Category | Monthly | Comments | Annual |
Salary/Wages for earner #1 | $5,333 | $64,000 | |
Salary/Wages for earner #2 | $4,583 | $55,000 | |
Pretax Health Ins. | $250 | $3,000 | |
FICA base salary/wages | $9,667 | $116,000 | |
401(k) / 403(b) / TSP / etc. | $1,250 | Room to increase? | $15,000 |
Income subject to IRS tax | $8,417 | $101,000 | |
Federal Total Income | $8,417 | $101,000 | |
Federal tax | $909 | 2017 rates, MFJ, stand. ded., 2 exempt. | $10,903 |
State/City tax | $0 | Guess, using 0.00% * (AGI - Exempt'n) | $0 |
Soc. Sec. | $599 | Assumes 2 earners paying | $7,192 |
Medicare | $140 | $1,682 | |
Total income taxes | $1,648 | $19,777 | |
Income before other expenses | $6,769 | $81,224 | |
Monthly Average Expenses: | |||
Loans: | |||
Student Loan | $3,223 | $38,680 | |
Total Expense | $3,223 | $38,680 | |
Total for all other expenses | $3,545 | $42,544 | |
Filing Status | 2 | 1=S, 2=MFJ, 3=HOH | |
# Exemptions | 2 | ||
Adult #1 | Adult #2 | ||
Age | 30 | 30 | |
# of earners | 2 | ||
Total Income | $101,000 | ||
Std. Deduct. | $12,700 | ||
Act. Deduct. | $12,700 | ||
Exemption | $8,100 | ||
SL int. (approx.) | $2,500 | ||
AGI | $98,500 | ||
MAGI | $101,000 | ||
Taxable | $77,700 | ||
1040 Tax | $10,903 | ||
Tax after n-r credit | $10,903 | ||
Net Tax | $10,903 | ||
Monthly | $909 | ||
Item. Deduct. | $0 | ||
Version | V8.16 |
Loans: | Orig. Prin. | Orig. Length | Curr. Prin. | Yrs left | Rate |
Student Loan | $270,000 | 10 | $270,000 | 10 | 7.630% |
Honoring your commitments although I respect that opinion, it it is not compelling enough of a reason for me.
Your husband borrowed $270,000 to get a $55,000 contract job that is likely to disappear in a few years for the reasons cited above. You apparently have acquired credit card debt as well - living beyond your means? You want to purchase a home instead of paying your debt. Your entitlement mentality is just unbelievable. Your husband should do what's necessary to pay off the debt through one of the two paths suggested. Buy a home when the debt is paid off and you can afford it.
Honoring your commitments although I respect that opinion, it it is not compelling enough of a reason for me.
Interesting perspective. Don't understand the ethics, but this is a diverse country....
...I don't see any problem with IBR or any other type of similar repayment plan. Student loan companies took a risk when they loaned to students.Are private loans eligible for IBR, or only federal loans? In other words, is it a private company or taxpayers who eat defaults?
...I don't see any problem with IBR or any other type of similar repayment plan. Student loan companies took a risk when they loaned to students.Are private loans eligible for IBR, or only federal loans? In other words, is it a private company or taxpayers who eat defaults?
In other words, is it a private company or taxpayers who eat defaults?
What justifies the interest rate?One isn't required to take out loans at that rate, correct? If the government-set rate seems too high, just go elsewhere....