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The hourly wage of $34 is a reasonable wage for some entry-level and mid-level positions, although salary may vary depending on location, experience, and the specific job. Its worth noting that your income verification also needs to be on paper meaning if a portion of your income is in the form of cash tips that do not appear on pay stubs or W2s, then you may not be able to use gratuities as income. Valencia Higuera is a freelance writer from Chesapeake, Virginia. So, ideally, if we round that 28%-to-36% rule to one-third of your take-home income, you wouldnt be spending more than $1,509 on your housing payment dont forget, that should include your principal and interest payment, taxes and insurance, any HOA fees, plus PMI or mortgage insurance if you have it. For investing, we assume a conservative annual 6% return when you are saving and an even more conservative 3% rate during your "interest-only" retirement. CNBC International on Twitter: "Here's how much you need to save every How Child Support Is Calculated | Men's Divorce The reality is that two applicants who both earn $70,000 a year might qualify for two very different mortgage amounts based on factors such as: We showed you the numbers above. Filing $70,000.00 of earnings will result in $7,660.50 of that amount being taxed as federal tax. This would mean that an individual would receive $70,000 every two weeks, before taxes. Auto purchase - Loan versus 0% dealer financing? This calculator is intended for use by U.S. residents. This number is based on 37.5 hours of work per week and assuming it's a full-time job (8 hours per day) with vacation time paid. Monthly car payment: $0. If you are paid an even sum for each month, to convert annual salary into monthly salary divide the annual salary by 12. I'm self-employed, how much can I contribute to a retirement plan? We also share information about your use of our site with our social media, advertising and analytics partners. However, this number can vary substantially based on occupation, education, experience, and geographic location. Consider consolidating your debt if you are paying high interest rates. Got a confidential news tip? To find out how much $70,000 a year is biweekly, take $70,000 and divide it by 40 hours and 2 weeks. Come up with a plan to pay off student loans, credit cards, and other debts before buying a home.