Life after College in the Chicago Suburbs! (Arlington Heights, Schaumburg: low income, sales)

[SympaFemme]

Hello everyone!

I have been visiting this site for a while now, but it is my first time posting. I am graduating in May and accepted a job offer in Hoffman Estates. I am very excited and scared at the same time. This is going to be my first time paying bills and being completely on my own... so I have many questions!

I am going to be making $50,000/yr. After Illinois taxes (which I heard are very high) how much should I expect to take home each month?

What are the cool hangouts in the NW suburbs for people ages 20-30? From reading the posts a lot of you agree that Schaumburg and Arlington Heights are great places for young people - but what are some specific places that you would recommend?

Any other advice about life and things you wish you knew when you were 21/22?

Thank you so much for taking the time to read this!

[pop77]

depends on what you like to do I rekin. Downtown Arlington Hts. has a nice theatre (Metropolis). Downtown Mount Prospect has a nice new bar (Blues Bar -- ode to the Blues Brothers) and Schaumburg has Woodfield and the Streets of Woodfield w/ just about every restauarant/cuisine you could need. Downtown Arlington Heights is newer. Downtown Mount Prospect has some new, hip spots, but also a bit more old-school culture than you'd find in Arlington or Schaumburg. Hoffman Estates is a bit out there. Has some cute places to offer but isn't yet fully developed. If you're into the outdoors/nature, Elk Grove Village has a nice nature trail, "elk farm" (or whatever they call it), etc.

My opinion...

Best Theatre - Arlington Hts.
Best Movieplex - Schaumburg
Best Bar - Mt Prospect
Best Restaurants - Schaumburg
Best Library - Mt Prospect
Best Nature/Scenary - Elk Grove Village
Best Accessibility - Mt. Prospect (in terms of access to I90 for the city, O'Hare, etc.)
Best Taxation (ie lowest) - Mt Prospect (I think)
Best Sports/Rec offerings - Arlington/Schaumburg tie


Oh, Arlington has the track too.

[oakparkdude]

Illinois income taxes are relatively low (3.0%), although there is a proposal to increase it to 4.5%. Property taxes are high in Illinois, but if you're renting you don't really have to worry about them. Sales tax is high (about 10% depending on municipality), but in your income range, you're better off with low income tax and high sales tax.

[meatpuff]

This website PaycheckCity.com | Paycheck Calculator will calculate your expected take-home pay depending on pay period, marital status, state of residence, etc. It seems to be free of any intrusive ads/marketing and malware, so I recommend trying there.

[SympaFemme]

Thank you so much. I just calculated my take home pay and am a bit sad. I didn't know the government would take 26% away

[ccjarider]

Originally Posted by sukwoo

Illinois income taxes are relatively low (3.0%), although there is a proposal to increase it to 4.5%. Property taxes are high in Illinois, but if you're renting you don't really have to worry about them. Sales tax is high (about 10% depending on municipality), but in your income range, you're better off with low income tax and high sales tax.

I certainly am not interested in starting an argument, but renters definently pay property tax. They just don't get to deduct it off the Fed income tax.

[oakparkdude]

Originally Posted by ccjarider

I certainly am not interested in starting an argument, but renters definently pay property tax. They just don't get to deduct it off the Fed income tax.

Of course they do, but they pay it as part of their rent. In other words they weigh the cost of property tax when they make the decision on how much rent they are willing to pay. Its not some unanticipated tax bill that shows up twice a year as it is with property owners.

[Lookout Kid]

Where do people keep getting the idea that taxes are high in Illinois? Our state is right in the middle of the pack for total tax burden. On another post I showed two publised lists that had Illinois at 22 and 30 for total tax burden (out of 50 states). So even if the worse case of 22 is correct, we are still near the average. Our sales tax is outrageous and we have a lot of stupid fees, but it doesn't put Illinois anywhere near the top for total tax burden.

[Lookout Kid]

Originally Posted by SympaFemme

Thank you so much. I just calculated my take home pay and am a bit sad. I didn't know the government would take 26% away

How could you not know that? That's a failure of the school system. If you think 26% is bad, it gets worse as you make more money.

[SympaFemme]

Thanks for all your help, I didn't want to start an argument about taxes. I did learn about taxes in school but it is one thing reading about it in a text book and quite another actually seeing where and how much of my money is going towards taxes. I really appreciate the calculator, as it showed exactly where my money will go. Thanks again.