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Tue Jul 10, 2012, 06:15 PM

 

Once again: It's not gross Pay, not even take-home Pay, it's [View all]

NET INCOME after deductions in your 1040. The stuff taken out of your paychecks is just an estimated deposit, hence why so many get back a chunk.

I've seen this posted here and on DU2, and I think I've even posted once before.

to repeat:

NET INCOME equaling $250K or more means making considerably over that, though it would vary some state to state, but easily we're talking a gross wage of at least $350K, perhaps more again depending on states, investments, and stock market losses or gain, IRA deposits, other taxable income write offs.

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