How much $$$ do you get after taxes?

BSNRN2010, BSN, RN · Jul 22, 2010

Paycheckcity was very helpful for me. I'm in the state of GA and we make way less than NYC but the cost of living is a lot less. I don't have any kids and I'm unmarried so I knew that a lot would be taken out of my check but didn't know how much. I have been losing sleep trying to figure out if I would be able to pay my bill and pay back student loans. Thanks

dreamon · Jul 23, 2010

The economy is worse now than when the OP started her thread. I hope she's still doing alright and did not get over her head. If she didn't, it will be a good lesson to always be prepared for the future.

Anyways its your life, live it, but honestly your plan seems like a path to financial problems down the road, not unless you have a sugar-daddy of course.

LOL! Sugar daddies are great- but even they may go broke one day!

hpcat · Jul 30, 2010

On a salary of 73k per year, federal taxes (according to the 2007 numbers) as head of household is $13,431. Add to that social security and medicare of 7.35%=$5365. Added to that is state income tax of: $4430. Add to that a city income tax of: $2520. Total taxes on 73k would be: $25745 which is roughly 35%. This assumes filing as head of household. Got to love taxes.
Also, want and need are very different thing. The original poster mentioned something about a mini-office, and wanting a car. Are these actual needs or wants. Making this difference is essential when living on a budget. Also, try different neighborhoods, rents in Brooklyn vary is huge amounts, even in nice neighborhoods.

Good reminder - if you want to live in NYC you have to pay city taxes in addition to regular state and federal. Well to New York! :eek:

BrooklynRN26 · Jul 30, 2010

I also live in Brooklyn and just landed my first nursing job this week making 75k. I'm very excited about making this much money, city hospital pay about $10k less. I am a single mother of 3 and we live in Dyker Heights (Bath Beach)and pay $1600 for a 3 bedroom. I love my apartment and the area where I live and I believe I will be able to live fairly comfortably after taxes. I used to do it when I was making 40k annually and the past year I've been living off unemployment and my savings! I also think I will be able to buy a car in a few months and actually go on vacation with my kids next summer (our first!). It's totally do-able and I dont feel like I will be sacrificing anything at all, I feel blessed!! I guess it depends on your point of view and doing a thorough analysis of your needs and wants. My life is pretty simple though (one computer/tv in the house, no fancy latest gadgets or clothes). I definitely believe in living life to the fullest, more power to you for that, but I don't believe it's found in material things. That being said, I won't hesitate to upgrade my wardrobe and shoe collection (slowly, but surely!)...a hard working nurse needs a little fun, after all!!

dreamon · Jul 30, 2010

Good for you PE26! I love to read positive stories, especially in a climate like this. Dyker Heights is a great neighborhood. You won't even have to send your kids to private school. Congrats!

BrooklynRN26 · Jul 31, 2010

Thanks, Dreamon. I am excited and feel totally blessed. I do feel for all the unemployed nurses out there. I know its hard and my prayers are with you all. Good luck everyone!

elleNY · Aug 8, 2010

To the OP - you need a reality check, big time. Sacrifice now or sacrifice later, BUT YOU WILL SACRIFICE. I hope you get some financial education/restraint/sense. Your 6 month old son does not love where he lives...I'm assuming you haven't taken developmental psych yet....