The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: MrsSpendyPants on April 09, 2021, 11:42:12 AM
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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.
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www.paycheckcity.com
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The case study spreadsheet (http://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/)?
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The case study spreadsheet (http://forum.mrmoneymustache.com/forum-information-faqs/case-study-spreadsheet-updates/)?
Yes, thank you! Spent all morning looking for it. That answers my question, thanks!
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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.
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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.
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You're welcome! Feel free to PM with any questions or suggestions.