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Old 11-30-2007, 06:35 AM
 
2 posts, read 26,939 times
Reputation: 12

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Greetings, this is my first post. My wife and I are currently planning the feasibility of a move to LA from the UK. I have found a few jobs that pay around $150k annually. It seems that income tax for California is 9.25%. Is there any other personal tax than this? And is income tax deducted at source or do you need to file a tax return to pay this?

Also how much should I expect to pay for health insurance, and are there other personal expenses deducted from a salary?

Thanks all,


Charlie
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Old 11-30-2007, 09:15 AM
 
830 posts, read 2,619,393 times
Reputation: 381
Quote:
Originally Posted by char1ie View Post
Greetings, this is my first post. My wife and I are currently planning the feasibility of a move to LA from the UK. I have found a few jobs that pay around $150k annually. It seems that income tax for California is 9.25%. Is there any other personal tax than this? And is income tax deducted at source or do you need to file a tax return to pay this?

Also how much should I expect to pay for health insurance, and are there other personal expenses deducted from a salary?

Thanks all,


Charlie

Applied to your salary will be federal income tax, California state income tax, and social security and medicare taxes.

Federal income tax rates are based on your Adjusted Gross Income. I am not familiar with UK tax laws, but US tax laws are very complex, so your gross salary may have little bearing on your actual federal tax bill. California state income tax tops out at 9.25%, and again there are deductions and exemptions that will determine what your final bill is and it may certainly be less than 9.25%. Social security taxes of 6.2% are applied to the first $102,000 of your salary. Medicare taxes of 1.45% are paid on your full salary. Your employer matches the social security and medicare taxes, but you don't see that in your check.

All income taxes are deducted from your paycheck, but then each year you must file a tax return with the Internal Revenue Service for federal and with the State of California for your state taxes. Your tax payments during the year are essentially estimates. When you file your returns you may calculate that you are due a refund or perhaps you will owe more than you paid. But if during the year you do not pay at least 90% of what you owe you can be subject to penalties and interest by the Internal Revenue Service, which can be substantial.

Aside from taxes that are directly deducted from your paycheck, other major taxes you will find are property taxes on real estate you own, sales taxes (comprised of county, city, and state, and is applied on goods purchased), and various other "fees" that are in fact taxes.

Tax rates vary greatly by income level, and even within income levels, but at your level a good estimate, all-in, is roughly 40% of your gross income will go to taxes of some sort.

Health insurance varies widely. Some employers pay 100% of your premium, some pay 80%, some pay less. For an individual you might pay as little as $50 per month (your portion of the premium) or for a family you could pay as much as $300-$400 per month (your portion of the premium).

There are no other mandatory deductions from your paycheck that I know of. You will likely contribute to a 401k retirement plan, which is pretax money and reduces your taxable income. This is calculated in each paycheck.
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Old 12-01-2007, 03:15 PM
 
38 posts, read 137,707 times
Reputation: 46
Quote:
Originally Posted by char1ie View Post
Greetings, this is my first post. My wife and I are currently planning the feasibility of a move to LA from the UK. I have found a few jobs that pay around $150k annually. It seems that income tax for California is 9.25%. Is there any other personal tax than this? And is income tax deducted at source or do you need to file a tax return to pay this?

Also how much should I expect to pay for health insurance, and are there other personal expenses deducted from a salary?

Thanks all,


Charlie


California is one of the worst states to live in for the tax bill. Tax happy liberals make up the elected officials. We have a large underclass who demand social services but cannot pay for any of the services. You as a middle class taxpayer will get stuck with the bill. Texas,Nevada,Florida, are all better places to live for corporate and personal income taxes. Money in your pocket is better than in the Governments.
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Old 12-03-2007, 12:52 AM
 
2 posts, read 26,939 times
Reputation: 12
Thanks very much for your replies - Motoman, this is the most comprehensive and useful reply to a post that I have ever received on a forum. You are very kind.

Regards,



Charlie
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Old 01-02-2008, 05:55 AM
 
1 posts, read 13,344 times
Reputation: 10
Hi friends,

Can you guide me, for the following salary offer what would be the net take home salary after deduction of tax and others.

Base salary of $ 73,000 per annum, including profit sharing plan contribution of $ 3,000.
[SIZE=2]Medical, dental and vision insurance coverage - personal only[/SIZE]


[SIZE=2]Please also advice, what would be the affordability for a 2 bed appartment, car lease, livings costs and utilities in this salary.[/SIZE]

[SIZE=2]Regards,[/SIZE]

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Old 01-02-2008, 01:53 PM
 
Location: Olympus Mons, Mars
6,301 posts, read 9,090,702 times
Reputation: 6639
If you want payroll calculations check out PaycheckCity.com - Employee Self-Service Tools To Better Manage Your Paycheck, it's a great site and has a payroll calculator for all states.
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