Opportunity to go to USA California - Should i go?
Jan 7th 2019, 4:52 pm
#46
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Re: Opportunity to go to USA California - Should i go?
What would be a good website to work out income after tax ?
Jan 7th 2019, 5:06 pm
#47
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Re: Opportunity to go to USA California - Should i go?
Well, a lot depends on what deductions you may have. They can be numerous.
And it's very relevant if you're contributing to a 401K and/or traditional, or Roth, IRA.
Less disposable income but more chance of retiring a millionaire. (I highly recommend.)
The information on Federal and State taxes is easily found but there are so many variables that I'd just, more or less, subtract 30%.
(Apologies to Pulaski who would probably enjoy more precision.)
https://smartasset.com/taxes/califor...eck-calculator
And it's very relevant if you're contributing to a 401K and/or traditional, or Roth, IRA.
Less disposable income but more chance of retiring a millionaire. (I highly recommend.)
The information on Federal and State taxes is easily found but there are so many variables that I'd just, more or less, subtract 30%.
(Apologies to Pulaski who would probably enjoy more precision.)
https://smartasset.com/taxes/califor...eck-calculator
Last edited by Hotscot; Jan 7th 2019 at 5:14 pm. Reason: Replaced 'an' with 'a'.
Jan 7th 2019, 5:24 pm
#48
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,447
Re: Opportunity to go to USA California - Should i go?
Well, a lot depends on what deductions you may have. They can be numerous.
And it's very relevant if you're contributing to a 401K and/or traditional, or Roth, IRA.
Less disposable income but more chance of retiring a millionaire. (I highly recommend.)
The information on Federal and State taxes is easily found but there are so many variables that I'd just, more or less, subtract 30%.
(Apologies to Pulaski who would probably enjoy more precision.) ….
And it's very relevant if you're contributing to a 401K and/or traditional, or Roth, IRA.
Less disposable income but more chance of retiring a millionaire. (I highly recommend.)
The information on Federal and State taxes is easily found but there are so many variables that I'd just, more or less, subtract 30%.
(Apologies to Pulaski who would probably enjoy more precision.) ….
No, funnily enough, I agree, as the lower tax bands and exemption (allowance) means that more precision doesn't actually give you a materially different answer. My rule of thumb is to deduct 30% if you are paid less than $100,000 pa, and 35% if you are paid more than $100,000. You might be a couple of percent off, but I doubt it, and a difference of even $2,000/yr won't make much difference to weekly /monthly budgeting. Not that it usually applies when people come to BE for advice, but by the time you get down to $60,000 the rough figure to deduct is about 20%.
Also bear in mind that a married couple are taxed together, so if Mrs Antihero gets work earning $50,000, then combined with Antihero's salary and bonus the total will be $155,000, and the tax (estimated using 35%) would be $54,250, leaving them with around $100,000 after taxes.
Jan 7th 2019, 6:37 pm
#49
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Re: Opportunity to go to USA California - Should i go?
Is it worth doing a 401k ? If you do how does it work ? Is it a percentage ?
if the wife is not working would we be taxed as single or married ?
if the wife is not working would we be taxed as single or married ?
Jan 7th 2019, 6:49 pm
#50
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,447
Re: Opportunity to go to USA California - Should i go?
Worth doing? Well that's your call, but IMO only a fool wouldn't save for retirement!
…. if the wife is not working would we be taxed as single or married ?
You will be taxed as married by default. It is highly unlikely that it would be beneficial for you to elect to be taxed separately.
Jan 7th 2019, 6:49 pm
#51
Lost in BE Cyberspace
Joined: Jun 2011
Location: Los Angeles
Posts: 6,159
Re: Opportunity to go to USA California - Should i go?
If you can afford to do so I recommend it.
The cash for the 401K comes out of your income before tax.
This leaves less of your income to be taxed.
I could talk about it at length but there are plenty of resources out there to research,
I would certainly start a Roth IRA if you can. As soon as you can. (Start something, anything, even if small at first. Your future self will thank you)
401K...you eventually pay tax on the proceeds.
Traditional IRA. Likewise.
Roth IRA. No tax on the proceeds.
These will benefit you if you have time to let them grow. It's the get-rich-slowly scheme.
Here's a fun tool to play with..
http://www.moneychimp.com/calculator...calculator.htm
The cash for the 401K comes out of your income before tax.
This leaves less of your income to be taxed.
I could talk about it at length but there are plenty of resources out there to research,
I would certainly start a Roth IRA if you can. As soon as you can. (Start something, anything, even if small at first. Your future self will thank you)
401K...you eventually pay tax on the proceeds.
Traditional IRA. Likewise.
Roth IRA. No tax on the proceeds.
These will benefit you if you have time to let them grow. It's the get-rich-slowly scheme.
Here's a fun tool to play with..
http://www.moneychimp.com/calculator...calculator.htm
Last edited by Hotscot; Jan 7th 2019 at 6:53 pm.
Jan 7th 2019, 8:11 pm
#53
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Joined: May 2016
Posts: 47
Re: Opportunity to go to USA California - Should i go?
Hi all ,
Thanks for the feedback and comments ,
Well some more information which might help ,
My current role is a quality and H&S manager but will be taking a role as a production manager for an agriculture business .Communication I have received is that medical will be at no cost to me so they will be covering all costs for me and family, not sure about Tax allowances etc . We are not taking anything with us with regards to relocation , no furniture etc so the 5k would be really for basic furniture . They will be covering baggage and a few boxes , this is mostly our decision as I don't want to ship everything over and the hassle.
Car will be fully costed , they will purchase a new one for me and cover all fuel under my expenses
They will cover all flights for family , legal costs , Visa etc, I will need to discuss adding in Green card costs potentially but I know they will cover this but better to get in writing.
Located in Oxnard but looking at commuting either from Ventura or possibly Camarillo which both not that far
Hope this helps and thanks to everyone for your feedback
Thanks for the feedback and comments ,
Well some more information which might help ,
My current role is a quality and H&S manager but will be taking a role as a production manager for an agriculture business .Communication I have received is that medical will be at no cost to me so they will be covering all costs for me and family, not sure about Tax allowances etc . We are not taking anything with us with regards to relocation , no furniture etc so the 5k would be really for basic furniture . They will be covering baggage and a few boxes , this is mostly our decision as I don't want to ship everything over and the hassle.
Car will be fully costed , they will purchase a new one for me and cover all fuel under my expenses
They will cover all flights for family , legal costs , Visa etc, I will need to discuss adding in Green card costs potentially but I know they will cover this but better to get in writing.
Located in Oxnard but looking at commuting either from Ventura or possibly Camarillo which both not that far
Hope this helps and thanks to everyone for your feedback
Rent is very costly, Any decent family house ( approx 1000-1200 sq ft) would start from 2500K per month near a good school district.
Medical insurance ( there is co-pay, co-insurance, deductible etc. So, you may want to check all low-level details on that one)
Jan 8th 2019, 5:40 am
#54
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Re: Opportunity to go to USA California - Should i go?
Would that be 10k before or after tax a month...
Jan 8th 2019, 6:08 am
#55
Lost in BE Cyberspace
Joined: Nov 2007
Location: Bay Area, CA
Posts: 13,111
Re: Opportunity to go to USA California - Should i go?
- MFJ was appropriate if both earned a roughly similar amount, but MFJ was way better if one earned a lot and the other earned very little. Bottom line is, you are allowed to file any way you want each year, so you can fill out your taxes both ways and submit whichever is more advantageous.
Jan 8th 2019, 12:50 pm
#56
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,447
Re: Opportunity to go to USA California - Should i go?
Do the 'married filing jointly' and 'married filing separately' options still both exist? Last time I looked - a VERY long time ago - MFJ was appropriate if both earned a roughly similar amount, but MFJ was way better if one earned a lot and the other earned very little. …. .
- MFJ was appropriate if both earned a roughly similar amount, but MFJ was way better if one earned a lot and the other earned very little. …. .
Last edited by Pulaski; Jan 8th 2019 at 12:55 pm.
Jan 8th 2019, 12:56 pm
#57
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: Opportunity to go to USA California - Should i go?
I agree, I don't see where there is a benefit to filing MFS. The deductions are still the deductions, which ever way you slice it. Presumably this is for married people in the throes of a divorce?
Jan 8th 2019, 1:11 pm
#58
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,447
Re: Opportunity to go to USA California - Should i go?
He said "in the bank" and I don't know why he would say that if he didn't mean net, after taxes have been deducted. …… Performing the reverse of my earlier estimate process, $10k "in the bank" is going to be around $185,000 gross, but then factor in you being provided with a fully expensed car (equivalent to, say $1,000/mth) and covering all your healthcare out of pocket costs (say another $2,000/mth over standard employer-linked health insurance), and you get back to $149,000 being the gross figure for you as equivalent to $10k/mth "in the bank", which sounds about right and quite possibly achievable if Mrs Antihero obtains employment.
Last edited by Pulaski; Jan 8th 2019 at 1:18 pm.
Jan 8th 2019, 1:17 pm
#59
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Joined: Nov 2004
Location: Nuevo Mexico
Posts: 4,452
Re: Opportunity to go to USA California - Should i go?
That would be one. Another, from my limited understanding, is if you claim deductions that would be limited by a high total income. If you instead claim the deductions against the lower income, perhaps you come out ahead. Can’t imagine it helping too many people.
Jan 8th 2019, 1:30 pm
#60
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,447
Re: Opportunity to go to USA California - Should i go?
