How Much Is 100k A Year After Taxes

How much is 100K after taxes? That's right, if you make $100,000, you are in the top 25% of people who make a lot of money, which is interesting because the way you're taxed has you feel like you're hardly making anything. How many of you would say yes, put it in the comment below, that making 100 grand is barely getting by for a lot of you, depending on your family and your situation. So we're gonna talk about the state that you're in and how that is taxed differently. Big, big, big problem. For some of you that you live in states so that they're beautiful, not conducive to what we're talking about. Number two, just the biggest tax mistake that people make and it's costing them thousands of dollars they don't even know because they're never educated about it. And the last thing I wanna talk about is how to keep more of what you have by smart tax strategies. So as we get into this, let's talk about the state that you're in. Now, some of these are just statistics and I'm gonna read through them. So if you're a W-2, meaning you're an employee, whether, and again, those of you in other parts of the world that are not in the United States listening, in principle, it applies. It's just worse in all of your countries because we have four corporate structures, we have trust structures and 81,000 pages of corporate deductions. So we have the most robust tax system in the world. And as a W-2 employee, no business, no deductions, no rental property, nothing. It's just you, you get a big paycheck. You're taxed to pieces. Federal income is 22 to 24,000. That's 22 to 24,000 straight off the top of your 100. Then your FICA, which is 7.65%. So again, more money out. State income can be as low as zero, as high as 10. And then your take-home pay, for many of you, you're down in the 65,000 maybe range that you actually get to take home. That's equivalent to $5,000 a month is what you're living on. That's because you have no corporate structure and not living corporate life. So I wanna give you a gift early on. I want you to go to our Millionaire Intensive. I'm gonna give you two free tickets. It's in the show notes below. And learn to live corporate life. From 18 years old and up, you all have the opportunity to do it. So to overpay taxes is a choice. I call it your invisible pain, so stop it. If you're self-employed or own your own business. So self-employed means sole proprietor, which, bad. You only have about, you know, eight, 13. I think the total deductions is maybe 30, and that's being super strategic. The bigger problem with the sole proprietorship, though, is it's in your social security name. So you only have one line of credit. Each of the companies can have a tax ID number, have your own line of credit, your own corporate credit. So the more corporations, the more companies you have, the more, like, fundable you are, is a way to think about that. But if you own a company, your federal tax, again, 22 to 24, your FICA's 15.3. State is varies by state. Your take-home pay, 60 to 75,000. But if you use smarter deductions and actually use better corporate structure, you can actually bring more home. The tax equation for overpaying $10,000 in tax extra a year, because you just didn't want to get off the couch and get strategic about it, over the course of 20 years, invested at about 13%, you're over a million that you've given to your government, your state, versus you taking it home and being a millionaire. So, like, this invisible pain, $10,000 a year, it matters over time, compounded. Now, your state income tax is a whole nother problem. So, Texas, Florida has no state income tax. California is, number one, the highest, right? So, it's a 9,300 of 100, so at 9.3%. New York, 6.6. Illinois, about 5%. So, again, you got states that just aren't conducive to live and work, and that's also the truth. If you also look, not in Illinois, but if you look at California and New York, they're also, which is interesting, not good landlord states. They're actually the worst landlord states. Everything in the laws are for the renter, not the owner. The biggest mistake, number two, that I wanna talk about is, again, living like an employee. We call it employee life versus living corporate life. So, again, at 18 years old, you could get your first LLC, your S Corp, your C Corp, your limited partnership, depending on what you're gonna be doing, you all have the ability to make a cash machine and drive six, seven-figure businesses. You know, Kiyosaki probably said it best. There's two tax systems, right? And he has a grid right in the Rich Dad, Poor Dad. You either make it, because you're an employee, you pay tax right away, and then you can live on what's left. Or, as a company, that I just suggested, you're actually gonna make money in the company, you get 81,000 pages of tax code if you do that broadly and robustly, then you pay tax. That's how we get your taxes down into the single digits. You say, well, how do I do it? It's your deductions. Like, I personally don't own a phone, I don't own a car, I don't own a home. A lot of you, you own too much and you're paying too much personally. Those are not deductible. You need to move your expenses legally into corporate structure and cause them to be, through corporate resolutions and proper documentation, their business expenses. And that includes no more vacations, we're gonna go business trips. So the whole way to switch and actually maximize your tax savings and your tax planning, it's a choice. It's a strategy that you get to get up and say, I wanna be strategic, or you're just gonna be passive and let it happen to you. There is a plan. One, you do nothing, and one, you do a lot. And you actually get corporately structured. So make sure you show up to that Millionaire Intensive, bring your family, bring your friends, share it with a ton of people, it's a free event. There is a VIP upgrade if you want the replays and some other resources, but you can always look on that. I'll put the link for the VIP upgrade down in the show notes below. And before I finish my wrap-up of this, cause I could talk forever about this content, cause 100 grand just isn't enough. By the time you pay tax, even if you're strategically organized, we still, that much money in a W-2 paycheck, I make 36,000 as a paycheck. Cause I don't need the money. I gotta, what do I want to have extra money in Laurel for? I let the companies make the money, the companies get the deductions. So before we continue on, I want you to subscribe to the channel, be here five days a week. I'm here five days a week, we're going on, I don't even know, our fourth plus year, fifth year of being here five days a week, family-friendly for you. So share this as much as you can with as many people. The other thing I do for families is we allow you to get a credit of $750 towards a new tuition by binge watching my YouTube channel for 25 hours. There's a link that you have to follow to be specific so we can actually track that you did it. So again, how do you keep more of it? You live in corporate life. You move more of those expenses over. You also want to make sure that your deductions on your paycheck are in line and very, very specific to what you're going to have to keep the most money. You always want to take the most money home and not have it being held. And then you have to go file forms to get it back. A lot of people do for tax savings is they set up, say you have an S Corp or an LLC, C Corp, you set up a 401k self-directed and you can put up to $69,000 depending on how your structure is and depending on that, your tax team and your IRA self-directed team, which are our teams because our teams are the only ones that do these strategies that in an integrated way. There's a lot of people who do them in a segregated way. We do them in an integrated way. So make sure that you're looking at the 401ks, make sure you're looking at life insurance, make sure that you're looking at depreciating assets to invest. For those of you that are really growing, you want to look at assets like gas and oil, real estate, aviation, water rights, mineral rights, just different assets that you can buy that have great depreciation schedules on them. RV parks, storage units, there's so many of them that have great depreciation. So while you're making money, you're investing money, you're making sure that you also manage your tax structure. It's a trifecta of keeping your tax low. It's up to you to do it. I have a whole team assembled here. All you have to do is click on the link, go get a one-on-one appointment with my team and see what we can do to help you. See where the gaps are in your life and how we can help be your solution. If you have any questions at any time, always go to asklaurel.com. Make a request, ask a question. We're here 24 seven.