How much is $50,000 a year after state & federal taxes in Massachusetts?

March 15, 2010 2:22 PM

How much is a salary of $50,000 per year after state & federal taxes in Massachusetts?

How much is $50,000 a year after state & federal taxes in Massachusetts? (Trying to figure out a monthly income sans taxes)

Thanks!

posted by cheero to Work & Money (11 answers total)

That depends. Are you filing single or married? Standard deduction, or itemizing? Do you have kids or other dependents? We need a lot more information to determine how much of your money the various governments will want.
posted by decathecting at 2:27 PM on March 15, 2010

Put your exemptions into this calculator.
posted by saffry at 2:28 PM on March 15, 2010 [2 favorites]

Try this. It will depend on your filing status and a few other variables you can plug in.

(sans means without, so your monthly income "sans taxes" would be $50k/12)
posted by birdherder at 2:29 PM on March 15, 2010

According to paycheckcity, it'll be about $35,900 a year assuming no exemptions or deductions (beyond the standard ones.)
posted by jourman2 at 2:33 PM on March 15, 2010

Also: that money won't go as far as it does elsewhere. Average cost of living in Massachusetts is 123% of the national average, and average housing cost is 139%.

Damn.
posted by valkyryn at 4:14 PM on March 15, 2010

In the Boston area, it's enough to either get a single bedroom apartment to yourself and live kind of frugally, or get a roommate/SO to live with and live extremely well.

In western mass, you can easily buy a nice house and a car and live really well.
posted by contrarian at 4:51 PM on March 15, 2010

Also don't forget about Medicare/Social Security withholdings as well as health care, which will take out more.
posted by that girl at 5:25 PM on March 15, 2010

In the Boston area, it's enough to either get a single bedroom apartment to yourself and live kind of frugally

Possible if you're willing to live in say, Quincy. Less possible in Cambridge/Somerville where renting anything (without roommates) for less than $1000 a month is near impossible.
posted by dyslexictraveler at 5:37 PM on March 15, 2010

Response by poster: @sorry for the lack of info. I'd be filing as single, standard deduction. No kids or dependents.
posted by cheero at 5:50 PM on March 15, 2010

I have to disagree with contrarian about a nice house and car and live really well.

What about health care? My plan is $700 a month plus another 80 dollars for one prescription.

After taxes and contribute to a 401 K thats not a lot of money in Massachusetts.

You can get a house for about 200,000 in some of the cheaper towns. Taxes, utilities, etc.

I think that is out of the range of someone grossing 50,000.
posted by beccaj at 7:30 PM on March 15, 2010 [1 favorite]

Based on online calculators you'd be looking at about $1400 after tax for you biweekly paychecks.

Rents are pretty expensive here. Living alone it'll be hard to find a place for less than $1000 per month. $1200 is more likely if you want a 1br. Living with a group of people will still probably be at least $700-800 per month if you want to be reasonably close to a T stop. You might be able to get down towards $600 if you are willing to be a bit further out (e.g. Davis or JP or Mission Hill)

For a bit more than you are making, living in a nice part of town (Symphony) with one roommate I've been feeling like I can live pretty well.
posted by vegetableagony at 2:21 PM on March 22, 2010