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How do you figure out net pay?

post #1 of 30
Thread Starter 
I'm starting a new job in August and I'm trying to figure out what my take home pay will be. Is it something like 12% taxes? or did I just pull that out of my ass?
post #2 of 30
depends on what tax bracket you are in. so i am not sure what it would be for you.
my DH's taxes are 28%
post #3 of 30
Thread Starter 
geez. i hope mine aren't that.
post #4 of 30
It depends on what tax bracket you are in, deductions, etc. It can be anywhere from 15% - 30%+.
post #5 of 30
Thread Starter 
i found a paycheck calculator
PaycheckCity.com - Paycheck Calculator
post #6 of 30
^ i plugged my stuff in and it's pretty damn close (<2% diff.)
post #7 of 30
It was pretty accurate for me too. I usually just consider 25% for taxes
post #8 of 30
It depends on your paycheck, and also your local and state taxes, deductions you have set up, retirement options, etc
post #9 of 30
Thread Starter 
oh now i know why i thought it was 12% .. thats what the employer has to pay
post #10 of 30
Kerri, 12% LOL I almost choked on that. I wish.
post #11 of 30
I usually calculate that I take 72% of what I make.
post #12 of 30
In cali, std single person with gross income over $50K will get taxed 30-35% (both state and federal).
post #13 of 30
I go by about 30%....roughly...that would include all taxes and SS, etc...
post #14 of 30
I can never project how much my paycheck will because because I work in multiple states - but when I work in Philly, it's always a good deal less thanks to the wonderful Philly wage taxes. grrrrr. I generally average out to about 65% - 70% net though. Hellooooooo tax return
post #15 of 30
you can change your net pay if you alter the withholding amounts on your W-4.
post #16 of 30
Quote:
Originally Posted by poorPOOHbaby View Post
Kerri, 12% LOL I almost choked on that. I wish.

Me too. Me and my hubby get raped in taxes. And we own a home. Although this year will be better with a baby.
post #17 of 30
Thread Starter 
yea i thought it was 12% b/c i was thinking of what the employer has to pay.

wow this sucks.
post #18 of 30
That's interesing, I always hear about how taxes are so much higher in Canada, so I took my old salary and plugged the info into that, and I actually would have taken home ~$22 less per month in the States. Although to be fair we have the 6% GST which is on top of all that. But still, considering I didn't have to pay a few grand for an ER visit last year, I'll take it.
post #19 of 30
Quote:
Originally Posted by mgoose View Post
That's interesing, I always hear about how taxes are so much higher in Canada, so I took my old salary and plugged the info into that, and I actually would have taken home ~$22 less per month in the States. Although to be fair we have the 6% GST which is on top of all that. But still, considering I didn't have to pay a few grand for an ER visit last year, I'll take it.
It really depends on how much you make.

I don't know how the tax bracket works in Canada, but for the US, % taken out is all relative to the income (not including the withholding, etc...)

For singles:

$20K = $16k net --> 20%
$40K = $30K net --> 25%
$60K = $42k net --> 30%
$80k = $53.4k net --> 33%
$100k = $64.6k net --> 35%
$150k = $95.2k net --> 36%
$250k = $152k net --> 39%
$400k = $235k net --> 41%

For Family of 4 (2 dependent children)

$20K = $18.35k net --> 8.8%
$40K = $34.5K net --> 13.75%
$60K = $49k net --> 18.3%
$80k = $63k net --> 21.25%
$100k = $75k net --> 25%
$150k = $107.4k net --> 28.4%
$250k = $167k net --> 33.2%
$400k = $250k net --> 37.5%

However, unlike some "socialist countries", the US tax system (and quasi-non-existent public healthcare) does not promote for having large families (tax deductions, welfare, etc..), which is a huge problem in those countries.

Plopping another 2 kids (withholding of 6) with pay of $100k will give you a net income of about $77k ... a saving of 2k in taxes.

sorry for going off course and brushing on social topics.

Basically the more you make, the more Uncle Sam will take. Having your first kid will help, and deducting whatever you can (mortgage, etc...)
post #20 of 30
Actually, from edwardjones.com...

Tax Brackets for 2006: (single)
Rate

10% 0 -
7,825
15% 7,825 -
31,850
25% 31,850 - 77,100
28% 77,100 -
160,850
33% 160,850 - 349,700
35% over 349,700
post #21 of 30
Quote:
Originally Posted by carlyluvsdenim View Post
Actually, from edwardjones.com...

Tax Brackets for 2006: (single)
Rate

10% 0 -
7,825
15% 7,825 -
31,850
25% 31,850 - 77,100
28% 77,100 -
160,850
33% 160,850 - 349,700
35% over 349,700
Actually that chart is the Tax Brackets for 2007 for Taxable Income for Federal taxes only.

Unless you are in a state that doesn't do income tax (is there even one?), those percentages are off.

Sorry, for clarification purposes, that table i put up was a close estimate of someone who earns money in California with NO dependent and claims on 1 on both federal and state income tax.
post #22 of 30
Thread Starter 
41%?!??! thats rape!!!!
post #23 of 30
Whoops forgot the state tax.
post #24 of 30
I think this is my state tax:

The Illinois income tax is based, to a large extent, on the federal Internal Revenue Code. Illinois taxpayers calculate their state liability by multiplying income by a flat rate, currently 3 percent.

so 28+3%=31%
post #25 of 30
Quote:
Originally Posted by mctommy View Post
It really depends on how much you make.
$20K = $18.35k net --> 8.8%
$40K = $34.5K net --> 13.75%
$60K = $49k net --> 18.3%
$80k = $63k net --> 21.25%
$100k = $75k net --> 25%
$150k = $107.4k net --> 28.4%
$250k = $167k net --> 33.2%
$400k = $250k net --> 37.5%
Where did you get these figures from? The higher brackets ($250k+) don't really seem right to me. I know of more then a few people who have $500k+ jobs and clear almost 80%. I suppose it could just be a good accountant though.
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