Teller salary?

[nutty]

Think positive justme, sometimes it evens out.

[Deleted]

They all pay min wage in my area, and are mad because people with quality math skills won't work for $9 an hour...

[justme]

Jan 6, 2015 11:33:01 GMT -5 nutty said:

Think positive justme, sometimes it evens out.

I don't want to think positive! Lol It being close enough makes me want to do it but then I would have to cut back on my lifestyle a lot and I don't want to do that.

[Deleted]

I make about 36K or so and right around the 12K mark pretax withdrawals (FSA, insurance and 401K combined) have no benefit and over that I lose earned income credit to the tune of nearly 20 cents to every dollar. 

[nutty]

Sorry justme I read that wrong !!!! Well to put another phrase out there "just do it" LOL

[nutty]

I wouldn't get EITC as I have no dependents, but that is good info to know that others will find useful.

[Deleted]

You don't have to have kids to get the earned income credit, just more of your income is eligible with dependents.  For 2014, $6480 is eligible for single with no dependents.  With two dependents it's something like 13K eligible. 

But, it's true, the credit isn't much for single with no kids, but it's just one thing.  You don't want to put money away in pretax if you're not paying taxes on it anyhow.  Better off throwing it at a Roth. 

[nutty]

I will have two streams of earned income, it adds up so I know I will be paying taxes. I really have to play catch up, so I will probably lower the 401k contribution and max the ROTH IRA first.

[imawino]

Jan 6, 2015 12:17:34 GMT -5 minnesotapaintlady said:

You don't have to have kids to get the earned income credit, just more of your income is eligible with dependents.  For 2014, $6480 is eligible for single with no dependents.  With two dependents it's something like 13K eligible. 

But, it's true, the credit isn't much for single with no kids, but it's just one thing.  You don't want to put money away in pretax if you're not paying taxes on it anyhow.  Better off throwing it at a Roth. 

There is no benefit to putting away money "pre-tax" if you aren't being taxed on it anyway!  How much is the other taxable income you refer to?  How much extra income do you need to live on?  You will need to pay FICA at minimum out of your paycheck, regardless of how much you put into a 401k, so assuming a $22k salary minus payroll tax you would have nothing left over if you tried maxing your 401k.  So if you need anything to live on, the simple answer is you can't max it. 

[Deleted]

Will you have to pay for health insurance?

[nutty]

If I am able by the company I WILL and CAN max it. It is a full time position so I am assuming health insurance is offered. I obviously cannot have a negative check so once I get the numbers I will be able to figure it out. I know about FICA, but without final numbers I can't really figure it out at this time.

So if you need anything to live on, the simple answer is you can't max it.

Damn I didn't realize I came across as THAT stupid.

[nutty]

blogs-images.forbes.com/kellyphillipserb/files/2014/10/Single_rates.png

I could possibly squeeze below line 2 but more than likely line 3 is where I will be.

[gooddecisions]

It depends on the area, but tellers notoriously don't get paid well and are pretty similar to other cashier jobs. I would expect $10-13/hour or around $25K/year. From that salary, 6.2% comes out for social security and 1.45% for medicare. If you sign up for health, dental and/or eye insurance, more comes out. You might be taking home nothing, but yes- it is possible for you to max out a 401K on that salary.

[nutty]

What I will do is figure it out backwards when I get more salary and benefits info. I will say I want to take home 150 a pay and do the numbers to satisfy that requirement, may not be a full 18k a year but I want to get as close as possible.

[lynnerself]

nutty
Have you actually applied or interviewed for this position?

[nutty]

Yes, applied  and yes spoke with the hiring manager and branch manager, interview on thurs.

[imawino]

Jan 6, 2015 12:47:59 GMT -5 nutty said:

What I will do is figure it out backwards when I get more salary and benefits info. I will say I want to take home 150 a pay and do the numbers to satisfy that requirement, may not be a full 18k a year but I want to get as close as possible.

What is "a pay"? Weekly? Every two weeks? Monthly?

[nutty]

Again, that I do not know. There are plenty of calculators out there. Again I will be able to work with final figures when I know them.  2 things will stop me 1. Company limits my contribution to 401k 2. Maxing the 401k will not leave enough funds for taxes, FICA, benefits as obviously that cannot work.

It's all numbers people, not hard to figure it out when I get them.

[imawino]

Jan 6, 2015 12:53:42 GMT -5 nutty said:

Again, that I do not know. There are plenty of calculators out there. Again I will be able to work with final figures when I know them.  2 things will stop me 1. Company limits my contribution to 401k 2. Maxing the 401k will not leave enough funds for taxes, FICA, benefits as obviously that cannot work.

Then how on earth do you know that you need $150 a pay to live on??    150 a week is pretty different than 150 a month. 

[nutty]

I didn't say I needed 150 a week/month whatever I said that I would give myself a take home number and work backwards from there in order to make sure I don't contribute too much and have a 0 paycheck, I obviously can't have a negative pay, I am sure payroll won't allow that

[NancysSummerSip]

Jan 6, 2015 12:37:47 GMT -5 nutty said:

If I am able by the company I WILL and CAN max it. It is a full time position so I am assuming health insurance is offered. I obviously cannot have a negative check so once I get the numbers I will be able to figure it out. I know about FICA, but without final numbers I can't really figure it out at this time.

So if you need anything to live on, the simple answer is you can't max it.

Damn I didn't realize I came across as THAT stupid.

But the insurance may not be comprehensive. And if you have money to set aside, consider an HSA (Health Savings Account) or an FSA (Flexible Spending Account) to help with medical expenses that might not be covered. Not all plans cover things like dentistry or vision care. And you still have copays, which can be anything from zero to $200 for specialty tests like an MRI.

The difference between FSA and HSA:

cashmoneylife.com/comparing-flexible-spending-account-to-health-savings-account/

[Deleted]

What is your other earned income stream?

[nutty]

Thanks Nancy, we have had both in the past. I prefer the FSA because that deductible hurts at the beginning of the year when the HSA is just started...LOL Mind you it is great at the end of the year so I guess it evens out.

[nutty]

Alimony.

[NancysSummerSip]

Jan 6, 2015 13:26:23 GMT -5 nutty said:

Thanks Nancy, we have had both in the past. I prefer the FSA because that deductible hurts at the beginning of the year when the HSA is just started...LOL Mind you it is great at the end of the year so I guess it evens out.

I have the HSA for myself, but my medical spending is normally very low. With the HSA, you don't have to spend it all within a calendar year; the money can just keep rolling over to the next year. I have separate dental coverage, and my vision is covered by my insurance, which is also why the HSA makes sense. There is a $$ limit to what I can put into the plan, but I can live with the amount.

Either way, a plan like this can save your butt in a bad situation, like unexpected ER expenses. Or a higher-than-expected test bill that you're told is "covered" (but isn't 100% covered). Been in both those situations in the last year.

[giramomma]

Jan 6, 2015 13:26:23 GMT -5 nutty said:

Thanks Nancy, we have had both in the past. I prefer the FSA because that deductible hurts at the beginning of the year when the HSA is just started...LOL Mind you it is great at the end of the year so I guess it evens out.

Your HSA is yours forever. The FSA is yours for a year.

You don't have to use up your HSA. You have to use up your HSA.

In your shoes, I would totally do that HSA. That's another space to save for retirement. You've got 20-some until medicare kicks in, and you don't know what your health or the health insurance landscape will look like then. (And if you do, man, I wouldn't be piddling around with a being a teller. )

[nutty]

We have never had the HSA for two years in a row .... for various reasons so was never able to build it up. It was my plan but just never happened. I know that it is yours to keep and it IS a great taxable vehicle.

Had an FSA for years and years.

[Sam_2.0]

I just think it's funny that alimony is considered earned income. I guess you earned it by putting up with him for so long?

[Deleted]

Jan 6, 2015 14:37:49 GMT -5 Sam_2.0 said:

I just think it's funny that alimony is considered earned income. I guess you earned it by putting up with him for so long?

The one paying it gets to claim it as a deduction.

[raeoflyte]

Good luck on the interview!  I think that would be a great jump back into the workforce and open up more doors for you.