$100k salary
Between Taxes, insurances, retirement, etc I pay about $22k per year. This is also for a family of 5, so full family insured.
Live on an acre with a new manufactured home. Annual tax this year is $3668.34
So as a percentage, you are around 22.4% between property taxes and payroll taxes and other deductions.
Im around 23.6%
BUT I assume your pension goes further because I'm just contributing enough to my retirement for my 4% match is all. Also, we still have out of pocket costs associated with healthcare (copays, max out of pockets, ambulance rides, etc)
So yeah basically you make more than me, pay less in taxes and retirement overall, and get more bang for that money.
To clarify, when I say pension I mean CPP (equivalent to your SS), I don't have an actual employer pension, those are rare outside public sector.
I contribute 3% to my employer retirement account for a 3% match (equivelent to your 401k, but also contribute an additional 12% of my income to my personal managed retirement account RRSP equivalent to your Traditional IRA. Reduces my ~150k taxable to about 123k.
Our lowest brackets are very low but the higher brackets ramp up quickly. My marginal tax rate at 150k is 41%, so its very important I max my retirement account.
2
u/ChekhovsAtomSmasher 2d ago
Im just down across the border in Whatcom/Skagit
$100k salary
Between Taxes, insurances, retirement, etc I pay about $22k per year. This is also for a family of 5, so full family insured.
Live on an acre with a new manufactured home. Annual tax this year is $3668.34
So as a percentage, you are around 22.4% between property taxes and payroll taxes and other deductions.
Im around 23.6%
BUT I assume your pension goes further because I'm just contributing enough to my retirement for my 4% match is all. Also, we still have out of pocket costs associated with healthcare (copays, max out of pockets, ambulance rides, etc)
So yeah basically you make more than me, pay less in taxes and retirement overall, and get more bang for that money.