if i am going to start making 35,000 a year, how much will i make after taxes?

Answer 1

taxes, social security and everything will take about 30 percent, maybe a little less, esp if you have dependents.
sorry.

Answer 2

Are you figuring $35,000 net (after taxes)? If so, you could probably swing the house payment incl. taxes/insurance on the salary, but the $400 a month in student loans is going be a chunk that eats up most of the money you will earn ($4,800). As well, it puts you at 41% DTI and that may be too high to get a mortgage loan. Since you currently make more than $35,000, if your only other debt is student loans and you are current, you can probably get approved for an FHA w/3.5% down payment. I would hope that you will be financially more stable by the time your first child is born. I know people who have 3 children & stay-at-home mom, but annual earnings are considerably more than $35,000. Really would depend on the cost-of-living where you are. Don't forget in addition to the day-to-day expenses of home and family, you should be able to save for your retirement and college tuition. You probably need to be earning about $55,000 - $60,000 to feel like you are not getting pinched every month. If your husband is just starting out, I would imagine he should be able to earn that type of income in 2 - 3 years. Not so long, you might want to start paying down your student debt and saving now.

Answer 3

Depends on haw a person views taxes. Income, Social Security, "SALES" taxes. Fuel/highway tax. I just point this out so people realize we have a lot of taxes. Though they my not directly affect take home pay. I think the 30% mentioned would be close, maybe 35%. When I worked in Accounting many years ago, we would make some special payments (Hard to explain) we take a 20% off the top for federal tax. Social Security I not sure off had the total % but, your employer pay ½, figure 15% total if you self-employed and 7.5% working for someone. There may be a State income tax, I ballpark it @ 10%. Then consider Unemployment tax and Insurance if need be and we just say anther 10% for those.
So without the latter we can say 27.5% - 35%
With the latter taxes we say 37.5% - 45%
35,000 - 35% = $22,750 about $1,895 a month
35,000 - 45% = $19,250 about $1,604 a month
This all depends on what you claim for deductions etc., etc. May sound depressing. But, different tax deductions at the end of year can help. Look into what all you can do to increase deductions. Donate used furniture to Goodwill may give a little. Donate to a charity can help. Interest on your House (If you buying). Maybe a Student Loan you repay. Also, depending on the job, look into Clothes for work and maybe even your meals while work. Try to learn of everything you can use for your advantage. I have worked with the IRS (When I had my Business and learned for classes they would give that are free) and they not care if you take advantage of the deductions available to you. Just they not going to take the time to tell you of them either. ;-)
Good Luck!

Answer 4

Only for the year 2007. Assuming you are Single and have no dependent.
You will earn around $7,000.
Social security and medicare tax @7.65% is $535.50
You won't have any federal tax. You may get some extra money from IRS because of earned income credit.
State tax depends upon your state. Should be very little amount.
So make sure to file your 2007 return to get refund of your federal and state taxes withheld from your pay check.

Answer 5

Depending on what state taxes are and what kind of deductions you have it'll roughly be 20% to taxes for that pay range. That'll make your take home after taxes $28K.

If you have extra deductions such as educational or housing deductions that could bring it down significantly.

Answer 6

Expect to take home about 20 - 25% less than your total gross salary (maybe a little more or less - depending on what state you're living in and the number of deductions you're claiming).

...then deduct from that the additional money you'll need to contribute for your insurance... retirement plans (401k) ... and miscellaneous other "optional" programs you may choose to participate in.

Answer 7

depends on how many ememptions you claim. For me I claim 5 I make 25,000 before taxes. After I make 18720. Wow that blows for me. Can I get a job with you?

Answer 8

It depends on how many deductions you claim on your W-4. The tax rate is 28%

Answer 9

well everything depends on how much percent taxes are where you live....
im thinking something like 25%....

maybe something around 2100

Answer 10

http://www.paycheckcity.com/copaycycle/netpaycalculator.asp
http://finance.yahoo.com/calculator/career-work/pay-02