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Topic: Salary going to be enough?  (Read 1323 times)

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Salary going to be enough?
« on: August 21, 2007, 04:31:48 AM »
Hey all,

Would 25k a year in Liverpool be enough to get by with a 550pcm flat, food, utility bills, property tax ( what's the proper name for this? ) US federal / state taxes etc.

I don't plan on having a car or television up front, so those items listed above would be my expenses and the rest would be to save up or spend on chocolate (jk!)

This might be a broad question but any answer is appreciated.

Thanks!
Jason

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Re: Salary going to be enough?
« Reply #1 on: August 21, 2007, 08:28:08 AM »
25k will net you around £1,562 (approx) a month after taxes.  Once your rent is paid you still have around £1000 to live on for bills, travel expenses etc.  You'll probably be surprised how much that stuff adds up though!

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Re: Salary going to be enough?
« Reply #2 on: August 21, 2007, 08:29:53 AM »

25k sounds ok for Liverpool and what you list as your rent expense. You would bring home £1555 per month so I am sure you should be fine.

http://www.listentotaxman.com/ Check this site out for your take home income and UK taxes.

I am not sure what your monthly council tax will be but if you are single you get a discount. I am sure it will be under £100 per month regardless. You could call the local council to find out what council tax band you will be in (that's when you find a flat).

Regarding, US taxes, there is no worry there (you won't pay anything to the US gov since you won't be making over £82,500k. You do still have to file though.
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Re: Salary going to be enough?
« Reply #3 on: August 21, 2007, 08:36:58 AM »
sounds good to me, you should be fine on that.
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Re: Salary going to be enough?
« Reply #4 on: August 21, 2007, 09:20:07 AM »
You won't have to pay US Federal taxes. You may pay state ones, depends upon where you live (in the US).
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Re: Salary going to be enough?
« Reply #5 on: August 21, 2007, 04:12:35 PM »
Hey everyone, thanks for the good news :)

I'm currently a California resident (DUN DUN DUN!) Does anyone have any experience there?

I've posted a question regarding my taxes within California in the Tax forum, but if anyone could be of help here that would be great.
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Re: Salary going to be enough?
« Reply #6 on: August 21, 2007, 04:17:29 PM »
I'm cheating and making my permanent residence my parent's house in Texas.  :P
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Re: Salary going to be enough?
« Reply #7 on: August 21, 2007, 07:41:15 PM »
....and how may I ask are you doing that? I've got family in Tennessee!
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