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Old 02-25-2005 | 09:08 AM
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scottrc
 
Joined: Mar 2003
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From: A TREE, KS
Default RE: OFF TOPIC-Need info on US wages

You can expect a salary, depending on where you live, to be offered between $40,000 to $100,000 a year.
Many investment magazines, such as "Smart Money" offer "cost of living" indexes that show how much it will cost to live in Seattle vs Fargo North Dakota. Also, check the internet for these indexes. You may think, hey I'll take the Seattle job because they are offering $210,000.00 a year vs $56,000.00 that Fargo offered me. However, a 1 bedroom flat in Seattle might cost you $5000.00 a month in rent, plus your two hour commute, plus tolls vs a brand new 4 bedroom, two bath, double car garage house in Fagro may cost you $1500.00 a month and you can live 5 minutes from your workplace.
According to this years tax figures, the average per capita income for a middle aged person with a Masters degree in engineering is $79,000.00. So expect to start around $50,000.00.

Now comes the big kicker in America. Your taxes. How many kids do you have? What kind of investing do you do? Do you do any contract work or work on your own? This is where you can either pay through the nose or make out like a bandit. The US tax codes are very robust, and those who are in the $50 to $1000 wage range are taxed the highest, so once you get your job, get a good tax advisor to help you navigate all the tax loopholes that you may fall through if you are not careful.

Oh, and be very afraid of local taxes. The Fed will let you deduct everything but he kitchen sink and you should be able to get a return, however, the state will turn around and not allow any deductions, so what the Fed givith, the state will taketh away.

Then, expect a huge chuck, 30% at least, to go to health care. Take advantage of felxible spending accounts, 401Ks, and IRAs if your employer offers them.

You will be in the hardest wage bracket in America. What you will acutually be able to put in the bank at the end of the month will depend on how well you manage you finances, not on how much they pay you. 75% of people in America who are in high debt, or are declairing bankruptcy, make in this wage bracket.

Scott