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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 · 7 answers · asked by Ragnarok1003 2 in Education & Reference Teaching

7 answers

In addition to Federal Income Tax the following will be taken out of your check:
Teacher Retirement
Medicare

There is a possibility that you will be STRONGLY encouraged to contribute to United Way, in which case you could deduct an amount monthly.

You would be wise to join a professional organization. Dues can be deducted from your monthly income.

You may want to take advantage of additional insurance such as dental, cancer, long term care, etc. They will take the premiums from your monthly check.

If you are wise enough to have saving accounts in the form of 403B those monies are also taken out of your check.

My net income is about $1300 less than my gross.

2007-08-01 00:22:09 · answer #1 · answered by dkrgrand 6 · 1 0

It really depends on your deductions. Things that are deducted will be: federal taxes, TRS (texas teachers retirement system), and medicare. Optional things could be: Professional teachers union (usuallly about 50 bucks a month), health insurance (in some texas school districts its expensive), Alternative Certification (if you're enrolled in the program).
The Social security and the retirement fund is roughly the same when you look at it.

2007-08-01 03:57:02 · answer #2 · answered by science_star 1 · 0 0

To add to what above posters have said--are you sure your district doesn't deduct social security? Mine doesn't, but we're one of only three districts in the state that still do this. It's a nice perk, given the future unreliability of SSI for those of us who are still quite young, but it will be up to you to invest that $ elsewhere.

TRS will automatically deduct 2%. Not much, huh?

I have never been strongly urged to join United Way or any other organization. I would, however, suggest joining a union. The liability insurance is so crucial in this litigious world of ours, and teachers can be big targets.

I, too, would suggest you call your ISD's office and ask about deductions.

2007-08-01 18:25:15 · answer #3 · answered by waldy 4 · 0 0

Why don't teachers pay Social Security in Texas? I pay 34% of my salary in taxes here in NY. I make $100,000.

2007-08-01 01:14:43 · answer #4 · answered by Anonymous · 0 0

Contact the school board in your area. They should be able to help. You could also contact the local schools and ask teachers. They will be willing to help a prospective colleague.

2007-07-31 19:56:47 · answer #5 · answered by jemhasb 7 · 0 0

Twenty percent for the first child, an additional five percent for each child thereafter - thirty-five percent being the maximum. The non-custodial parent is also responsible for carrying medical insurance coverage on the child, as well as reimbursing the custodial parent for fifty percent of all medical expenses.

2016-05-19 21:36:14 · answer #6 · answered by ? 3 · 0 0

Call HR at the school district of your choice and ask someone there.

2007-07-31 19:57:47 · answer #7 · answered by LaraLara 4 · 0 0

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