Do you think people who qualify for the EITC are poor?
- 264 Replies
The average U.S. salary for 2012 was $47,000. The median household income was $50,020.
A salary of $51,567 in San Francisco, California could decrease to $21,948 in Carthage, Missouri. And a salary of $51,567 in Carthage, Missouri should increase to $121,155 in San Francisco, California.
Preview of 2013 Tax Year
Earned Income and adjusted gross income (AGI) must each be less than:
$46,227 ($51,567 married filing jointly) with three or more qualifying children
$43,038 ($48.378 married filing jointly) with two qualifying children
$37,870 ($43,210 married filing jointly) with one qualifying child
$14,340 ($19,680 married filing jointly) with no qualifying children
Tax Year 2013 maximum credit:
$6,044 with three or more qualifying children
$5,372 with two qualifying children
$3,250 with one qualifying child
$487 with no qualifying children
Investment income must be $3,300 or less for the year.
Quoting ChloeDolce1:
When I was 24 (before marriage and kids) I was making $55,000 yr. it was tight even as a single girl. I could not have taken care if 3 kids in that. It's all relative to where one lives and cost if living.
Quoting calvinsmommy18:
Well by the definitions. Kind of. Idk. I don't reallly think 50K even with 3 kids is really all that poor.
ok I see you speak numbernese, haha Ok but seriously, it depends on how you value yourself. If your self worth is valued around love and family/friends, it doesnt make a difference the monitary amount is. Money is just money weather you make 100,000 a year or 18,720 a year ($9 an hour) as long as you meet the basics. Roof, food, clothes, etc. You can meet these needs on both amounts.
Hah! I totally had the "what makes someone poor" conversation with DH this last week. He said that you were poor if you had a low class job. I asked what a low class job was, and he said it was like working in a restaurant.
I made between $18,720 and $19,733 a year when I met him, so I asked if I had a low class job at that time, and he said yes. I asked if he remembered that when he met me, my mortgage was less than a quarter of my monthly cash flow. And he said he didn't remember that. I asked if he remembered that his apartment cost over 60% of his monthly cash flow, and he said he remembered that in one of our first conversations I told him he was house-poor. Then, I asked if he remembered that he lived month to month, and I had savings enough that when we first moved and got an apartment, I had to pay to have all our belongings moved, pay the security deposit, and pay our first month's rent.
He said, "oh, yeah, I forgot about that." And I reminded him that I was debt free when I met him, but he was about $90,000 in debt. So I asked him whether he thought he had been poor, or I had been poor, and he said that it depended, because he was just out of college when he met me, and trying to live like he thought someone should once they have a "real job" and are making "real money." So, he was living really well, and didn't look poor, whereas my home was really small and I never ate out, rode public transportation, was a single mom, and stood in line at 5am with the homeless men to donate at the plasma center.
So, he didn't think I was living very well, and said my life looked poor from the outside. And he said his future looked brighter than mine, and that made me poor. So, if we were stocks, he would have invested in himself, and not in me. I said I didn't think I would have made the same choice as him, because until he met me, his only hope for digging himself out of his hole was trying to outearn his stupidity, and he didn't stop making his hole bigger until he learned some budgeting fundamentals.
You know, the people who make a lot of money, may look like they are winning, but sometimes they have lower net worth than a homeless man on the street corner. Because when they go broke, they go really, really broke, with many zeros added to the end. And some people who are living like our grandparents and great-grandparents may look to the outside like they do not make very much money, and they may look like they are losing because they live on even less than what they make, but sometimes they have a higher net worth than that "winner" who is pre-spending his future.
Quoting MOMMYSLOVE13: ok I see you speak numbernese, haha Ok but seriously, it depends on how you value yourself. If your self worth is valued around love and family/friends, it doesnt make a difference the monitary amount is. Money is just money weather you make 100,000 a year or 18,720 a year ($9 an hour) as long as you meet the basics. Roof, food, clothes, etc. You can meet these needs on both amounts.
They are trying to ban buying soda from FS
Do you REGRET having kids