It's a bit of an outrageous goal, but it's what I'd like to earn in FY2009. If I get the kind of job I am aiming to get and work really hard, it is feasible...
How I would spend it:
$45,000 taxes?
$24,000 living expenses
$18,000 savings/investment/RothIRA
$5,000 tzedakah (charity)
$4,000 travel
$2,000 clothes
$2,000 pay back debt
How does that sound? I'll let you know if it happens!!!
Wednesday, October 01, 2008
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2 comments:
nice. just bump up the tzedakah component a bit.....really. i think you will find your taxes to be fewer (since it is not 45% and you will get a tax credit if you contribute to a 501c3, thereby lowering your tax base).
and for great tzedakah ideas: www.mitzvahheroesfund.org
happy new year!
arnie draiman
www.draimanconsulting.com
Thanks for your thoughts! The halachik requirement for tzedakah is 10% of income. I've consulted with rabbis to question this since some of our taxes go to welfare, education, and to otherwise support the community. Rabbinic opinions were split, but I decided that I would base my tzedakah on 10% of net income (estimated at $5500). I need to refine this estimate based on 1) the correct tax bracket, 2) the tax savings I would have from charitable contributions, and 3) the % of taxes not allocated toward social services/tzedakah-worthy causes. How would I go about calculating the tax savings I would have from a contribution (thus enabling me to contribute more)? Considering your business, I thought you might have some good resources. Also, any idea of how to find out tax split for federal/state/local? (I hope to be in the situation to give more tzedakah in the future and to save money for aliyah now :)
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