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Message
What would be the net difference after tax for the following:
Posted on 8/10/13 at 2:59 pm
Posted on 8/10/13 at 2:59 pm
Between:
$110k dual income with one or two kids
and
$100k sole earner, wife and one or two kids
Assume 15% 401k and no child care costs in scenario 1.
$110k dual income with one or two kids
and
$100k sole earner, wife and one or two kids
Assume 15% 401k and no child care costs in scenario 1.
This post was edited on 8/10/13 at 3:25 pm
2
Posted on 8/10/13 at 3:08 pm to poochie
Posted on 8/10/13 at 3:24 pm to wegotdatwood
Wow, thanks. A few questions:
In scenario 1 I would married filing jointly with 2 in the dependents and 2 in the children box, correct.
In scenario 2 I would put head of household with 3 in the dependents and 2 in the children box, right?
Also, 401k is pre tax so where would I put that amount withheld?
Eta: or I could just take the 401k contribution off the top.
It ends up being almost exactly the $10k difference when calculated...
In scenario 1 I would married filing jointly with 2 in the dependents and 2 in the children box, correct.
In scenario 2 I would put head of household with 3 in the dependents and 2 in the children box, right?
Also, 401k is pre tax so where would I put that amount withheld?
Eta: or I could just take the 401k contribution off the top.
It ends up being almost exactly the $10k difference when calculated...
This post was edited on 8/10/13 at 3:32 pm
Posted on 8/10/13 at 3:31 pm to poochie
I just included it as an IRA contribution. Fun link thats for sure
Posted on 8/10/13 at 3:33 pm to poochie
quote:
Also, 401k is pre tax so where would I put that amount withheld?
Just subtract that amount from total income.
quote:
In scenario 1 I would married filing jointly with 2 in the dependents and 2 in the children box, correct.
In scenario 2 I would put head of household with 3 in the dependents and 2 in the children box, right?
I'm not sure, poodlebrain will know for sure.
Posted on 8/10/13 at 4:14 pm to poochie
You can't be married and a head of household.
Posted on 8/10/13 at 4:23 pm to Volvagia
Ok. Here's the breakdown both mfj:
Single @ $100k $78727
Dual @ $110k $85267
Single @ $100k $78727
Dual @ $110k $85267
Posted on 8/10/13 at 8:57 pm to poochie
You file married filing jointly in both situations.
Posted on 8/11/13 at 10:30 am to poochie
Head of household is only single parents, if you are married you cannot file under HOH whether your spouse has earned income or not.
Posted on 8/11/13 at 12:30 pm to wegotdatwood
Potentially. I've always had $100k as my number for her to stay home with the kid(s) (until they are off to school) and will likely hit that soon. Was wondering what the actual difference would be once if does happen to be able to make an informed decision.
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