If I earn 80000 usd per year before tax, i'm single and i'm paying for my house, how much will I have after?

Question

I mean, after tax? How much money goes into my pockets?

Answer 1

If you do not itemize and have no adjustments to your income of $80,000, and no state taxes:

Income: $80,000
Standard deduction plus one exemption: $8,750
Taxable income: $71,250
Income Tax: $14,628
Social Security and Medicare Tax: $6,120
After income and payroll taxes: $59,252

However, you may itemize and that will reduce your income tax owed. You may contribute to a retirement plan, or pay your health insurance pretax, and that will reduce what goes into your pockets as well as reduce the taxes you owe.

Check into your state tax as well because that can be substantial.

Answer 2

£3,000 for a (so-called 3 bed roomed) house. The third bedroom JUST fit a baby's cot and the toy box. Interest rate in 1970 was 15% when we agreed the deal but was 15.5% by the time the second instalment was due and went up to 17% a little later. Our payments were £19 per month initially but we had to add to that each time there was an interest increase. That was quite a frightening time and we really struggled. With a toddler and a new born baby there was no way I could earn any money for quite some time. Child care, like many mums can use now, did not exist. In those days we could pay extra some months (for example if my husband had done overtime) and we did that when it was possible. As the years went by and £19 was not such a big portion of the money coming in, we increased our payments regularly and this took several years of the period of the loan. If you do that these days there is a huge penalty to pay for clearing the loan early.

Answer 3

You don't give enough info to answer your question.

If you do NOT itemize, you'll pay $14,376 in federal income tax and $6120 for social security and medicare, for a total of $20,496 leaving you $59,504. You don't say where you live, so there's no way to figure what state and local taxes will take from that.

You mention paying for a house. If your total itemized deductions, including your mortgage interest and real estate taxes, are over $5350, then itemizing will reduce your federal income tax by 25% of the amount that your total itemized deductions are over $5350.

Answer 4

I don't know if this is right but hope it is any help :)

2/11/2007 8:22:48 PM


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Gross Weekly Earnings: $1,583.46
Tax Applicable: $483.00
Less Tax offsets and Family Tax Benefit: $0.00
Less Medicare Levy Adjustment: $0.00
Tax Withheld : $483.00
Net Pay: $1,100.46

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Details:
Has the payee provided a TFN? Yes

If the payee has not provided a TFN, is the payee exempt from needing a TFN? No

Is the payee an Australian Resident? No

Has the payee claimed the Tax Free Threshold? Yes

Amount the payee claimed for Tax offsets and Family Tax Benefit. $0.00


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Medicare Levy Variation
Payee claiming exemption or variation from the levy? None

Payee claiming reduced amount of levy? No

Does the payee have a spouse? No

Combined income less than applicable amount in Ready Reckoner? No

Number of dependent children claimed. 0


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Miscellaneous
Payee entitled to annual leave loading? No

Does the payee have an accumulated HELP debt? No

Does the payee have an accumulated Financial Supplement debt? No

Pay Period : Weekly

Gross Weekly Earnings : $1,583.46

Answer 5

Unless we know your mortgage interest and other itemized deductions, it is not possible to answer this question. Your federal and state income tax depends upon your deductions.
Other taxes (social security, medicare..) withheld from your paycheck are fixed.

Answer 6

Can you elaborate?