CalicoKat Posted February 26, 2008 Share Posted February 26, 2008 thinking of getting a part-time job. Preferably this would be an after tax estimate. Quote Link to comment Share on other sites More sharing options...
shell in SC Posted February 26, 2008 Share Posted February 26, 2008 I was going to reply then I realized. . .I don't even know what minimum wage is. How many hrs a week would you work??? Quote Link to comment Share on other sites More sharing options...
shell in SC Posted February 26, 2008 Share Posted February 26, 2008 OK minimum wage is $5.85 (I think) so it would take 3417 hrs assuming that you paid 25% in taxes. Quote Link to comment Share on other sites More sharing options...
angela in ohio Posted February 26, 2008 Share Posted February 26, 2008 That would depend on your local tax rates and your federal bracket. It would also depend on any extra costs (child care, transportation, clothing, etc.) Quote Link to comment Share on other sites More sharing options...
Karenciavo Posted February 26, 2008 Share Posted February 26, 2008 Minimum wage is different depending on the state you live in, in NJ it is $7.15 an hour. Google "minimum wage, your state." 35% of my salary would go towards various taxes, I would need to earn around $23,000 to bring home $15,000 (15,000/.65 = $23 thousand and change). $23,000/$7.15 = 3217 hours a year or 62 hours a week :eek: Quote Link to comment Share on other sites More sharing options...
CalicoKat Posted February 26, 2008 Author Share Posted February 26, 2008 That would depend on your local tax rates and your federal bracket. It would also depend on any extra costs (child care, transportation, clothing, etc.) Except the clothing & transportation (less than 1 mile) I suppose. It's going to be weekend or evening hours so my husband can do kid care. :D Minimum wage in my state is $7.50 that that's little better. I'm not sure how to calculate taxes though. Quote Link to comment Share on other sites More sharing options...
CalicoKat Posted February 26, 2008 Author Share Posted February 26, 2008 However I doubt that I'll be able to put in a 40 hr work week, maybe 20 hrs is more reasonable. So it will take me personally just over 2.5 yrs. assumptions: 25% taxes Quote Link to comment Share on other sites More sharing options...
Kathy in MD Posted February 26, 2008 Share Posted February 26, 2008 Minimum wage in my state is $7.50 that that's little better. I'm not sure how to calculate taxes though. For social security, check what % is pulled out of your dh's check (assuming he's not self-employed). That's the same % that will be pulled from your check. For federal income taxes, check what your current marginal rate is. (15% or ?) and estimate if your new income will lift you into a new tax rate or leave you in the old. Multiply your gross ($7.50 x estimated hours annually worked ) by the marginal tax rate. If part of your new annual income will lift you into a new rate, you'll have to proportion your income between the new rates. * Finally, are your state taxes flat or progressive? If they're progressive, you'll have to do the same as with the federal. If they're flat, you'll just multiply your income by the flat rate. I'm assuming that you currently are taking all your personal exemptions under your dh's income and therefore won't be able to subtract any additional exemptions or deductions. * example $10,000 is taxed at 15% and 5,000 is taxed at 27% (I don't remember if that's the correct rate) (10,000 x .15) + (5,000 x .27) = federal taxes Quote Link to comment Share on other sites More sharing options...
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