Is 150000 salary and additional 50000 as variable pay enough for family of 4? (Sunnyvale: sales, apartment)

[ssdesign]

Hi,
I have got an offer of 150000 annual salary (Gross) and 50000 additional as variable pay.
I can expect anywhere between 80% to 100% of this variable pay at the end of year (which again may get taxed before it comes in my hand).

Is this a decent salary for a family of 4? (Husband, Wife and 2 kids 7yr and 9yr)
Wife is currently not working.

I was searching for a website which could give me a good estimate of my take home salary after taxes, but most of the calculators seem too complicated as I don't know what to fill in many of those boxes.

I guess California has federal as well as state taxes, right?

I will be moving from India to the US.
Most likely I will need to live in Palo Alto, Sunnyvale or Cupertino area.
Kids will go in public schools, plan to rent a 2 bedroom apartment.

Our lifestyle is not too extravagant, but decent outings on weekends. Our life revolves around our kids most of the time. We take an overseas vacation once a year and within the country when there are long weekends or a few days off. We eat at home and eat out one of the weekend days.

What do you think? Accept or negotiate

[volosong]

That is a decent salary and in 99.5% of the state, you would have a comfortable lifestyle. However, that's not enough to purchase a home within a few miles of your work. You will either have to rent or purchase far enough away from work that quality time with your kids will not be as much as you would like. If you are coming with several thousand dollars to put as a down payment, then no problem. Otherwise, things will be a bit tight.

Yes, state taxes along with federal taxes. California has one of the highest state income tax rates in the country, and also one of the highest sales tax rates. It's not inexpensive to live here, but the weather and natural beauty make it worth it for most people.

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Oops. Just noticed that you are planning on renting a two-bedroom apartment. You should be fine then with that salary, but I expect with two younguns the age they are, you'd want a home someday. By then, your salary might be high enough to purchase locally.

[ssdesign]

Thanks a lot for your quick reply.
Yes Initially I plan to rent a 2 bedroom apartment, but it can also be a 2 bedroom house (if I can afford it).

Any idea what my take-home salary would be if I have a wife who is not working and two kids of the ages I mentioned?
Or
Is there a website where I can do these calculations?

Thanks again for ur reply.

[ssdesign]

btw. I dont plan to purchase a house immediately. So it will be rental.

[ExeterMedia]

Man, that's one of the priciest areas in CA. You should be fine, but yes, you won't be able to purchase for a long while (think 7-10 years). Renting a 2 bedroom condo or apartment though, you will be fine.

[ssdesign]

Yes, I understand about it.
I dont have plans to buy something soon
I am OK with renting.

[volosong]

Originally Posted by ssdesign

...
Any idea what my take-home salary would be if I have a wife who is not working and two kids of the ages I mentioned?
...

No way to know. It depends on your deductions. But, figure a federal tax rate of 28%, (maybe 25% if you can get your adjusted income below $146k, probably hard to do in your circumstance without a home mortgage deduction), and a state tax rate of 9.5%, (give or take, just an estimate). Then there are social security taxes, medicare taxes, state disability insurance taxes, and most likely, a deduction for your family medical plan. All of these will come out of each paycheck you earn.

I would expect that with a $200k salary, even though $50k of it comes in the form of a bonus at the end of the year; while you will probably not have an extravagant lifestyle, it should be quite comfortable.

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One thing I just thought of ... will you have to pay India taxes on what you earn here in the states? (I'm assuming you are Indian.)

[ssdesign]

No
I wont have to pay India taxes.

and thanks for the information as well.
I will read more about all the applicable taxes and figure out a approximation.

[volosong]

Originally Posted by ssdesign

...
I will read more about all the applicable taxes and figure out a approximation.

Perhaps, if it "politically" feasible, talk with the human resources department of the firm where you will be working?

[ssdesign]

Yes, I think it should be feasible.
I am in talks with them, so I will raise this issue with them as well.