Woooo I can't wait to be able to afford something like that.
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Burning questions about OCS, flight school and Navy life
- Thread starter sonicboom
- Start date
Woooo I can't wait to be able to afford something like that.
MasterBates
Well-Known Member
It looks good from a distance. The cab corners and bed are rotting out, along with the bottoms of the doors. Typical of a truck from Ontario. Not too bad considering the truck is 10 years old.
I went to http://www.defenselink.mil/militarypay/mpcalcs/Calculators/RMC.aspx and it calculated this for 0-1, living with 2 dependents in P-cola, Florida. Why is the taxable income so low? Are these realistic numbers?
Your Results
Monthly Annual Basic Pay $2,555.70 $30,668.40 BAS $202.76 $2,433.12 BAH $1,140.00 $13,680.00 Cash Total $3,898.46 $46,781.52 Tax Advantage 320.68 3,848.18 Regular Military Compensation 4,219.14 50,629.70
Total Annual Family Income: $46,781.52
Total Annual Allowances: $16,113.12
Total Annual Taxable Income: $13,168.40
Total Tax Rate: 0.15
Your Results
Monthly Annual Basic Pay $2,555.70 $30,668.40 BAS $202.76 $2,433.12 BAH $1,140.00 $13,680.00 Cash Total $3,898.46 $46,781.52 Tax Advantage 320.68 3,848.18 Regular Military Compensation 4,219.14 50,629.70
Total Annual Family Income: $46,781.52
Total Annual Allowances: $16,113.12
Total Annual Taxable Income: $13,168.40
Total Tax Rate: 0.15
It's like my Bronco. When I clean it up it looks mean from a distance then you get close and you see the dents and the tint wrinkling and the paint bubbling. Not to mention all the rust on the tailgate from water leaking down rotted seals.
MasterBates
Well-Known Member
BAH and BAS are NOT taxed at all. Your only "income" for IRS purposes is Base Pay and Flight Pay.
If it's an allowance, it's not taxes. If it's a "pay" it is taxed. (unless in combat zone, then that month is tax free)
If it's an allowance, it's not taxes. If it's a "pay" it is taxed. (unless in combat zone, then that month is tax free)
MasterBates
Well-Known Member
My Taxable Income for last year was low. I pulled in close to $70K between 2 DITY moves and pay. My taxable income was only $24K or so. Even though I saw $70K, the IRS only saw $50K, and then I had all my deductions (student loans, alimony, etc)
Oh man, now I can't wait for that next promotion!! Hooray for financial solvency!!
For the OP: I've got a wife and 1.5 kids. The wife brought a stack of college loans and some sweet credit card debt into the marriage. Then her car died and I had to get her a new one ("Well, the Navy moved us, which is why I don't have a job and can't buy it, so you need to."). Got the career starter loan that needs paying every month, too.
We make it work, living off base. Although, I did make the wife go back to work (thank you Fleet and Fam Support Ctr) part time earning a little coin. I don't live the decadent life of a single, snake-ranch dweller, but it's definitely comfortable.
Another benefit is that an O's pay raise is higher in base pay, unlike enlisted who usually see greater compensation in allowances. This helps at retirement which is determined by base pay. Ex. Officer BAS-$203/ Enlisted 294.43
MasterBates
Well-Known Member
Some STATES don't tax it, FL, NH and TX come to mind, but the Feds will get their cut.
Some things that aren't covered in those tables
You get paid to work out and stay in shape
You get paid to bulshit with your buds
You get paid to do cool sh!@T
Ya, sorry if that was unclear. Think that's pretty much what I said though.
Still- just for an O1 <2, it comes out to almost $1000/yr for a CA resident.