Author Topic: How much more will I bring home and what does it do to my FIRE timeframe?  (Read 858 times)

MrsSpendyPants

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I used to have a really nice spreadsheet that calculated taxes as an expense for you so you could play with scenarios but I can't find it.

I'm in the middle of negotiating a pay raise and need to decide if I want to stay or go elsewhere. 

Assuming the following:
Dual household income, one dependent child toddler.
Standard deduction
3.07% state + 1.5% local tax on all income (no deductions allowed, even no 401k deduction at the state level)
Current household income: 180k
Max two 401ks for a total of 39k

I am trying to increase my household income to 250k
If my expenses stay at the same level of 84k annually, how much more money would I have available to invest annually and if I invest all of it, how much does that cut down my years to FIRE?

If anyone can point me to a calculator that can help me with this, I would appreciate it.

Gronnie

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MDM

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MrsSpendyPants

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The case study spreadsheet?

Yes, thank you!  Spent all morning looking for it.  That answers my question, thanks!

MDM

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3.07% state + 1.5% local tax on all income (no deductions allowed, even no 401k deduction at the state level)
Appears you are covered for the state tax calculations.

For local tax, instead of =H36*G11 in cell G36, you could change that to something like =H36*(G11+D11+D50) - if I understand the state/local tax law correctly.

MrsSpendyPants

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3.07% state + 1.5% local tax on all income (no deductions allowed, even no 401k deduction at the state level)
Appears you are covered for the state tax calculations.

For local tax, instead of =H36*G11 in cell G36, you could change that to something like =H36*(G11+D11+D50) - if I understand the state/local tax law correctly.

Thank you, appreciate the advice there as I had not configured it that way.  By the way, this is THE most amazing spreadsheet ever.  Over the past few years I have spent hours playing around with it.  So grateful that you have decided to share it.

MDM

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You're welcome!  Feel free to PM with any questions or suggestions.