I will be a first year teacher in late August starting at roughly 45K. In the past, I was able to approximate my after-tax income by taking my gross income and multiplying that by .75, with the .25 going towards taxes and social security. However, teachers don't pay into social security. So, I guess my question is: will the same amount of money that was previously taken out for social security now just be taken out for the teachers retirement fund? Or is it more or less?
2007-07-31
19:43:07
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7 answers
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asked by
Ragnarok1003
2
in
Education & Reference
➔ Teaching