My goal is to invest $5.6k a month ($67,200) this year which also includes 401k contributions. I want to double check after investing $67,200, I should have $37,450 ($3,120.83/month) to spend. Is that correct?
My Math
* Gross Income: $139,256
* Federal Income Tax: $24,149
* CA State Income Tax: $10,457
* Total Taxes: $24,149 + $10,457 = $34,606
* Traditional 401(k) Contribution: $23,000
* Taxable Income After 401(k): $139,256 - $23,000 = $116,256
* After-Tax Income: $116,256 - $34,606 = $81,650
* Investment Goal: $67,200 (including 401(k)) so after 401(k) I need to contribute $44,200 to brokerage account
* Cash Left to Spend: $81,650 - $44,200 = $37,450
I want to double check my math. After taxes and investing, I have ~$3.1k for rent, bills, food, entertainment, travel, etc. Is my math correct? submitted by /u/78523985210
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My Math
* Gross Income: $139,256
* Federal Income Tax: $24,149
* CA State Income Tax: $10,457
* Total Taxes: $24,149 + $10,457 = $34,606
* Traditional 401(k) Contribution: $23,000
* Taxable Income After 401(k): $139,256 - $23,000 = $116,256
* After-Tax Income: $116,256 - $34,606 = $81,650
* Investment Goal: $67,200 (including 401(k)) so after 401(k) I need to contribute $44,200 to brokerage account
* Cash Left to Spend: $81,650 - $44,200 = $37,450
I want to double check my math. After taxes and investing, I have ~$3.1k for rent, bills, food, entertainment, travel, etc. Is my math correct? submitted by /u/78523985210
[link] [comments]