Income taxes and take home pay
I didnt end up taking a job in finance but I didn't no where else to ask this question. I am trying to figure out how much uncle sam is going to eat into my paycheck. I got a FT position with a fortune 500 company that pays me 64K a year. It is a management training program and they are going to pay for all my living expenses during the 10 month training period. Since the value of these expenses will easily amount to about 15K, I was wondering if that will also be taxed as income. I also get a lot of perks like free tickets to most of any local sporting event, concert etc. Anybody have a clue what my take home income will be.
with no deductions other than the typical single filing deduction of $5700, Uncle Obama will get $10,071.10 of your money.
At the end of the year you will have made $53,982.90
And no, your living expenses are not taxable income, assuming your fortune 500 company is a C-Corp.
None of your perks will get taxed either if you're smart enough not to make paper trials like posts on the internet or putting ticket stubbs in your tax filings. They're like tips, your supposed to declare your tips at the end of the night but nobody does.
Remember that you employer pays out the butthole in taxes to Uncle Obama so you don't have to.
http://www.payroll-taxes.com/calculators.htm
Nifty little site
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