4 ms·
You forgot about taxes. 33% tax on 30K leaves about 20.1K leftover which, after 1K rent, comes to $675 per month, less health insurance, utilities, transportat
by mistersquid 8y ago
You forgot about taxes.
33% tax on 30K leaves about 20.1K leftover which, after 1K rent, comes to $675 per month, less health insurance, utilities, transportation costs, etc.
$15 per hour is barely livable in NYC with 1K rent per month.
- jefftk 8y agoWhy are you figuring 33% on $30? Standard deduction is $12k, then it's 10-12% federal tax on the rest. A bit for state tax, sure, but it's going to be well less than 33%. (Still hard to make ends meet on $30k, not disagreeing there.)
- GoatOfAplomb 8y agoI don't expect someone with a 30k salary to pay anywhere near 33% tax. Federal: 12k standard deduction for an individual, looks like $1969 in taxes on the remaining. New York State: 8k standard deduction, roughly $1100 tax on the rest (eyeballing it). FICA: 7.65% tax on 30k is 2295. $1050 per month after rent instead of $675. Not saying it's comfortable... in fact I think I'd still agree with your "barely livable" description.
- yardie 8y agoThe only way anyone is seeing a total tax rate of 33% is if they are making over $90k. And with typical deductions I would triple that.
- dragonwriter 8y ago> 33% tax on 30K Federal payroll and income tax on that is about 15% total; state and local shouldn't more than double that.