1st Year Analysts: Take Home After Taxes

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.

 
Best Response
Duke4Lyfe:
~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.

 
stvr2013:
Duke4Lyfe:
~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.

All we need to do is show a little class, a little sophistication, and we’re in like a dirty shirt.
 
stvr2013:
Duke4Lyfe:
~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.

Love your approach.

I think OP was talking more about a 70k base, but yours works as well. Great breakdown.

 
Duke4Lyfe:
~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.

$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.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 

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

 

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.

 

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.

"Money is a scoreboard where you can rank how you're doing against other people." -Mark Cuban
 
TakeItToTheBank26:
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.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 
NorthSider:
TakeItToTheBank26:
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.

"Money is a scoreboard where you can rank how you're doing against other people." -Mark Cuban
 

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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