Income?

Discussion in 'New Teachers' started by missml, Jun 5, 2012.

  1. missml

    missml Rookie

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    Jun 5, 2012

    This might be an odd question, but I am anticipating my first teaching job and am trying to create a budget so that I know how much I will be able to afford in rent. My main question is how much can I expect, worst case scenario, to be taken out of my paychecks each month for taxes/retirement plan? I know it is different in each state and for each person, but is there any way to know in general how much will be taken out of an approximately $30,000 salary? Thanks!
     
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  3. mopar

    mopar Multitudinous

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    I would count on about 25-35% of you salary to be taken out.
     
  4. BioAngel

    BioAngel Science Teacher - Grades 3-6

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    My first year of teaching (in NJ) I made $38,000 and every month I would bring in around $1,700 after taxes. That's with health insurance and retirement funds taken out too.
     
  5. Caesar753

    Caesar753 Multitudinous

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    I think that 35% is a good estimate.
     
  6. JustMe

    JustMe Virtuoso

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    Exactly 35% is deducted from my monthy paycheck. I do have excellent cancer coverage for myself and husband as well as disability/accident coverage.
     
  7. missml

    missml Rookie

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    Thank you all so much! Creating this budget is making me very nervous. Do any of you hold a second job during the school year, or would you recommend one? Even if it's just weekends?
     
  8. JustMe

    JustMe Virtuoso

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    A few people here do, but I couldn't do it. I work too much as is! :) Of course, you do what you have to do. Thankfully it's not necessary with my income, my husband's, and the fact we don't have children.
     
  9. waterfall

    waterfall Virtuoso

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    I did last year, decided not to this year for my own sanity but now I'm wishing I had that money! Last year I worked an additional 2 hours after school every day except Fridays. It doesn't sound bad, but after a full 8 hour day at school, having kids for 2 more hours was very draining. We already have a long day with kids being there for 7.5 hours. Plus they're just as tired and grumpy by that time and their behavior tended to much worse after school. This year we start a little later and end later, so the after school program would go to 6. 6 pm and still having kids there- I just couldn't do it!

    Next year I'll probably look for at least something extra to do- I just need the money. I would absolutely recommend a summer job, which I don't really even mind at all- I'd get bored in the summer otherwise. You'll still be getting paid by the school so that's double income for awhile.

    As for my paychecks, I actually get about 2/3 of my salary after everything is taken out. I was personally shocked at how much was taken out- so it's good you're planning ahead!
     
  10. BioAngel

    BioAngel Science Teacher - Grades 3-6

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    Jun 6, 2012

    In the 4 years that I've been teaching, I've found that its more important to me to stay withing a limited budget and have that extra time to do "me" things than take on another job and have more money. Teaching can be very draining and a lot of teachers put off doing personal things-- like taking a trip, a project around the house, etc-- until the summer.

    I like being able to use my time over the summer to find professional development workshops-- that way I don't have to worry about missing class time/setting up lesson plans. So far this is what I have planned: 2 day workshop to learn Google Apps, 2 day workshop on aligning curriculum maps with assessment strategies and formats, and a week long astronomy workshop to learn more about the content that I teach.

    So if you can live within a budget, I would try to avoid taking on more jobs and focus that time on doing things you enjoy and professional developing your skills. :)
     
  11. Jimhassel

    Jimhassel Rookie

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    Jun 7, 2012

    I agree with your words. By doing extra job extra source of income will make our budget good. As per regarding summer job lot's of people doing the same to make money. It's really a good idea.
     
  12. missml

    missml Rookie

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    Thanks everyone! You're all a great help!
     
  13. giraffe326

    giraffe326 Virtuoso

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    Financially, I have to work a second job. I live alone and own a house. Some major unexpected repairs have put me into credit card debt and we have not had a raise in 4 years. I work about 25 hours a week with the exception of November and December. Then it is about 35 hours a week.
    It is HARD. I have to make every second at school productive so that I don't get far behind. This was my hardest year doing that.
    I definitely would not work for the first several months of teaching unless it was a food/no food situation.
     
  14. ScienceGirl17

    ScienceGirl17 New Member

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    Jul 2, 2012

    Paid during summer?

    You get paid during the summer by the school? I though you only got paid for 10 months? Or does that differ between districts?

    Also, can you opt out of the health benefits to decrease the amount of money taken out of your check?
     
  15. teacherintexas

    teacherintexas Maven

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    Many places will pay you over twelve months. You'll have to ask your payroll department.

    If you don't get the health benefits and you arent covered somewhere, you'll have a penalty on your income tax if I understand Obamacare correctly (ask your payroll department- they will know more than I do). A few years ago, my district gave you some of what they paid toward insurance to those who were covered on a spouse's plan. Even if the new healthcare laws don't penalize you, I wouldn't recommend going without insurance. You never know when you could get sick or in an accident.
     
  16. waterfall

    waterfall Virtuoso

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    Jul 3, 2012

    Our checks are spread out so that we still get paid over 12 months. I believe in my district you can opt to receive your pay in 10 months instead (meaning you'd get a larger check for those 10 months, but would get nothing in the summer) but I don't know why anyone would want to do that.

    I know in my district at least, you have to have health insurance of some kind. You can opt out if you're covered on another plan (spouse's, for example) but you have to prove to the district that you have some kind of insurance coverage. Going without health insurance is a really, really bad idea- even if you're really healthy, you never know what can happen. One accident or something with no coverage and you're in debt for life. My district pays the full cost of my individual insurance plan so it's nothing out of pocket for me anyway. If I were covering a spouse or a dependent I'd have to pay some out of my check but for just me the district covers the entire premium.
     
  17. ScienceGirl17

    ScienceGirl17 New Member

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    Thanks for the information! I'm covered under my spouse's plan and he has great benefits, so I wouldn't need any additional coverage. I'll have to talk to the school to find out more about opting out.
     
  18. Aliceacc

    Aliceacc Multitudinous

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    Jul 3, 2012

    Think twice about that second job.

    Your first few years of teaching will take an enormous amount of time and effort. There's so much to learn, so much to plan. Until you become really, really solid on the material, learn how to manage the kids, learn to plan effectively, and learn how to manage the mountains of paper work, you'll find that you're very busy and frequently pretty tired. Throw in an attempt at family/social life, and I'm not sure you'll have the time for a second job.

    And of course, grad school may be on the horizon. And many of us coach or moderate an extra curricular activity.

    I say you hold off on the second job until you get all the rest figured out.

    And, for the record, I'm covered under Peter's insurance... the whole family is. So nothing comes out of my check. And we're both paid twice a month all year.
     
  19. Peregrin5

    Peregrin5 Maven

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    Jul 4, 2012

    Since I used to live on around 12,000 a year from working at my local Safeway part-time, I think it's completely possible to live on 20K a year which is around where you'll end up with a starting salary of 30K.

    Just don't live outside of your means. Keep a strict food budget and spending budget and you should be fine. If you're just getting hired, don't run out and rent a deluxe apartment. Stay at the place you're at, or find a place with comparable rent.

    There is actually professional development for teachers where you work as a research assistant over the summer in a Department of Energy Lab and they pay you 5000 for about 8 weeks. Not rolling in the dough, but it helps, and the experience is awesome.
     
  20. Pisces_Fish

    Pisces_Fish Fanatic

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    If it helps whatsoever, I take home 1,700/month and gross 30K a year. I work a 2nd job because I'm paying down student loans HARD!
     
  21. mkbren88

    mkbren88 Cohort

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    Jul 4, 2012

    My first year teaching I made 30,000 and brought home 1020ish every two weeks after taxes and insurance. Once I had my son, that dropped as my insurance went up. I was paid on a 12 month cycle.
     

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