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When many people talk about a salary of $140k, they're using pre-tax numbers. $140k can easily shrink to $90k, $80k or even $70k after tax.
by xhkkffbf 11mo ago
When many people talk about a salary of $140k, they're using pre-tax numbers. $140k can easily shrink to $90k, $80k or even $70k after tax.
- vel0city 11mo agoWhere in the US would $140k become $70k after tax? Or do you mean after all other pre-tax adjustments such as insurance, 401ks, in addition to taxes?
- Rietty 11mo agoAccording to a friend I know who lives in the tri-state area that is what happens to them, but they max out 401K, have insurance etc.
- esseph 11mo ago"lives in the tri-state area" Do you know how many of those are in the US?
- vel0city 11mo agoBut that's not $140->$70 after tax, that's $140k->$70k after tossing $24k into retirement investment savings, another $5k into healthcare savings, possibly another $1,500 towards healthcare premiums (huge amount of variability there), and then finally taxes.
- solumunus 11mo ago> but they max out 401K So then it’s not what happens to them is it?
- xhkkffbf 11mo agoDon't forget real estate tax and sales tax. In some places, real estate tax is about 20-30% of the rental cost. Sales tax is as high as 10% in some places.