As a lieutenant straight out of college, you will make about $34,000 a year in basic pay. As an officer, your pay depends on your rank and time in service. If youâre a doctor or pilot, there are some special pay considerations and bonuses.In four years, you can be making $47,000â$55,000 as a captain.s an officer, your pay depends on your rank and time in service. If youâre a doctor or pilot, there are some special pay considerations and bonuses. In four years, you can be making $47,000â$55,000 as a captain.
Since you are under the age of 59 and a half, you are likely subject to a 10 percent IRS penalty for early withdrawal of the Simplified Employee Pension (SEP-IRA). This 10 percent penalty is in addition to the ordinary income tax you would normally pay if you withdrew from your SEP-IRA after you passed the aforementioned age threshold.
Payments. The deadlines for making contributions to SEP IRAs are the same as those for creating the plan. You have until the filing deadline for your tax return, including extensions, to put money into the accounts. Even if you've already filed your return you still have until the deadline to make the deposits. So if you file for an extension before April 15, you have until Oct. 15 to make contributions to a SEP IRA for the previous year. This gives you an additional six months past the normal deadline for making IRA contributions.