After-Tax Salary Question

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Anonymous User
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After-Tax Salary Question

Postby Anonymous User » Thu Sep 12, 2013 11:58 am

Does anyone know what $160K comes out to (roughly) after taxes in Illinois? (aka- how long will it take me to pay off my loanzzz!)

Thanks

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: After-Tax Salary Question

Postby Anonymous User » Thu Sep 12, 2013 12:09 pm

Living in Chicago your monthly net will be $8,523
If you want to play with some various debt repayment schemes check out: http://www.law.umich.edu/financialaid/d ... lator.aspx

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: After-Tax Salary Question

Postby Anonymous User » Thu Sep 12, 2013 12:22 pm

Depends how many allowances you take. At the end of the day, you'll end up paying roughly 21% fed income, 5% state income, and 7% payroll. That works out to 8933.33. These are ballparks and it depends on your allowances (you may want to give yourself a cushion so you don't have to pay in April).




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