Regarding #1, HSA contribution if deducted from your paycheck avoids SS and Medicare taxes. Did you take that into account? Use a paycheck calculator to do more accurate estimates like: http://www.paycheckcity.com/calculator/salary/
Also i'm going to assume that the HSA at 554/mo is maxing is out, does your employer contribute as well, that is pretty standard. If they do then your monthly HSA contribution will be lower because the limit is employer and employee contributions combined.
Regarding #2. I have a HDHP as well, wife and two kids, one on the way. And it makes sense for us because we are very healthy no chronic illness, no ongoing medications, occasional ER visit, ect. As long as you can cash flow the out of pocket expenses, which is what your HSA is for then i think you will be fine.
Regarding #1, HSA contribution if deducted from your paycheck avoids SS and Medicare taxes. Did you take that into account?
Category | Monthly amt. | Comments | Annual |
Salary/Wages | $8,042 | $96,500 | |
Pretax Health Ins. | $291 | $3,497 | |
HSA/Pension | $554 | $6,650 | |
FICA base salary/wages | $7,196 | $86,353 | |
401(k) / 403(b) / 457(b) / etc. | $1,608 | Above IRS limit? | $19,300 |
Income subject to IRS tax | $5,588 | $67,053 | |
Federal Adj. Gross Inc. | $5,588 | $67,053 | |
Federal tax | $376 | 2014 rates, stand. ded., 3 exemptions | $4,513 |
State/City tax | $335 | Guess, using 0.06 * Fed. AGI | $4,023 |
Soc. Sec. | $446 | Assumes 1 earner paying | $5,354 |
Medicare | $104 | $1,252 | |
Total income taxes | $1,262 | $15,142 | |
Income before other expenses | $4,326 | $51,911 |