Job offer? How to crunch these numbers.

[jIM_Ohio]

Originally Posted by LivingAlmostLarge

I thought Jim got to work from home though a lot?

I don't work from home, just work from 1-10pm each weekday. Wife works from home from 12:30-4:30 each day.

It's not like the wife and I see each other much, except weekends. The logic behind this was that we would save money (fuel x2, less SS paid on same gross income, and wife gets to stay at home).

My current job does not exactly stimulate me- company is too big to really make any significant changes or impact on customers.

Let say you secured the job, and bought a condo instead. A year later you you know regret your decision accepting this job (perhaps it wasn't as the job it was publicize, or due to family reason, whatever) then you live your job. What happens to the condo if you can't sell it in today's housing market? Now you're carrying to mortgage loan, can you afford it? I think the would put you in bad financial situation being a new dad. I'm not judging but simply putting my two cents.

I know this is a risk. If I don't put much money down on the condo, my risks are low and the possible benefit is high. I would make sure it is the type of place easily rented as well.

[Like2Plan]

Originally Posted by jIM_Ohio

). Pay rate would be close to 110k for this position.

I need help with the taxes side of this:

2) I know SS is on first 93k of earned income (per individual) at 3.5% (or something similar). I assume if I made 110k gross, dollars 93001-110000 do not get the 3.5% SS tax?
.

Jim,
The ceiling for 2008 is 102K for SS. The Social Security tax rate is 6.2% per individual (your employer also contributes another 6.2%) up to the ceiling. There is no ceiling on the medicare tax you pay. It is 1.45% of your income (and your employer also contributes another 1.45% towards medicare).

Link to SS web page

[ScrimpAndSave]

Thats a tough one...

[LivingAlmostLarge]

How does putting less down decrease your risk? What happens if you want to sell after 1 year because you decide too much travel and then quit?

Wouldn't you maybe need to bring money to the table? And who pays all the closing costs?

[jIM_Ohio]

Less risk with less money down- if I walk away from property, I lose less.

I have traveled like this before. My first 7 years at current job I was a travel whipping boy- 50-75% travel most months.

[LivingAlmostLarge]

Who pays for all the closing costs for both buying and selling?