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They are talking income tax. The more you make the more they take. Last year one income here was 43K for the whole year, they took roughly 30% in total deductions (including insurance and retirement plan) so bring home pay was around 30K for the year.
If you are unsure how taxes and deductions work, you can search for a paycheck deduction calculator. You can set it to the proper to state to get the correct tax amount. The salary in Hawaii I am expecting once I am done with school, is 5728 a month - after deductions (including 401K, insurance, state and federal taxes, fica, and social security) I expect to bring home 4179. Figure that out for the year, and that is a yearly salary of roughly 68K and I would be paying out 18K of it to deductions.
Also, don't forget the current govt is expected to raise taxes in the next year (I only remembered to add this, because I have CNN on the tv and they just mentioned it)
Last edited by MeginSchool; 04-15-2009 at 07:29 AM..
Reason: added text
They are talking income tax. The more you make the more they take. Last year one income here was 43K for the whole year, they took roughly 30% in total deductions (including insurance and retirement plan) so bring home pay was around 30K for the year.
If you are unsure how taxes and deductions work, you can search for a paycheck deduction calculator. You can set it to the proper to state to get the correct tax amount. The salary in Hawaii I am expecting once I am done with school, is 5728 a month - after deductions (including 401K, insurance, state and federal taxes, fica, and social security) I expect to bring home 4179. Figure that out for the year, and that is a yearly salary of roughly 68K and I would be paying out 18K of it to deductions.
Also, don't forget the current govt is expected to raise taxes in the next year (I only remembered to add this, because I have CNN on the tv and they just mentioned it)
That helped, thanks. But you say they will take 18k out by the years end right? SO yo don't get a refund at all or what?
Here's a story in today's Honolulu Star-Bulletin that looks at the matter from another perspective:
"Rent Race: It takes 4.1 minimum-wage workers
to rent a 2-bedroom apartment in Hawaii
Hawaii tops the National Low Income Housing Coalition's list of the worst states for rental affordability in the nation.
A renter — or household — in Hawaii needs to earn $29.53 an hour to cover the monthly rent on the average $1,536 two-bedroom apartment to keep housing costs within 30 percent of the household income, according to a study released yesterday by the NLIHC.
However, the coalition estimates the mean average wage for a renter in Hawaii is only $13.03 an hour — $16.50 lower than what is needed. By those figures, it would take 4.1 minimum-wage workers earning $7.25 an hour to rent the average two-bedroom apartment in Hawaii.. . ."
The mean average wage of $13.03 mentioned in the article is only slightly lower than the $14.+/hour that the OP's $60,000 total income for two would work out to. No doubt, many people spend more than the recommended 30% of income on housing, but it's a far better proposition when over-spending it on a mortgage rather than rent. IMHO, of course.
Last edited by whynot?; 04-15-2009 at 07:43 AM..
Reason: clarification
I do get a small refund normally at the end of the year. But it mainly comes from having a child and get the child tax credit.
As far as it goes personally, I have both owed and gotten refunds in the past, but it boils down to my lifestyle, I have a child (deduction) that attends private school (deduction), I am college student (deduction), I have tax exempt income in the form of retirement savings (deduction), I make yearly charitable donations (deduction), and my husband makes regular out of town trips for work (deduction).
So to say that I get a refund on average yearly of between 1200-1700 doesn't mean you would.
Ok, Well I was just wondering what woudl be the best route to take.My girlfriend is in school to be a accountant. I am getting a associates degree in elementery education, then turning it into a bachelors degree. I also am taking the civil service exam as well incase I would be able to get a state job.
We seen some housed that were decent for under 200,000 and some apartments that were 1350-1500 that were what appeared to be decent areas. Obviously we would save save, save. And get jobs lined up first and see the property.
I just hear so many mixed things about it that it is just so confusing. Some say you can' make it unless you make 100,000 a year, some say they make 35,000 a year along with their spouse and make it just fine(not a huge house by the beach obviously) so I just wonder that's all.
Ok, Well I was just wondering what woudl be the best route to take.My girlfriend is in school to be a accountant. I am getting a associates degree in elementery education, then turning it into a bachelors degree. I also am taking the civil service exam as well incase I would be able to get a state job.
We seen some housed that were decent for under 200,000 and some apartments that were 1350-1500 that were what appeared to be decent areas. Obviously we would save save, save. And get jobs lined up first and see the property.
I just hear so many mixed things about it that it is just so confusing. Some say you can' make it unless you make 100,000 a year, some say they make 35,000 a year along with their spouse and make it just fine(not a huge house by the beach obviously) so I just wonder that's all.
No problem Mike...I was not trying to discourage you...I was merely trying to help you make it. You have to budget for taxes as well, which will be about 30% of your total income if you are earning $60,000....good luck to you.
Haven't I said in every post in this thread that I WOULD NOT want to "live high" Geeze!
If you made 60000 a month thats 5000 a month and spent 1600 on rent, 1000 on bills 1000 on gas and 400 on groceries you would still have 1000 left over. That sounds ok to me? Maybe i'm wrong?
I wish I could say that you could live a comfortable life on 25 to 30 grand a year here but it is hard to do. like others have said you have to pay taxes on what you make which cuts the income. rent here for even a stdio is at least 800 bucks a month. I can't go to safeway without spending 75 bucks or more and have only got a day or two worth of food for me and my husband. jobs if you can find one pay very little. most people that live here have two jobs and or they live in one house with multi generations all chipping in to make ends meet. this is a beautiful place but it is expensive.
Ok, Well I was just wondering what woudl be the best route to take.My girlfriend is in school to be a accountant. I am getting a associates degree in elementery education, then turning it into a bachelors degree. I also am taking the civil service exam as well incase I would be able to get a state job.
We seen some housed that were decent for under 200,000 and some apartments that were 1350-1500 that were what appeared to be decent areas. Obviously we would save save, save. And get jobs lined up first and see the property.
I just hear so many mixed things about it that it is just so confusing. Some say you can' make it unless you make 100,000 a year, some say they make 35,000 a year along with their spouse and make it just fine(not a huge house by the beach obviously) so I just wonder that's all.
I think you have the right idea. save as much as you can and come give it a try. you will figure out for yourself if the income you make gives you a comfortable lifestyle. it all is subjective, the house I would live in is different than the house others might consider acceptable or not. you already know it is expensive, some people don't think the trade off's are enough to make it worthwhile for me it is. much good luck to you
Have you considered going to medical school to become a doctor? They make pretty good money in Hawaii.
I'm sorry, but I respectfully disagree with your statement. Physicians as a whole make far less money than their Mainland counterparts do. I have been working in healthcare for nearly two decades and I have firsthand knowledge of how much physicians make. Its even worse for specialists and surgeons in Hawaii. This is one of the reasons so many physicians have been leaving the islands.
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