Can someone help me calculate how much money I’ll have next year from military pay?

[matthewvag]

Ok so, im in the national guard and I’ll be gone for 200 days and if i decide to do my 6 months orders after i come back from basic it’ll bump up to 380 days. I’d be earning at the E-2 active duty rate which is $2,261.10 total per month. I also might receive BHA which is an additional ≈$800 a month and I’d be contributing 10% of every check pretax. State taxes are irrelevant, but federal income tax is.

 

[canuckster]

@matthewvag https://militarypay.defense.gov/calculators/rmc-calculator/

Punch in your numbers it'll give you the number for what you'd make doing it an entire year

 

[matthewvag]

@canuckster Thank you

 

[tanyagomes]

@matthewvag Consider switching your TSP from Traditional to Roth. Being in the lowest tax bracket you would rather pay taxes now and then withdrawal the gains tax free later.

 

[valeriyk2022]

@matthewvag Maybe I'm not understanding your question correctly, but you won't get any military retirement pay next year.

 

[matthewvag]

@valeriyk2022 I know? I’m just asking how much I’ll make in pay, I put 10% in tsp so that doesn’t matter

 

[valeriyk2022]

@matthewvag https://militarypay.defense.gov/calculators/rmc-calculator/

If you aren't sure how to use this, give me your years of service and zip code of your national guard base

 

[matthewvag]

@valeriyk2022 0 years in service (only been in since November) and 47803 I think

 

[valeriyk2022]

@matthewvag Assuming you're single...

You'd make about $27,000 in taxable income (basic pay). With the standard deduction, you're only paying federal taxes on about $12,500 at 12% (~$1500).

You'd also make about $11,700 in non-taxable income (BAH and BAS).

Your annual gross is $38,700 and post-tax is $37,200. Roughly monthly gross $3225.

No offense, but it would be kind of dumb to contribute pre-tax to TSP. At your pay grade, you should be all post-tax (Roth). That would be $323/mo.

If you do that, your take home (depending on how you set up withholdings) will be slightly less than $2700.

 

[matthewvag]

@valeriyk2022 How do I know which tsp plan I’m
On?

 

[valeriyk2022]

@matthewvag You control your TSP contributions through either myPay or tsp.gov. It's not a plan, it's the characterization of your contributions.

 

[xxjesusfreak1984xx]

@valeriyk2022 Just one point of order, BAH isn’t based on the zip code of the Armory or RC (duty location) for compo 2/3. It’s based on the address on the 5960.

 

[valeriyk2022]

@xxjesusfreak1984xx Good point, I assume he's not far from that armory zip, but that may be incorrect