For any residents in Boston and Minnesota... What is your actual take home pay per month? Assume no moonlighting.
I have a spouse w/o job. We are both thrifty.
I am estimating about 2500.00 / month take home. Fine for MN but will I need to take out more loans if match inBoston assuming my spouse does not work?
1) [soapbox] try to banish the idea of "take home pay" from your mind. It's not a concept that should have any bearing on the life of a financially smart attending physician. [/soapbox]
2) No one here can give you a good answer. You can calculate it yourself though. Your net pay will be gross pay minus benefit costs, social security, local income tax (if any), state income tax and federal income tax plus any incidentals - parking, etc.
benefits - highly variable by program. Some places may provide family health coverage gratis. Others will charge you $100 every two weeks. Same for parking, food, etc.
social security - 7.65% of your pay.
local income tax - inquire if this exists. typically a flat rate.
state income tax - look into the MA rates & brackets. Of note, your taxable income will be reduced by deductions, exemptions, etc.
Federal income tax - Again, not totally straightforward to calculate. Will depend heavily on whether you have kids and if you have a mortgage (though you probably won't be able to afford enough mortgage interest to exceed the standard deduction.
Quicken.com and the H&R block webiste have reasonable income tax estimators.
Also notable is that your state and federal taxes will be much lower for your first calendar year b/c you only have 1/2 a year of income and will pay a lower marginal rate. (Assuming your spouse hasn't been working)
