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$100k -> $60-70k It's a lot. I live very differently now.
by andrewfelix 14y ago
$100k -> $60-70k
It's a lot. I live very differently now.
- kzahel 14y agoafter taxes I think both those numbers turn out to feel not all that different!
- cabacon 14y agoYes, yes they do. After you get to deduct your 401(k) contributions, your FSA, your mortgage interest, get deductions for having kids, you don't pay nearly 20-30% of your gross salary in taxes. It's probably closer to 10% when you're at the 100K level, which means you're only nibbling off $3-4,000 of that difference. That leaves about $25K difference per year, or $2K/mo. That's certainly noticeable.
- eli_gottlieb 14y agoUmmm... many people don't have those things to deduct. This is actually a fairly good example of how crooked the tax code can be. When I rent, I don't get to deduct any of it. You can say that owning a house is more socially desirable and thus subsidized, but that's still not really fair to those of us simply too young to have saved a down-payment.
- andrewfelix 14y agoI live in Australia. I get taxed 22% - 30% plus 9% for superannuation contributions. Not a huge difference in tax for both those tax brackets.
- eickegao 14y agoagree