Take Home Pay in CA

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Take Home Pay in CA

Postby Anonymous User » Mon Dec 05, 2016 2:21 pm

I'll be an incoming associate next fall at a $180k firm in Orange County, probably living in Newport Beach.

Trying to create a budget for living expenses, and wondering how much I can expect as take home pay living in Orange County/Newport Beach. Some of the online calculators estimate $10k-$11k/month, which is $120k-$132k for the year (not accounting for any bonus), but this seems high. I was thinking it's typically about $9k/mo.

Assume these numbers are before putting any money into retirement/401k, and no student loan payments.

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Re: Take Home Pay in CA

Postby Anonymous User » Mon Dec 05, 2016 2:32 pm

Anonymous User wrote:I'll be an incoming associate next fall at a $180k firm in Orange County, probably living in Newport Beach.

Trying to create a budget for living expenses, and wondering how much I can expect as take home pay living in Orange County/Newport Beach. Some of the online calculators estimate $10k-$11k/month, which is $120k-$132k for the year (not accounting for any bonus), but this seems high. I was thinking it's typically about $9k/mo.

Assume these numbers are before putting any money into retirement/401k, and no student loan payments.

My take home in TX is like 9K. That includes maxed 401K but also no state income tax. I'm guessing you'll be closer to 9K than 10K.

bk1

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Re: Take Home Pay in CA

Postby bk1 » Mon Dec 05, 2016 2:33 pm

Probably not accounting for dental/health insurance or regressive taxes that are frontloaded. Between 9k-10k/month is probably accurate while you're paying those regressive taxes. And towards the end of the year you will cap out on certain regressive taxes (i.e., ones that are only taxable up to $X in wages) which you won't pay once you've capped out (i.e., your take home will go up), such as the social security tax.

merde_happens

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Re: Take Home Pay in CA

Postby merde_happens » Mon Dec 05, 2016 2:34 pm

My last paycheck for a two-week period, including deductions for benefits (health care HMO, vision, dental) and 401k withdrawals (6%) was around $3900. Without the 401k deduction it would be about $400 more, so $4300.

Edit to add: I'm a stub, so these numbers are before capping out on social security, etc.

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Re: Take Home Pay in CA

Postby Anonymous User » Mon Dec 05, 2016 11:38 pm

I'm a stub year in CA and my take home is ~$4,600 per paycheck ($9,200/month) with two standard federal allowances and one state allowance. Given that I'm a K-JD and I'm still on my parents' insurance through the end of 2016, I currently have no deductions for benefits. As bk1 said, take home will go up around September each year when Social Security is maxed out (I currently pay around $470/paycheck towards SS, so happy that I'll take home nearly $1,000 more per month at that point).

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zot1

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Re: Take Home Pay in CA

Postby zot1 » Tue Dec 06, 2016 12:04 am

:shock:

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Re: Take Home Pay in CA

Postby Anonymous User » Tue Dec 06, 2016 2:37 am

Stub year down in TX - take home around $9.5K/mo, but that has a salary advance subtraction of $750/mo included, so probably closer to $10.25K. This includes all insurance/taxes/401(k) contributions.

As bk1 said, take home will go up around September each year when Social Security is maxed out (I currently pay around $470/paycheck towards SS, so happy that I'll take home nearly $1,000 more per month at that point).
But there's the Medicare surcharge which will increase Medicare taxes(once you hit $200K single/$250K married). Paychecks will go up, just not by ~$470.

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Re: Take Home Pay in CA

Postby Anonymous User » Tue Dec 06, 2016 3:04 am

Stub in LA, take home bimonthly is $5250, so monthly is $10,500, but that number is inflated by a few factors. I'm married filing jointly, and I get a taxable stipend of a couple hundred dollars for parking and phone. I also only have dental and vision deductions since I'm on a different basic healthcare plan (but that's changing in 2017). My take home pay will likely go down in 2017 to just under $10k monthly. I also don't put anything toward a 401k b/c I use all my extra money each month to pay off student loans.

Honestly, rent in newport and irvine is not cheap. I know people paying $2k+ per month for relatively modest studios and 1BDRs.

bk1

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Re: Take Home Pay in CA

Postby bk1 » Tue Dec 06, 2016 3:08 am

Anonymous User wrote:But there's the Medicare surcharge which will increase Medicare taxes(once you hit $200K single/$250K married). Paychecks will go up, just not by ~$470.

SS tax cuts out at ~120k. Medicare tax goes up at 200k/250k (not hitting this as a 1st year unless married or if you hit bonus). The percentages are also fairly different, iirc (~7% vs ~1%). There's probably other stuff I'm forgetting, but ~500 seems right for .07*180k/24.

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Re: Take Home Pay in CA

Postby FoxyBoi » Tue Dec 06, 2016 2:23 pm

Anonymous User wrote:I'm a stub year in CA and my take home is ~$4,600 per paycheck ($9,200/month) with two standard federal allowances and one state allowance. Given that I'm a K-JD and I'm still on my parents' insurance through the end of 2016, I currently have no deductions for benefits. As bk1 said, take home will go up around September each year when Social Security is maxed out (I currently pay around $470/paycheck towards SS, so happy that I'll take home nearly $1,000 more per month at that point).


Are you paid bi-weekly? If so, this average is closer to $10k/mo, since 2 paychecks don't really equate to monthly pay. $4600 x 26 paychecks / 12 months ends up at over $9900.



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