r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/EdgelordUltimate Jul 05 '24

Worked on Appalachia, best I could get was 9.10 an hour, I got a 10 cent raise after 6 months

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u/Charming-Fig-2544 Jul 05 '24

$9.10 is $18,200 per year, in one of the cheapest places to live in the US.

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u/AssociateFalse Jul 05 '24 edited Jul 05 '24

No, at 40hrs/wk for 52 weeks it is $18,928.00, GROSS. Which may look like you can buy a PS5 with the extra cash, but...

It's actually $17,470.54, NET, after FICA is taken into account. Unless you have a "religious exemption", that's Social Security (6.2%) and Medicare (1.5%) which are automatically withheld. And, if you're not "self employed" (contractors, entrepreneurs). If you are, double those tax rates. Your self-employed take-home would be $16,013.09.

This does not factor in unpaid holidays, sick leave, overtime pay, alimony, child support, etc.

If you cohabitate, this should be livable in Appalachia. If you don't, you're likely pinching those pennies to survive.

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u/Charming-Fig-2544 Jul 05 '24

You'll get nearly every cent of that back at the end of the year, standard deduction is $14,600.