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Nobody has mentioned taxes yet. I assume your "making 100K" is the salary. The pre-tax salary. Taxes will chop that pretty much in half. So if you save $40K
by seiji 14y ago
Nobody has mentioned taxes yet.
I assume your "making 100K" is the salary. The pre-tax salary. Taxes will chop that pretty much in half. So if you save $40K/year, you get to live off of $10k in the second most expensive MSA in the US. Good luck.
- natural219 14y agoYou and I are looking at different marginal tax rate tables if you're talking about US income tax.
- joonix 14y agoAnnual Gross Pay $100,000.00 Federal Withholding $19,794.50 Social Security $4,200.00 Medicare $1,450.00 California $7,257.14 SDI $955.85 Net Pay $66,342.51 http://www.paycheckcity.com/calculator/netpay/us/california/calculator.html http://www.paycheckcity.com/calculator/netpay/us/california/...
- muzz 14y agoAnd if the only tax break one takes advantage of is the 401k (ie no mortgage, no business deductions, etc): Annual Gross Pay $100,000.00 Federal Withholding $ 15,292.50 Social Security $ 4,200.00 Medicare $ 1,450.00 California $ 5,518.04 SDI $ 955.85 401k $ 17,000.00 Net Pay $ 55,583.6
- jcdavis 14y agoThis is way overly pessimistic. At 100k total taxes (Federal+CA+SS+Medicare) are in the 30% range. That leaves 30k to spend (not too hard for a single 25 year old assuming you don't have lots of student loans, even in SF) and 40k to save. And this ignores tax-advantaged savings
- acchow 14y agoAt 100k, take-home pay is $65,278. Closer to 35% "total taxes"
- prostoalex 14y agoAnd that's excluding the possibility of 401k, or IRA, or SEP-IRA, out of which you've got to be eligible for at least one.
- 001sky 14y agowell, your lease is $25k, so $40 saved == is naked, barefoot, hungre and not yet even at the office =D
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- jcdavis 14y agoWhere are you getting those numbers? Not saying you're wrong, just curious. A quick look online shows ~18k federal, ~6k CA, and ~6K SS + medicare, which is 30%ish
- acchow 14y agoApologies. I used the paycheckcity.com calculator, which gave take-home pay after all withholdings. It did not take into account over-paying (and thus the refund at the end of the year). Wikipedia says federal tax for those making between $83,600 and $174,400 is a fixed $17,025 + 28% of the amount over $83,600. ftb.ca.gov says that California state tax for those making between $48,942 and $250k is a fixed $2,154.83 + 9.3% of the amount over $48,942. This gives California: $6,903. Federal: $21,617. Then there's about $6600 in SS+Medicare+SDI and approximately $5500 standard federal deduction for a grand total of about $30k in taxes.