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.
You may only make contributions to your own SEP IRA if you are your own employer, whether full or part time. If you own an SEP IRA as part of your employment benefit, you cannot make contributions to this account. You may, however, set up and contribute to a traditional or Roth IRA up until your tax filing deadline.f you own an SEP IRA as part of your employment benefit, you cannot make contributions to this account. You may, however, set up and contribute to a traditional or Roth IRA up until your tax filing deadline.