Assuming that I get paid monthly, I would get $12,500 a month. The federal tax is 28% for $142,700-$217,450, and I fall into that category so that means I would subtract $3,500 which equals $9,000 a month. Plus, Utah requires us to pay state tax, which is 5%. That takes out another $625 every month, which brings it down to $8,375 a month. Then when you take out social security, which is 6.2%. That brings me down to 7,600 a month. And lastly, Medicare costs 1.45 % which brings me down to $7443.75 a month. And if you multiply that by 12....I will have $89,325 as my net.
MY NET: $89,325
SORRY THIS IS LATE! I forgot to push PUBLISH!!
Very interesting.
ReplyDeleteThat seems like a lot of money you're losing!
ReplyDeleteNice job :)
ReplyDeleteAlthough you do have a sustainable amount of income, it does appear that you lose a very intense amount of money.
ReplyDeletewell done! good math and figuring. though you didn't site any sources.. perhaps you didn't have any. good job!
ReplyDelete