How much will I make per month? (real estate, apartment)

[Serene2014]

Hi everyone. I am not a whiz when it comes to this and need help. How much will I earn every month with 52K salary in Virgina before and after taxes? I have been able to receive another source of income but want to check everything just based off salary. I am an aunt who has taken a relative in and now has custody of my brothers daughter. I want to provide a good life for her, and this area seems to be the most safest. It will be the two of us living in the NOVA area. Is this do-able?

[merlinflex]

Since VA taxes people to death on property, personal and has a state income tax....about 1/2 of that...poverty wage level

[cb at sea]

52 weeks in a year, so $1000 weekly BEFORE TAXES. Nova is EXPENSIVE! That won't go far in that area.

[boyd888]

Before taxes is just 52K/12 or about $4300 a month. After taxes is a little tougher, but there are online paycheck calculators you can play with to see what they say. A basic guess at your take home pay would be around $3200, but that could change if you can claim a dependent, retirement savings, etc.

[lovnova]

Originally Posted by cb at sea

52 weeks in a year, so $1000 weekly BEFORE TAXES. Nova is EXPENSIVE! That won't go far in that area.

Good point but that did not stop the tens of tens of thousands that came here and are still coming here for good schools, jobs and numerious public and private services etc etc etc.

[Middlin]

My best guess would be that you would net about $3100 a month. Assuming 7.65% (FICA) 5.75% (VA tax) and 15% (federal)

[Hesky]

When I first moved to NoVA my salary was 54k and I remember my net income was about $3500 (about $1750 per paycheck). I was doing fine, but of course it was just me. I was renting a one-bedroom apartment for $1200 / month and I did not have a car. I was relatively frugal though and I was saving about $1000 / month.

You might be a bit tight on money at first, but depending on your field I think there are plenty of opportunities for growth in this area. I make more than twice my initial salary after 7 years here.

You can absolutely do it, when there's a will there's a way and this is a great area that offers a very good quality of life and many opportunities.

[snowdenscold]

Well, sounds like you'd probably take the standard deduction, and that you'll have 1 extra exemption (a dependent) besides yourself.

If you do basic calculations, and assume you aren't contributing to a 401(k) (which would reduce your AGI), and also aren't getting any sort of credits (child care tax credits?), then:

FICA + Medicare: 52,000 * .0765 = 3978
Federal Income: Taxable Income = (52,000 - 2*3950 - 6200) = 37,900; Taxes = 5331
State Income: Taxable Income = (52,000 - 2*930 - 3000) = 47170; Taxes = 2453

Total Tax withheld: 11,762

Net Income = 40,238.
Monthly Net Income = 3353


Note: that's only accounting for income taxes. Your real estate taxes (if you own a house), car tax, etc. would come out of that.

[Eagle4Life]

And you need to consider benefit deductions and any retirement contributions.

[Serene2014]

Thank you to those with positivity and encouragement. My niece deserves the best, she's been through a lot, too much for a little kid. If I have to cut corners to provide a better way of life for her, I will. I have a career ladder position. First year may be tough but after that I should be fine w/ God. My dad suggested moving further out. He said it's not as expensive as the closer nova cities to dc. Is this true?