What would gross monthly income be for $42K a year?

Question

I've just been offered a job for $42,000/year, but I was wondering how much of that $3500/mo. that I could budget to spend/save. Thanks!

Answer 1

Take off somewhere around 11 - 12 percent for federal income tax, 7.65 pct for social security and medicare, and probably something for your state - that's probably somewhere around 1/4 for taxes.  So $42,000 a year would be $3500 a month gross, or about $2625 takehome.

Answer 2

$3500 is the gross monthly income.

Additional Info

Haven't you had a job before...what percentage of deductions did you get?  I would hasten to say you should deduct about 17% from that gross monthly income and that would leave you with your approximate net.....budget however you want for spending, saving!