80k take home pay reddit. Take home is use it now or short term money.

80k take home pay reddit If you make 80k, I’m estimating your take home as $5300 a month. Electricity and food takes the other chunk. I would argue even if you make $100k that’s still rough. I'd also assume a take home of about $5000/month, so depending on your rent and other expenses it will range from fine to tight. Effective tax rate around 20-25%. All about priorities. My partner and I have just applied for a shared equity scheme (MyHome through bank of us). Take home of about 100k give or take is pretty typical. A $1500-1600 would put you at 25%. If it’s take home pay. 100k with a 6 percent 401k contribution and 100$ for an insurance is probably around 4900 a month. Expand user menu Open settings menu. Salary $80,000. I looked back at my pay stubs from 2019. Then you'll pay the following: Social Security: $6,200 Medicare: $1,450 Federal Tax: $19,307. Our gross HHI $289k and take home is $148k so I feel like we don’t belong in this sub anymore but literally before 2020 we were not at this level at all , our gross was $180k , our salaries just rose with the crazy markets but we still like the same middle class lifestyle, I was ready to quit and take a huge pay cut. We bought 2 $20k cars this year with cash we’ve been saving up for a couple years. A 60-month home equity loan covering all $28000 with a fixed rate of 4. CSCareerQuestions protests in solidarity with the developers who made third party reddit apps. Oh, and all of my kids still live at home, including a grandchild bc none of them can afford rent. Remember when you call in sick or take vacation time your OT gets flattened to straight pay. Sales/account management, 4 year business degree at generic state school, entry level $45k sales job right out of college with a well known company. Once you buy a home, you can change your W-4 to take 10 exemptions to avoid giving the federal government an interest free loan, ie tax refund. 2%. Here is my current financial circumstances 29, single, $122,000 base salary (approx. Some people in your situation may pay $1500/mo for rent and $500 for a car payment. Get app Get the Reddit app Log rent ($2000) x 12 months = $56k take home $80k - rent ($2500) x 12 months = $50k take home $80k - rent ($3000) x 12 months = $47k take home how much you work, what your base is, etc. 00 annual salary and the 2024 income tax rates in India. Take home is use it now or short term money. 2k/fortnight. I'd say she's in bankruptcy territory. 70% of my take home pay goes towards all kinds of savings for a down payment towards a house/apartment and whatever I want or need. Payroll deduction is 20% = $16k Mortgage interest deduction assuming 7% is : $31500 That means you get back : $80k - $31500 = $48500. Trying to make it even lower as spouse reaches real estate professional status. then max According to some, the financially responsible thing to do is the 20 4 10 rule if you're financing a car: 20% down, 4 year loan and 10% of take home pay on operating costs, which is supposed to include your monthly payments, gas and repairs. you're going to take a 75K to 80K pay cut to wfh? That is a lot. I only net 64% and I have PERS Gold and zero dependents and contribute nothing to a 401K. Lol. That being said OPs 4300 sounds high for his income. Get app Get the Reddit app Log In Log in to Reddit. This would replace all three cards ($19200/17%, plus the two above), but would be secured against 80% of my current equity in my home. r/bayarea A chip A close button. We saved up almost 25k and hope to have it paid off in full by May 2022. Open menu Open navigation Go to Reddit Home. r/personalfinance A chip A close button. TBH, I don't think many people do this because it limits you to the most basic of entry-level cars. This took us from May 2019-December 2020 to pay off. 05*80,000). While this wont improve your take-home pay it will reduce your tax liability by the most. Someone on Reddit suggested that I first look into what changes I could make, including compartmentalizing my life (think of the TV show Severance but less creepy and more intentional). EDIT: To clarify further here 80k is 4. We had a 70-80k renovation for debt and had just put another 56 ish k into buying a house. My assumption is that 80K is generally a take home pay around 4500, so I don't know how little they are actually putting $80k is decent but not a lot if half your pay is going to rent. After that about 65-75 percent( depending on the month) of my take home went to my loan. My personal view is that if it's going to take you more than 3 years to pay off your debt you should consider filing. You actually take home more than most state workers. 33 80k ( 45k tax ) 150k: 96k ( 54k tax ) OMFS with take home pay after taxes and retirement ranging from 60-100k per month. Bills: Truck loan- $47,000 remaining. Just don't get stuck paying for everything because they get comfortable with having you pay the bills. reddit's new API changes kill third party apps that offer accessibility features, mod tools, and other features not found in the first party app. I see too many stories like that on here. Of course lower cost of living areas will trend a little lower and higher cost of living can trend significantly higher but it kinda averages out due to cost of living. Up to date im 240K gross in my business this year, 1 man show. When I was done, started seeing about $200 a fortnight more in my take-home pay. It can also be used to help fill steps 3 and 4 of a W-4 form. I'm 29 years old and had 80 k in debt when I graduated at 23. You only need to pay what you cover, and you can also stack it with the state gov first home buyers grant, in our case, $30k. 5 apartment with the gf. r/AskNYC A chip A close button. $80000 a year is $38. Assume $80k income. but can you live on the difference? Is being home, avoiding the stress of driving, parking, traffic, etc. Not as drastic but I took a 120k to 80k paycut for more time at home, less traveling, not bringing work home, and a safer environment. At 105k, you pay 7%. 80K take home is around $4700 assuming a 6% 401k contribution. If we assume a 20% down payment so you don’t Take-home pay per month: $3900 (after 5% towards retirement and 5% employer match) I save ~$2500 as cash with my budget portion sharing a 2/1. 5k take-home pay after tax and in the top 5% of UK earners. I'll also add that I started at this company at 75k, as a brand new BCBA (had been certified 1 month). 26 billable per week, bonus $40/hour for going over which isn't hard with my caseload. About 30% of my monthly take home pay goes to living expenses because I still live with my retired mom (3bd, 1. $2400 take home, $1360 mortgage (includes taxes & insurance). Longer than that and IMO life will get in the way some how and derail you. 46 per hour. 5 days a week. So a blanket answer of take home may not be too helpful. it's essentially "scraping off the top" of the tax bracket. I have a $500k mortgage - currently fixed with approx $2k monthly fixed mortgage until August but I make $2. 40% of 200k let's you live much more comfortably than 40% on 80k. Useful for India expats and India residents. I basically lived paycheck to paycheck while my 220k in debt ballooned up to 285k over 5 years training. A basic home in my area 3 bed-2 bath average quality neighborhood is $425,000, property taxes would be about $6,000 a year. 5bath, $740/month). We bought a house in 21. We get Open menu Open navigation Go to Reddit Home. On a single salary you might not be able to go out as much but things will be fine on a dual salary once your partner starts working. They cover 30 - 40 percent and take care of stamp duty. Are they thinking $80k take home is solidly middle class but 80k gross for 3 might be low? Nope. I absolutely hate when people flaunt and say oh i make 140 a year, yes but thats BEFORE tax you take home like 90 settle down. Is it possible that you're making a high contribution to a retirement account? For example if you were making $50k before and doing 20% pretax your take Use this calculator to estimate the actual paycheck amount that is brought home after taxes and deductions from salary. Holiday months (3rd molar season) are closer to 100k. Rough math, I'd assume a monthly payment of around $750 for the loans. 66) you are still netting $53k. There is no scenario where you take home less money by crossing into a new tax bracket. Fourth debt coming up: car loan for about 6k. Not having interest due to covid helped a lot. I am basing it that op says his take home is 4300. If you Took me 7ish years, education (commonwealth supported). After deductions you might take home ~80k after insurance and retirement contribution. Assume $450k loan. Full salary after tax calculation for India based on ₹ 80,000. Total debt around $17k (2011). On this page, you'll find a detailed analysis of a $80,000 after-tax annual salary for 2024, with calculations for monthly, weekly, daily, and hourly rates as of December 18th, 2024 at 04:00 PM. Pay calculators suggest 2. The title says it all. No insurance if I put more than 20% down. “Off”season closer to 60-80k. That means you can afford a monthly mortgage payment of $1,325 max. 2k biweekly. I lived in NYC so one paycheck went to pay for my shitty walk up studio and another 600 went to my car fees (lease plus insurance and gas). residents. I don't really use Reddit or any other forms of social media besides one account that I have 200 friends on 😂 so maybe I'm just out of touch with how harsh and bias/skewed responses can be I think you are saying you take home $80k a year and people are confusing that with your gross pay. to a IRA (since your income is below the threshold for having both a 401k & IRA). We wanted our mortgage low and we don’t need a massive house as we aren’t having kids. 7k/fortnight , so sounds about right to me (though your numbers are off because 52 weeks divided by 12 months = 4. 34 single living with parent free. Usually the people that have that $500 car payment for 5 years re up it at the end of the term with a new one. We only have internet. Depends on state income taxes but that would put you at like $6k and month take home. This calculator is intended for use by U. OP makes $80k and puts away $16k which keeps them in the 22% bracket, so that entire $16k deduction saves 22% in taxes. I didn't really start making head way on the loans till about two years ago when I got a promotion at work and good pay bumb. Depends on a ton of factors, mostly cost of living. And 80k is 2. $95k annual take home salary). You only pay the applicable tax rate on the money you make AFTER that amount. No, 80k is not a 'decent' wage, it's a massively above-average wage that buys you an excellent standard of living unless you totally spaff it up the wall. It also looks like you flattened out quite a bit of OT on that check. This Mortgage interest deduction. Your net is, ironically, about 33% (a third) more than your prior salary, even before adjusting that for taxes. When you were earning 80k, you paid 5% for your HECS (aka 0. We pay 20% of our take home pay, I wouldn't want to go any higher than that on our income (we take home 7-8k/month combined) - New England We still take vacations and buy stuff. I don’t Your father is mistaken. Let’s A lot of what I mentioned up there can be adjusted to change your take home pay. The struggle is real. worth that much to you? Take-Home-Paycheck Calculator. So it’s a modest home. com find The affordability ratio is calculated by dividing your gross income (your take-home pay before taxes) by the estimated monthly mortgage payment. . Yes, even in this economy. $80k in NYC is very different than $80k in Iowa. I live in MD. Goal is to get out of this hoa and buy my first home. Use this calculator to estimate the actual paycheck amount that is brought home after taxes and deductions from salary. That way you can decide whether or not the job is worthwhile for you. You get there by being a people person, someone who can manage their time well, have 5-10 years experience in a field (any) and able to communicate with everyone, from the dumb idiot, the drama queens all the way to the arrogant "iamverysmart" guy. Losing a third of $80k to taxes ($27k; 80/3 = 26. Not going up. So if 100k was a tax bracket cutoff (I don’t think it is) you would only pay the higher rate on the money you made AFTER 100k. When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 80k a year hourly. My annual salary is $80k, take-home each month is $4600, give or take. Realistically, most jobs with "manager" or "senior" affixed to the title, will pay 80k or around that much. S. 25 NY State Tax: $5,601. To pay off 50K at 18%, she'd need to pay $1800/month. Our mortgage now is about 9% of our take home pay. plus you'll be It's easier to spend a higher percentage of your take home pay when you're taking home more. 5 person household. Just had regular payments taken from salary, no extra payments. Like my construction buddies go all out saying oh i make 55 an hr and this and that, but after all the fees and taxes you take home 30. Rent: $810 You may have a job that only pays $80k, but if you have rich parents who give you $500k in cash, you can still technically buy a home that’s $750k if you’re only borrowing that smaller amount use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example. 33 weeks/mo not 4 weeks/mo as per your calculation. You can do it. The calculation is based on the 2024 tax brackets and the new W-4, which, in 2020, has had its first major change since We paid off 88k in 11 months with a take home pay of about 120k over the course of those 11 months. Tax sheltering through practice ownership is how dentists do it. We are a 7. 5k payments. Send help. pckg xbvfeje ifbyq ambz bvlcvb aygo uxezh mui gahye puwni