Deleted
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Post by Deleted on May 12, 2011 17:42:48 GMT -5
Between my thread on what percentage you pay in rent/mortgage and the other thread about bonus and what percentage you get to take home... So I went the whole way and calculate how much of my gross I get to take home after 401K/insurance/taxes. And it comes to 58.17% I only get to take home 58% of our gross salary...WTF? You bet that is one information I will not be sharing with my wife.
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dancinmama
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Post by dancinmama on May 12, 2011 17:52:25 GMT -5
If I take our gross and subtract 401k, insurance, and taxes ACTUALLY PAID for 2010, we kept 72% of our gross; but we had capital losses which lowered our AGI.
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Deleted
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Post by Deleted on May 12, 2011 17:55:30 GMT -5
I take home $2500 of almost $5000 every month. That's with taxes (SS, federal, state, medicare, local), union dues, family health insurance, flex account, retirement, additional $400 retirement, and $350 a month to savings. Yes, I can stop the additional retirement and the flex account yearly plus the savings portion can be refunded, but still it is a sad looking paycheck considering.
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souldoubt
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Post by souldoubt on May 12, 2011 18:04:32 GMT -5
Just over 54%. Being single and living in California doesn't help my tax burden but I contribute almost $2,500 to an FSA account and max my 401K with 2/3 going to the traditional 401K and the other 1/3 going to the Roth 401K all of which affects my bottom line.
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Gardening Grandma
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Post by Gardening Grandma on May 12, 2011 18:05:37 GMT -5
We get to keep 86% of our gross. Since we're retired we don't have payroll taxes.
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Sum Dum Gai
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Post by Sum Dum Gai on May 12, 2011 18:13:28 GMT -5
I net 66.5% after taxes (state and fed), insurance (medical, dental, vision, life, disability), and 401k.
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midjd
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Post by midjd on May 12, 2011 19:30:03 GMT -5
I net 63%
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on May 12, 2011 19:47:43 GMT -5
My wonderful DH takes home 65.61% of his pay on the 15th of the month paycheck, 67.60% of his pay on the 30th of the month paycheck. (That includes SGLI, SSLI, Spouse SGLI, Spouse Dental, and TSP)
He takes home more, of course, when deployed to a combat zone and the CZTE is triggered and he's eligible for Hostile Fire Pay, Family Separation Pay, and Imminent Danger Pay.
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Deleted
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Post by Deleted on May 12, 2011 20:48:49 GMT -5
I made a mistake (did not count the money that goes into a seperate checking) and I really have too much time on my hands but here is a breakdown lol
401k : 25% Health Insurance : 3% Federal Taxes : 3.02% FICA : 5.48% State : 2.48% Net Income : 61.01%
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dancinmama
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Post by dancinmama on May 12, 2011 21:02:12 GMT -5
We get to keep 86% of our gross. Since we're retired we don't have payroll taxes. gardeninggrandma: We're looking forward to that!!
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Deleted
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Post by Deleted on May 12, 2011 21:05:25 GMT -5
We get to keep 86% of our gross. Since we're retired we don't have payroll taxes. gardeninggrandma: We're looking forward to that!! We are 39 years from that
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dancinmama
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Post by dancinmama on May 12, 2011 21:13:18 GMT -5
gardeninggrandma: We're looking forward to that!! We are 39 years from that cawiau: We were where you are JUST YESTERDAY!! Enjoy your youth.
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Waffle
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Post by Waffle on May 12, 2011 21:23:49 GMT -5
A paltry 52%. Of course, some of that is my own doing - 401k, united fund, flex account.
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Deleted
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Post by Deleted on May 12, 2011 21:25:11 GMT -5
We are 39 years from that cawiau: We were where you are JUST YESTERDAY!! Enjoy your youth. Thank you, we intend too
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formerexpat
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Post by formerexpat on May 12, 2011 22:57:43 GMT -5
I think people are looking at this incorrectly.
401k : 25% Health Insurance : 3% Federal Taxes : 3.02% FICA : 5.48% State : 2.48% Net Income : 61.01%
You're keeping 86% of your gross income; you are simply deciding to direct 25% of your gross income to tax deferred retirement accounts rather than having it taxed now, which would reduce the percentage of gross income kept to somewhere near 75-80%.
Knowing what your net income NEEDS to be to support your lifestyle is a great thing for tax planning purposes. If you know your burn rate, you can work backwards to figure out how much to save and where to save it in the most tax efficient manner.
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Gardening Grandma
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Post by Gardening Grandma on May 12, 2011 23:16:20 GMT -5
gardeninggrandma: We're looking forward to that!! We are 39 years from that Yeah, well the other side of that coin is that we are 39 years closer to the graveyard than you are. Don't rush it!
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Deleted
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Post by Deleted on May 12, 2011 23:21:22 GMT -5
I think people are looking at this incorrectly. 401k : 25% Health Insurance : 3% Federal Taxes : 3.02% FICA : 5.48% State : 2.48% Net Income : 61.01% You're keeping 86% of your gross income; you are simply deciding to direct 25% of your gross income to tax deferred retirement accounts rather than having it taxed now, which would reduce the percentage of gross income kept to somewhere near 75-80%. Knowing what your net income NEEDS to be to support your lifestyle is a great thing for tax planning purposes. If you know your burn rate, you can work backwards to figure out how much to save and where to save it in the most tax efficient manner. I get it but I only get to take home 61% to pay bills, etc. I don't count that 25% since we don't intend to access it for another 39 years.
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Deleted
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Post by Deleted on May 12, 2011 23:22:00 GMT -5
We are 39 years from that Yeah, well the other side of that coin is that we are 39 years closer to the graveyard than you are. Don't rush it! Not true, I might get hit by a car tomorrow and die... But I understand and not going to rush it!
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lurkyloo
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Post by lurkyloo on May 13, 2011 1:08:28 GMT -5
I take home 53.9%, which includes 18% to my 401k. I'm of Carl's opinion when it comes to saving for retirement--yeah, it's meant for later, but it's still money that I don't get to take home. And it's really sort of depressing to look at the difference between net and gross.
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daisylu
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Post by daisylu on May 13, 2011 6:14:37 GMT -5
I net 71%, after taxes, 401k, HSA, and car insurance (I get a HUGE employee discount).
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whispering17
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Post by whispering17 on May 13, 2011 7:31:41 GMT -5
I take home 42% of my gross paycheck. I live in a HCOL area and also put 32% into my 401k.
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Post by Savoir Faire-Demogague in NJ on May 13, 2011 7:49:47 GMT -5
55%... I max out my 401K and catch-up contributions...which comes to $22,000 per year.
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Deleted
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Post by Deleted on May 13, 2011 8:13:30 GMT -5
Surprisingly I get to take home 62% of my check after taxes, health insurance, dental insurance, health FSA, life insurance, and 15% to my 401K. I thought it was a lot less.
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jd2005
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Post by jd2005 on May 13, 2011 8:37:52 GMT -5
Right now 66%...in October closer to 50% as that is when my 401(k) contributions will begin (just switched jobs and have to wait until Oct 1. to begin contributing).
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Anne_in_VA
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Post by Anne_in_VA on May 13, 2011 8:45:04 GMT -5
I get to take home 57% after taxes, insurance, Flex and 401K contributions.
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jkapp
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Post by jkapp on May 13, 2011 9:11:18 GMT -5
I get about 70% of my paychecks, but when you figure in other taxes paid outside of that I get about 63% (WI prop tax can be a killer!)
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luckyme
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Post by luckyme on May 13, 2011 9:40:34 GMT -5
{"I think people are looking at this incorrectly.401k : 25% Health Insurance : 3% Federal Taxes : 3.02% FICA : 5.48% State : 2.48% Net Income : 61.01% You're keeping 86% of your gross income; you are simply deciding to direct 25% of your gross income to tax deferred retirement accounts rather than having it taxed now, "}
I agree with former here. You may say you don't consider that 25% because it is for retirement, but it IS a choice.
A better title would have been:
How much do you choose to take home? A far more accurate accounting.
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Firebird
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Post by Firebird on May 13, 2011 10:32:42 GMT -5
Not true, I might get hit by a car tomorrow and die... But I understand and not going to rush it!
I can just see you up in heaven: "Goddammit, I should've let my wife buy those shoes."
I CHOOSE to take home about 61%. Ouch. I'd be having a party if I were up to 86%!!
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Deleted
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Post by Deleted on May 13, 2011 10:39:00 GMT -5
{"I think people are looking at this incorrectly.401k : 25% Health Insurance : 3% Federal Taxes : 3.02% FICA : 5.48% State : 2.48% Net Income : 61.01% You're keeping 86% of your gross income; you are simply deciding to direct 25% of your gross income to tax deferred retirement accounts rather than having it taxed now, "} I agree with former here. You may say you don't consider that 25% because it is for retirement, but it IS a choice. A better title would have been: How much do you choose to take home? A far more accurate accounting. Than it would be less than 86% since if we choose to not contribute to our 401K, that whole 25k will get taxed now. I am guessing closer to 75%
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skweet
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Post by skweet on May 13, 2011 10:49:18 GMT -5
You may only be looking at it through the employee's glasses with such high percentages. As an employer I figure my cost for an employee at about 128% of the actual salary (a historically accurate estimate for our benefits provision) which includes several taxes that the employer pays for the benefit of an employee. I write the check, but the employee pays the bill (whether they are sophisticated enough to be aware of it, or not). Flipping hats, as I have a salary, my estimate on the W-2 is 55.9%, and then considering my additional costs not on my W-2 it becomes 43.7%, yuck.
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