In 2007 (though you'll be at least 2011 before making $160,000 for a full year) Federal Income Taxes would be as follows:
$160,000 - $5,350 (Standard Deduction) = $154,650 Taxable
Tax = $37,413
Effective Tax Rate = 23.4%
You are still in the 28% tax bracket for the next $6,200 earned.
Married filing Jointly:
$160,000 - $10,700 (SD) = $149,300 Taxable
Tax = $30,797
Effective Tax Rate = 19.2%
You are still in the 28% tax bracket for the next $46,550 earned (bring on the bonus!).
Obviously children significantly reduce your tax liability. As for other witholdings and state income tax, I have no idea, though 15% of Gross Income seems like a good estimate (perhaps someone else can elaborate.) That would mean the following:
Single takehome @ $8,200/month
Married takehome @ $8,773/month
Lets not forget our personal exemptions!!!!