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poochie
LSU Fan
Houma, la
Member since Apr 2007
511 posts

What would be the net difference after tax for the following:


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.



This post was edited on 8/10 at 3:25 pm



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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: What would be the net difference after tax for the following:


Here's a great link someone here gave me a while back.

LINK






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poochie
LSU Fan
Houma, la
Member since Apr 2007
511 posts

re: What would be the net difference after tax for the following:


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...



This post was edited on 8/10 at 3:32 pm


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RickAstley
LSU Fan
Reno, Nevada
Member since May 2011
1550 posts

re: What would be the net difference after tax for the following:


I just included it as an IRA contribution. Fun link thats for sure





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: What would be the net difference after tax for the following:


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.






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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
39904 posts

re: What would be the net difference after tax for the following:


You can't be married and a head of household.





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poochie
LSU Fan
Houma, la
Member since Apr 2007
511 posts

re: What would be the net difference after tax for the following:


Ok. Here's the breakdown both mfj:

Single @ $100k $78727
Dual @ $110k $85267






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reb13
Ole Miss Fan
Oxford, MS
Member since May 2010
9440 posts

re: What would be the net difference after tax for the following:


You file married filing jointly in both situations.





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Beerinthepocket
LSU Fan
Dallas
Member since May 2011
490 posts

re: What would be the net difference after tax for the following:


Head of household is only single parents, if you are married you cannot file under HOH whether your spouse has earned income or not.





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: What would be the net difference after tax for the following:


Your SO quitting work?





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poochie
LSU Fan
Houma, la
Member since Apr 2007
511 posts

re: What would be the net difference after tax for the following:


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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