how much is your family income

amother

Thu, May 26 2011, 12:38 pm

amother wrote:

Appx. $90,000 a year before taxes (combined DH & me), 3 children, NY

We are about the same, also 3 kids NY. Is it enough for you? my dh and I together work 3 jobs and tutor/babysit on the side. and we are just making it b"h (and we do have higher educations although I only work part time).

We are just about making it, but that's with generous checks from parents here and there (like before y.t.) and with DH working side jobs (that bring in an extra few dollars). I also work P/T.

amother

Thu, May 26 2011, 1:02 pm

amother wrote:

Appx. $90,000 a year before taxes (combined DH & me), 3 children, NY

We are just about making it, but that's with generous checks from parents here and there (like before y.t.) and with DH working side jobs (that bring in an extra few dollars). I also work P/T.

can I ask a side question - do or your dh have life insurance or a retierment account? we are talking about getting one but we are not sure how we are going to afford it. but I think its important. we also want more kids one day (whole nother topic I guess)

amother

Thu, May 26 2011, 1:31 pm

Tamiri wrote:

amother wrote:

36,000 shekels/month (pre-tax).

Wow, that's really amazing! What does that come to after taxes?

It depends on whether they have a company car, how much the employer/s is/are putting away for keren hishtalmut, pension etc. Figure that if it's the husband earning that, they are left with roughly 18K net, give or take. If it's split between husband/wife then it's harder to tell because women pay less taxes (they have more credits).

I'm not sure what that is after taxes, but I know that about 20,500 shek goes into our bank account every month (DH makes a lot more than I do). This is after some of it goes into the various pension funds. We don't have a company car because we did the math and decided it wasn't worth it.

amother

Thu, May 26 2011, 2:16 pm

how does this thread help anyone?
I'm wondering how people with certain salaries make ends meet. It doesn't really matter to me one way or another if someone makes 200K a year and I'm not jealous what I want to know is how people who make 38,000 a year with rent costing 16,800 a year leaving you with 21,000 a year for food utilities insurance car etc manage.

I know the OP was just asking for people's salaries but if you want to help make this letoeles and not just random how do you manage it?

How do you budget a montly salary of 2000 dollars or in my case monthly 3200?

Tamiri

Thu, May 26 2011, 2:36 pm

amother wrote:

Tamiri wrote:

amother wrote:

36,000 shekels/month (pre-tax).

Wow, that's really amazing! What does that come to after taxes?

The crazy thing about it is that if the salary were just your husband's, you would probably end up with less. I don't think probably is correct. I think you actually WOULD end up with less. There is a big incentive to a woman working. Her deductions mean that her pay stays relatively intact until a certain level. For men, the taxes start being deducted almost immediately. If you had a company car, your take-home probably would be in the 18k range, regardless of whether you work or not. The car lease/taxes eat up a sizable portion of income. If the wife is making around 5k nis, she's bringing about that home, which means the husband is netting around 15k, making his salary in the 23-25k range. If hers is lower, his is a bit higher, etc.
Someone asked how you make high salaries. Well, not so long ago, maybe 10 years, before we lived here, I understand that there were plenty in the hi tech field making 40k gross. We haven't seen that salary (yet, it's something to aspire to) but if you are high enough up in your field, have a specialty that's in demand and are willing to work, you can still make a lot of money. Other areas that pay well: successful businesses, successful lawyers, hi-end engineers in areas other than hi-tech, providers of services such as psychologists, various para med areas such as Chiropractic in private practice, dieticians in private practice... anyone who can get 400 nis/hour and works a lot of hours. Doctors who are trained and branch out into private care in addition to social care can make money, etc. There is no one formula because in the same field one person will be eeking out a living while another will be rolling in money. Same as anywhere else in the world. BTW, people who served in the IDF until thier pension (it was 45 year old in my time, I think it's gone up) get a pension PLUS are still young enough to branch out into a new career = lots of money. Sometimes.

aidelmaidel

Thu, May 26 2011, 2:49 pm

suzyq wrote:

amother wrote:

Our gross: $5k/month
Taxes: just state, no federal
mortgage: $950 (4 bd/2 ba house)
4 kids

No tuition, we homeschool

B"H!

We LOVE living "out of town." (I think that's a silly phrase, though...)

Smile

How do you not pay federal taxes?

At $60,000 gross annually, married filing jointly with 4 additional dependents, and assuming you can deduct your maaser, then that is correct, you would likely have no federal income tax due.

I am not an accountant, but my understanding is:

Married filing jointly - deduction is 11,400
Each child - deduction is 3700 (x4=14800)

Which gives you adjusted gross of 33800. You're not paying much tax on that if at all.

amother

Thu, May 26 2011, 3:10 pm

aidelmaidel wrote:

suzyq wrote:

amother wrote:

How do you not pay federal taxes?

That would be it! It's actually not even worth deducting our maaser since it's not more than our regular deduction. We also just give most of our maaser money direclty to individuals in the community who are struggling anyway so it's not really tax-deductible. Our mortgage is deductible, and that also makes a difference.

Izzy

Thu, May 26 2011, 4:28 pm

amother wrote:

9,000 a year before taxes living in NYC. Rent (2,000/month) is paid for with tax free money. How we survive is complicated but B"H we have never had an empty bank account. We don't get medicaid, wic or foodstamps.

Can you explain this a little better? What do you mean by tax free money? is this income that is off the books or goverment aid? I'm just trying to understand this.

I also want to know.
Remember when Binah did that series profiling people and how they made ends meet? It was full of interesting scenarios like this, and though the series was supposedly to clarify our collective understanding of household budgeting, it left me way foggier than before.

aidelmaidel

Thu, May 26 2011, 4:44 pm

Izzy wrote:

amother wrote:

Can you explain this a little better? What do you mean by tax free money? is this income that is off the books or goverment aid? I'm just trying to understand this.

If there income is paid through parsonage, then yes, it's tax free.

amother

Thu, May 26 2011, 7:41 pm

DH and I earn the same amount and it equals to about $5,000 net. 2 kids. We barely make ends meet here in Brooklyn.

Tuition and daycare: $1270
Rent: $1800

We are on subsidized health insurance so very little out of pocket for that.

The rest goes on food, utilities, car insurance (1 really old car), gas and clothes. No help from anyone and we have school loans. I want to continue to advance in school so I can make more money but I can't quit my job as we are barely making it now. DH was only able to get a part-time job in his field and he is hoping to get full-time so that we can save something up.