Question about starting salary

well this is actualy going past what I originally started this thread for but..

ofcourse I will help out.

I'm not a leech :)

not even at this moment when I'm still a student.

Don't get me wrong, I'd love to move out the minute I get accepted at some accounting firm but again, looking at the big picture.. as you pointed out, on a 40 something a year salary you can't do many things.

and again.. the whole family oriented deal.. even when I'm on my own and separate I'd still be helping the family out etc..

I have not double checked the payroll calculation, however, $46,500/12 = $3,833.33. How does that get clear down to $1,410 per month? Must put a lot in 401K

do you know that waiters at a fine restaurant in a big US city make over $100,000 per year? Some of these guys take home $1000 per night in tips.

You should really look at more career options. CPA is one of the lowest paying careers.

So far I enjoy accounting. If when I get in the field, I find out its not meant for me then I'll consider maybe going into the finance aspect of the business.

However, you wont catch me being a waiter.

What is your current occupation?

federal taxes = 38% state + muni taxes = 3% - 10% depending on where you live mandatory social security and FICA deduction = 5 - 10% contribution to medical insurance plan = ranges from $50 - $300 per month dental insurance $10 per month

401K deduction = ???

does not include auto insurance, gas, clothes, and other insurance

ha ha, after one year of typing receipts into a computer in the back office, you will admire waiters' jobs very much.

i used to be in accounting and in restaurants, and I'd choose restaurants any day. i now am in finance.

On 26 Sep 2005 21:25:25 -0700, in alt.accounting "finance hotshot" wrote in :

What country are you in? In the US withholding is less than half of that for that income level.

maybe.

yes.

You are not even close.

maximum 401K deduction, which you should always take, is $12,800 post taxes.

Troll...

mentally unstable.

38%? LOL!!! Not at $40,000 a year, lol. Unless you're including payroll taxes, which it looks like you're doing below, in which case you've then double counted.

Social Security + FICA = 7.65% (at least at $40k, it drops off when you're making a little more than twice that).

Including insurance, gas, groceries, clothes, and some entertainment, you're luck at $40k to bring home $100 a month. But after taxes, you should be looking at around a net $1200-$1300 per paycheck twice monthly.

I guess that, not being an accountant, I have always been in the 38% bracket all my work life, so I wouldn't know anything about the lower tax brakets.

I guess that, not being an accountant, I have always been in the 38% bracket all my work life, so I wouldn't know anything about what life is like in the lower tax brakets.

LMFAO!!! You're an idiot (and a liar to boot).

buddy, i pay more taxes to Uncle Sam in one year than you make in 5. think about it.

I did think about it. I laughed my butt off. You're pathetic. bye.

oh wait.. you were calling him a troll?

how come you replied to my post?

Answering your question...

i see :)