Home

How do I figure out how much my post-tax raise will be?

 
Post new topic   Reply to topic    Forum -> Household Management -> Finances


View latest: 24h 48h 72h


amother




OP
 

Post 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.
Back to top

Smile1234




 
 
 
 

Post 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.
Back to top

amother




Catmint
 

Post 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.
Back to top

amother




Brass
 

Post 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.
Back to top

Smile1234




 
 
 
 

Post 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.
Back to top
Recent Topics

Page 1 of 1 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
[ Poll ] Post your Wordle score! 614 Today at 4:53 am View last post
HELP!!! me figure this out
by amother
4 Tue, Jan 25 2022, 2:22 pm View last post
Asking for a raise email
by amother
7 Tue, Jan 25 2022, 11:26 am View last post
Post your Absurdle Score
by pause
66 Sun, Jan 23 2022, 5:57 pm View last post
Wet cough post rsv
by amother
1 Sun, Jan 23 2022, 9:28 am View last post