2007-01-31 22:16:48 · 13 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
It depends on your exemptions. But lets assume your an average single person with no children. Your tax rate would be approximately $755 plus 15% of your gross earned income over $7550.
That means you'll have to pay about $2022 in taxes, leaving you around $14k take home. However, remember this is only federal tax. You may have additional taxes for State, County, or even City. And you may have additional deductions for health insurance and the like.
I would expect your final take home pay would be between $13,600 and $12,800. That's assuming that all of your taxes and deductions average 15% to 20% of your gross income.
Hope this helps!
2007-01-31 22:28:19 · answer #1 · answered by JT 4 · 0⤊ 0⤋
I think it is great that you are doing this much early. I would either see a planner, or use an online calculator to see where you are relative to your financial goals, if you continue in that pattern. If you are way ahead of the game, there is nothing wrong with slowing down a little and enjoy more of today... remember, life is short... I personally advise people to allocate funds along tax vehicles in this order. 1. Take the match in your 401k. 2. Fill up your Roth IRA. 3. Put remaining funds in your 401k. You obviously need to look at steps 1 & 3 and make a guesstimate for the year, since you have to decide ahead of time what needs to come out of your paycheck each month. The reason I like this strategy, is that it diversifies your tax consequences. When you get to retirement, especially if you continue to do a good job saving, it will be nice to have the flexibility to decide whether or not you want to take a taxable or non-taxable distribution from year to year. The years where your tax bracket is higher, you will want to take a tax-free distribution from your Roth... the years where it is lower, you'll want to take a taxable distribution from your 401k / traditional IRA. Hope that helps! Ken Clark Certified Financial Planner
2016-03-28 23:29:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Differnt people get slightly differnt taxes so it will alter - but when I was on 16k I got almost exactly £1000/month
2007-01-31 22:19:54 · answer #3 · answered by board-stupid 3 · 0⤊ 0⤋
I earn this at the mo and after tax and other payments I take about 1100.
2007-01-31 22:29:21 · answer #4 · answered by Katie M 2 · 0⤊ 0⤋
Approximately 1000 a month.
2007-01-31 22:19:19 · answer #5 · answered by Ritch 3 · 0⤊ 0⤋
Gross Income 16,000
Tax free allowance 4745.00
Taxable amount 11255.00
Tax 2233.70
NI 1239.48
Net take home 12526.82
This would work out at a monthly take home of 1,043.90
This is assuming you are under 65 and neither blind nor married
2007-01-31 22:29:28 · answer #6 · answered by SHARON A 2 · 0⤊ 0⤋
approx. 1050 per month after tax and NI
2007-01-31 22:20:04 · answer #7 · answered by agius1520 6 · 1⤊ 0⤋
Probably somewhere around a thousand dollars a month
2007-01-31 22:19:41 · answer #8 · answered by JOHN D 6 · 0⤊ 0⤋
i dont think 16k per year is taxable... as far as i know.. u can take da entire amt home per year...
2007-01-31 22:22:49 · answer #9 · answered by navkar 2 · 0⤊ 1⤋
divide by 1.3 and then divide by 12
2007-01-31 22:49:46 · answer #10 · answered by offlicence 2 · 0⤊ 0⤋