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Old 08-10-2007, 11:08 AM
 
6 posts, read 21,180 times
Reputation: 11

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Hi,

I'm trying to figure out if I can afford to live comfortably in Charlotte. So, if someone can help me with the number crunching it would be great.

For example, if I make $75,000 a year how much of that do I actually bring home after taxes a month? I have a wife and a little boy so my filing status would be Married and 2 exemptions. Is there a formula I can run to get the numbers? Just trying to see if I can figure out my monthly living expenses.

Thanks for any information.
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Old 08-10-2007, 11:21 AM
 
Location: Cornelius
3,662 posts, read 9,666,672 times
Reputation: 801
Quote:
Originally Posted by NC2-LA-2NC View Post
Hi,

I'm trying to figure out if I can afford to live comfortably in Charlotte. So, if someone can help me with the number crunching it would be great.

For example, if I make $75,000 a year how much of that do I actually bring home after taxes a month? I have a wife and a little boy so my filing status would be Married and 2 exemptions. Is there a formula I can run to get the numbers? Just trying to see if I can figure out my monthly living expenses.

Thanks for any information.
Taking home 70% give or take a few % is a good estimate, so at $75000 I would say you bring home $52,500. This could be more if you consider tax write offs, etc.
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Old 08-10-2007, 11:24 AM
 
Location: Concord, NC
367 posts, read 1,029,295 times
Reputation: 118
Quote:
Originally Posted by NC2-LA-2NC View Post
Hi,

I'm trying to figure out if I can afford to live comfortably in Charlotte. So, if someone can help me with the number crunching it would be great.

For example, if I make $75,000 a year how much of that do I actually bring home after taxes a month? I have a wife and a little boy so my filing status would be Married and 2 exemptions. Is there a formula I can run to get the numbers? Just trying to see if I can figure out my monthly living expenses.

Thanks for any information.
First, you can claim more than 2 exemptions. I have a wife and two children. My wife does not work. I claim 9 excemptions on my federal and 5 on my state. That is the number that comes up on the withholding worksheet. I would not do this unless you have a mortgage though, or you will owe allot of money at the end of the year. I make about what you were stating a year. After taking 10% off the top for my retirement 401k and $177 a month for insurance. I bring home about $2000 a paycheck
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Old 08-10-2007, 11:45 AM
 
6 posts, read 21,180 times
Reputation: 11
Thanks for the information guys. Now I have a better idea of what to work with. BTW, I would definitely have a mortgage payment...but I hope it wouldn't eat to much of my monthly earnings. Also, my wife doesn't work.
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Old 08-10-2007, 11:55 AM
 
4,139 posts, read 11,489,780 times
Reputation: 1959
We have a mortgage and some other write offs and bring home about 80% of our salary.

Dawn
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Old 08-10-2007, 12:05 PM
 
Location: Greensboro, NC
216 posts, read 701,552 times
Reputation: 47
I've been tryin to figure out the same thing. I did pretty good in FL. I moved to TN nowing I would make less but it was WAY to much less. Now we are movin to Charlotte I will make alot more then in TN and about $8k less a yr then I was in FL. Seems like our rent in NC will be same as our rent in FL not sure about the other expenses though.
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Old 08-10-2007, 12:31 PM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,725,526 times
Reputation: 3722
When you do these "estimates" its very important you err on the side of caution. I would always estimate a little less to take home than more. That way, you'll have a little extra something hopefully on the side....
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