Hey Everyone, Is This Right? Forum
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- Joined: Tue Aug 11, 2009 9:32 am
Hey Everyone, Is This Right?
Hi All,
I’m a first year, and I was just wondering if my pay makes sense or there’s something I should do to tweak my withholdings, etc. I apologize in advance if this is a dumb question, I’m just quite a novice when it comes to taxes.
I’m in NYC making 180K (in theory), so roughly 7K twice a month, but my takeaway is only half that- I make a bit less than 3500 twice a week.
I’m married, and my health insurance payments are about $200.
I’d appreciate any insight you guys could provide! Again I apologize if this is obvious- I thought the tax rate was around 40%, not 50.
I’m a first year, and I was just wondering if my pay makes sense or there’s something I should do to tweak my withholdings, etc. I apologize in advance if this is a dumb question, I’m just quite a novice when it comes to taxes.
I’m in NYC making 180K (in theory), so roughly 7K twice a month, but my takeaway is only half that- I make a bit less than 3500 twice a week.
I’m married, and my health insurance payments are about $200.
I’d appreciate any insight you guys could provide! Again I apologize if this is obvious- I thought the tax rate was around 40%, not 50.
Last edited by Anonymous User on Sun Dec 10, 2017 11:32 am, edited 1 time in total.
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- Posts: 428122
- Joined: Tue Aug 11, 2009 9:32 am
Re: Hey Everyone, Is This Right?
If you're getting paid ~7k every two weeks the math adds up - 7k*26 weeks=182k. You also have to take into account state tax, city tax, and 401k contributions, if any.Anonymous User wrote:Hi All,
I’m a first year, and I was just wondering if my pay makes sense or there’s something I should do to tweak my withholdings, etc. I apologize in advance if this is a dumb question, I’m just quite a novice when it comes to taxes.
I’m in NYC making 180K (in theory), so roughly 7K twice a month (although that only seems to add up to 168K unless I’m missing something), but my takeaway is only half that- I make a bit less than 3500 twice a week.
I’m married, and my health insurance payments are about $200.
I’d appreciate any insight you guys could provide! Again I apologize if this is obvious- I thought the tax rate was around 40%, not 50.
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- Posts: 428122
- Joined: Tue Aug 11, 2009 9:32 am
Re: Hey Everyone, Is This Right?
Ah, okay thanks for clearing that part up- I removed in from my initial post- no 401k contribution on my part yet because I’m still trying to figure out how to afford it.Anonymous User wrote:If you're getting paid ~7k every two weeks the math adds up - 7k*26 weeks=182k. You also have to take into account state tax, city tax, and 401k contributions, if any.Anonymous User wrote:Hi All,
I’m a first year, and I was just wondering if my pay makes sense or there’s something I should do to tweak my withholdings, etc. I apologize in advance if this is a dumb question, I’m just quite a novice when it comes to taxes.
I’m in NYC making 180K (in theory), so roughly 7K twice a month (although that only seems to add up to 168K unless I’m missing something), but my takeaway is only half that- I make a bit less than 3500 twice a week.
I’m married, and my health insurance payments are about $200.
I’d appreciate any insight you guys could provide! Again I apologize if this is obvious- I thought the tax rate was around 40%, not 50.
- PeanutsNJam
- Posts: 4670
- Joined: Tue Jul 10, 2012 1:57 pm
Re: Hey Everyone, Is This Right?
How many personal exemptions did you claim on your W2?
You should be looking forward to a pretty fat tax return.
You should be looking forward to a pretty fat tax return.
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- Posts: 428122
- Joined: Tue Aug 11, 2009 9:32 am
Re: Hey Everyone, Is This Right?
I claimed 2- I’d like to get the money now instead of a return if possible (just bec I don’t think Uncle Sam needs another interest free loan)PeanutsNJam wrote:How many personal exemptions did you claim on your W2?
You should be looking forward to a pretty fat tax return.
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Re: Hey Everyone, Is This Right?
It’s unclear if this person gets paid every other week or twice a month (so 24 pay periods). It should be $7500 if you’re getting paid bi-monthly. Idk if firms do every other week, but I’ve only heard bi-monthly.Anonymous User wrote:If you're getting paid ~7k every two weeks the math adds up - 7k*26 weeks=182k. You also have to take into account state tax, city tax, and 401k contributions, if any.Anonymous User wrote:Hi All,
I’m a first year, and I was just wondering if my pay makes sense or there’s something I should do to tweak my withholdings, etc. I apologize in advance if this is a dumb question, I’m just quite a novice when it comes to taxes.
I’m in NYC making 180K (in theory), so roughly 7K twice a month (although that only seems to add up to 168K unless I’m missing something), but my takeaway is only half that- I make a bit less than 3500 twice a week.
I’m married, and my health insurance payments are about $200.
I’d appreciate any insight you guys could provide! Again I apologize if this is obvious- I thought the tax rate was around 40%, not 50.
Last edited by Mr. Peanutbutter on Sat Jan 27, 2018 4:21 am, edited 1 time in total.
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- Posts: 10168
- Joined: Sun Sep 20, 2015 3:48 pm
Re: Hey Everyone, Is This Right?
You’ll likely get a lot back. You’re being taxed like you’ll make 180 this year, but (assuming you’re a stub year) you’ll make significantly less.Anonymous User wrote:I claimed 2- I’d like to get the money now instead of a return if possible (just bec I don’t think Uncle Sam needs another interest free loan)PeanutsNJam wrote:How many personal exemptions did you claim on your W2?
You should be looking forward to a pretty fat tax return.
Last edited by Mr. Peanutbutter on Sat Jan 27, 2018 4:21 am, edited 1 time in total.
- star fox
- Posts: 20790
- Joined: Fri Feb 01, 2013 4:13 pm
Re: Hey Everyone, Is This Right?
Why don't you check your Pay Statements on the online system?
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- Posts: 210
- Joined: Sat Nov 19, 2016 6:52 pm
Re: Hey Everyone, Is This Right?
This. You'll get a nice tax return next year.Mr. Peanutbutter wrote:You’ll likely get a lot back. You’re being taxed like you’ll make 180 this year, but (assuming you’re a stub year) you’ll make significantly less.Anonymous User wrote:I claimed 2- I’d like to get the money now instead of a return if possible (just bec I don’t think Uncle Sam needs another interest free loan)PeanutsNJam wrote:How many personal exemptions did you claim on your W2?
You should be looking forward to a pretty fat tax return.
But 3500 still seems low...Check your pay statement to see what's being taken out and for what (i.e., federal/state taxes; health care; dental; health savings account; pension/profit-sharing plan....etc.)
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Re: Hey Everyone, Is This Right?
Did your firm give you a salary advance before you started? Gets paid back with post tax dollars and hurts a bit.
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- Posts: 428122
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Re: Hey Everyone, Is This Right?
I'm also at around $3500, but I can chalk it up to a ridiculously expensive health insurance plan and paying back $$ per pay check for the bar loan.
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