If I make 20 million dollars a year, how much of it will be deducted and taxed by the government?
It’s actually more difficult then just ‘figuring out’ a number. Here’s what you need to know, for starters:(1) Which state do you live in? I’m in CA, I’ll use their tax schedule(2) How did earn this income? Wages? Sale of stock? Capital gains on the sale of a business? Combination of all of these and others?(3) Single? Married? Deductions?Alright, on with the math.2016 Federal Tax BracketsCalifornia Income Tax Brackets 2016Let’s assume you’re single and it’s all wage income.So, make $20 million, get to take home $9.6 million.If you had to risk a lot and work hard, that’s not going to go over well.**There are other deductions so this is going to be off by a few 10s of thousands, but it’s close on wage income.Keep in mind, this is for a single year. The overwhelming majority of people, more than 99.9%, do not continue to make $20 million a year, year and year. Usually, this is a one time income. Keeping that in mind, if you were to hypothetically view a 3 year or 5 year window of income, then include capital gains tax in subsequent years along with wage taxes of those years, I think most people would be very, very surprised how much the government takes.
Why is it so hard to make decent money?
I'm from Los Angeles, CA. I need to leave. There are no well-paying jobs here except in computers, or healthcare or vocational trades. I looked at making money online so I can move, but most people tell me that is a really bad idea. My dream is to live up in the mountains, by Mt. Shasta, CA. However, the most abundant jobs up there are in restaurants, travel or hospitality. I don't know. I'm stuck. I was even thinking about being homeless up there so I can meditate. However, temperatures do dip to 10 degrees. Do you think other homeless people will steal my sleeping-bag?!? Advice Please. Thank You.
How many houses do professional real estate agents sell vs beginner agents on a yearly basis?
Some say the average beginner does about 2.8 homes per year and the income is below the poverty line in the first year meaning the price was pretty low (think under $150k each) netting him well under 30k after commission splits and expenses if being really frugal. So in the end, it's not a matter of quantity, its really a matter of price AND quantity. Professionals like to say we do lots of homes and many do tens or even hundreds per year but in reality, the best of us do a few really expensive homes. My volume record is well over 100 homes in a year, exhausting... needed a team of people to pull it off and because the average sale price was pretty low, this during the crash, it turned out to be not at all that good of a deal. I learned a lot of irreplaceable lessons along the way, but knowing what I do now, I'd much rather sell 5 or 10 @ $500k+ homes a year. Even better 1 at 10M - Best Luck!
How does one become a pest control operator, or "exterminator"?
I live in Florida. Is it as simple as getting a job with an experienced operator and learning the trade, or do I need to get licensed? How do I go about doing this?
By LAW do you have to ask everyone for ID when buying alcohol?
By law, you don't have to ask for anyone's ID to sell them alcohol. But selling to anyone underage is illegal. That's why they check ID's. There is also no law that says you can't ask for ID's from everyone, even if they look 70 years old. Some places do that. Most places, though, will check all ID's if you look under a certain age (like 35 in your case). That is a company policy, and not law (or, as it sounds in your case, personal policy).
Is it worth it to get my CA real estate license?
First let me say that jvazjr07 should tell us where he is getting his info from, because his is WAY off. According to CA Dept. of Real Estate the licensee count is 532,301 (brokers and agents), according to the US census (population projections 2007) CA’s population is 36,857,000. This works out to be closer to 1 in 70 than jvazjr07 1 in 5. You’ve got to be careful of that internet bogus info. I had a great time reading workfortoday’s response. He obviously hasn’t experienced a down market before. And while I’d love to believe in his timeline I’m not even remotely buying into it. So lets get to your question. And of course no one can really answer that for you. But my son, who is 20, just got his license about 6 months ago. Rather than listing and selling houses he chose to get into the mortgage business. He took a job as a loan officer a month or so before he got his license. The first place he worked the fees were outrageous and he didn’t make much, but got a real live education. After a couple of months he moved to a better shop. Now he’s pulling down $6k+ a month, paid off all his bills, and paid cash for a real nice motorcycle. I’m a broker in a couple of states and basically retired on the income from rentals and real estate investments. It can be a good life, but when you start out you have to work at it, my experience is that if you wait for it to fall into your lap, you won’t be in the business long. If you treat it like a “real job” and put an honest 40 hours a week minimum into it, it won’t be long before you will be trying to keep your on the job time down to 40 hours a week and making good money. One of the best and worst things about real estate is that you will be paid exactly what you are worth. Some flourish most quit in a couple years.