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View Full Version : From your monthly budget, which is greater - mortgage payment/rent or payroll taxes?


wazu
03-08-2008, 01:55 PM
This is a simple poll. In a given month, what takes more out of your pocket, your mortgage/rent payment or payroll taxes? These taxes include federal, state, Medicaire, Social Security, etc. Please do not include other things like 401K, insurance, sales tax or property taxes as a parameter, as I do not want to injure anybody by making them do math.

Also, if you are retired, or own your home 100%, please select the option for that so as not to skew results.

banyon
03-08-2008, 02:00 PM
Do you really mean payroll taxes or just withholding amounts?

wazu
03-08-2008, 02:04 PM
Do you really mean payroll taxes or just withholding amounts?

Good point. I guess withholding amounts just to make it easy.

banyon
03-08-2008, 02:08 PM
Good point. I guess withholding amounts just to make it easy.

It wouldn't affect me, but there are a lot of small business types in this forum.

Logical
03-08-2008, 06:34 PM
Someone would be in a weird financial situation to have monthly house payments greater than their tax obligation.

a1na2
03-08-2008, 06:36 PM
Paid my home off years ago.
No selection to cover that so my selection would be

Taxes take more from me as there is no mortgage.

a1na2
03-08-2008, 06:38 PM
Someone would be in a weird financial situation to have monthly house payments greater than their tax obligation.

Not necessarily true, but I think you knew that when you posted it.

Carlota69
03-08-2008, 07:41 PM
Someone would be in a weird financial situation to have monthly house payments greater than their tax obligation.

Not necesarily true.

I pay roughly $1000 a month in taxes and $1300 in mortgage. So yes, I pay higher in home, but it's pretty close.

tiptap
03-08-2008, 08:30 PM
Do you mean for one's residence only or do we include the vacation homes. You get to write off two residential interest payments. Or even rentals and such.

Logical
03-08-2008, 08:37 PM
Not necessarily true, but I think you knew that when you posted it.Being as tax freedom day is April 30th, that is fully 1/4 of the year. How many of us pay 1/4 or greater of our incomes in house payment? Very few I would guess.

Tax Freedom Day (http://www.taxfoundation.org/taxfreedomday/)

2bikemike
03-09-2008, 08:49 AM
On my last check my total taxes withheld $1666. Thats Federal, State and all the Social Security BS. I am paid every two weeks. Not sure what my wife paid in taxes on her last check. My mortgage Principal and Interest is $1970. So Taxes are by far my largest expense.

I fugging hate paying taxes.

a1na2
03-09-2008, 09:11 AM
Being as tax freedom day is April 30th, that is fully 1/4 of the year. How many of us pay 1/4 or greater of our incomes in house payment? Very few I would guess.

Tax Freedom Day (http://www.taxfoundation.org/taxfreedomday/)

You have one poster that pays more in mortgage than taxes. I never have, but I live in a part of the country where homes are no where near as expensive as on the left coast and some of the other metropolitan areas. We sold a 800 square foot house in the Bay area for $300K, 2 years later it sold for $1M. I'm sure the land is now being used for something other than a single delling home.

BigMeatballDave
03-09-2008, 11:17 AM
There is more withheld than I pay in rent.

patteeu
03-09-2008, 12:05 PM
I answered mortgage before adam clarified in post #3. It's not even close. If he's talking about all federal and state taxes withheld, it's much closer and I think taxes win but not by a whole lot.

Brock
03-09-2008, 01:47 PM
There is more withheld than I pay in rent.

This is the problem with the whole system. If people had to actually scratch out a check every month, there would be a ****ing revolt in this country.

banyon
03-09-2008, 02:05 PM
This is the problem with the whole system. If people had to actually scratch out a check every month, there would be a ****ing revolt in this country.

Probably a lot of bounced checks too.