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.
For SEP IRAs, the contribution deadline is the same, but the establishment for creating a SEP IRA is the date that the employers tax filing date is due. Typically this is mid April, but it can vary. Simple IRA rules dictate that this type of individual retirement account must be established by October 1st.