US Tax and Cost of Living Calculation (Help Required)
#1
Just Joined
Thread Starter
Joined: Aug 2018
Posts: 9
US Tax and Cost of Living Calculation (Help Required)
Hi all
Started a thread in another forum around Visas but was advised to drop a note here. I have been offered a role at a very high level in San Francision (Berkeley area) and trying to understand what taxes I would pay on a salary of $300,000.
I have 2x dependents (3 y.o and 5 y.o) and married.
I just need a broad estimate so I can understand what will be deducted on an annual basis. Does anyone also have a broad overview of cost of living in this area? I'm seeking a 3 bedroom place for the family and will be working in Oakland offices.
Much appreciated, Greg
Started a thread in another forum around Visas but was advised to drop a note here. I have been offered a role at a very high level in San Francision (Berkeley area) and trying to understand what taxes I would pay on a salary of $300,000.
I have 2x dependents (3 y.o and 5 y.o) and married.
I just need a broad estimate so I can understand what will be deducted on an annual basis. Does anyone also have a broad overview of cost of living in this area? I'm seeking a 3 bedroom place for the family and will be working in Oakland offices.
Much appreciated, Greg
#2
Re: US Tax and Cost of Living Calculation (Help Required)
The general consensus is to deduct 35-40% for taxes and insurance etc.
No idea about the area, but someone will be along shortly.
No idea about the area, but someone will be along shortly.
#3
Re: US Tax and Cost of Living Calculation (Help Required)
check this out: https://www.paycheckcity.com/calculator/salary/ Select your state and away you go.
Remember that's a super high level estimate. You'd also need to factor in healthcare plans, retirement funds etc. to come out of that, but I think on that sort of salary you'd be pretty comfortable, even in SF.
For city info, city-data.com is a good source.
Remember that's a super high level estimate. You'd also need to factor in healthcare plans, retirement funds etc. to come out of that, but I think on that sort of salary you'd be pretty comfortable, even in SF.
For city info, city-data.com is a good source.
#4
Re: US Tax and Cost of Living Calculation (Help Required)
check this out: https://www.paycheckcity.com/calculator/salary/ Select your state and away you go.
#5
Forum Regular
Joined: Dec 2017
Posts: 226
Re: US Tax and Cost of Living Calculation (Help Required)
At 300K per year, a rough guesstimate on post tax income is $15000/month . One third of that goes into rent . So you have ~$10K a month for everything else - insurance, car costs, daycare/preschool, food, all other expenses, leisure and savings.
https://www.cnbc.com/2018/04/27/sam-...00-a-year.html
The above calculator assumes both people earning and saving the max into pre-tax 401Ks, which may not apply here.
https://www.cnbc.com/2018/04/27/sam-...00-a-year.html
The above calculator assumes both people earning and saving the max into pre-tax 401Ks, which may not apply here.
Last edited by sun_burn; Aug 7th 2018 at 4:24 pm.