80k take home pay reddit. Not having interest due to covid helped a lot.

80k take home pay reddit 80K take home is around $4700 assuming a 6% 401k contribution. We bought a house in 21. 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. Realistically, most jobs with "manager" or "senior" affixed to the title, will pay 80k or around that much. Yes, even in this economy. We only have internet. And 80k is 2. We get Open menu Open navigation Go to Reddit Home. 7k/fortnight , so sounds about right to me (though your numbers are off because 52 weeks divided by 12 months = 4. Salary $80,000. My partner and I have just applied for a shared equity scheme (MyHome through bank of us). Remember when you call in sick or take vacation time your OT gets flattened to straight pay. If you Took me 7ish years, education (commonwealth supported). I'd say she's in bankruptcy territory. We saved up almost 25k and hope to have it paid off in full by May 2022. This calculator is intended for use by U. . So a blanket answer of take home may not be too helpful. 5 days a week. 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. While this wont improve your take-home pay it will reduce your tax liability by the most. 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 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. 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). 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. This Mortgage interest deduction. I basically lived paycheck to paycheck while my 220k in debt ballooned up to 285k over 5 years training. 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. Use this calculator to estimate the actual paycheck amount that is brought home after taxes and deductions from salary. I see too many stories like that on here. 40% of 200k let's you live much more comfortably than 40% on 80k. 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 $180k , our salaries just rose with the crazy markets but we still like the same middle class lifestyle, I was ready to quit and take a huge pay cut. I lived in NYC so one paycheck went to pay for my shitty walk up studio and another 600 went to my car fees (lease plus insurance and gas). 100k with a 6 percent 401k contribution and 100$ for an insurance is probably around 4900 a month. We bought 2 $20k cars this year with cash we’ve been saving up for a couple years. 5 person household. 5k take-home pay after tax and in the top 5% of UK earners. At 105k, you pay 7%. 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. After that about 65-75 percent( depending on the month) of my take home went to my loan. OP makes $80k and puts away $16k which keeps them in the 22% bracket, so that entire $16k deduction saves 22% in taxes. 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. I'll also add that I started at this company at 75k, as a brand new BCBA (had been certified 1 month). I only net 64% and I have PERS Gold and zero dependents and contribute nothing to a 401K. residents. 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. Depends on state income taxes but that would put you at like $6k and month take home. When you were earning 80k, you paid 5% for your HECS (aka 0. 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. Holiday months (3rd molar season) are closer to 100k. We are a 7. 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. To pay off 50K at 18%, she'd need to pay $1800/month. Assume $450k loan. Pay calculators suggest 2. 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. Expand user menu Open settings menu. The struggle is real. When I was done, started seeing about $200 a fortnight more in my take-home pay. 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. Get app Get the Reddit app Log In Log in to Reddit. You can do it. but can you live on the difference? Is being home, avoiding the stress of driving, parking, traffic, etc. Up to date im 240K gross in my business this year, 1 man show. it's essentially "scraping off the top" of the tax bracket. So it’s a modest home. Then you'll pay the following: Social Security: $6,200 Medicare: $1,450 Federal Tax: $19,307. 5k payments. 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. r/personalfinance A chip A close button. Your net is, ironically, about 33% (a third) more than your prior salary, even before adjusting that for taxes. 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. Take home of about 100k give or take is pretty typical. Goal is to get out of this hoa and buy my first home. 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. Depends on a ton of factors, mostly cost of living. S. This took us from May 2019-December 2020 to pay off. 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. $2400 take home, $1360 mortgage (includes taxes & insurance). $80000 a year is $38. r/bayarea A chip A close button. you're going to take a 75K to 80K pay cut to wfh? That is a lot. I live in MD. $95k annual take home salary). Bills: Truck loan- $47,000 remaining. 2%. My annual salary is $80k, take-home each month is $4600, give or take. 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. The title says it all. Send help. 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. Payroll deduction is 20% = $16k Mortgage interest deduction assuming 7% is : $31500 That means you get back : $80k - $31500 = $48500. 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. That being said OPs 4300 sounds high for his income. All about priorities. r/AskNYC A chip A close button. That way you can decide whether or not the job is worthwhile for you. 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. It also looks like you flattened out quite a bit of OT on that check. You actually take home more than most state workers. I would argue even if you make $100k that’s still rough. 5bath, $740/month). TBH, I don't think many people do this because it limits you to the most basic of entry-level cars. We wanted our mortgage low and we don’t need a massive house as we aren’t having kids. 00 annual salary and the 2024 income tax rates in India. I'm 29 years old and had 80 k in debt when I graduated at 23. A 60-month home equity loan covering all $28000 with a fixed rate of 4. Just had regular payments taken from salary, no extra payments. If it’s take home pay. There is no scenario where you take home less money by crossing into a new tax bracket. Full salary after tax calculation for India based on ₹ 80,000. 33 weeks/mo not 4 weeks/mo as per your calculation. Total debt around $17k (2011). 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. 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. Electricity and food takes the other chunk. 46 per hour. That means you can afford a monthly mortgage payment of $1,325 max. About 30% of my monthly take home pay goes to living expenses because I still live with my retired mom (3bd, 1. After deductions you might take home ~80k after insurance and retirement contribution. to a IRA (since your income is below the threshold for having both a 401k & IRA). worth that much to you? Take-Home-Paycheck Calculator. Effective tax rate around 20-25%. Tax sheltering through practice ownership is how dentists do it. Here is my current financial circumstances 29, single, $122,000 base salary (approx. 05*80,000). I don’t Your father is mistaken. Fourth debt coming up: car loan for about 6k. 25 NY State Tax: $5,601. 26 billable per week, bonus $40/hour for going over which isn't hard with my caseload. Useful for India expats and India residents. 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. 2k/fortnight. Not having interest due to covid helped a lot. 66) you are still netting $53k. We had a 70-80k renovation for debt and had just put another 56 ish k into buying a house. Trying to make it even lower as spouse reaches real estate professional status. 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. A $1500-1600 would put you at 25%. Oh, and all of my kids still live at home, including a grandchild bc none of them can afford rent. I looked back at my pay stubs from 2019. Not going up. CSCareerQuestions protests in solidarity with the developers who made third party reddit apps. Longer than that and IMO life will get in the way some how and derail you. I have a $500k mortgage - currently fixed with approx $2k monthly fixed mortgage until August but I make $2. Are they thinking $80k take home is solidly middle class but 80k gross for 3 might be low? Nope. Our mortgage now is about 9% of our take home pay. They cover 30 - 40 percent and take care of stamp duty. Let’s A lot of what I mentioned up there can be adjusted to change your take home pay. You only pay the applicable tax rate on the money you make AFTER that amount. com find The affordability ratio is calculated by dividing your gross income (your take-home pay before taxes) by the estimated monthly mortgage payment. 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. It can also be used to help fill steps 3 and 4 of a W-4 form. 34 single living with parent free. Open menu Open navigation Go to Reddit Home. 5 apartment with the gf. 33 80k ( 45k tax ) 150k: 96k ( 54k tax ) OMFS with take home pay after taxes and retirement ranging from 60-100k per month. No insurance if I put more than 20% down. Just don't get stuck paying for everything because they get comfortable with having you pay the bills. 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. 2k biweekly. Assume $80k income. Losing a third of $80k to taxes ($27k; 80/3 = 26. Rough math, I'd assume a monthly payment of around $750 for the loans. Some people in your situation may pay $1500/mo for rent and $500 for a car payment. 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. Lol. Take home is use it now or short term money. “Off”season closer to 60-80k. EDIT: To clarify further here 80k is 4. If you make 80k, I’m estimating your take home as $5300 a month. plus you'll be It's easier to spend a higher percentage of your take home pay when you're taking home more. $80k in NYC is very different than $80k in Iowa. 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. I am basing it that op says his take home is 4300. 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. togtkpd fvzwc xgnqjxbi fhxx uuhy yxux yog ndkvj nlvur vrmtwtr