Pharmacist-take home pay

[ETSUpharmStudent]

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I've seen some threads on here about take home pay, and was just curious what you guys are bringing home after taxes for every two week period, or monthly. I could not find any recent threads on this, so I figured I'd start a new one. Feel free to include where you work for, and what type of pharmacist that you are.

 

[confettiflyer]

Take home pay: $3200 biweekly
Location: San Francisco Bay Area
Setting: Inpatient/acute care, clinical role.
Major non-tax withholds: Maximum 401(k)/403(b) ($17.5k/yr), partial 457(b)/deferred withhold ($5k/yr), maximum FSA ($2500/yr) for 2014.
Tax withholds: Federal @ single rate, 1 exemption; State @ single rate, 1 exemption.
Minor non-tax withholds: Disability insurance, additional term life/AD&D insurance, all post-tax. Health/vision/dental.
Other Caveats: SS tax not yet adjusted for annual max, adds equivalent of +$100/biweekly once maxed out.

I split my direct deposit and shuttle about $400 biweekly into an taxable brokerage account/savings account, so functionally take home pay becomes $2800 biweekly.

 

[MatCauthon]

Take home pay: $3200 biweekly
Location: San Francisco Bay Area
Setting: Inpatient/acute care, clinical role.
Major non-tax withholds: Maximum 401(k)/403(b) ($17.5k/yr), partial 457(b)/deferred withhold ($5k/yr), maximum FSA ($2500/yr) for 2014.
Tax withholds: Federal @ single rate, 1 exemption; State @ single rate, 1 exemption.
Minor non-tax withholds: Disability insurance, additional term life/AD&D insurance, all post-tax. Health/vision/dental.
Other Caveats: SS tax not yet adjusted for annual max, adds equivalent of +$100/biweekly once maxed out.

I split my direct deposit and shuttle about $400 biweekly into an taxable brokerage account/savings account, so functionally take home pay becomes $2800 biweekly.

So are you saying that the $400 biweekly covers your 401k, FSA, and 457(b)? I am only asking becasue I am trying to figure out how much it will cost me bimonthly to put in $17.5k/yr into an IRA.

Without the FSA and 457(b), how much do you think your $17.5k/yr contribution costs per paycheck?

Thanks

 

[fauxden]

So are you saying that the $400 biweekly covers your 401k, FSA, and 457(b)? I am only asking becasue I am trying to figure out how much it will cost me bimonthly to put in $17.5k/yr into an IRA.

Without the FSA and 457(b), how much do you think your $17.5k/yr contribution costs per paycheck?

Thanks

Well, an IRA has a max contribution limit per year of 5500, unless you are >50 then its 6500. But if you are just asking how much it would take to max 17.5k out in a 401k with bimonhtly payments (twice a month payments)... then wouldn't it just be 17500/12 months in a year/2 payments per month = $729 every 2 weeks?

 

[MatCauthon]

Well, an IRA has a max contribution limit per year of 5500, unless you are >50 then its 6500. But if you are just asking how much it would take to max 17.5k out in a 401k with bimonhtly payments (twice a month payments)... then wouldn't it just be 17500/12 months in a year/2 payments per month = $729 every 2 weeks?

I probably just need to talk to a financial planner. If it is 401k, I think it gets more complicated because it comes out before taxes. I think IRA after taxes though-- thanks for reminding me of the numbers. I have been so busy paying off my loans that I haven't fully funded my retirement accountsyet.

 

[PistonFan531]

I probably just need to talk to a financial planner. If it is 401k, I think it gets more complicated because it comes out before taxes. I think IRA after taxes though-- thanks for reminding me of the numbers. I have been so busy paying off my loans that I haven't fully funded my retirement accountsyet.

I know that 401K comes out before taxes. I thought that IRA comes out before taxes as well? I could be wrong though.

 

[anewmanx]

35% 😵, my goodness you need a wife and some kids.

 

[awval999]

Take home $2800 biweekly, which includes health, dental and 10% 403b deferral. Exemptions tailored for as close to a $0 tax refund as possible.

 

[confettiflyer]

So are you saying that the $400 biweekly covers your 401k, FSA, and 457(b)? I am only asking becasue I am trying to figure out how much it will cost me bimonthly to put in $17.5k/yr into an IRA.

Without the FSA and 457(b), how much do you think your $17.5k/yr contribution costs per paycheck?

Thanks

Easy, just divide the annual amounts by 26. That amount is unaffected by FSA and the deferred plan. So 401k/403b is $673 per paycheck of pre-tax $$. The FSA is $96, and deferred is $192 as well. So that's a total of $962 per check pre-tax.

 

[confettiflyer]

Take home $2800 biweekly, which includes health, dental and 10% 403b deferral. Exemptions tailored for as close to a $0 tax refund as possible.

I got nailed with a $5000 tax bill for 2013...I'm purposely overwithholding this year aiming for a $2-3k refund because the prospect of paying an underwithholding penalty is concerning. I actually downloaded this convoluted 1040 form and am tracking every few weeks my projected withholding and refund.

 

[fauxden]

I know that 401K comes out before taxes. I thought that IRA comes out before taxes as well? I could be wrong though.

I probably just need to talk to a financial planner. If it is 401k, I think it gets more complicated because it comes out before taxes. I think IRA after taxes though-- thanks for reminding me of the numbers. I have been so busy paying off my loans that I haven't fully funded my retirement accountsyet.

401K comes out pre-tax, so it is just some simple math. You don't have to worry about taxes/etc. There are two types of IRAs- Traditional and Roth. Roth is taken out after tax, but you don't have to pay tax on the growth. Traditional IRA the money comes out pre-tax, but you do pay tax on it.

 

[confettiflyer]

Well, an IRA has a max contribution limit per year of 5500, unless you are >50 then its 6500. But if you are just asking how much it would take to max 17.5k out in a 401k with bimonhtly payments (twice a month payments)... then wouldn't it just be 17500/12 months in a year/2 payments per month = $729 every 2 weeks?

If you're in a qualified plan (401k/403b), you're disallowed the deduction on an IRA (meaning you can't do $17,500 + $5500 = $23k pre-tax). Most people on the forum will recommend a back door Roth conversion on that additional $5.5k. I would do that personally, but I get more benefit in deferring compensation pre-tax to lower my IBR amount.

 

[sosoo]

work for cvs $2,200 biweekly. probably the lowest paid company.

 

[awval999]

I got nailed with a $5000 tax bill for 2013...I'm purposely overwithholding this year aiming for a $2-3k refund because the prospect of paying an underwithholding penalty is concerning. I actually downloaded this convoluted 1040 form and am tracking every few weeks my projected withholding and refund.

There's a thousand dollar buffer safe harbor. As long as you don't owe more there are no penalties.

 

[pezdispenser]

I'm putting mine out there so that pre-pharms and students don't get their hopes up.

I make $52.xx/hr so my base is $110k/yr.
Federal tax is about 15-20% depending on how you set your W4 allowances.
State tax = ?
Social Security is 6.2%
Medicare 1.45%
If you want to max out 401(k) at $17.5k, that's 16%
Luckily I have cheap health and dental for $16/paycheck

Take home is just $2,500 every 2 weeks!

Now a $250k student loan at 6.8% on the 30 yr repayment plan has a monthly payment of $1,630/month.
That already takes a big chunk out of the $5,500/mo take home pay, and you'll have to do it for the next 30 yrs!

If you want to pay it off faster, you'll have to make even bigger payments. Problem is, after housing and perhaps a shiny new BMW lease payment, you really don't have that much room to increase. But lets say you do cut back and live on $2,500/mo, and put $3k/mo to your student loans. It will still take you about 10 years to pay off $250k!

So the bottom line is don't take on $250k in debt to become a pharmacist! You'll end up drowning in debt for the rest of your life, living paycheck to paycheck, so you'll never be able to get ahead... or living like a pauper trying to pay it off.

 

[oldstock]

I'm putting mine out there so that pre-pharms and students don't get their hopes up.

I make $52.xx/hr so my base is $110k/yr.
Federal tax is about 15-20% depending on how you set your W4 allowances.
State tax = ?
Social Security is 6.2%
Medicare 1.45%
If you want to max out 401(k) at $17.5k, that's 16%
Luckily I have cheap health and dental for $16/paycheck

Take home is just $2,500 every 2 weeks!

Now a $250k student loan at 6.8% on the 30 yr repayment plan has a monthly payment of $1,630/month.
That already takes a big chunk out of the $5,500/mo take home pay, and you'll have to do it for the next 30 yrs!

If you want to pay it off faster, you'll have to make even bigger payments. Problem is, after housing and perhaps a shiny new BMW lease payment, you really don't have that much room to increase. But lets say you do cut back and live on $2,500/mo, and put $3k/mo to your student loans. It will still take you about 10 years to pay off $250k!

So the bottom line is don't take on $250k in debt to become a pharmacist! You'll end up drowning in debt for the rest of your life, living paycheck to paycheck, so you'll never be able to get ahead... or living like a pauper trying to pay it off.

excellent info !! thanks !! 👍👍

 

[Dr Wario]

I'm putting mine out there so that pre-pharms and students don't get their hopes up.

I make $52.xx/hr so my base is $110k/yr.
Federal tax is about 15-20% depending on how you set your W4 allowances.
State tax = ?
Social Security is 6.2%
Medicare 1.45%
If you want to max out 401(k) at $17.5k, that's 16%
Luckily I have cheap health and dental for $16/paycheck

Take home is just $2,500 every 2 weeks!

Now a $250k student loan at 6.8% on the 30 yr repayment plan has a monthly payment of $1,630/month.
That already takes a big chunk out of the $5,500/mo take home pay, and you'll have to do it for the next 30 yrs!

If you want to pay it off faster, you'll have to make even bigger payments. Problem is, after housing and perhaps a shiny new BMW lease payment, you really don't have that much room to increase. But lets say you do cut back and live on $2,500/mo, and put $3k/mo to your student loans. It will still take you about 10 years to pay off $250k!

So the bottom line is don't take on $250k in debt to become a pharmacist! You'll end up drowning in debt for the rest of your life, living paycheck to paycheck, so you'll never be able to get ahead... or living like a pauper trying to pay it off.

Nice breakdown, though interestingly enough, those who would be predisposed to knocking out debt would never take on 250k in loans for a 120k annual income. As I keep saying on this board, financially responsible/strong pharmacists make for us having more control of the profession instead of letting profit mongering companies dictate how we practice.

 

[Mad Jack]

35% 😵, my goodness you need a wife and some kids.

A wife and kids will cost you way more than the 5% you save on taxes...

 

[anewmanx]

A wife and kids will cost you way more than the 5% you save on taxes...

5%? My effective tax rate if I was working as a pharmacist would be closer to 15% federal in WA state(no state tax,) plus social security and medicaid tax. That puts me in closer to 12% saved. That's assuming my wife is working as well. The situation is even better for a pharmacist with one kid and wife, and they are the only one who works.

A wife and kids don't cost that much, not nearly that much. A wife can be a real blessing, especially if she works. It's a myth that kids cost a lot. Kids are incredibly inexpensive. Buy second hand clothes, cook meals at home, use public schools, make them pay their own way for college education. Problem solved.

Wonderful site: https://www.calcxml.com/calculators/federal-income-tax-calculator

 

[Mad Jack]

5%? My effective tax rate if I was working as a pharmacist would be closer to 15% federal in WA state(no state tax,) plus social security and medicaid tax. That puts me in closer to 12% saved.

A wife and kids don't cost that much, not nearly that much. A wife can be a real blessing, especially if she works. It's a myth that kids cost a lot. Kids are incredibly inexpensive. Buy second hand clothes, cook meals at home, use public schools, make them pay their own way for college education. Problem solved.

Wonderful site: https://www.calcxml.com/calculators/federal-income-tax-calculator

It's a break even proposition at best unless your wife has a decent job. I'm just sayin' don't do it for the money, basically, cause the extra effort you sink in just to end up back at square one or worse just isn't worth it if a family isn't high on your priorities list.

 

[anewmanx]

Lol, true, you'd have to be an awful person to have family and kids just for money.

 

[alprazolamborghini]

could you guys please focus on the topic? side conversations will make this thread boring and useless.

 

[Aznfarmerboi]

My take home pay is 4000 biannually because I already maxed out my SS tax...

without OT!

 

[Aznfarmerboi]

okay jk... 38xx...

 

[type b pharmD]

married, about $4100/paycheck before deductions.

Caveats: undesirable location, 44 hour weeks, and $350/check for health care (incl FSA)

Pros: amazing job and more OT is available if I want it (currently work one OT per check)

 

[ramizlol]

I'm putting mine out there so that pre-pharms and students don't get their hopes up.

I make $52.xx/hr so my base is $110k/yr.
Federal tax is about 15-20% depending on how you set your W4 allowances.
State tax = ?
Social Security is 6.2%
Medicare 1.45%
If you want to max out 401(k) at $17.5k, that's 16%
Luckily I have cheap health and dental for $16/paycheck

Take home is just $2,500 every 2 weeks!

Now a $250k student loan at 6.8% on the 30 yr repayment plan has a monthly payment of $1,630/month.
That already takes a big chunk out of the $5,500/mo take home pay, and you'll have to do it for the next 30 yrs!

If you want to pay it off faster, you'll have to make even bigger payments. Problem is, after housing and perhaps a shiny new BMW lease payment, you really don't have that much room to increase. But lets say you do cut back and live on $2,500/mo, and put $3k/mo to your student loans. It will still take you about 10 years to pay off $250k!

So the bottom line is don't take on $250k in debt to become a pharmacist! You'll end up drowning in debt for the rest of your life, living paycheck to paycheck, so you'll never be able to get ahead... or living like a pauper trying to pay it off.

Pre pharm student here... Thank god for this forum! any school over 20k a year will not receive my app.

 

[fauxden]

Pre pharm student here... Thank god for this forum! any school over 20k a year will not receive my app.

if you were truly smart, no school would receive your app

 

[confettiflyer]

I'm putting mine out there so that pre-pharms and students don't get their hopes up.

I make $52.xx/hr so my base is $110k/yr.
Federal tax is about 15-20% depending on how you set your W4 allowances.
State tax = ?
Social Security is 6.2%
Medicare 1.45%
If you want to max out 401(k) at $17.5k, that's 16%
Luckily I have cheap health and dental for $16/paycheck

Take home pay is so variable, just even on the basis of taxes...you'll have single pharmacists, married pharmacists, living in different states, etc... So lemme throw my gross #'s out:

Location: SF Bay Area, California
Setting: Inpatient/acute care hospital
Gross pay: ~$78/hr (this is a weighted average of my last 3 paychecks, my rate varies depending on different things).

Biweekly Paycheck starting from the top (80 hrs per pay period):
Gross pay: $6240
Federal: ($1137)
State: ($413)
Social Security: ($279)*
*I just took the maximum per year and divided by 26, the reality is I have to adjust when I hit the max...and my per diem employment I just claim a refund the following year for SS tax withheld.
Medicare: ($89)
CA Disability: ($61)

Gross pay after taxes, before other deductions: $4261
Medical/Dental/Vision: ~($40)
FSA ($2500/yr): ($96)
401k/403b ($17,500/yr): ($673)
457(b)/deferred (DCP, $5000/yr): ($192)

Net pay after taxes and deductions: $3260

After Tax Deductions:
Disability insurance, life insurance, AD&D: ($30)

Final Net Amount: $3230 / 2 weeks

*I'm not doing this to brag, consider my cost of living as well (I think 2nd highest behind New York City).

 

[ramizlol]

if you were truly smart, no school would receive your app

Why is that? Saturation is only a problem in big cities. I'll live in a rural area then travel on weekends.

 

[waiter]

FSA ($2500/yr): ($96)

why max out FSA?

 

[SoylentGreen]

Pharmacy manager at a big chain in an undesirable location. I'm gonna go back to my vacation, since that's the last time I didn't get OT:

Gross: ~5800
Net: ~3400

That's after 6% going into a 401k. In reality it's usually at least $4K due to OT, and it's gone up since I maxed social security in august (but will go back down next year, of course), which was after the paystub quoted above. I also have a side job consulting that probably averages to about $300 biweekly, and my tax forms were filled out wrong so I'll get a big refund that will amount to about $400/pay period (I'm married with 2 kids but withholding like a single person). So a more realistic figure would be closer to $5000, but I have to work a lot for it.

 

[confettiflyer]

why max out FSA?

I'm buying a truckload of band aids and selling them on the black market in Indonesia.





just kidding, getting Lasik done.

 

[fauxden]

Why is that? Saturation is only a problem in big cities. I'll live in a rural area then travel on weekends.

.......This isn't the thread for this type of discussion (just kidding, all SDN threads are the place for this type of conversation), but let me answer you in with a metaphor. Have you ever spilled water on the floor? Well at the point of contact there is lots of water, but, as you may have noticed, water has this ability to migrate, or flow, to other areas aside from where it was directly poured. Pharmacists are like this water. They may be concentrated in big cities right now, but they will flow/migrate to more rural areas. You are an absolute fool to think that just because you are in a rural area you will have job security. I saw that graduating pharmacists are going to be up to 15k/year soon. So that is 60,000 pharmacists that will hit the work force (or unemployment line) before you are even done with school. Do you think that is sustainable? If you do...well....apply to pharmacy school. PS. I live in a very rural area. How do you think I got here? I migrated here from a bigger city....

 

[mustang sally]

Why is that? Saturation is only a problem in big cities. I'll live in a rural area then travel on weekends.

This is pretty much what we do. And just FYI, traveling gets old after awhile. And expensive.

 

[PumpkinSmasher]

Why is that? Saturation is only a problem in big cities. I'll live in a rural area then travel on weekends.

If you end up in retail/hospital, you will be working a lot of those weekends. Saturation is a growing problem in large and small cities. Getting yourself stuck in some rural retail pharmacy with limited tech support and no pharmacist overlap sounds like a nightmare to me.

 

[Sunshine98]

$3100 every 2 weeks after the standard stuff is taken out (401k, Ins, Dental, LTD, SS, State, Federal, etc)

 

[ramizlol]

.......This isn't the thread for this type of discussion (just kidding, all SDN threads are the place for this type of conversation), but let me answer you in with a metaphor. Have you ever spilled water on the floor? Well at the point of contact there is lots of water, but, as you may have noticed, water has this ability to migrate, or flow, to other areas aside from where it was directly poured. Pharmacists are like this water. They may be concentrated in big cities right now, but they will flow/migrate to more rural areas. You are an absolute fool to think that just because you are in a rural area you will have job security. I saw that graduating pharmacists are going to be up to 15k/year soon. So that is 60,000 pharmacists that will hit the work force (or unemployment line) before you are even done with school. Do you think that is sustainable? If you do...well....apply to pharmacy school. PS. I live in a very rural area. How do you think I got here? I migrated here from a bigger city....

Thanks for the advice! Pharmacy is not the only career that is suffering.

If you end up in retail/hospital, you will be working a lot of those weekends. Saturation is a growing problem in large and small cities. Getting yourself stuck in some rural retail pharmacy with limited tech support and no pharmacist overlap sounds like a nightmare to me.

I appericate you guys' advises but what are my other options? I have tried to do computer programming or web developing but I can never do that for rest of my life(I am currently a senior web developer at a HS). I believe PA are in demand but I would rather become a doctor instead.

 

[BidingMyTime]

A wife and kids will cost you way more than the 5% you save on taxes...

Yeah, but think of the free entertainment factor! Not only are you saving on taxes, you are saving on entertainment!


Not to mention, with my spouse (non-working) & 5 kids, we are pretty close to paying no income taxes. 1 more kid and we might hit zero.....

 

[WVUPharm2007]

I just went past the stupid SSA cap. I don't have to pay it again until January. Ha ha, everyone poorer than me. I'm no longer paying for the elderly and you are.

 

[Sparda29]

This is pretty much what we do. And just FYI, traveling gets old after awhile. And expensive.

Traveling never gets old as long as you go to a different place each time.

 

[PumpkinSmasher]

Traveling never gets old as long as you go to a different place each time.

I agree, the wife and I travel frequently and live within 30 minute drive of our state's international airport. But for folks who live in rural areas and have to travel half a day to a full day just to get to a decent size airport and then have multiple flight connections just to get out of the country, then traveling can get exhausting.

 

[Sparda29]

I agree, the wife and I travel frequently and live within 30 minute drive of our state's international airport. But for folks who live in rural areas and have to travel half a day to a full day just to get to a decent size airport and then have multiple flight connections just to get out of the country, then traveling can get exhausting.

I can be at JFK Airport in less than 10 minutes without traffic coming from my house. I can be at LaGuardia Airport in less than 10 minutes from my job.

I see all that traveling just to get out of the country as part of the adventure. I'm the dude on the plane who's taking pics of everything mid-flight, right after take off, right before landing, from the tarmac, etc.

 

[mustang sally]

Traveling never gets old as long as you go to a different place each time.

I enjoy traveling but to me there is a difference between traveling as in going away on vacation vs. "traveling" just because you want to go to a town with a decent restaurant on your weekend off. That's the type of traveling I'm referring to. Damn, I really need to move to a bigger town.

 

[Sparda29]

I enjoy traveling but to me there is a difference between traveling as in going away on vacation vs. "traveling" just because you want to go to a town with a decent restaurant on your weekend off. That's the type of traveling I'm referring to. Damn, I really need to move to a bigger town.

Ah. Yeah, I guess I'm spoiled when it comes to nice restaurants. Queens, Brooklyn, Manhattan, Long Island, doesn't get any better.

 

[confettiflyer]

I enjoy traveling but to me there is a difference between traveling as in going away on vacation vs. "traveling" just because you want to go to a town with a decent restaurant on your weekend off. That's the type of traveling I'm referring to. Damn, I really need to move to a bigger town.

I remember talking to someone about this being a generational thing - I said I need to like where I live, enjoy it...and not live somewhere because I had to or because the job was great (Golden Handcuffs anyone?)

There was a pretty insightful article in NYT the other week talking about migration to Portland and the reasons young people are doing it.

 

[anewmanx]

^^^ Portland is lovely, I worked there when I was was 16-17. A little too urban for me, but it's got beautiful parks and recreation nearby. I miss the waters of Olallie Lake near Mt. Hood. You can see clear to the bottom of the lake like it's a piece of glass.

 

[confettiflyer]

^^^ Portland is lovely, I worked there when I was was 16-17. A little too urban for me, but it's got beautiful parks and recreation nearby. I miss the waters of Olallie Lake near Mt. Hood. You can see clear to the bottom of the lake like it's a piece of glass.

wtf did you just call Portland "too urban?"

eh, maybe cuz i'm used to LA, SF, NYC, Philly, etc... Portland is like a national park for hipsters.

 

[anewmanx]

wtf did you just call Portland "too urban?"

eh, maybe cuz i'm used to LA, SF, NYC, Philly, etc... Portland is like a national park for hipsters.

I never lived on less than 5 acres as a kid growing up near Portland.

Portland is too urban for me. 🙂 Then again, my idea of the dream life is a cabin in the woods and cutting my own firewood each year.... we can all dream can't we?

 

[sosoo]

could you guys please focus on the topic? side conversations will make this thread boring and useless.

i stop reading this thread for that very reason.. it was interesting at first.

 

[Vash350z]

First post!

Pharmacy manager for a prominent grocery store chain in Florida.

Take home 1538/week after 10% 401k (max allowed), insurance for family of 3, LTD, and modest charity donation.

We also are guaranteed 5 bonuses a year (2-4k each)and a 6th we perform well. In addition we get 8-10% of our annual salary in stock each year.