By Christy Dunlop
www.budgetmama.com home
If you are contemplating becoming a stay at home Mom, and are worried about how you will make it without your income, you may be surprised to find out how much money your really taking home. Let’s look at an example of a salary of $30,000. |
Salary $30,000 Federal Taxes (15%) 4,500 State Taxes (7%) 2,100 FICA and Medicare (8%) 2,400 Daycare 6,250 Commuting 2.500 Work clothes ($100/month) 1,200 Meals out 1,000 Other (office gifts, convenience items etc.) 500 Actual Take Home Pay $9,550
To calculate the hourly wage that you actually take home: take actual take home pay of $9,550 divide by 52 weeks in a year divided by 40 hours per week. In our example, this is only $4.59 an hour. When deciding whether or not you can afford to stay home, make sure to consider the cost of working. |