OT: What percent of your gross pay goes to .......

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
User avatar
Topic Author
1210sda
Posts: 1713
Joined: Wed Feb 28, 2007 8:31 am

OT: What percent of your gross pay goes to .......

Post by 1210sda »

I'm trying to compare working life to retirement life.

Could you please tell me the percent of each category that reduces your gross pay to arrive at take-home pay. (i.e.Net Pay)

For example:

Gross Pay 100%
Fed Inc Tax 20%
Soc Sec Tax 7.6%
Health Ins. 10%
Etc, Etc 2.4%
Net Pay 60%

Thanks
Raintree
User avatar
schellhase
Posts: 311
Joined: Sun Mar 04, 2007 7:07 pm
Location: Los Angeles, CA

Post by schellhase »

My wife and I are retired and here are our percentages:

Pension 100%
Fed 21%
State 7%
LTC 1%
Mortgage 13%
Net Pay 58%

LTC = Long Term Care Insurance
and the Mortgage is deducted from my pension check.

My wife does work part time but that income and those taxes are not included.
mptfan
Posts: 6258
Joined: Mon Mar 05, 2007 9:58 am

Post by mptfan »

We are not retired, but here goes:

Gross income with match: 104.5%
Gross income 100%
Fed Income Tax 9.8%
SS Tax 5.7%
Medicare Tax 1.4%
Total savings 27.0%
Health Ins. 0%
Net Income 56.0%
User avatar
fishnskiguy
Posts: 2604
Joined: Tue Feb 27, 2007 1:27 pm
Location: Sedona, AZ

Post by fishnskiguy »

Schellhase must have one helluva pension to be paying 21% to Uncle.

We are retired with part time jobs as ski instructors. Our total income was $86,000, we took the standard deduction and had a total federal tax bill of $7,300. That works out to 8.5%

State income tax is about 4%, property tax is 3.5%. SS tax less than 1%.

That leaves us with about 84% of gross.

Chris
Trident D-5 SLBM- "When you care enough to send the very best."
User avatar
frose2
Posts: 628
Joined: Thu Mar 01, 2007 2:10 am

Preretirement actual versus retirement projected

Post by frose2 »

This is a bit personal, but I can say that 39% of my gross pay went to income/SS/Medicare taxes in 2006 and 2% to health insurance. Gross pay does not include investment income.

If I retired next year, my plan would be to move to a zero-income-tax state and exchange munis for taxable bonds, thus increasing my investment income. With that plan, 17% of my investment income would go to income taxes and 11% to health insurance (high risk plan). This would be a pretty big change.
User avatar
schellhase
Posts: 311
Joined: Sun Mar 04, 2007 7:07 pm
Location: Los Angeles, CA

Post by schellhase »

fishnskiguy wrote:Schellhase must have one helluva pension to be paying 21% to Uncle.

Chris
2006 AGI = $176,582, $146,803 of that was from our pensions which will increase by 3% this year. Neither of us realized how smart we were when we went to work for local municipal governments when we got out of college.
gkaplan
Posts: 7034
Joined: Sat Mar 03, 2007 8:34 pm
Location: Portland, Oregon

Post by gkaplan »

Federal Income Tax: 1.3
OASDI: 6.0
FERS Retirement: .8
FSA: .8
Medicare: 1.2
Health Insurance: 2.4
TSP: 64.8

Net Pay: 22.4
Gordon
User avatar
WiseNLucky
Posts: 634
Joined: Tue Mar 13, 2007 5:14 am
Location: South Florida

Post by WiseNLucky »

Gross Pay 100%
Various taxes 28%
Savings 40%
Charitable contributions 11%
Living expenses 21%
WiseNLucky
User avatar
orthros
Posts: 465
Joined: Fri Feb 23, 2007 7:56 pm
Contact:

Post by orthros »

Gross Pay 100% (about $150K this year)

Taxes 26%
Savings 37%
Charity 15%
Living expenses 22%


Kind of amazing that I pay more to Uncle Sam than I use to live on :shock:
Post Reply