Re:Living on a Reduced Income in 1868
by ctrlmeta on Wednesday August 17, 2022 @09:29AM
(#32496087)
> Admittedly, I'm used to NYC rental prices, which are expected to be 1/3 of income
Is that 1/3 of the total gross pay or is that 1/3 of total net pay?
I presume 1/3 of the total gross pay goes in deductions. So 1/3 of total gross pay is 66% of total gross pay. But 1/3 of total net pay is more like 22% of the total gross pay. And that's a big difference. I'd appreciate clarification about which one of these are the NYC rental prices more like.
Re:Living on a Reduced Income in 1868
by bagacrap on Wednesday August 17, 2022 @10:38AM
(#32497027)
I think both the percentage of income and effective tax rate vary wildly with income so it's probably not worth trying to nail down a specific percentage
Is that 1/3 of the total gross pay or is that 1/3 of total net pay?
I presume 1/3 of the total gross pay goes in deductions. So 1/3 of total gross pay is 66% of total gross pay. But 1/3 of total net pay is more like 22% of the total gross pay. And that's a big difference. I'd appreciate clarification about which one of these are the NYC rental prices more like.