Is base pay after or pre tax?
85k pay standard across the street. I’m assuming this is pretax?
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Yup, always pretax because people will withhold different amounts
so how much do we actually make
(1-Tax Rate) x Base Pay. Tax rate depends on city and other factors, you can find a calculator online.
Use a tax calculator depending on your country/state?
comes out to like 5k a month after taxes before any additional deductions (401k, health insurance)
that's only 60k damn
lmfao wait till you see how the bonus gets taxed
Taxed exactly the same as all other income, payroll will withhold more, but what you pay in taxes at the end of the year is just based on your overall income (minus any deductions). Everyone keeps repeating this “bonus is taxed so much”, that isn’t true, your employer just withholds more, if they withhold too much, you get a refund, so maybe that is what you are trying to highlight.
I undestand this very much... you misunderstood my post lol
This kid is asking if base pay is pre or post tax. he clearly doesn't know how this works so I'm prepping him for the sticker shock when he gets 50% of it witheld at time of signing bonus to not freak out lol
Is there a way to reduce tax? Hire an accountant etc. Maybe use real estate/small business tax loopholes?
Are you the OP?
I own an S corp so I have extensive knowledge on this stuff but i'll keep it brief.
As a w2 wage earner, which you, your boss and your boss's booss's boss is, any tax breaks you can find are on the front page of google with a quick google search.
Long story short, not many other than the ones everyone and their grandma knows about. Just focus on learning a bunch. You and other IB analysts coming out of college aint gonna be makin shit. It's the experience that counts -- don't think about the base pay / bonus year end.
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