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.
This means your employer can contribute the maximum allowable contribution to your SEP IRA and you can contribute the maximum personal contribution to your traditional IRA in the same tax year. As of 2013, the maximum contribution your employer can make into your SEP IRA is $51,000 or 25 percent of your compensation, whichever is less. The tax-deductible amount of your contribution shrinks as you approach personal income limits.