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Originally Posted by xxweekxx
not really. you are forgetting SE taxes, and good ol state tax.. u r gonna live on more like $450k
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Ok if you're going to be technical. SE taxes would be about $125K but since you get to deduct half that off your income it reduces the taxes I mentioned earlier by $22K. So an overall increase of around $103K. State taxes? Good thing I live in a state with ZERO income tax. So I'd "only" have $513k to live on. Even if I did live ina state with an income tax that tax is dedectable on income taxes too.
Also this isn't taking into account personal exemption and dependant deduction. If you were married with 2 kids you're taxes would be lowered even more, but I won't get into that.
So if you have an income of $880K and you only have $450k left over I'd sue your accountant.