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.
A SEP (Simplified Employee Pension) is an employer-established plan and contributions are made by the employer to his or her own SEP-IRA account and to each employee's SEP-IRA account. Employees cannot set up their own SEP or make contributions to their own SEP-IRA account. A SEP-IRA account is a traditional IRA and follows the same investment, distribution, and rollover rules as traditional IRAs.