Hmmm tax question on pay check...

[triplej96]

I get my first paycheck from my new job soon just wondering about how many dollars of tax will be taking out of $2,300?

[Knight165]

Re: Hmmm tax question on pay check...

I get my first paycheck from my new job soon just wondering about how many dollars of tax will be taking out of $2,300?

Well, they break that $2,300 over the entire year....so you don't have to pay taxes on that...you're under the limit!

Seriously, that depends....are you claiming dependants? are you married? I would say if you're filing.....claiming just one dependant(yourself...DO NOT file zero, unless you have good self control to actually come up with a few bucks to pay your taxes come April...because you will probably owe that way)..you will probably come home with about $1,700-$1,800. You will pay..federal tax(around $300) ...social security(150) medicare(50) state(depends) and local(depends) there could be other things in there such as matching funds for a pension, union dues and even matching health insurance dollars.
Of course this is just rough estimates.

M.K.
Knight165

[jgarrett]

Re: Hmmm tax question on pay check...

Well, they break that $2,300 over the entire year....so you don't have to pay taxes on that...you're under the limit!

Seriously, that depends....are you claiming dependants? are you married? I would say if you're filing.....claiming just one dependant(yourself...DO NOT file zero, unless you have good self control to actually come up with a few bucks to pay your taxes come April...because you will probably owe that way)..you will probably come home with about $1,700-$1,800. You will pay..federal tax(around $300) ...social security(150) medicare(50) state(depends) and local(depends) there could be other things in there such as matching funds for a pension, union dues and even matching health insurance dollars.
Of course this is just rough estimates.

M.K.
Knight165

That isn't correct. If you claim zero dependant's, then you will have more federal taxes taken out of your paycheck, therefore at the end of the year you shouldn't owe anything. The more dependents you claim, the less amount of taxes you will have deduction each pay period, therefore you are more likely to owe the gov't federal income tax at the end of the year. Trust me, I know all about federal taxes. I am the payroll manager for my company.

[fishepa]

Re: Hmmm tax question on pay check...

That isn't correct. If you claim zero dependant's, then you will have more federal taxes taken out of your paycheck, therefore at the end of the year you shouldn't owe anything. The more dependents you claim, the less amount of taxes you will have deduction each pay period, therefore you are more likely to owe the gov't federal income tax at the end of the year.

Yep.

[Jimplication]

Re: Hmmm tax question on pay check...

In my experience, 22%, so you're looking at $506 being taken out.

[triplej96]

Re: Hmmm tax question on pay check...

In my experience, 22%, so you're looking at $506 being taken out.

Damn can't wait .....Life in the "real world" I guess.

[Knight165]

Re: Hmmm tax question on pay check...

That isn't correct. If you claim zero dependant's, then you will have more federal taxes taken out of your paycheck, therefore at the end of the year you shouldn't owe anything. The more dependents you claim, the less amount of taxes you will have deduction each pay period, therefore you are more likely to owe the gov't federal income tax at the end of the year. Trust me, I know all about federal taxes. I am the payroll manager for my company.

You are correct...sorry. I meant to say don't claim more than one dependant...claim zero or one.....
Wheww.....one little mistake and I get the finger wagging!

M.K.
Knight165

[BatsareBugs]

Re: Hmmm tax question on pay check...

There's a Hmmm tax as well!? No wonder I'm not getting money.

Whats this taxation without representation.

[Shaver]

Re: Hmmm tax question on pay check...

If you have enough brains to get a first job that pays you $2300 per period... I would think you could figure out taxes.

[Knight165]

Re: Hmmm tax question on pay check...

If you have enough brains to get a first job that pays you $2300 per period... I would think you could figure out taxes.

That's why I said that the 2,300 would be split into 52 paychecks!

Could be bi-weekly though. Still not bad for a first job!

M.K.
Knight165

[Shaver]

Re: Hmmm tax question on pay check...

$2300, even bi-weekly is somewhere in the 60k ballpark. That's outstanding for a first job outside of the financial industry and, based on the question of the thread, I'm assuming that's not the industry.

[Rainey]

Re: Hmmm tax question on pay check...

If you have enough brains to get a first job that pays you $2300 per period... I would think you could figure out taxes.

If you are getting paid 2,300 a period... unless it is monthly, you are wealthy enough to probably not have to worry about doing your own taxes.

[Herbsinator]

Re: Hmmm tax question on pay check...

$2300, even bi-weekly is somewhere in the 60k ballpark. That's outstanding for a first job outside of the financial industry and, based on the question of the thread, I'm assuming that's not the industry.

Maybe he is a new doctor or a lawyer.....but still, props for getting that kind of scratch.

[triplej96]

Re: Hmmm tax question on pay check...

If you have enough brains to get a first job that pays you $2300 per period... I would think you could figure out taxes.

Good point lol. Just thought I would ask instead of looking for tax rates...Yep it is my first job I'm manager of video production for a company in MO (I make good money). I can't believe it is my job to tell you the truth. My work is basically my hobby so it's great I just got all the industry standard editing/post production equipment along with a hpxw8200 workstation. Next on my list a pro camera .

Thread I posted month ago.

http://forums.operationsports.com/vB...ight=triplej96

[mjb2124]

Re: Hmmm tax question on pay check...

Thread I posted month ago.

http://forums.operationsports.com/vB...ight=triplej96

Out of curiosity:

How the heck did you get hired on the spot, right after college in a job that pays this well? I've just never seen that before. Every job I've ever interviewed for has required a 2nd and sometimes 3rd interview before the hiring (and the standard drug/background test).

If that is your bi-weekly figure, make sure you invest in your companies 401K plan if they have one (8-10% of your salary if you can). If not, invest into something else that will earn you interest.