How much is $50,000 a year after state & federal taxes in Massachusetts?
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How much is a salary of $50,000 per year after state & federal taxes in Massachusetts? How much is $50,000 a year after state & federal taxes in Massachusetts? (Trying to figure out a monthly income sans taxes) Thanks!
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Answer:
Put your exemptions into http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp.
cheero at Ask.Metafilter.Com Visit the source
Other answers
I have to disagree with contrarian about a nice house and car and live really well. What about health care? My plan is $700 a month plus another 80 dollars for one prescription. After taxes and contribute to a 401 K thats not a lot of money in Massachusetts. You can get a house for about 200,000 in some of the cheaper towns. Taxes, utilities, etc. I think that is out of the range of someone grossing 50,000.
beccaj
That depends. Are you filing single or married? Standard deduction, or itemizing? Do you have kids or other dependents? We need a lot more information to determine how much of your money the various governments will want.
decathecting
http://www.paycheckcity.com/netPayCalc/netpaycalculator.asp. It will depend on your filing status and a few other variables you can plug in. (sans means without, so your monthly income "sans taxes" would be $50k/12)
birdherder
According to http://www.paycheckcity.com/netPayCalc/netpaycalculator.asp, it'll be about $35,900 a year assuming no exemptions or deductions (beyond the standard ones.)
jourman2
Also: that money http://www.top50states.com/cost-of-living-by-state.html. Average cost of living in Massachusetts is 123% of the national average, and average housing cost is 139%. Damn.
valkyryn
In the Boston area, it's enough to either get a single bedroom apartment to yourself and live kind of frugally, or get a roommate/SO to live with and live extremely well. In western mass, you can easily buy a nice house and a car and live really well.
contrarian
Also don't forget about Medicare/Social Security withholdings as well as health care, which will take out more.
that girl
In the Boston area, it's enough to either get a single bedroom apartment to yourself and live kind of frugally Possible if you're willing to live in say, Quincy. Less possible in Cambridge/Somerville where renting anything (without roommates) for less than $1000 a month is near impossible.
dyslexictraveler
@sorry for the lack of info. I'd be filing as single, standard deduction. No kids or dependents.
cheero
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