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Considering moving to Alb. If you have any information on the below it wud be great...
On a salary of 5000USD how would the tax be. What would be my final take home?
Is there an internationa salary calculator, as I will be moving from Europe.
$5,000 won't get you very far... or did you mean $50,000?
$50,000 is enough to live comfortably for most people. The taxes would depend on your marital status/any children etc but would probably be less than $10,000
$5,000 won't get you very far... or did you mean $50,000?
$50,000 is enough to live comfortably for most people. The taxes would depend on your marital status/any children etc but would probably be less than $10,000
I'll second that. On a straight up Form 1040 filing single with no other deductions or adjustments, you're looking at $10,086 Federal and about $3k State on 60K.
More to the point, if the second person in the house will be earning anything over $30K you will be living quite comfortably for Albuquerque.
Note that the other poster was referring to $60k *taxable* income.
I don't know how it works in Europe, but you take a slice off the top before you start paying taxes. For a single person, you take $3,400 (personal exemption) plus $5,350 (standard deduction) off the top - leaving you with a "Taxable Income" of $51,250. The tax for a single person would be $7,926 based on this schedule:
2007 Federal Tax Rate Schedules (http://www.irs.gov/formspubs/article/0,,id=164272,00.html - broken link)
You can roughly assume NM tax is about 1/3rd of the Fed tax.
If you are married, the rates are more favorable and you get 2x personal exemptions and standard deduction.
If you are paying taxes in Europe, I would imagine that your tax would all but be eliminated here, but yukon might have to weigh in on such final analysis.
More to the point, if the second person in the house will be earning anything over $30K you will be living quite comfortably for Albuquerque.
Hell zia, if the 2nd person in the house is earning $0.00, I would say they could be living quite comfortably in ABQ!!!
If there is one inferiority complex that my participation on the CD forums gives me, it is when talk of salary comes up. I am a sole breadwinner in a family of four, and I will chop off my elbow for a salary approaching $60K.
You know, It's funny how that stuff works EnjoyEP, because that was what I was originally going to say, but I thought I would catch too much flack about what my idea of comfortable was!
You know, It's funny how that stuff works EnjoyEP, because that was what I was originally going to say, but I thought I would catch too much flack about what my idea of comfortable was!
Yeah, you know what, maybe that is why I enjoy (yes - to many's chagrin - enjoy) heading over to Cuidad Juarez once in a while.
There are so many folks there (and so many other regions of the world) that bust their humps from sun up to sun down daily and they would *kill* what sole-breadwinner EnjoyEP on his far-less-than-$60K salary has. Don't get me wrong...we drive two old (paid for) cars that, on my subconscious days, seem like the "beaters in the parking lot", we can't go out to restaurants often, we can't take even semi-pricey vacations, etc.
And yet, we've got Dish Network, we *do have* two cars (even if they aren't Lexus-varieties), we own a home, we eat well every day, etc., etc., etc.
Sometimes I do find it kind of sad that both mom and dad in our country's society feel that they *need* to kill themselves with work to "make ends meet" when in reality, so many of those "needs" aren't even close to needs.
I am not casting stones though. When my wife and I both worked and were childless, if we lived then like we live now, we would've saved so much money it would've been mind-boggling (to us) comparatively to now. So I understand sometimes it surely is all relative.
[quote=EnjoyEP;3645995]
Sometimes I do find it kind of sad that both mom and dad in our country's society feel that they *need* to kill themselves with work to "make ends meet" when in reality, so many of those "needs" aren't even close to needs.
/quote]
I agree completely. It seems like "stuff" and keeping up with the "Joneses" is more important than trying to make it with one spouse at home with the kids. I don't want to knock people who are both working outside of the home. It's just kind of sad. There are a couple of my co-workers that the wife went back to work just a month later after having their babies.
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tax on salary
