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Take Home Pay

Discussion in 'The OT' started by AntAltMike, Sep 6, 2010.

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  1. Sep 6, 2010 #1 of 20
    AntAltMike

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    I just found out that someone who has been poor-mouthing it for a long time is making a lot more money than I thought she was. I now know that her annual base salary is $47,800 per year, or $920 per week. The way she talks, I would have guessed that she was making closer to half that amount.

    I'd like to estimate what her take home pay is. She is single, 61 years old and has just herself as a dependent. The only significant other deduction she might take would be for mortgage interest. She may have a mortgage and a second mortgage totaling $60,000 to $80,000, so if they are at 6% interest, then she may be paying $3,600 to $4,800 a year in interest. That may not even figure into her income tax if her standard deduction is worth more than that.

    About how much does she take home a week?
     
  2. Sep 6, 2010 #2 of 20
    Davenlr

    Davenlr Geek til I die

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    Impossible to tell, because you can claim 0 dependents, or 1 dependent. You can also specify a larger withholding amount per week.

    For a ballpark figure, use (gross salary - 33%) - (mortgage payments + credit card payments + auto payments + other payments) = Total expendable income

    Unless you know how many credit cards she may be paying off, or what her utility bills are, or what other payments she may have, it would be awfully difficult to tell.

    I have a friend who makes $400 a week, and after his taxes, child support, and rent, clears a whopping $35 a week spendable cash. He has to "save" $10 of that each week to pay his $41 cell phone bill, so that leaves him $25 to eat, buy stuff for the house, etc. I would call that downright poor.
     
  3. Sep 6, 2010 #3 of 20
    Nick

    Nick Retired, part-time PITA DBSTalk Club

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    Mike, I'm a little concerned about members of this site getting involved with estimating the take-home pay of an acquaintance of a fellow member. Even tho' you say she's been 'poor-mouthing' her pay, it is none of our business, and it doesn't sound like it should be any of yours, either.

    If she is a "friend", what would she think of you if she knew of your efforts to find out about her income?

    I am concerned as to your motives, and I feel sure there's more to the story. Forgive me if I'm wrong.
     
  4. Sep 6, 2010 #4 of 20
    armophob

    armophob Difficulty Concen........

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    She owe you money or something? I'm with Nick, what do you care?
     
  5. Sep 6, 2010 #5 of 20
    AntAltMike

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    I've given this person about $10,000 over the last decade, and she recently has tried to get me to assist her in giving a rather expensive gift to the son of a friend of hers. I've already decided I'm not going to go along with it and I'm planning on "advising" her on how she might better manage her own affairs, but before I did, I wanted a more accurate handle on how much discretionary income she has. That will determine whether I "explain" to her why she can't afford to give the gift that she wants to give, or if I instead "explain" to her that she can afford to do it without my assistance.
     
  6. Sep 6, 2010 #6 of 20
    cj9788

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    The federal witholding for a single person making 920 a week and claiming zero exemptions is 120.00 the fica fould be about 75.00. You can look it up here. To figure the Take home pay which is what your asking all you would need to know is what if any gross pay is being used for health insurance and retirement. That minus withholding and fica equal the net or take home pay.
     
  7. Sep 6, 2010 #7 of 20
    AntAltMike

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    She's a government worker (GS 7, step 8) with no pension withholdings. She receives health insurance coverage but she has never complained about the amount of money taken out of her pay for insurance, so I would be really surprised if there is a deduction for it. Does anyone know if government workers in that range count ordinarily have the cost of providing them with health insurance subtracted from their wages?
     
  8. Sep 6, 2010 #8 of 20
    armophob

    armophob Difficulty Concen........

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    It sounds like she has a great handle on her finances. She has you and others, I am sure, pay for things she does not want to.

    If there is no promise of repayment broken, then I think the one that needs "advising" on how they might better manage their affairs, is you and anyone else that falls for it.

    No offense, just tough love;)
     
  9. Sep 6, 2010 #9 of 20
    cj9788

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    Well I work for Uncle Sam on the GS scale and I have Blue cross blue shield family plan and bi weekly it's 235.00 for just the employee it costs about 101.00.


    http://www.opm.gov/insure/health/rates/nonpostalffs2010.pdf
     
  10. AntAltMike

    AntAltMike Hall Of Fame

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    From that chart, I see that the monthly, employee contribution for "Basic Self" is $101, whereas the employee contribution for "Standard Self" is about $175. I'll have to look into this further to see if I can determine which one she is likely to have.

    I don't see anything on that chart to tie the size of the premium to one's age.
     
  11. cj9788

    cj9788 Hall Of Fame

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    Age does not matter when your a fed although with BCBS if you are 65 or older you have to sign up for medicare. That is from the plan info. Also there are plans other than BCBS she may have a diffrent plan.
     
  12. AntAltMike

    AntAltMike Hall Of Fame

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    Actually, since the weekly difference in employee contribution between the two levels is only $20, I don't need to further speculate on which one she has. Thanks for the assistance.
     
  13. phrelin

    phrelin Hall Of Fame DBSTalk Club

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    You do know that many people who make $200,000+ a year get in financial trouble - over their head in debt. Other folks get by comfortably on $32,000 a year - modestly, by comfortably.

    And some find a sugar daddy though that usually doesn't involve a 61-year-old woman....;)
     
  14. Nick

    Nick Retired, part-time PITA DBSTalk Club

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    ...and sure enough, there is. I think $10k of 'assistance' entitles you to take an interest in her financial situation. Again, please forgive my earlier remarks. Apparently, you and I are blessed (or cursed?) with similar altruistic tendencies.

    Over the past 8 years, I had tried to financially assist two different female friends by paying off their debts, helping with delinquent rents, car payments and so forth. But in both cases, I knew for a fact that each was living on the financial edge, if not borderline destitute. In all, I probably gifted at least $10-12k over several years, by paying bills, creditors and landlords, with no expectation of repayment. In both cases, other than true friendship and heartfelt kindness to an old man, there was no quid quo pro, and no sexual involvement whatsoever.

    In the end, I'm sad to say, it didn't make any difference in their lives. In fact, they were each not only not any better off, but, due to illness for one, and poor decisions on the part the other, they were each worse off. Coincidentally, both friends left to go live with relatives out of state. One of my friends died of cancer earlier this year, the other moved in with relatives in NC and is barely making it working at a hamburger joint.

    While I don't regret or begrudge trying to help, for all the good it did, I could have saved my money.

    Lesson learned... :shrug:
     
  15. BobaBird

    BobaBird EKB Editor

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    She could also have catch-up withholding to a retirement plan.
     
  16. wilbur_the_goose

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    many people are negative about most everything. She seems like one of those types, OR, she has a tough life and a number of private stuff going on.

    Let me tell you - I think most of us have a litany of issues in our lives, most dealing with family and/or health. There are things in my life nobody but my family knows (a sibling with significant private health issues, major eldercare issues, and long term unemployment). We like most never tell others about these issues, but they're like an albatross around our neck.

    Or, as many in my religion say, "We all have our own crosses to bear".

    Mike - Advice from a 50 year old. You'll do yourself no good getting mad at this lady. If she owes you money, ask her for it (sue her if necessary) - otherwise mind your own business.

    ---------
    An example of one of the crosses many of us bear:
    [​IMG]
     
  17. dirtyblueshirt

    dirtyblueshirt Under Suspicion

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    One should be so lucky, as a 6-year military E-5 I grossed just under $40k last year. Though if you count my housing allowance (which, in San Diego is $1680/mo, my rent is $1550 for an ~950 sq ft. 2br Apartment) and $325/mo food allowance; I grossed an additional $15k of non-taxable income.

    Livable, but still below average for the region.

    Next year, as an 7-year E-6, I'll make (based on 2010 rates) an additional $217/mo in base pay, and an additional $120/mo housing allowance. In July I'll hit 8 years, adding an additional $250/mo base pay. This doesn't account for 2011 pay increases (if any).

    Now, this would be a comfortable situation for some people, but in contrast, in my job field, doing Network Security, I could easily get $80-$100+k a year.

    Now, I'm due to exit the Navy in October 2012, maybe sooner (not for bad reasons). I'm just putting it out there, but I would certainly not be opposed to moving a couple hours north if I can get a job with a certain Satellite TV provider...
     
  18. James Long

    James Long Ready for Uplink! Staff Member Super Moderator DBSTalk Club

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    Perhaps she will be happier at the next job. To a certain extent the more one makes the more the government keeps but the best solution for that problem is to make more to compensate for the taking.

    It really isn't a question of what her take home pay is ... it is a question of what she is doing with it. Perhaps she complains more because she is accustomed to a lower priced area of the country. Or perhaps she has relatives who make more. Or perhaps she simply believes she is worth more than she is paid. Calculating take home pay from base pay won't answer those problems.

    I assume there is a pay range for her job ... if she isn't in the range where she believes she should be her complaints may be legitimate. The question would be why her pay does not match her expectations.

    Since you have gotten yourself financially involved with this woman she may have just found a sweet way of making money through others by complaining. Some may consider her a con artist ... but I don't know enough to make that accusation. And since I'm not Ann Landers or Dear Abby I'll withhold advice about how to handle her next beg for cash.

    But I'd probably change the topic the next time she starts complaining or asking for financial help. Unless she has some uncontrollable expense in her life (not life choice like buying too much house or too many toys but events such as children born with handicaps or serious illness) I'd probably find someone else to share my generosity with.
     
  19. AntAltMike

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    It wasn't my intention for this to become a "Dear Abby" column. The person I am dealing with is a relative who once had been a GS 3 and qualified for food stamps, but whose lot has apparently improved by maybe 2 to 3% per year over the last couple of decades and has evolved into lower middle class. After having examined her finances in the late 1980s, I eventually began including checks in her Christmas and Birthday cards and did not bother to audit her each subsequent year before issuing them.

    Without giving any more details than is necessary to complete what I'd like to be the final post in this thread, she now wants me to go "halves" with her on giving someone she likes a used car. She is in mediocre general health and is approaching retirement age with, in my opinion, inadequate reserves to sustain herself. Basically, if she quits her job at age 62 and takes early retirement, she will get a total of $1,600 a month. The $60,000 to $80,000 that I estimate her to have in outstanding mortgages plus taxes, maintenance and insurance will take the lion's share of that. The most she could possibly hope to make working part time after retirement would be whatever a part time entry level receptionist might earn, if she is lucky enough to find such a job.

    Can we "afford" to give the son of a friend of hers a car? Well, we have the resources to do so. Can she afford to do so without my participation? Based on what I now know about her immediate stream of income, I now am certain that she could even pay for it by herself, but now that I have estimated her immediate stream of income, I will be able to use that information in attempting to convince her that, 1) she should not do so, and, 2) that she damn well better stay on her job until she reaches 65.

    As the purpose of this thread has been served, I suggest that a moderator close it.
     
  20. James Long

    James Long Ready for Uplink! Staff Member Super Moderator DBSTalk Club

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    As you wish ...
     
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