Thursday, October 28, 2010

What gross salary would I need to have a net income of $3000 a month?

My current sales career is solely commission, and I'm looking to switch professions to something more stable and less stressful.



After taxes, I need to make about $3000 a month to maintain my current lifestyle, after taxes. How much does my annual gross salary need to be in order to net that amount each month after deductions??



Thanks.What gross salary would I need to have a net income of $3000 a month?
Assuming about 30 percent deducted for taxes social security, medicare, and insurance, to leave you about $3,000 per month your salary would have to be about $51,000 per year. With 35 percent deducted, you would need $55,000 and with only 25 percent deducted, you could manage with $48,000.



That should give you a rough idea. How many deductions you would have depend on the job's fringe benefits, and the state in which you live. Some states deduct state income tax, so don't have an income tax. some employer subsidize insurance. If there is a retirement plan to which you contribute it may mean a larger deduction..What gross salary would I need to have a net income of $3000 a month?
That depends on where you live, since state and local taxes enter into the calculation, but an annual salary of $50K might do it for you.



Be aware that higher salary usually means MORE stressful work, not less. But good luck anyway.

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