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Hi,
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I get gross weekly payments of 292 pounds
a net payments (after taxes) of 235 pounds a week working 45 hours a week. am I a low income?
Additional Details
well I am not ... |
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Additional Details
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Additional Details
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| How much tax would you be charged on earnings of £35,000 a year? |
Additional Details
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joey | Is it possible to survive in U.S. with $65.000 salary ? |
As I`ve noticed from yearly statistics, the average salary in my profession seems to be $65k per year in U.S. (I`m currently in Europe and have a B1-Visa, though my wife and kids don`t have VISA).
The question is whether it`s possible to live a normal life with a family of 5, where wife isn`t and wouldn`t be working - thus it would be the only income. With 2-3 more yrs of experience, I could jump to around $75k, which I know is enough to survive from month to month.
Of course, I`m not talking about living in those more expensive places like SanFran, NYC or Bay area - there are many cheaper places in U.S. where costs of living are significantly lower, while salaries are just 10% lower (compared to national average in given field).
How much would I actually get from that $65k salary to my bank account after all taxes ? Range is enough. I`d guess around $3100 ?
What about medical insurance ? How much does that usually cost each month
Additional Details
OK, thanks for first replies, though I absolutely don`t understand how some people are saying that it`s possible even with an income of $35000. I mean, just a basic food, gasoline, and medical pills (that my wife has prescriptions for) cost around $1000 each month here - I believe it would be more expensive in U.S.. And there`s no clothes yet, no going out or whatever else. Just food and shelter.
AFAIK, you can`t find any house with at least 3 rooms for less than $1200 anywhere in U.S. Wth a salary of 35k, you`d be earning probably around $1800 each month (+- few hundreds).
So, it would seem to me that a salary of $35k would give a family just a bread and butter - literally. I wouldn`t call that something good.
Any ideas ? |
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julie_cg
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At $65,000, your take home pay would be approximately $48,000-52,000 assuming you claim 5 dependants and an average state tax of 5-6%. (Roughly payroll taxes would be 7.65% FICA (Social Security and Medicare or approx. $5,000), Federal Withholding approx. $6,000 and State Withholding approx $3,000).
On this, you could comfortable afford about a $225-275,000 house with a monthly mortgage around $1,200-1,800/mo for 30 years. This is feasible in smaller cities or rural areas and would be a comfortable house for your family. In the bigger cities, you could not survive on this.
For health insurance, most companines that have group plans will pay anywhere from 50-100% of the cost of health insurance for the employee only. Usually, the employee would have to pick-up the cost of the family (wife and kids). [If you find a company that pays 100% for entire family plan that is a HUGE benefit]. Health insurance rates are based on size of the company group plan/claims and employee age. The older you are the more it costs. I would estimate health insurance would cost you anywhere from $300+ for coverage on your family. Again, the more in the group the cheaper the rates so bigger companies tend to have better rates. Be sure this is a fringe benefit with your employer as in the US it is the employer's decision to offer this.
Bottom-line is that if you live in an area where the cost-of-living is reasonable, you will become just like the rest of us.....average middle-class........living fairly comfortable if you are reasonable with your money, but wishing you made a little more......and wishing the tax man would give you a break!
Just beware of credit card debt.......it can buy nice things but sink your ship fast! |
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ninasgramma
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It is possible for a family to live comfortably on $65,000 a year in some parts of the United States. In isolated areas like San Francisco or New York City, it would be difficult.
You could expect close to $45,000 net after taxes and health insurance.
Health insurance is often subsidized by the employer. The employer may pay for your insurance and then you pay for the family. Perhaps $300 a month or so depending on the plan.
Ask your prospective employer lots of questions about the cost of living where you are thinking of moving. Ask realtors about houses and their costs. |
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STEVEN F
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I survive on < $30,000. I am single and don't have much of a social life.
I hear the median income in the US is around $40,000. |
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Wayne Z
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It's not what you make, it's what you spend.
I have seen single mother's with 2-3 kids making $25k per year that were perfectly happy and I have seen married couples that make $150k per year that were miserable and near bankruptcy.
I depends on the person. |
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Judy1
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$65K is considerably more than the average household income - so yes, it's enough to live a decent life. You won't be among the wealthy, but should do just fine as long as you aren't in one of the super-expensive areas.
You'd probably net over $4000 a month after taxes, which should be enough to live quite comfortably.
Most professional jobs provide subsidized family health insurance. You'd pay something toward it, and the amount would depend on the company, but it typically wouldn't be more than $200 a month, maybe much less. |
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ticonderoga1186
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If you are lucky the company you would work for would help with the cost of health insurance, or else forget it, you would have to live almost paycheck to paycheck unless you plan on leading a life with no extras...eating out, movies, shopping, any type of extra entertainment |
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bostonianinmo
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That really depends upon where you live in the US. Cost of living varies widely.
For example, Joplin, MO just topped the list as the most affordable city in the US at a bit under 82% of the national average. I can speak from personal experience when I say that you can live VERY nicely on $65k here! (I supported a household of 8 with about that much money. Much better now that I'm back on my own now but it is very do-able.)
On the other hand, places such as NYC or San Francisco, supporting a family of 5 on $65k would be a serious challenge. The cost of living in either one of those cities is more than 200% of the national average. |
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Steve M
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In Las Vegas, i know a family that has 3 kids, 5 dogs, and a decent house that runs on about 40k a year |
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Joshua B
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I am the sole income for a family of four, and I make roughly half that per year, and while we aren't sitting in the lap of luxury, we get by. You can live quite comfortably, so long as you don't have super-expensive tastes. |
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Joey's Girl
 |
yeah u can make it on 65k a year some people make it on far less than that. and insurance depemds on the company and the insurance company for a family of 5 couple be a couple hundred dollars a month or more dependin on the company |
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drobiasko
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It really does depend on your community. What I make in the Northern Virginia area isn't easy to live on, but I would be doing very well if I was making that much back home. But of course, I would not be making that amount there because my salary is adjusted for cost of living. So I would say 65,000 would be difficult to live a comfortable life with a family of 5 on in DC. But I grew up in a family of 3 making between 35,000-40,000 and although I didn't have fancy things I lived a very nice life and was not wanting for anything I really needed.
My insurance has ranged quite a bit between working for a small company (very expensive) and a very large one (small enough payment I don't even really think about it). If you will be providing insurance for all of you that will bump up that cost quite a bit, though.
All in all, I'd say you can definitely survive on that much no matter where you are. But the quality of your life could very quite a bit. |
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Sara
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You'd be fine everywhere except Manhattan, downtown Chicago, and downtown LA. Everywhere else, you'll be just dandy. |
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Mel
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65,000 is plenty to live on to have a nice house and car and still have an enjoyable life |
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Brent
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It really depends on where you live. For instance, in TX or TN, they have no state income tax. What you take home would be more than in other states because you'd only be contending with federal, SS, and medicare taxes. I believe with exactly 65k, you'd be bringing home about 47k in a state without state income tax. Since I don't live in a state with state income tax and also the tax varies from state to state, I cannot estimate otherwise. But that's damn near $4000/month. Note though, I wasn't including property tax, but that varies from school district to school district. Just choose where you live within an area wisely. |
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K H
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YES That is considerably above the national average salary.If you can't live on 65K you are spending far too much. |
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