How much will my income be per month if I make 35K/yr in Oklahoma?

Question

I am going to be starting a new job soon and was trying to figure out how much income I could expect to have available to spend each month. I am going to be making 35K per year in Oklahoma. I only claim myself. I have heard that I would only have 20% taken out and be ok...? If someone could help I would appreciate it. Thanks!!

Answer 1

35000 divided by 12 months in a year = approx. 2916.00
2916 -583 (approx 20%) = 2333.00

In order to get a better figure you will also need to know how much your monthly insurance premiums will be, if you are taking your new companies insurance. You will also need to account for social security and all the other things that money is deducted for.

Answer 2

Go here for some handy and very accurate estimators: http://www.paycheckcity.com

If you're paid monthly you should net about $2.235.55 per month, broken out like this:

Monthly Gross Pay: $2,916.67
Federal Withholding: $331.00
Social Security: $180.83
Medicare: $42.29
Oklahoma: $127.00

Net Pay: $2,235.55

If you have deductions for health insurance, retirement, etc. you'll need to deduct those amounts as well.

Answer 3

20% for Fed income tax + 8% for social security is 28% deductions approximately.

So your monthly take home would be:

0.72 * 35,0000/12 = $ 2,100

Answer 4

I'd say you're making about 1950-2350 a month, probably closer to 2k.