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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 [b]Subtract $46k (maxing out two 401ks) leaves $214k [/b] 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] Lol that you think a young, not-particularly-high-earning couple with an $8K mortgage and upcoming childcare expenses is maxing out not one, but two, 401(k)s.[/quote]
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