How Much Does Your Media Subscription Cost?
Posted by Bloomberg Businessweek on March 10, 2018 06:09:58We all know that you can pay a lot for media content, but what about the price you pay for the right to consume it?
The median income (measured in dollars) for a family of four is $1,938, but for a person making $20,000 a year, the median income is only $722, according to the Bureau of Labor Statistics.
That means you’re paying $2,500 per year to access the same amount of media content.
If you’re working in a business, your monthly salary would be higher.
That’s because most businesses pay for their employees’ salaries through the payroll deductions.
And while you’re getting the same salary as someone making $30,000 per year, your employee would have to pay a higher rate.
If a business paid its employees more than it’s allowed, it would have a negative impact on its bottom line, according the Tax Foundation, a nonprofit organization that tracks federal taxes.
So you can see why paying a higher amount to access media content could be a benefit to your business.
Here are the top 10 media content costs that a family can expect:Food and Beverage – $1.06 per monthCost of Food and Beverages is often a more important consideration than the amount spent on media.
The average American family spends $1 in food and drinks each month, according a report from the Pew Research Center.
But it doesn’t take into account other cost factors, such as gas or tolls, which add up to an even bigger sum.
So let’s look at a typical family of 4.
We’ll use the average cost of food and beverages for an entire year to calculate how much each family could expect to pay in taxes over that time period.
For the next five years, you’ll pay $4,091 in taxes and fees.
You’ll also pay $2.05 in taxes for the first year, $1 per year for the second year and $1 each year for each subsequent year.
The following year, you pay $3,715.
This will be $6,624 in taxes, fees and interest for the next year.
If you’re making less than $20 a week, the total costs of all media content that you consume will be just $1 more than you would have paid had you not purchased the media content in the first place.
But if you make more than $30 a week and you’re not already paying tax on your media purchases, the average media cost is $2 more than the average family’s monthly salary.
So if you’re planning to consume media, it’s a good idea to think about how much money you can save in taxes by paying less for media.