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Old 08-02-2012, 06:48 PM
 
Location: Anytown, USA
681 posts, read 563,549 times
Reputation: 339
Default What would be my "take home" after taxes if I made $XX,XXX/yr?

Hello guys,

For those of you that live in the DFW area I wonder what my bi-weekly "take home" would be after taxes if I made:

$35,000/yr?

$40,000/yr?

$50,000/yr?

$60,000/yr?

provided that for Federal I claim Married, with 2 deductions, give about 5% to a 401K plan, and participate in my companies medical/dental/vision plans.

Here in NYC, I pay federal, state, and city taxes. By the end of the day I come home with nearly nothing.
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Old 08-02-2012, 07:09 PM
 
3,034 posts, read 2,173,077 times
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It differs depending on your benefit package.Insurance and 401k play a major role in Gross and Net pay.
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Old 08-02-2012, 07:11 PM
 
Location: Edmond, OK
4,016 posts, read 4,646,290 times
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There are no state taxes withheld in Texas since there's no state or city income tax, so just figure out what your federal withholding and your other deductions (401K, ins, etc) would be and you've got the answer.
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Old 08-02-2012, 07:16 PM
 
8,050 posts, read 10,526,704 times
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Texas Salary Paycheck Calculator | Payroll Calculator | Paycheck City

This calculator is spot-on and will answer all your questions. You can even plug in deductions like health insurance and 401k to get a more exact paycheck estimate.
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Old 08-02-2012, 07:18 PM
 
Location: Anytown, USA
681 posts, read 563,549 times
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Quote:
Originally Posted by debzkidz View Post
There are no state taxes withheld in Texas since there's no state or city income tax, so just figure out what your federal withholding and your other deductions (401K, ins, etc) would be and you've got the answer.
Thanks debz,

I spoke to someone recently who told me that If I make like $60K in NYC, I can afford to take a pay cut and make like $45-$50K in Texas to come out with the same take home pay after taxes and deductions.

I made this thread just so that when I go on job interviews I can be realistic about what to expect when it comes to negotiating a salary.
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Old 08-02-2012, 07:51 PM
 
Location: McKinney
3,870 posts, read 2,992,638 times
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Quote:
Originally Posted by Mr. Chad View Post
Thanks debz,

I spoke to someone recently who told me that If I make like $60K in NYC, I can afford to take a pay cut and make like $45-$50K in Texas to come out with the same take home pay after taxes and deductions.

I made this thread just so that when I go on job interviews I can be realistic about what to expect when it comes to negotiating a salary.
Not exactly... The federal government is going to tax you the same no matter where you live. We have no state tax here, but if you buy a home, your property taxes are probably going to be higher than what you are used to. TX is known for having a lower cost of living than most states. So, you may be taking home even less than you expect, but the things you spend money on will also be less.

What is it you do, and how much experience do you have at it?
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Old 08-02-2012, 08:48 PM
 
Location: Anytown, USA
681 posts, read 563,549 times
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Quote:
Originally Posted by MckinneyOwnr View Post
Not exactly... The federal government is going to tax you the same no matter where you live. We have no state tax here, but if you buy a home, your property taxes are probably going to be higher than what you are used to. TX is known for having a lower cost of living than most states. So, you may be taking home even less than you expect, but the things you spend money on will also be less.

What is it you do, and how much experience do you have at it?
I am a personal banker at a private bank in NYC. We primarily go after wealthy households with a net worth of $1 million+. I have over 10 years experience in banking, and my role is primarily sales/customer service based. I'm working on getting promoted into a managerial role before I move, so once I am ready to move I can apply for a managerial position somewhere.

My company's CEO once told me he was considering opening an office in Dallas, but changed his mind. I was bummed out since I told him that I would be willing to relocate at moments notice. But anyway, he's opening up a location in FL which I was offered, but declined since my wife at the time was holding me back. In any case I prefer to be in TX.

As for property tax being higher I'm fine with it....because our taxes up here are high as well.
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Old 08-02-2012, 08:53 PM
 
Location: Anytown, USA
681 posts, read 563,549 times
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Quote:
Originally Posted by TurtleCreek80 View Post
Texas Salary Paycheck Calculator | Payroll Calculator | Paycheck City

This calculator is spot-on and will answer all your questions. You can even plug in deductions like health insurance and 401k to get a more exact paycheck estimate.
Turtle,

Thank you very much for this calculator. Now I know how much of a pay cut I am willing to tolerate when i relocate to TX. On the other hand, if I get lucky, although the likelihood is slim, I can find something paying me close to what I make here in NYC.
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Old 08-02-2012, 10:28 PM
 
8,050 posts, read 10,526,704 times
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Quote:
Originally Posted by Mr. Chad View Post
Turtle,

Thank you very much for this calculator. Now I know how much of a pay cut I am willing to tolerate when i relocate to TX. On the other hand, if I get lucky, although the likelihood is slim, I can find something paying me close to what I make here in NYC.
It depends on the industry, but a lot of jobs DO pay the same in Dallas as NYC. Be realistic but also don't just automatically assume you'll need to take a pay cut to move here.

I grew up in Dallas, worked 5 years in NYC after college, and then moved back to Dallas. I got about a 20% raise to move to Dallas because there is less competition/ talent in this market vs NYC.

Also, FWIW, you'll probably find whatever you pay in rent there is equal to rent + car expenses (gas, payment, tolls) here. It's pretty much a wash. There are cost benefits to moving here- more space, less tax burden, etc- but the $1/gallon you'll save in gas or $.50 on toiletries may not add up to as much as you expect. Texas is a GREAT state for high income earners to live cheaply. I wouldn't call it super cheap for most normal people, especially with how much we drive and how few public transit options there are.
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Old 08-03-2012, 09:11 AM
 
1,190 posts, read 1,732,375 times
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For an example, here's our situation....

My hubby's salary is 90K, and his paycheck (which he gets twice a month) is just over $2500. We have two children that we deduct as dependents on our taxes. Company health insurance is about $600/month. Hubby puts 10% of his income into his 401K. We pretty much always get some money back in taxes.
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