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US Tax and Cost of Living Calculation (Help Required)

US Tax and Cost of Living Calculation (Help Required)

Old Aug 7th 2018, 9:44 am
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Default 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
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Old Aug 7th 2018, 12:45 pm
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Default 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.
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Old Aug 7th 2018, 2:02 pm
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Default 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.
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Old Aug 7th 2018, 2:34 pm
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Default Re: US Tax and Cost of Living Calculation (Help Required)

Originally Posted by Jack8602
check this out: https://www.paycheckcity.com/calculator/salary/ Select your state and away you go.
Ouch!!! I did mine (GA) first and it was pretty accurate, so then I plugged in your salary and selected CA and boy does that sting. Note to self. Never move to CA.
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Old Aug 7th 2018, 4:21 pm
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Default 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.

Last edited by sun_burn; Aug 7th 2018 at 4:24 pm.
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