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-> Household Management
-> Finances
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amother
OP
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 Mon, Nov 15 2021, 4:34 pm
Help me out here, I am terrible with numbers.
I am being offered either a monetary raise (not sure how much) or health insurance coverage for my spouse.
We are currently paying a healthshare/Medishare about $2,500 a year.
How much does the raise need to be for me to come out ahead? We are married filing jointly in NJ, current taxable income under $72K.
ETA: my post is so unclear. What I am trying to ask is, how much does the raise need to be for the post tax amount to be over $2500. Idk if that is clearer lol.
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Smile1234
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Mon, Nov 15 2021, 4:43 pm
Try an online take home pay calculator.
Crunching insurance numbers can be so confusing!!
Also find out what the insurance plan is and how much it could potentially cost you in deductibles/copays/etc.
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amother
Catmint
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Mon, Nov 15 2021, 9:55 pm
I calculated $3,253. After taxes, would be $2,500 if your income is otherwise $72k.
This includes:
7.65% social security and Medicare
12% federal income tax (that's your bracket, so additional income would be taxed at this rate)
3.5% nj state income tax (between 70k-80k according to Google. I have zero experience with nj taxes)
It does not include if you have local income tax (nyc has. Most places don't).
I hope I didn't miss anything.
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amother
Brass
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Mon, Nov 15 2021, 10:21 pm
| Smile1234 wrote: | Try an online take home pay calculator.
Crunching insurance numbers can be so confusing!!
Also find out what the insurance plan is and how much it could potentially cost you in deductibles/copays/etc. |
Yes, the difference won’t only be the $2,500 itself, but also that most likely the insurance coverage will also be much better and you will end up paying less for doctor visits and deductibles, you might be able to go to better in network doctors, there’s a lot to consider there.
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Smile1234
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Mon, Nov 15 2021, 11:04 pm
| amother [ Brass ] wrote: | | Yes, the difference won’t only be the $2,500 itself, but also that most likely the insurance coverage will also be much better and you will end up paying less for doctor visits and deductibles, you might be able to go to better in network doctors, there’s a lot to consider there. |
It might be better and it might be worse. Even if there’s better in network doctors there might be a very high deductible..... etc.
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