I ran across this interesting graph today, based on data from the US Bureau of Labor Statistics for 2009. Based on this, an average American family (2 adults and a partial child) has an income of about $63,000 before taxes (although a median family income is probably closer to $40,000). For some reason, it does not include income tax (although social security is a large part - 93% - of the pension/insurance portion), but I have calculated that from IRS tables.
When we consider IRS income tax at about 12% on this level of income (or $8,600), then this increases total cost to about $57,000 (with about $6,000 left for potential savings or emergency expenses). Of course, built into all the other numbers are sales taxes, property tax, etc. If you also pay state and local tax, you are close to break-even.
And savings?
Previous graphics from 2008, showed more detailed breakouts. Very interesting data, such as the average family spent four times as much on alcoholic beverages than reading material (and almost 3x as much on tobacco).
Education expense comes in about $950, about $400 above the categories of personal care products or alcohol.
Of course, these are all averages - therefore they do not correspond to anyone you or I have actually ever met. And, of course, that begs the question - what about that 50% of families below the median of $40,000 a year?
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