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Income Class definitions


Mr Smithers
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This question is for everyone. How much income earned by a family makes them Low, Middle or high income families?

So what range is low income families? $0 - $

So what range is middle income families? $ - $

Does that change with the number of people in the family? If a single people makes $ and then a family of 4 makes the same $ does that make them change positions?

I would like to understand what bracket I am in.

Thanks,

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The correct answer is:

"Me" (hypothetical "me," meaning whoever is doing the talking, regardless of how much money they make: middle class

"Someone else who makes a WHOLE lot more money than me, such that I will never ever attain their level of wealth": the rich

"People who can't afford a pot to pee in or a window to throw it out of": working class poor

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2007 Tax Rates/Brackets per IRS for Married - joint filer

Schedule Y-1 Married Filing Jointly or Qualifying Widow(er)

If taxable income is over-- But not over-- The tax is:

$0 $15,650 10% of the amount over $0

$15,650 $63,700 $1,565.00 plus 15% of the amount over 15,650

$63,700 $128,500 $8,772.50 plus 25% of the amount over 63,700

$128,500 $195,850 $24,972.50 plus 28% of the amount over 128,500

$195,850 $349,700 $43,830.50 plus 33% of the amount over 195,850

$349,700 no limit $94,601.00 plus 35% of the amount over 349,700

From IRS -http://www.irs.gov/formspubs/article/0,,id=164272,00.html

The 35% tax bracket represents the top 1% of income earned.

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Atlsport (2/13/2008)
2007 Tax Rates/Brackets per IRS for Married - joint filer

Schedule Y-1 Married Filing Jointly or Qualifying Widow(er)

If taxable income is over-- But not over-- The tax is:

$0 $15,650 10% of the amount over $0

$15,650 $63,700 $1,565.00 plus 15% of the amount over 15,650

$63,700 $128,500 $8,772.50 plus 25% of the amount over 63,700

$128,500 $195,850 $24,972.50 plus 28% of the amount over 128,500

$195,850 $349,700 $43,830.50 plus 33% of the amount over 195,850

$349,700 no limit $94,601.00 plus 35% of the amount over 349,700

From IRS -http://www.irs.gov/formspubs/article/0,,id=164272,00.html

The 35% tax bracket represents the top 1% of income earned.

Wow, HolyMoses IS "the rich" (i.e., he's in a higher tax bracket than I am and I don't see myself getting up there anytime soon).

I'm looking after your economic well being with my vote, HM. You can thank me later!

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pzummo (2/13/2008)
http://en.wikipedia.org/wiki/Social_class

If you scroll halfway down, they have a chart that I think fairly defines each class.

So by looking at that chart here is the best I can tell is the $ ranges for classes in 2005:

$350,000 and up are Upper class

$75,001 - $349,999 are Upper Middle Class

$35,000 - $75,000 are Lower Middle Class

$16,000 - $34,999 are working class

$0 - $15,999 are lower class

Where do you fit in?

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JDaveG (2/13/2008)
The correct answer is:

"Me" (hypothetical "me," meaning whoever is doing the talking, regardless of how much money they make: middle class

"Someone else who makes a WHOLE lot more money than me, such that I will never ever attain their level of wealth": the rich

"People who can't afford a pot to pee in or a window to throw it out of": working class poor

Bravo, sir.

:D :D :D

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Mr Smithers (2/13/2008)
pzummo (2/13/2008)
http://en.wikipedia.org/wiki/Social_class

If you scroll halfway down, they have a chart that I think fairly defines each class.

So by looking at that chart here is the best I can tell is the $ ranges for classes in 2005:

$350,000 and up are Upper class

$75,001 - $349,999 are Upper Middle Class

$35,000 - $75,000 are Lower Middle Class

$16,000 - $34,999 are working class

$0 - $15,999 are lower class

Where do you fit in?

That is a wide margin. My wife and I are just under 6 figures. We are a long, long way from $349,999.

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kicker23 (2/13/2008)
Don't get me started on this whole rich, middle class, poor debate. what do you do about cities with ridiculous cost of living? Try living in Chicago off of what you make in Atlanta.

Exactly - the general guidlelines are misleading. Out here in god's country, you can get 2500+ square feet in a safe neighborhood for $200k, easy. You might die of boredom, but it's better than a gunshot. :hehe:

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interesting... Hmm my income doesn't put my family in the elite "rich" category, but our assets certainly do.We have just eclipsed 1mil in net worth!!!!!

as for the income thingy, if you make a whole lotta money, but spend every dime than what does it all really mean? Broke Upper CLass????

"I'm rich b*tch!"

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