If I make 20k a year on a salary, I'm single, living alone in my apartment how much $$$ will I REALLY make AFTER TAXES??? Oh, and I live in CT. Any guesses?
Thanx...
Thanx...
How much will I make AFTER TAXES???
- Thread starter Superwormy
- Start date
iamwiz82
Lifer
- Jan 10, 2001
- 30,772
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<< If I make 20k a year on a salary, I'm single, living alone in my apartment how much $$$ will I REALLY make AFTER TAXES??? Oh, and I live in CT. Any guesses?
Thanx... >>
take roughly 30% out for taxes. That number could be higher or lower depending on how much you claim. roughly $270 a week.
you'd be lucky if don't compile debt after taxes.
in order to better situate yourself, i'd say look into gaining some job skills.
and look for a new job.
man... i tell you, uncle sam ain't so kind when it comes to money.
in order to better situate yourself, i'd say look into gaining some job skills.
and look for a new job.
man... i tell you, uncle sam ain't so kind when it comes to money.
kranky
Elite Member
- Oct 9, 1999
- 21,019
- 156
- 106
$20K/year is roughly $10/hour. Nobody here ever worked for $10/hour or less and had an apartment? It's not that bad of a wage, especially for people getting established.
Here's what you'll need to know to figure out your after-tax income:
CT income tax rate (if any)
FICA tax (it's 7.65%, I'm pretty sure)
Your Federal withholding should be about 10-15% but it will depend on how you complete your W-4 form.
If you have to pay for some of your medical benefits that will come out of your pay also.
Add it all up, it will probably come to about 20-25%
Here's what you'll need to know to figure out your after-tax income:
CT income tax rate (if any)
FICA tax (it's 7.65%, I'm pretty sure)
Your Federal withholding should be about 10-15% but it will depend on how you complete your W-4 form.
If you have to pay for some of your medical benefits that will come out of your pay also.
Add it all up, it will probably come to about 20-25%
i knew a girl who worked her ars off at starbucks getting 9.50 /hr.
she had her own apartment for $850/month.
basically, all her paycheck was going into this lil' apartment.
the way i see it, if you're in that situation.
save up as much as possible
and suck it up for a good 3 month getting training.
if someone can support you during that time... that's even better.
but working to make your apartment landlord rich is just not my piece of pie.
she had her own apartment for $850/month.
basically, all her paycheck was going into this lil' apartment.
the way i see it, if you're in that situation.
save up as much as possible
and suck it up for a good 3 month getting training.
if someone can support you during that time... that's even better.
but working to make your apartment landlord rich is just not my piece of pie.
on a positive note,
i think there are lots of help out there if you want to take advantage of them.
this is a tech forum, so i'll stick to tech.
study for a certification. if you need help finding the right material, i can help you.
i think there are lots of help out there if you want to take advantage of them.
this is a tech forum, so i'll stick to tech.
study for a certification. if you need help finding the right material, i can help you.
But don't worry, I think you will get back most of your taxes because you are in the lower income bracket.
Poor people don't pay taxes. I am pretty sure they just leach off us middle income and rich people.
federal tax should run about 10 percent of what you actually make. 2k or so, no idea about taxes in CT.
30% is only a good estimate when you're making over $25K ... Every dollar you make over $25K is taxed at 28% by the Federal Government (it goes up again from there, but I'm not sure when you hit that point, maybe $60K?)
Every dollar you make below $25K should be at the 15% tax bracket. You have to throw in your state income tax, and FICA and stuff like that, so assuming you claim Single 1 on your W-4 withholdings form, you can probably estimate about 18-20% of your money will be going to Uncle Sam.
The good news is that every year for the next 10 years taxes will be going down... (assuming the law doesnt get changed)
So you each year you should be seeing more and more savings.
I'm not a tax expert, this is just what I found when I was trying to figure out what my take-home was for my budget so don't take my word for it. The 100% best way to tell is to get your first few pay stubs and figure out what your take home is for the month.
Every dollar you make below $25K should be at the 15% tax bracket. You have to throw in your state income tax, and FICA and stuff like that, so assuming you claim Single 1 on your W-4 withholdings form, you can probably estimate about 18-20% of your money will be going to Uncle Sam.
The good news is that every year for the next 10 years taxes will be going down... (assuming the law doesnt get changed)
So you each year you should be seeing more and more savings.
I'm not a tax expert, this is just what I found when I was trying to figure out what my take-home was for my budget so don't take my word for it. The 100% best way to tell is to get your first few pay stubs and figure out what your take home is for the month.
Here in OR, it's (per hour)*(hours/week)*(weeks)*(72%) and you get what you'll most likely take home. 
nik
nik
i lived on 8/hr for a few months here in reno, nv, $415 for a studio...i got a new job (apprentice electrician) and am now at 13.35/hr in a month ill be at 16/hr
been working 18 hrs a week of overtime, took home $500 last week + $130 went to my savings
been working 18 hrs a week of overtime, took home $500 last week + $130 went to my savings
<<
<< Poor people don't pay taxes. I am pretty sure they just leach off us middle income and rich people. >>
Easy mate. He works for his money! Hes not leaching. >>
Well, I know that I am paying 30K/year in Taxes, and I get no government services, and the roads still suck. So someone is leaching.
At least he is not on welfare.
<< Well, I know that I am paying 30K/year in Taxes, and I get no government services >>
I think you should change your name from supertool to superfool!!
My taxes go to Pay for the Police department that helps to keep me and my family alive--->my taxis pay for the fire department to save my house if it should happen to catch on fire------>My taxes pay for the military that keeps me safe from terrosts and other's that may attack me and my home. ----->My taxes pay for the public library so that all citizens have acess to written material and even internet acess.----> My taxes pay for public schools so that all may have a good education.----> My taxes pay for the food and drug administration that tests drugs so that some company cannot put drugs on the market that do not do what they say or even worse kill me.---->My taxes pay for airports so the people that fly can have a comfortable place to sit while waiting.---->My taxes pay for the flight controlers that keep the airplanes from crashing into each other.--->My taxes pay for the interstate that makes travel fast and safe.---->My taxes pay for the Highway patrol that keeps out highways safe.----> My taxes pay for the rescue unit's that save thousands of lives every year.------>My taxes pay for the goverment agency that keeps our drinking water safe.----->My taxis pay for the interstate commerce commission that makes the Railroads and Truckers of america live up to certain safety standards that they would not do if not for my taxes. My taxes pay for the state department of weights and measures so that when I buy a gallon of gas I get a gallon and when the butcher weighs 1 Lb of meat I get 1Lb and not 12 oz.----> My taxes pay for the people that inspect packing plants to make sure that the meat that is sold is not contaminated or comes from animals that are sick or have died form something unknown.
I could go on and on. It is not concievable to me that you do not get any of these services or any other's that are paid from taxes.
Relating to your large tax payment, my calculations are that you make about 270,000.00 per year if you pay that much income tax or you need to hire a new accountant. Last year I made 65,000.00 and I paid just a little over 5,000.00.
Bleep
The worst part about making a low salary is working in a large cash/retail setting because you deal with stuff you can't afford and handle money thats not yours.
frebee:
So very true. Have you ever noticed that the upper class (money wise) Look down on someone that acutually works for a living but is not making hardly enough money to live on? They never want you to get ahead so that they can keep all the power of money for themself. 10% of the people have 90% of the money and look with distain on the ones that are fighting it out over the lousy 10% that they dont have.
<< Poor people don't pay taxes. I am pretty sure they just leach off us middle income and rich people >>
This statement proves my statement, this person thinks that just because a person is working for minimum wage or sometimes less and works 60 or 70 hours a week and does not make enough to pay taxes that they are a leech on his income.
Bleep
So very true. Have you ever noticed that the upper class (money wise) Look down on someone that acutually works for a living but is not making hardly enough money to live on? They never want you to get ahead so that they can keep all the power of money for themself. 10% of the people have 90% of the money and look with distain on the ones that are fighting it out over the lousy 10% that they dont have.
<< Poor people don't pay taxes. I am pretty sure they just leach off us middle income and rich people >>
This statement proves my statement, this person thinks that just because a person is working for minimum wage or sometimes less and works 60 or 70 hours a week and does not make enough to pay taxes that they are a leech on his income.
Bleep
iamwiz82
Lifer
- Jan 10, 2001
- 30,772
- 13
- 81
<< 30% is only a good estimate when you're making over $25K ... Every dollar you make over $25K is taxed at 28% by the Federal Government (it goes up again from there, but I'm not sure when you hit that point, maybe $60K?)
Every dollar you make below $25K should be at the 15% tax bracket. You have to throw in your state income tax, and FICA and stuff like that, so assuming you claim Single 1 on your W-4 withholdings form, you can probably estimate about 18-20% of your money will be going to Uncle Sam.
The good news is that every year for the next 10 years taxes will be going down... (assuming the law doesnt get changed)
So you each year you should be seeing more and more savings.
I'm not a tax expert, this is just what I found when I was trying to figure out what my take-home was for my budget so don't take my word for it. The 100% best way to tell is to get your first few pay stubs and figure out what your take home is for the month. >>
you had better tell that to the federal govt then, because i make between $20 and $25 k and am taxed at 31.3%
iamwiz82
If you make 20K and you are paying over $ 6.000.00 TAXES something is very wrong with how you are doing your taxes.
Bleep
If you make 20K and you are paying over $ 6.000.00 TAXES something is very wrong with how you are doing your taxes.
Bleep
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