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Would you quit your job?

If you were guaranteed a $25,000 income would you quit your job and stay unemployed?

  • Total voters
    103
Nynaeve Meara said:
Average includes outliers as well.
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Depends on the average you are using

Mean, median, or mode

Mean, the average can be skewed by outliers, which when considering average income would be a small percentage of the population having wages that are high multiples of what would be the center of the bell curve. Ie a few people earning 10 million a year skews the average upward.
 
Hypersonic said:
Um no..Stop guessing...Jesus.
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Why does he have to guess? He can simulate a 2012 income of $47,000, prepare a federal tax return and a California tax return. That's not guessing. That's called tax planning. Most financial advisor know how to do this. :comp:
 
sawyerloggingon said:
I'm semi retired and only make around 30k a year to avoid sucking to much out of my retirement savings so I guess I'd quit working for 25K a year except that a lot of my income is a result of cleaning up my land so I don't know what I would do with all the fire wood and lumber I now sell. That would be a problem.
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if that was disability pay you could still make another 16k so it would actually give you a raise to do it.
 
Hypersonic said:
Um no..Stop guessing...Jesus.
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:comp: I figured it out.

Annual income $47,000.00
Social Security $2,914.00
Medicare $681.50
Federal Taxes without any special deductions and all of that. $5,950.00
California Taxes without any special deducations and all of that. $1,999.47

That leaves you with a take home pay of $35,455.03. You earned $10,455.03 by choosing to go to work. Was it worth it? Only the individual could decide. I currently make $16,640 a year and my wife makes $13,500 per year. I'd probably take this $25,000 unless we each get $25,000. At that point it becomes a no-brainer.
 
Lord Tammerlain said:
Depends on the average you are using

Mean, median, or mode

Mean, the average can be skewed by outliers, which when considering average income would be a small percentage of the population having wages that are high multiples of what would be the center of the bell curve. Ie a few people earning 10 million a year skews the average upward.
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The problem with median is we don't know where they cut off the outliers. Did they remove the people who make nothing all year? That would skew the median heavily downward if they didn't.
 
CaptainCourtesy said:
$25,000/year is no where NEAR enough to live on, so even if I didn't like my job, absolutely not.

Regardless, I love my job, so no.
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I lived on $17,000 a year, without food stamps. You can do it. It just isn't that wonderful.
 
vasuderatorrent said:
:comp: I figured it out.

Annual income $47,000.00
Social Security $2,914.00
Medicare $681.50
Federal Taxes without any special deductions and all of that. $5,950.00
California Taxes without any special deducations and all of that. $1,999.47

That leaves you with a take home pay of $35,455.03. You earned $10,455.03 by choosing to go to work. Was it worth it? Only the individual could decide. I currently make $16,640 a year and my wife makes $13,500 per year. I'd probably take this $25,000 unless we each get $25,000. At that point it becomes a no-brainer.
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Yes, it is worth it. Because although it isn't much more than the gov guarantee, at least I'm not a leech relying on society.
 
Hypersonic said:
Um no..Stop guessing...Jesus.
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After federal which is $4,991.25 + 25%,state which is 9.3%. , SS which is 6.2%(assuming you are self employed, its higher if you are self employed[\size]) and medicare which is 1.45%(assuming you are self employed, its higher if you are self employed[\size]) taxes which is your income tax rate is over 40%.
 
ksu_aviator said:
Yes, it is worth it. Because although it isn't much more than the gov guarantee, at least I'm not a leech relying on society.
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:confused: This isn't a game show. You don't get points for being the most noble person alive. You just screw yourself over. Nobody will know how noble you are. You can brag sometimes about how great you are. For the most part, high horses are invisible. You will be the only one who knows how awesome you are. That's dumb.
 
jamesrage said:
After federal which is $4,991.25 + 25%,state which is 9.3%. , SS which is 6.2%(assuming you are self employed, its higher if you are self employed[\size]) and medicare which is 1.45%(assuming you are self employed, its higher if you are self employed[\size]) taxes which is your income tax rate is over 40%.
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Have you ever filled out a tax return? Social Security and Medicare are calculated perfect. Your logic is good but you have forgot somethings. Federal Income Tax and State Income Tax doesn't tax your entire income. If you make $47,000 per year, you may only pay taxes on $27,000. (I don't know the exact number.) If you have itemized deductions it could be even less. I'm not sure if the 25% rate and the 9.3% rate are accurate either.

Your thinking was fair but try to understand why you were called out. Your analysis is too far dismissed from the reality of the situation. Taxes aren't logical. :Oopsie
 
ChrisL said:
Not if you have a family, children.
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Hm. Well I had a wife and a (1) child on about the income being discussed as incapable of being lived on. We rated food stamps, wic, what have you, and never took it, and did just fine. Even managed to save a bit.

But yeah, it wasn't much fun. Lots of bean soup and potatoes.
 
cpwill said:
Hm. Well I had a wife and a (1) child on about the income being discussed as incapable of being lived on. We rated food stamps, wic, what have you, and never took it, and did just fine. Even managed to save a bit.

But yeah, it wasn't much fun. Lots of bean soup and potatoes.
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Did you live in Massachusetts? Rents and mortgages are super expensive here. I think Massachusetts might be the third most expensive state to live in.
 
cpwill said:
Hm. Well I had a wife and a (1) child on about the income being discussed as incapable of being lived on. We rated food stamps, wic, what have you, and never took it, and did just fine. Even managed to save a bit.

But yeah, it wasn't much fun. Lots of bean soup and potatoes.
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At the time you were in the military and had other benefits that most people making that kind of money would not have received unless going on government assistance I believe (I might be wrong). Medical benefits, for one, the potential for on base housing or a housing allowance, this last one I have no idea, but the one base commissary might provide lower prices then off base stores
 
ChrisL said:
Did you live in Massachusetts?
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North Carolina.

Rents and mortgages are super expensive here. I think Massachusetts might be the third most expensive state to live in.
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Which is one of the reasons I think assigning a blank number across the U.S. is problematic. $60K in Alabama is not the same as $60K in New York.
 
Lord Tammerlain said:
At the time you were in the military and had other benefits that most people making that kind of money would not have received unless going on government assistance I believe (I might be wrong). Medical benefits, for one, the potential for on base housing or a housing allowance, this last one I have no idea, but the one base commissary might provide lower prices then off base stores
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Our housing allowance and food stuffs was actually included in that estimate - although the "value" of our health insurance (we still have copays, deductibles, etc) was not, any more than it would be counted in the salary discussion of any other full time job. As for the Commissary.... we actually found Wal-Mart cheaper.
 
cpwill said:
North Carolina.



Which is one of the reasons I think assigning a blank number across the U.S. is problematic. $60K in Alabama is not the same as $60K in New York.
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That's true, and I was talking about Massachusetts. That amount of money might be barely enough if you were single but not if you have a family.
 
In Canada I was able to live on 28 000-32000 as a single adult. It was shared accommodation, and during that time 4 years or so I was able to save $12 000 or so, enough to put a down payment on a rental property. Two years after that period of time with an income in the mid 30s, I was able to save another $12 000 for a down payment for a condo for me.

The numbers of course do not reflect that I had medical and dental benefits from my job, that many may not get, I also did not have to pay huge amounts for health insurance ( being in Canada). Excluding health care, the part of Canada I live in the cost of living is far more expensive then most areas of the US (major costal cities excepted).

It can be done but you are not living well, you are not going out to eat, or buying a new cell phone every year etc. You have to cut your monthly fixed costs down to the bare minimum. One phone, most likely a land line, I would suggest no cable, and no internet if the public library has it available, a cheap car that was paid for in cash, and basic car insurance, if public transport is an option use that instead
 
ksu_aviator said:
I lived on $17,000 a year, without food stamps. You can do it. It just isn't that wonderful.
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Which doesn't fit the premise of the OP. Why would I give up a job to make less money and live less comfortably? I wouldn't. The OP offers a CHOICE. It's an easy choice: less money and less comfortably or more money and more comfortably. I'd like to know the motivations of anyone who would choose the former.
 
CaptainCourtesy said:
Which doesn't fit the premise of the OP. Why would I give up a job to make less money and live less comfortably? I wouldn't. The OP offers a CHOICE. It's an easy choice: less money and less comfortably or more money and more comfortably. I'd like to know the motivations of anyone who would choose the former.
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Lazy would be my guess.
 
Lord Tammerlain said:
In Canada I was able to live on 28 000-32000 as a single adult. It was shared accommodation, and during that time 4 years or so I was able to save $12 000 or so, enough to put a down payment on a rental property. Two years after that period of time with an income in the mid 30s, I was able to save another $12 000 for a down payment for a condo for me.

The numbers of course do not reflect that I had medical and dental benefits from my job, that many may not get, I also did not have to pay huge amounts for health insurance ( being in Canada). Excluding health care, the part of Canada I live in the cost of living is far more expensive then most areas of the US (major costal cities excepted).

It can be done but you are not living well, you are not going out to eat, or buying a new cell phone every year etc. You have to cut your monthly fixed costs down to the bare minimum. One phone, most likely a land line, I would suggest no cable, and no internet if the public library has it available, a cheap car that was paid for in cash, and basic car insurance, if public transport is an option use that instead
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Yes, but would you CHOOSE to live like that?
 
CaptainCourtesy said:
Which doesn't fit the premise of the OP. Why would I give up a job to make less money and live less comfortably? I wouldn't. The OP offers a CHOICE. It's an easy choice: less money and less comfortably or more money and more comfortably. I'd like to know the motivations of anyone who would choose the former.
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Why do you assume that $25K/year (per person) is a pay cut? For two, cohabiting adults that is $50K/year or about the current median household income in the US without any requirement to work at all. If that base income is supplemented with "off the books" income (from say mowing lawns, cleaning homes or even recycling scrap metal) that can easily be an increase for the typical couple.
 
ttwtt78640 said:
Why do you assume that $25K/year (per person) is a pay cut? For two, cohabiting adults that is $50K/year or about the current median household income in the US without any requirement to work at all. If that base income is supplemented with "off the books" income (from say mowing lawns, cleaning homes or even recycling scrap metal) that can easily be an increase for the typical couple.
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The question is would you quit your job to live on $25,000. IOW, it's a trade off. Why some of you keep trying to add on to the amount of money, I don't know, but you aren't sticking to the OP.

IF you had a job making MORE than $25,000, would you take the pay cut to not work is the premise of the question.
 
ChrisL said:
The question is would you quit your job to live on $25,000. IOW, it's a trade off. Why some of you keep trying to add on to the amount of money, I don't know, but you aren't sticking to the OP.

IF you had a job making MORE than $25,000, would you take the pay cut to not work is the premise of the question.
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As I have pointed out, that is not a pay cut for many in the US and also means that you are free to live where you wish without any concern about commuting to a job. I considered it to be sort of an early retirement option. ;)
 
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