worker makes 20K here



But it is all relative-- If I lived in a remote rural area I could make half my income and be "better off' since housing would be so cheap and housing is such a big chunk of expenses

[pchang]

As long as you had

earned incoming (got a W2, but less than the $75,000 per person), you should get the rebate.

[snoopy369]

A student with a stipend does not get a W2, however; they get a different form (don't recall what it is). No taxes are taken out, they have to pay them quarterly (equivalent to capital gains I suppose). It's not officially 'earned income' from that point of view, then, right?

[Kidlicious]

Originally posted by snoopy369
A student with a stipend does not get a W2, however; they get a different form (don't recall what it is). No taxes are taken out, they have to pay them quarterly (equivalent to capital gains I suppose). It's not officially 'earned income' from that point of view, then, right?

If you work for it it's earned income. If it goes towards your grant you are suppose to have a W-2. If you don't you still have to report it.

[Kidlicious]

Re: The Government says I'm rich

Originally posted by pchang
The beggar on the street says I'm rich
Kid says I'm rich




Why don't I feel rich.

Compared to me you are rich. Compared to Bill Gates you are poor.

[Jon Miller]

I just mean, look at all the things you have. Consider how little other people in the world have, consider how little your grandparents had when they were your age.

Most people in the US are well off (same with Canada).

JM

[Kidlicious]

I'm working my ass off to get a vehicle with my commission check, tax refund check, and tax "rebate" check! Then I will be rich! Yay!


If you look at it a certain way anyway.

[snoopy369]

Originally posted by Kidicious


If you work for it it's earned income. If it goes towards your grant you are suppose to have a W-2. If you don't you still have to report it.

It is not a W-2 though, it's a different form... a fellowship (grant) that's not directly for TAing or whatever doesn't come with a W-2 unfortunately.

[pchang]

1099

also counts as earned income

[Kidlicious]

Originally posted by snoopy369


It is not a W-2 though, it's a different form... a fellowship (grant) that's not directly for TAing or whatever doesn't come with a W-2 unfortunately.

It depends on what the money is for and what the conditions are. If you have to do some work for it you can count at least part of it as earned income.

[snoopy369]

Well that was the question wasn't it ... depending on how the goofs in DC write the law. As long as they don't make it straightforward "Must have a W2" then it won't count now will it?

How do you "count it as earned income" to the feds, anyhow? Is that a box on the 1040 "Count this as earned income"??

[Kidlicious]

Originally posted by snoopy369
Well that was the question wasn't it ... depending on how the goofs in DC write the law. As long as they don't make it straightforward "Must have a W2" then it won't count now will it?

How do you "count it as earned income" to the feds, anyhow? Is that a box on the 1040 "Count this as earned income"??

If you worked for it put in on line 7 or line 12. Besides that all I can say is I would want to know more information to determine which line to put it on.

[Drogue]

Originally posted by Flubber
Obviously and "rich" usually means a fair bit of accumulated wealth-- Ask someone who makes 100K and has 300K in accumulated debt from college how "rich" they are

Meanwhile someone making 25K and who inherited 10 million is quite rich in my books.

Someone who inherited $10m would be making at least $500k in interest. If you count entire after-tax income, you probably get a good proxy of how rich someone is.