Simple Year In Finance

Optimize contributions & preview tax implications

Income

$30k$250k$500k
$
Monthly: $6,250Bi-weekly: $2,885
Monthly net: $4,500Bi-weekly net: $2,077
(Net = after taxes and contributions)

Your Age

30 years
184575

State Tax Settings

California Tax Info:

  • Brackets: 9(0% -0.1%)
  • Standard Deduction:$5,202

Retirement Contributions

Employer-Sponsored Plans

$4,500 / $23,000

2024 Contribution Limits:

401(k): $23,000($22,500)
IRA: $7,000($6,500)

401(k) limits apply to combined Traditional and Roth 401(k). IRA limits apply to combined Traditional and Roth IRA.

Employer Match

Match %
%
Up to %
%
Your employer matches 3% of contributions up to 6% of salary.
You're getting the full employer match! ($0)
$4,500
0%6%31%
$0
No income limits for Roth 401(k) contributions
0%0%25%

Personal Retirement Accounts

$6,500 / $7,000
$0
$0$0$7,000
Your Traditional IRA contribution will be fully tax-deductible.
$6,500Near limit
$0$6,500$7,000

Additional Investments

$2,400
$0$2,400$45,250
All limits based on 2024 IRS contribution rules

Financial Summary

Income & Taxes0% tax rate
Base Income:
$75,000
Total Income:
$75,000
Federal Tax:
$0
State Tax:
$0
Take-Home Pay:
$0
Investments0% of income
Traditional 401(k):$0
Roth 401(k):$0
Traditional IRA:$0
Roth IRA:$6,500
Employer Match:$0
Retirement Subtotal:$6,500
Taxable Investment:$2,400
Total Contributions:$8,900
Income
Gross: $75,000
After contributions: $75,000
Tax Rates
Marginal Rate:22%
Effective Rate:0%

Federal Tax Brackets

10%$0k - $12k
12%$12k - $47k
22%$47k - $101k
24%$101k - $192k
32%$192k - $244k
35%$244k - $609k
37%$609k+
After Contributions

Take-Home Pay

$0

Total Tax (0%)

$0

Tax Savings

$0

Total Contributions

$8,900

Retirement: $6,500Taxable: $2,400

Tax Breakdown

Federal Tax:$0
Federal Tax Savings:$0
State Tax (CA):$0
State Tax Savings:$0
Local Tax:$0
Total Tax:$0

Contribution Limits

401(k):$0 / $23,000
Traditional IRA:$0 / $7,000
Roth IRA:$6,500 / $7,000

Income Breakdown

Employment Income:$75,000
Total Income:$75,000
Total Tax:$0
Total Contributions:$8,900
Take-Home Pay:$0

Key Insights

  • Consider saving at least 15% in retirement accounts (currently 8.7%). Plus 3.2% in taxable investments.

Contributions

Traditional 401(k):$0
Roth 401(k):$0
Traditional IRA:$0
Roth IRA:$6,500
Taxable Investment:$2,400
Employer Match:$0
Total Contributions:$8,900