The MMM Take Home Pay calculation would thus be:
Gross Pay + Employer 401(k) match taxes and fees
= $8620 gross pay + $300 employer 401(k) match $1724 federal tax $689 state tax -$200 professional fees
= $6407 biweekly or $13,839 per month
This makes no sense. What if the tax withholding is wrong, and you owe $10k in April?
What if you choose to enroll in disability insurance programs, or legal insurance, or pet insurance programs, or have to pay for parking out of your paycheck? Those are entirely voluntary, and not really outside of your discretionary choice, so should not be counted as excluded from gross income.
Personally, I don't think you should subtract insurance of any kind that isn't specifically required to do the job, whether it's health, umbrella, dental, for your pet, etc. Same with parking fees. That's money spent. It's irrelevant whether something automatically comes out of your paycheck, or if you pay another way. I have insurance, flex spending, and charity donations that come out of my paycheck, but that's still spending. I'm only subtracting taxes.
Here's from MMM spending section: (I hadn't included this in my previous post, so just added it there.)
Everything that flows out of your wallet, bank account, credit cards, or automatic payroll deductions for things like insurance.
Finer Points:
I include property taxes and sales tax, but do not count income tax or other payroll taxes.
I include all loan interest and fees, but do not count the principal portion of loan paymentsIf you think you will get a big refund or owe more on taxes, you could estimate what your actual taxes are vs. what was withheld. I didn't do that, and I'm expecting a big return this year because I increased my withholding more than I should have, but some quick calculations of estimating the difference doesn't increase my savings rate much above 80.2%.
"Increase in value of savings accounts" should only include your new contributions, not any gains/interest/dividends, etc., since those are not considered part of your take home pay. If your employer contributed anything towards your retirement, that should be added to BOTH SIDES of the equation as part of the take home pay.