If I earn 350000 usd yearly before tax, married and have 1 child, how much will I have in my pockets after tax?

NOTE: Living in floridaIf I earn 350000 usd yearly before tax, married and have 1 child, how much will I have in my pockets after tax?
By earn, I'm guessing that you mean this is your income from a salary, not dividends on stocks, or interest on a bank account.





Assuming that you rent your home, don't give money to charity, and have no other deductions, then your pay would be like this for 2009:





Gross annual pay $350,000.00


Social Security 6,621.60


Medicare 5,075.00


Federal income tax 88,355.00





Net pay $249,948.40





There are a lot of other factors that could change the calculation, such as contributions to an IRS or 401K retirement plans, pre-tax withholding for transit cost, medical insurance, etc.





I hope this helps.


GaryIf I earn 350000 usd yearly before tax, married and have 1 child, how much will I have in my pockets after tax?
Using the 2008 figures and assuming that you took the standard deduction (unusual at that income level) you'd pay about $88,914 in Federal income taxes, $6,324 in Social Security tax, and $5,075 in Medicare tax. State income taxes could run as little as $0 or as high as about $30,000 depending upon what state you lived in.





Therefore your tax liability would range from $100,313 to about $130,313 and your net between $219,687 and $249,687.