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Job offer comparison calculator
Posted on 3/1/21 at 4:14 pm
Posted on 3/1/21 at 4:14 pm
I have a job offer in KY, it is an appx $7k/year decrease in salary, which I was willing to do because I really want to move, but the smartasset.com calculator calculates almost $400 less take home per paycheck due to higher KY taxes! I can’t lose $800 per month- thats almost $10k per year reduction in salary. This includes deductions such as health insurance and 401k.
Just wondering if that online calculator could potentially be wrong or if anyone has recommendations for an accurate online calculator. I would be moving from Louisiana if it matters.
Just wondering if that online calculator could potentially be wrong or if anyone has recommendations for an accurate online calculator. I would be moving from Louisiana if it matters.
5
Posted on 3/1/21 at 4:17 pm to Rollwave034
You’re doing it wrong baw, you leave LA for more money AND a better quality of life. Keep looking, shouldn’t be hard to find.
Posted on 3/1/21 at 4:29 pm to Rollwave034
Time to negotiate that offer.
Posted on 3/1/21 at 4:35 pm to slackster
quote:
Time to negotiate that offer.
That's what I was thinking too. Even if this is a lateral move, you shouldn't be coming out worse off. I'd use that data to go back to them for more money to make you whole.
And for the love of God, do not tell them you'll do anything to get out of Louisiana...if they know that that might be why you got the offer you did.
Posted on 3/1/21 at 4:44 pm to Rollwave034
quote:
Just wondering if that online calculator could potentially be wrong or if anyone has recommendations for an accurate online calculator. I would be moving from Louisiana if it matters.
I doubt the calculator is right, but KY income tax is a good deal higher. 5% flat rate on all wages as opposed to an incremental rate in Louisiana.
However KY has significantly lower property and sales tax. State wide sales tax rate is 6%, not much more than half in a lot of Louisiana. Their tax base on items and services is lower as well.
I wouldn't take much of a pay cut because the increased income tax and lower other taxes keep both states tax burdens relatively similar. 14 for Louisiana and 21 for Kentucky so slightly lower in KY, but not much.
Posted on 3/1/21 at 4:49 pm to questionable
The quality of life would be MUCH better in my opinion but not at that salary. If they won’t budge, I won’t be taking the job, unfortunately.
Posted on 3/1/21 at 5:00 pm to Rollwave034
I'm surprised that it is that much
Kentucky has a flat income tax rate of 5%
Louisiana is a progressive tax @ 6% over $50,000. 4% below 50K
Kentucky sales tax will almost certainly cost you less, it is at 6%, but counties/cities cant add on.
Kentucky has a flat income tax rate of 5%
Louisiana is a progressive tax @ 6% over $50,000. 4% below 50K
Kentucky sales tax will almost certainly cost you less, it is at 6%, but counties/cities cant add on.
Posted on 3/1/21 at 5:03 pm to TigerintheNO
Not according to these calculators- both salaries are six figures!
Posted on 3/1/21 at 8:07 pm to Rollwave034
quote:
Not according to these calculators- both salaries are six figures!
Some (all?) cities in KY have their own income taxes. I know Lexington does.
Posted on 3/2/21 at 5:30 am to Rollwave034
quote:
Just wondering if that online calculator could potentially be wrong
Yes. I wouldn’t trust smartassets.com to make a major life decision.
Posted on 3/2/21 at 8:53 am to Rollwave034
Do a quick search for salary paycheck calculator and look for the ADP resource, I find that one to be the most accurate.
When doing the comparison, make sure to verify whether the health care deductions is pre or post tax.
After that you will probably want to do a cost of living comparison. I do not know which ones have the most accurate information, but if you find one that gives a detailed summary (including groceries, utilities...) it would give you a better measure. I ran into this one with a quick search Bestplaces.net
When doing the comparison, make sure to verify whether the health care deductions is pre or post tax.
After that you will probably want to do a cost of living comparison. I do not know which ones have the most accurate information, but if you find one that gives a detailed summary (including groceries, utilities...) it would give you a better measure. I ran into this one with a quick search Bestplaces.net
Posted on 3/2/21 at 1:55 pm to Weekend Warrior79
Thanks for the helpful response. I have cost of figured out, just trying to get a sense on taxes
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