4 ms·

$3k per month (post tax) is in the ballpark of $60k per year If you're talking $3k/mo pre-tax, that's in the neighborhood of $18.75/hr If you're "not quite ol

$3k per month (post tax) is in the ballpark of $60k per year If you're talking $3k/mo pre-tax, that's in the neighborhood of $18.75/hr If you're "not quite old enough to draw Social Security", surely you know how to find a job ...no? You must have had one at some point - and loads of places all over are hiring all the time :)

UncleOxidant 3y ago
> $3k per month (post tax) is in the ballpark of $60k per year Not sure about that. Isn't the standard deduction (married filing jointly) $24K now? $24K of that $36K is free of federal tax leaving only $12K to pay taxes on at a pretty low rate. If that's 20% then we're talking $2400 in taxes.
pcthrowaway 3y ago
I'm not too familiar with the tax rates in the U.S. but wouldn't a post-tax take-home of 36K/year be more in the ballpark of 45K-50K/year?
- warrenm 3y ago
  depends on where you live - 16y ago, my pretax $60k/y was just over $3k/mo take home ... between state & fed, I was paying >35% in income and payroll taxes :\
  - pcthrowaway 3y ago
    16 years ago, a larger portion of 60K would have been in higher brackets. Still, I don't see how you'd pay 40% in taxes.. did you perhaps get some of that back after filing your taxes? I don't think there's a single state where you can pay 40% (or even 30%) of a 60K salary in taxes. Maybe at 120K
    - warrenm 3y ago
      I was also single - which puts you in higher brackets than married :) but ... ~8% in FICA (SS & Medicare), >6% in state, and then ~20% in Fed income taxes (15% on the amount from ~8k-~30k, 25% to where I was salarywise) - comes out to right about 35% total As for what I got back ... it was not much - maybe a couple hundred $$ from the state and feds combined $35% is a good rule-of-thumb to cover several states - you may be lower, you may be higher ...but it is a good starting place to back-of-the-envelope think Today, the Fed income tax rate on $60k is a little over 14% (single filer) - https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets https://www.nerdwallet.com/article/taxes/federal-income-tax-... Plus FICA @ 7.65% gets you to ~22% Worst case state for $60k looks to be in the neighborhood of ~9% (NYS @ ~5% + NYC @ ~3.6%) Which, in this case, does happen to get you to ~30-31% instead of 35% (and is all based on single and/or married filing separately, and nothing special you get to deduct) All of which goes to say ... 35% is a reasonable approximation (do 30% if you want as a mildly-more-optimistic approximation) of take-home vs gross pay And, of course, you can adjust this to your local state's rules easily enough - drop the personal income tax entirely in TN, for example But FICA never goes away (SS drops after ~$160k, but Medicare's ~1.5% never does) Neither does Fed income taxes Of course, if you are married filing jointly, your standard deduction will cut your effective rate quite a bit. Add-on dependent children, and it goes even lower. And every individual can figure this all out for themselves - but ballparking in the neighborhood of 1/3 of your income going to income and payroll taxes is not a bad place to start :)
      - pcthrowaway 3y ago
        Wow, thanks for that. I didn't realize there was a mandatory FICA payment (and that it was so large) on top of state and federal taxes. I lived in the U.S >10 years ago, but honestly never filed my taxes myself, and probably just had it come out of my paychecks also

UncleOxidant 3y ago

> $3k per month (post tax) is in the ballpark of $60k per year Not sure about that. Isn't the standard deduction (married filing jointly) $24K now? $24K of that $36K is free of federal tax leaving only $12K to pay taxes on at a pretty low rate. If that's 20% then we're talking $2400 in taxes.

pcthrowaway 3y ago

I'm not too familiar with the tax rates in the U.S. but wouldn't a post-tax take-home of 36K/year be more in the ballpark of 45K-50K/year?

warrenm 3y ago
depends on where you live - 16y ago, my pretax $60k/y was just over $3k/mo take home ... between state & fed, I was paying >35% in income and payroll taxes :\
- pcthrowaway 3y ago
  16 years ago, a larger portion of 60K would have been in higher brackets. Still, I don't see how you'd pay 40% in taxes.. did you perhaps get some of that back after filing your taxes? I don't think there's a single state where you can pay 40% (or even 30%) of a 60K salary in taxes. Maybe at 120K
  - warrenm 3y ago
    I was also single - which puts you in higher brackets than married :) but ... ~8% in FICA (SS & Medicare), >6% in state, and then ~20% in Fed income taxes (15% on the amount from ~8k-~30k, 25% to where I was salarywise) - comes out to right about 35% total As for what I got back ... it was not much - maybe a couple hundred $$ from the state and feds combined $35% is a good rule-of-thumb to cover several states - you may be lower, you may be higher ...but it is a good starting place to back-of-the-envelope think Today, the Fed income tax rate on $60k is a little over 14% (single filer) - https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets https://www.nerdwallet.com/article/taxes/federal-income-tax-... Plus FICA @ 7.65% gets you to ~22% Worst case state for $60k looks to be in the neighborhood of ~9% (NYS @ ~5% + NYC @ ~3.6%) Which, in this case, does happen to get you to ~30-31% instead of 35% (and is all based on single and/or married filing separately, and nothing special you get to deduct) All of which goes to say ... 35% is a reasonable approximation (do 30% if you want as a mildly-more-optimistic approximation) of take-home vs gross pay And, of course, you can adjust this to your local state's rules easily enough - drop the personal income tax entirely in TN, for example But FICA never goes away (SS drops after ~$160k, but Medicare's ~1.5% never does) Neither does Fed income taxes Of course, if you are married filing jointly, your standard deduction will cut your effective rate quite a bit. Add-on dependent children, and it goes even lower. And every individual can figure this all out for themselves - but ballparking in the neighborhood of 1/3 of your income going to income and payroll taxes is not a bad place to start :)
    - pcthrowaway 3y ago
      Wow, thanks for that. I didn't realize there was a mandatory FICA payment (and that it was so large) on top of state and federal taxes. I lived in the U.S >10 years ago, but honestly never filed my taxes myself, and probably just had it come out of my paychecks also