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Forum
-> Household Management
-> Finances
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amother
Aqua
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 Sun, Oct 01 2017, 3:01 am
We are considering a relocation offer from my job. The relocation will be from Israel to Massachusetts U.S. The office is close to Boston.
They're offering an annual sallary of 112970$
How do I calculate the take home pay from that?
Dh will be looking for part time work and (hopefully) studying for a doctorate but we can't really count on any income from him the first few years.
I can pretty much count on an extra 30,000$ a year from variouse incomes so it will be 115970$.
We think to rent (hopefully a house) either in boston itself or in Malden.
We have five kids. Four in elamentry school (10, 8, 7, 5) and an almost year old baby.
Can anyone give me an idea of how tight 115970$ would be after taxes, school, rent, utilities etc?
Right now we are living on a budget but it isn't tight at all.
We own two cars, go on vacation as a family (In israel) once a year or so and as a couple every now and then and are able to save a bit.
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amother
Saddlebrown
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Sun, Oct 01 2017, 3:16 am
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Some day schools will work with you, but if you are planning to pay full tuition, you'll have nothing left at all to live on.
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amother
Ginger
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Sun, Oct 01 2017, 3:56 am
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From what I hear from family living in Boston rent will be over $30k and there is no such thing as tuition breaks there. With 5 kids you'd probably take home roughly 80k and after tuition and rent you're in the negatives.
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mandksima
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Sun, Oct 01 2017, 3:57 am
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You wrote 30K extra income but calculated 3K, which is it?
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amother
Aqua
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Sun, Oct 01 2017, 4:09 am
| mandksima wrote: | | You wrote 30K extra income but calculated 3K, which is it? |
That was a mistake it's 30k so total would be 142970$
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amother
Ecru
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Sun, Oct 01 2017, 4:19 am
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There is no way you can make it work on $142k a year in a Boston. It's similar to NY expenses wise. Unless you will be getting parental help I don't think that's really a comfortable workable salary. I mean some people have to live like that on less (like us and our 4 kids here in NJ) but I would not relocate for that salary.
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amother
Seafoam
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Sun, Oct 01 2017, 4:37 am
Use this calculator to figure out net pay.
https://www.adp.com/tools-and-......aspx
Then find out how much tuition is for 5 kids, rent, health insurance, car insurance, food, and see where you're up to.
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doctorima
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Sun, Oct 01 2017, 4:49 am
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Boston has a much higher cost of living, but you should be able to make it work (especially with the extra 30K) in Malden, as long as you can work out a reasonable tuition arrangement. If you're planning to send to Maimonides, which is much more expensive, this could be challenging, but Torah Academy will likely work with you to make it work.
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amother
Aqua
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Sun, Oct 01 2017, 4:51 am
| amother wrote: | Use this calculator to figure out net pay.
https://www.adp.com/tools-and-......aspx
Then find out how much tuition is for 5 kids, rent, health insurance, car insurance, food, and see where you're up to. |
O.k so I found this calculator on line to but how do I know for example what my 401k deduction will be?
Is that something the employer should tell me?
I didn't get a formal job offer yet just a 'these are the general numbers we could offer if it's something you are willing to think about we could start working on a more concrete offer'
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33055
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Sun, Oct 01 2017, 5:24 am
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Is the $30,000 taxable income?
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amother
Aqua
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Sun, Oct 01 2017, 5:30 am
| Squishy wrote: | | Is the $30,000 taxable income? |
No.
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33055
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Sun, Oct 01 2017, 5:49 am
I am assuming it is gifts rather than say income from munis.
What you really have is a $113,000 taxable income.
It looks like roughly, you will have $91,000 after tax income from your job. Plus you have another $30,000 for $121,000.
From there you can figure out schools and likely scholarships, etc.
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amother
Blush
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Sun, Oct 01 2017, 5:51 am
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amother
Seafoam
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Sun, Oct 01 2017, 6:04 am
| amother wrote: | O.k so I found this calculator on line to but how do I know for example what my 401k deduction will be?
Is that something the employer should tell me?
I didn't get a formal job offer yet just a 'these are the general numbers we could offer if it's something you are willing to think about we could start working on a more concrete offer' |
401k contributions are optional and you shouldn't start with that. Figure out expenses first before you worry about savings.
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amother
Slategray
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Sun, Oct 01 2017, 6:19 am
| amother wrote: | | There is no way you can make it work on $142k a year in a Boston. It's similar to NY expenses wise. Unless you will be getting parental help I don't think that's really a comfortable workable salary. I mean some people have to live like that on less (like us and our 4 kids here in NJ) but I would not relocate for that salary. |
Wow. How am I making in work in new york on 65k?
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amother
Seafoam
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Sun, Oct 01 2017, 6:21 am
| amother wrote: | | Wow. How am I making in work in new york on 65k? |
Family of 7, 5 tuitions, no food stamps, medicaid, section 8 nor vouchers?
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RebekahsMom
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Sun, Oct 01 2017, 6:37 am
When my husband and I were first married, he knew nothing about finances. I would literally put our checks into a dozen different little envelopes (rent/ utilities/ grocery/ car payment...) until he saw where each amount went and could budget accordingly.
I think you could figure 85% takehome pay, depending on tax exemptions. Then price standard rent/ mortgage I’m Boston, look into all utilities, car insurance is probably high, medical insurance, grocery prices, cell phones, shul, etc. See what’s left for kids expenses. I’m guessing it may be do-able, but make sure you check all the numbers.
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amother
Aqua
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Sun, Oct 01 2017, 6:38 am
| Squishy wrote: | I am assuming it is gifts rather than say income from munis.
What you really have is a $113,000 taxable income.
It looks like roughly, you will have $91,000 after tax income from your job. Plus you have another $30,000 for $121,000.
From there you can figure out schools and likely scholarships, etc. |
Thanks squishy! Can I ask how you calculated the taxes on the $113,000?
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amother
Seafoam
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Sun, Oct 01 2017, 6:41 am
| amother wrote: | | Thanks squishy! Can I ask how you calculated the taxes on the $113,000? |
Take home of 113k with 6 dependents according to payroll calculator is 87k.
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33055
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Sun, Oct 01 2017, 6:45 am
| amother wrote: | | Thanks squishy! Can I ask how you calculated the taxes on the $113,000? |
That's easy enough. I went to a tax calculator. It lets you figure out many taxes like property and sales tax.
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