Physician Financial Simulator

Data Sources

Federal tax: IRS Rev. Proc. 2025-32 (2026 OBBBA-adjusted inflation parameters) · OBBBA: P.L. 119-21 (One Big Beautiful Bill Act, signed July 4, 2025) — SALT cap raised to $40,400 for Married Filing Jointly (MFJ) (phasing down 30% above $505K MAGI); AMT phaseout rate doubled to 50% · SS wage base: SSA OASDI Contribution Base $176,100 (2026) · AMT: IRC §55–59 / Rev. Proc. 2025-32 Table 4 · State income taxes: Each state's department of revenue (see inline source citations) · State payroll taxes: WA ESD, EDD, NY PFL, NJ DOL, Mass.gov, CDLE, MD DOL, MN DLI (all 2026 confirmed rates) · Property tax: Tax Foundation Facts & Figures 2024 + county assessors · School-district home prices: Niche.com 2024 Best School Districts + Zillow Research Nov 2024 · Cost of living: C2ER ACCRA Q3 2024 · Childcare: EPI Child Care Cost Database 2024 · Mortgage rate default: Freddie Mac PMMS 30-yr avg May 2025 (6.72%) · 401(k) limits: IRS 2026 — $24,500 base; $32,500 (age 50+); $35,750 (age 60–63 super catch-up)

⚠ OBBBA note: SALT cap raised to $40,400 for Married Filing Jointly (MFJ) in 2026 by OBBBA, phasing down to $10,000 floor at 30¢ per dollar of MAGI above $505,000 — reflected here. State housing insurance estimates may not fully reflect 2024–2025 premium increases in CA and FL. State payroll taxes (PFML/FAMLI) computed per-employee; rates confirmed for 2026. This tool is for planning purposes only; consult a tax professional for filing decisions.

What This Calculator Includes & Excludes

Included: Federal income tax (brackets, AMT, NIIT) · FICA (Social Security + Medicare + additional Medicare) · State & local income tax · State payroll taxes (PFML, SDI, WA Cares, etc.) · Estimated property tax · Estimated sales tax · Housing (mortgage P&I, PMI if <20% down, property tax, homeowners insurance, HOA) · Monthly living expenses: groceries & dining, utilities, transportation, healthcare out-of-pocket, personal & entertainment, childcare, miscellaneous

Not included: Car insurance or auto loan payments · Student loan payments · Employer-sponsored health/dental/vision premiums (vary widely by plan) · Home maintenance & repairs · Life insurance · Investment or rental income · State capital gains taxes · One-time or irregular expenses

The "net monthly cash flow" figure represents estimated discretionary income after taxes, housing, and baseline living costs — not total savings. Actual results will vary based on individual circumstances.