Disclaimer: Yes, I used the search function, but I wanted to find a more recent figure.
1st year analysts in CA, I'm trying to do a bit of budgeting. Assuming the standard 70k base, how much do you take home every month after tax? Thanks.
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~5,840 gross income/month (just salary with 70k base), ~1700 in taxes, ~$100 in healthcare/vision/dental = ~4040/month in net pay. 10% of gross salary goes automatically to charity, means ~$3,450/month to pay rent, car insurance (not in NYC), food/utilities/miscellaneous as well as savings.
No 401(k)?
Me (NYC):
Gross: 6250 Less: 401(k) - $500 (I get a fairly decent match so gotta do it) Benefit Stuff - $100 Taxable: $5650 Taxes: ~$1800 (I think I'm overpaying?) Net: $3850 Less: Rent & Utilities - $1500 Student Loans - $500 Food - $350
Leaves me with ~$1500 to spend on other stuff like the gym/supplements, going out, saving, etc. I'm anal/over-analytical and have an excel model that I frequently update with about ~10-15 line-items. Keeps me in check and is preferable to services like Mint, though.
You can deduct something like $2500/year in student loan interest just in case you didn't know. That would make your taxable income something less than $5650.
Love your approach.
I think OP was talking more about a 70k base, but yours works as well. Great breakdown.
$4,040 after taxes seems a tad high, if you're including CA taxes, unless you aren't making any 401k contribution. In NY, you're looking at about $3,750 after taxes with a 5% contribution.
fuck i love florida...
Great stuff, please keep it coming guys. Really helpful for those of us considering banking FT.
If you want to look at the standard breakdown (federal, state tax, city, medicare, SS) then check this out. Gives you a pretty close to what you actually get.
http://www.surepayroll.com/calculator/calc_paycheck_netpay.asp
I lived in NYC and spent every dime of my salary when I was an analyst. Saved most of the bonus, though. $70k is basically $4k/month after tax. Take off another $1500-2000 a month leaves you with $2000-2500 of spending money. Plenty to save if you're frugal, but what can I say? I like nice clothes, and eating and drinking well.
80k base in CA
500 - 401(k) contribution every half month (so effectively a 68k base or ~70k) 2 exemptions - about right taking into account overtaxing on bonus
2035 take home every half month
Curious what's the most someone pays towards student loans.
I'm sure Associates would have the Analysts beat on that one. $100k in student loans from b-school probably have a very hefty monthly payment.
My minimum payment is around $600 but I put at least $1,500 a month towards student loans.
http://www.paycheckcity.com/calculator/salary/
This will give you the exact amount based on the deductions you take. You can create a budget based off of the remaining amount and dedicate it towards 401K, student debt and general living expenses.
Interested to see a Charlotte poster
I'm in Raleigh, very comparable to Charlotte. I've done the NYC grind, home state is way better for having a life.
On $75K base: Gross - $6,250 Taxes - $1,517 Handouts - $475 401K - $500 Net -$3,758
Rent/ Utilities - $850/roommate Car/insurance - $475 Student loan - $0
Leaves me with $2,438 for eating, boozing, savings and trips (DC and NYC mostly). Bonus is straight to savings.
Anybody in London that could contribute to this thread by any chance?
Not to detract form the original chatter, which I think is great, but if someone wants to add some info on the same for Summer Analyst pay that'd be great (in NYC, 70K prorated +stipend). Assuming its pretty comparable.
Umm... it's exactly the same. $70k prorated is the exact same after taxes as $70k.
Yeah, I know that. I meant the discussion in terms of how you spend/save. Seems like SA's I've talked to are more apt to blow the money they make. But thank you for informing me of the comparison between 70K prorated and 70K after tax.
Great thread. Thanks for all the contribution.
Analyst at an NYC commercial bank - Gross pay per month: $5.5K, taxes: $1.4K, benefits: $150, 401K: $1.1K....live at home with parents still so after my bus pass I have $2.5K per month to spend/save :-)
christ this really seems quite dismal
Why does this seem dismal? Are any of these numbers surprising? They shouldn't be.
1st Year Analyst Taxes (Originally Posted: 07/05/2013)
I have a question regarding taxes and your 401k as a 1st year analyst. Some people recommend to max out your 401k contribution right away to get the tax benefit, but I don't think that would be logical. Since a first year begins in July/August they only work ~5-6 months of the year, while paying taxes at the rate of their yearly income. Wouldn't this result in getting a majority of your tax money back in your refund, therefore it wouldn't make sense to max out contribution for a tax benefit?
I have heard this would be a good alternative...Please let me know if anyone has heard of doing this: Claim one dependent in addition to yourself for 2013, that way you pay less in taxes for 2013..and instead of getting a bigger refund check it wouldn't be taken out of the check to begin with. A bigger tax return would only mean giving a larger interest free loan to the gov't. So wouldn't it make sense to claim 1 dependent for 2013, pay less now, then change back to 0 dependents beginning 1 Jan 14?
Thank you in advance for your input!
I will be starting FT this summer also. I am taking 6 allowances as that will get me close to breaking even come tax returns. So for my first 6 months I will be taking home an extra ~$400/500. Once January comes I will claim 0.
Sorry I'm kinda new to this but just wondering what does a "dependent" actually constitute? Like how would you be able to claim "6" without 6 children? I always assumed number of dependents is the number of people who are dependent on you.
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