JEDI
Lifer
Originally posted by: shinerburke
Originally posted by: Citrix
not to be too specific about me (systems administrator)... 55-60K
just filed my taxes and even itemizing like a mofo my ass is kinda sore...
I'm right there with ya....Network Admin but my salary is just a tad higher though. Ouch! Ouch! Ouch!! Actually I shouldn't bitch too much since I got a refund this year. Of course the only reason I got that is because I bought a house and have all those expenses to deduct.
hope you live in a state that charges taxes. if not, that "GREAT morgage deduction" is just a myth and isn't worth it from a purely financial point of view.
standard deduction for 2002 is $4700. my $125k morgage at 5.5% only had $6700 in interest. given all the expenses to maintain a house, that extra $2000 deduction doesnt cover it. ($2000 deduction at 20% tax bracket = $400 in your pocket.) and my housing expenses were ALOT more than $400. it would have been cheaper to rent an apt. plus houses prices are dropping.
but if you add state tax (mines was ~$4700, i think) to the itemized deduction, then the extra $6700 x 20% = $1340. i come out a little ahead.