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Money and Finances
Reply to "Millenial Money - House Poor in Fairfax"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Why is someone repeatability complaining about their take home pay? We make exactly $260k HHI and take home $13k per month. That includes maxing out 401k for both.[/quote] Please show your math, because I'm not sure how you get there. Here are my quick back of the envelope calculations: HHI - $260k Subtract $46k (maxing out two 401ks) leaves $214k Assuming you make roughly equal amounts and all income is subject to OADSI, subtract 7.65% for OASDI and Medicare tax leaves $197,629. That translates to $16,469 each month. That means you are withholding approximately $3500 each month for federal and state taxes, as well as health insurance? Seems low. [/quote] Huh, total tax bill of 42-42K/year sounds right for a married couple living in VA. 31,601 in fed taxes and 11,021 in state. Plenty of us don't have big health insurance costs as our employers cover it. Mine is just 20/mo if i choose Kaiser.[/quote]
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