- Feb 12, 2007
- 59,425
- 24,066
- 2,290
I did a quick estimate of what it could cost a two income family living in CA in terms of taxes and expenses. It's not a high life style.
Gross Income 174,000.0
401K contribution 26,100.0
Pre-Tax Health 4,800.0
Adjusted Income 143,100.0
Federal Taxes 36,000.0
CA State taxes 9,700.0
FICA 11,252.1
Property Taxes 6,000.0
Total Taxes 62,952.1
After tax income 80,147.9
Mortgage & Insurance 30,000.0
Car payments & Insurance 6,000.0
Gasoline 3,600.0
Utilities 4,800.0
Food 9,600.0
Phone & Internet 1,800.0
Dining Out 2,400.0
Clothing 3,000.0
Childcare 12,000.0
Houshold 1,600.0
Entertainment 1,200.0
Life Insurance 1,200.0
Personal Care 1,200.0
Car & House Maintenance 2,000.0
Total Expenses 80,400.0
Balance (252.1)
Exactly and your list of expenses does not even consider sending kids to college. Which if you have a couple of bright kids of college age who get into good schools, can be a lot.
No kidding. The one thing I did include was to make sure they took advantage of the 401K - but it's their only real savings. There is no rainy day fund in this.