How much is he taking home? |
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newguy84
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Joined: 26 Apr 2007
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How much is he taking home? |
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Hello everyone, I have a friend who works for a corporate company and his salary is 70,000 a year. This is before any tax the company takes or any income tax, so basically that is gross. Another friend of mine makes 4500 a month net, this is including income tax and everything. I was just wondering who is making more, I didn't ask anymore questions because I did not want to seem nosy, that is why I did not ask the 70,000 guy because it might seem to personal if I said what is your actual net income that you actually get to keep.
If anyone can break it down to me I thank you in advance.
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Fri Aug 17, 2007 9:40 pm |
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efflandt
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Location: Elgin, IL USA |
One factor we would not know is state income tax which can range from nothing to 11.5% or more. Another factor is whether they contribute to a company sponsored retirement plan (401k, etc.).
For example I am contributing 20% of gross income to my 401k. And I am having more than normal federal tax withheld to cover IRA to Roth IRA conversions. So my after contribution/tax net pay does not include money being socked away for the future.
You could get a rough idea by using tax forms from irs.gov (and your state dept of revenue) using standard deductions.
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Sat Aug 18, 2007 8:20 am |
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newguy84
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Cash: $ 2.35
Posts: 10
Joined: 26 Apr 2007
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Lets just assume the tax exemptions are all equal. I am just talking about take home pay, after the normal tax a corporation would take and the income tax. Lets just assume he has not put any money into his 401k or anything like that yet, would Mr. $ 70,000 gross be making more than Mr. $54000 net at the end of the year?
Last edited by newguy84 on Sat Aug 18, 2007 4:24 pm; edited 1 time in total |
Sat Aug 18, 2007 4:23 pm |
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newguy84
Member
Cash: $ 2.35
Posts: 10
Joined: 26 Apr 2007
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Oh I forgot to mention that everything about them would also be the same, as in they live in the same state, both single, etc.
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Sat Aug 18, 2007 4:23 pm |
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songteksten32
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i beleive that they shoud take more.
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Mon Sep 03, 2007 11:30 am |
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shaneroof
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Location: washington dc |
Sorry i cant answer becose i dont have any answer on these topic....
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Wed Sep 03, 2008 11:54 am |
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