How much am I actually going to take home?

[DAM]

So if I am getting paid $X how much should I calculate I am actually going to take? 60% 80% is there a site that breaks this down by state. I know it all depends on IRA, benefits, etc etc, but I want a ballpark figure if possible.


Thanks.

 

[NuclearNed]

It depends on a lot of factors, some of which are up to you. For example, does your state have an income tax? What is your withholding rate? Are you enrolled in different company benefits, like insurances, 401k's etc?

 

[DAM]

No state income tax, and I know there are a lot of factors that come into play, but I would like to know juts a ballpark figure to play around with.

 

[flot]

Roughly speaking I'd say if your salary is over $40k figure you'll take home about 65%.

 

[shuan24]

Dude it depends on how much you earn, since there are different tax brackets.

 

[GasX]

Originally posted by: flot
Roughly speaking I'd say if your salary is over $40k figure you'll take home about 65%.

probably closer to 70%

 

[Jeraden]

How many exemptions did you claim and are you married or single? Give me a monthly figure and I'll tell you exactly how much you'll take home.

 

[shuan24]

If you're involved in a drug cartel then I would say closer to 99%, depending on how much of your own stuff you buy.

 

[DAM]

I am playing with different scenarios:

All single making:
40K
45K
50K
55K
60K

Thanks.

 

[Cerebus451]

For me, it is around 68%, but the figure will vary widely from person to person. I put 10% to 401k, have Federal, Soc Sec, Medicare, State taxes taken out. Federal tax withholding will depend on the rate you select (based on number of dependents - my withholding is lower than normal since I itemize because of my mortgage interest). Federal taxes will also depend on your tax bracket (if you make more, you will give a larger percentage). Also, don't forget any insurance premiums that you will have taken out as well.

 

[Jeraden]

I'm assuming those are annual amounts.

40,000 salary = 3333.33/month
FIT withheld = 514.47
Medicare = 48.33
SS = 206.67

Total taxes = 769.47

Take home = 2563.86

This is single with no allowances, and excludes any state/local taxes you might have.

I'll run 60k through too, hold on.

 

[Jeraden]

Here's 60k numbers. 5,000 per month.

Fit Withheld = 930.83
Medicare = 72.50
SS = 310.00

Total taxes = 1313.33

Total takehome = 3686.67

Just multiple each of those by 12 for an annual figure.

So basically you are looking at somewhere between 74% and 77% takehome. Medicare/SS is a flat percentage. FIT increases the more you make.

PS. I work in a payroll department, so I just set up a test person and plugged in the salary/tax info and ran a payroll run against you.

 

[CChaos]

Originally posted by: Mwilding

Originally posted by: flot
Roughly speaking I'd say if your salary is over $40k figure you'll take home about 65%.

probably closer to 70%

Actually 65% was almost exactly right for me. I pay for medical and dental for 2 and put some in 401k.

 

[DAM]

Thanks for everyone's input, this has really helped me out. Man is it ever enough money?



dam