{ "media_type": "text", "post_content": "How much do you take home after tax and maxing pre tax 401k while making 144k? Not sure if I'm doing something wrong with my withholding. I'm married filing jointly withholding at a single rate, 1 federal and 1 state. DC location. I'm only taking home $6k a month.", "post_id": "61007b1e4289d20024597b5b", "reply_count": 15, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

How much do you take home after tax and maxing pre tax 401k while making 144k? Not sure if I'm doing something wrong with my withholding. I'm married filing jointly withholding at a single rate, 1 federal and 1 state. DC location. I'm only taking home $6k a month.

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If you're maxing your 401k contribution, that's about 14%. Federal, state, fica, chops off about 25-30%. Take home of 3k sounds about right. I recommend signing up for the ESPP and maxing that out when available. It's a free 15% gain.

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If you are married and your spouse is not working odds are you are significantly overwithholding. I believe that income as single will assume 24% tax rate so add in your state and local tax plus any benefits you pay like insurance and that doesn't seem totally out of line. Did you just get married this year or have a significant change to your earnings? If not, look at your 2020 tax return and see what your total tax was and compare to your withholding to date (annualized) from your last paystub. Also, are you paying a flat amount that will get you to $19500 over the calendar year or are you contributing a % that may be pulling more from your check now and then max out before the end of the year?

I'm married and spouse works and makes 194k. I'm not newly married and contribute $19,500 a year in 401k, max HSA and pay 1200$ a year in other benefits. Our return was $2000 from IRS. I bring home 6k and spouse brings home 9k.

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What all Sm1 said above. Withholding at single rate and your health insurance premiums are probably your two biggest culprits.

Withholding at single rate because I have a spouse that also work and we are filing jointly. Other benefits are 401, HSA, and 1200 a year in other benefits (health etc)

There are good paycheck calculators online. $6k/mo is very low, though. It implies a 44% effective tax rate, which should be more in the range of 20-25%.

Nope I'm not doing that yet. That's what got me interested in the discrepancy. I'm only going to do $6k a year.

Are you paid every 2 weeks or bi-monthly?

Semi monthly. 6th and 21st of every month.

I get paid $145k take home is approx $7200 per month. Max 401k and HSA

Nope. My base is 144k. I just started making this much. My previous salary was 100k and I was taking home $4200 a month.

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