Net Summer Associate Weekly Pay

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Anonymous User
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Net Summer Associate Weekly Pay

Postby Anonymous User » Mon Apr 30, 2012 9:55 pm

Can any previous summer associates tell me how much I can expect to make after taxes each week this summer? I'm working for a firm that has a $160k first-year scale. I'm trying to budget my loans for 3L and wanted to know how much I can try to save over the summer.

Thanks all.

LawIdiot86
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Re: Net Summer Associate Weekly Pay

Postby LawIdiot86 » Mon Apr 30, 2012 9:59 pm

Anonymous User wrote:Can any previous summer associates tell me how much I can expect to make after taxes each week this summer? I'm working for a firm that has a $160k first-year scale. I'm trying to budget my loans for 3L and wanted to know how much I can try to save over the summer.

Thanks all.


It depends. Both on the location of the firm (state tax withholding) and the firm's withholding rate (is everyone calculated on an annualized basis or do they adjust in light of the summer length).

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NinerFan
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Re: Net Summer Associate Weekly Pay

Postby NinerFan » Mon Apr 30, 2012 10:01 pm

I'm pretty sure there's other posts about this. It depends on where you are, but my guess for myself is about 1/3 will go to taxes and withholding.

Anonymous User
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Re: Net Summer Associate Weekly Pay

Postby Anonymous User » Mon Apr 30, 2012 10:02 pm

LawIdiot86 wrote:
Anonymous User wrote:Can any previous summer associates tell me how much I can expect to make after taxes each week this summer? I'm working for a firm that has a $160k first-year scale. I'm trying to budget my loans for 3L and wanted to know how much I can try to save over the summer.

Thanks all.


It depends. Both on the location of the firm (state tax withholding) and the firm's withholding rate (is everyone calculated on an annualized basis or do they adjust in light of the summer length).


The firm is in Chicago and they do not adjust. Unfortunately, I know that but I don't know how to do the calculations :D

Anonymous User
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Re: Net Summer Associate Weekly Pay

Postby Anonymous User » Mon Apr 30, 2012 10:03 pm

NinerFan wrote:I'm pretty sure there's other posts about this. It depends on where you are, but my guess for myself is about 1/3 will go to taxes and withholding.


That's what I had been guestimating in my rough sketches, but I thought perhaps someone who had actually gotten one of these elusive checks I'm chasing might know more precisely.

CyLaw
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Re: Net Summer Associate Weekly Pay

Postby CyLaw » Mon Apr 30, 2012 10:04 pm

Anonymous User wrote:
LawIdiot86 wrote:
Anonymous User wrote:Can any previous summer associates tell me how much I can expect to make after taxes each week this summer? I'm working for a firm that has a $160k first-year scale. I'm trying to budget my loans for 3L and wanted to know how much I can try to save over the summer.

Thanks all.


It depends. Both on the location of the firm (state tax withholding) and the firm's withholding rate (is everyone calculated on an annualized basis or do they adjust in light of the summer length).


The firm is in Chicago and they do not adjust. Unfortunately, I know that but I don't know how to do the calculations :D


Very useful site.
--LinkRemoved--
Last edited by CyLaw on Mon Apr 30, 2012 10:07 pm, edited 1 time in total.

Anonymous User
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Re: Net Summer Associate Weekly Pay

Postby Anonymous User » Mon Apr 30, 2012 10:05 pm

CyLaw wrote:
Anonymous User wrote:
LawIdiot86 wrote:
Anonymous User wrote:Can any previous summer associates tell me how much I can expect to make after taxes each week this summer? I'm working for a firm that has a $160k first-year scale. I'm trying to budget my loans for 3L and wanted to know how much I can try to save over the summer.

Thanks all.


It depends. Both on the location of the firm (state tax withholding) and the firm's withholding rate (is everyone calculated on an annualized basis or do they adjust in light of the summer length).


The firm is in Chicago and they do not adjust. Unfortunately, I know that but I don't know how to do the calculations :D


Very useful site.
--LinkRemoved--


Error loading the page. Not sure if trolling....

LawIdiot86
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Re: Net Summer Associate Weekly Pay

Postby LawIdiot86 » Mon Apr 30, 2012 10:07 pm

Anonymous User wrote:
CyLaw wrote:
Anonymous User wrote:
LawIdiot86 wrote:
It depends. Both on the location of the firm (state tax withholding) and the firm's withholding rate (is everyone calculated on an annualized basis or do they adjust in light of the summer length).


The firm is in Chicago and they do not adjust. Unfortunately, I know that but I don't know how to do the calculations :D


Very useful site.
--LinkRemoved--


Error loading the page. Not sure if trolling....


Shorten the URL and it works. My math says you will get 4,090 every two weeks.

CyLaw
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Re: Net Summer Associate Weekly Pay

Postby CyLaw » Mon Apr 30, 2012 10:08 pm

Anonymous User wrote:
CyLaw wrote:Very useful site.
--LinkRemoved--


Error loading the page. Not sure if trolling....


Sorry. I cut out the state part and did not realize that broke the URL. fixed in original post now.

--LinkRemoved--

Anonymous User
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Re: Net Summer Associate Weekly Pay

Postby Anonymous User » Mon Apr 30, 2012 10:10 pm

TY!

Anonymous User
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Re: Net Summer Associate Weekly Pay

Postby Anonymous User » Mon Apr 30, 2012 10:36 pm

$6,666 in New York turns into $3,800 real quick.

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dood
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Re: Net Summer Associate Weekly Pay

Postby dood » Mon Apr 30, 2012 11:14 pm

Anonymous User wrote:Can any previous summer associates tell me how much I can expect to make after taxes each week this summer? I'm working for a firm that has a $160k first-year scale. I'm trying to budget my loans for 3L and wanted to know how much I can try to save over the summer.

Thanks all.


$4400 every two weeks with 2 withholdings

for 10 week summer
fed tax refund: $4800 (with $2K hope education credit for paying tuition myself)
state refund: $800

HTH

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Stanford4Me
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Re: Net Summer Associate Weekly Pay

Postby Stanford4Me » Mon Apr 30, 2012 11:28 pm

Anonymous User wrote:Can any previous summer associates tell me how much I can expect to make after taxes each week this summer? I'm working for a firm that has a $160k first-year scale. I'm trying to budget my loans for 3L and wanted to know how much I can try to save over the summer.

Thanks all.

If your firm adjusts your taxes to reflect the fact that you're only working for 10 weeks then your taxes will not be straight forward. You'll know if they adjust because you have to fill out paperwork certifying that you'll have only worked this calendar year for the firm.

My taxes last summer were never straight-forward. I remember during 1 two-week period I took home $4,900, and another I took home closer to $4,000.

ETA: Also, I'm in Texas so there's no city/state income tax.

Anonymous User
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Re: Net Summer Associate Weekly Pay

Postby Anonymous User » Mon Apr 30, 2012 11:47 pm

Anyone know how DC taxes work. Do I pay my state or DC taxes?

CyLaw
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Re: Net Summer Associate Weekly Pay

Postby CyLaw » Tue May 01, 2012 12:08 am

Anonymous User wrote:Anyone know how DC taxes work. Do I pay my state or DC taxes?


IIRC, DC does not tax non-residents who live less than half the year in the district and does not have a commuter tax. Firm should provide you with a non-resident certification form. You will have to pay whatever taxes are necessary for your home state and should ask your firm to withhold those taxes as necessary.

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Big Shrimpin
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Re: Net Summer Associate Weekly Pay

Postby Big Shrimpin » Tue May 01, 2012 11:57 am

Anonymous User wrote:Can any previous summer associates tell me how much I can expect to make after taxes each week this summer? I'm working for a firm that has a $160k first-year scale. I'm trying to budget my loans for 3L and wanted to know how much I can try to save over the summer.

Thanks all.


Not enough. HTFH

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Glock
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Re: Net Summer Associate Weekly Pay

Postby Glock » Tue May 01, 2012 12:33 pm

You shouldn't have too much held back in taxes if you opt for the right withholding amount. Your yearly income isn't going to be that high. Use an online calculator.

Anonymous User
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Re: Net Summer Associate Weekly Pay

Postby Anonymous User » Tue May 01, 2012 5:02 pm

What is the right withholding amount?

CyLaw
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Re: Net Summer Associate Weekly Pay

Postby CyLaw » Tue May 01, 2012 5:13 pm

Anonymous User wrote:What is the right withholding amount?


http://www.irs.gov/individuals/article/ ... 96,00.html

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Glock
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Re: Net Summer Associate Weekly Pay

Postby Glock » Tue May 01, 2012 10:21 pm

Anonymous User wrote:What is the right withholding amount?



You should fill out a tax form on which you elect what % you want witheld. I can't remember if it is the W-4 or that is something different, but you don't have to opt for 25% or something. I opted for 10% and still got a small refund on yearly wages of 27 minus the deductions. In my opinion you want neither a huge tax bill nor a huge refund. Small refund is good.

CyLaw
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Re: Net Summer Associate Weekly Pay

Postby CyLaw » Tue May 01, 2012 10:28 pm

Glock wrote:
Anonymous User wrote:What is the right withholding amount?



You should fill out a tax form on which you elect what % you want witheld. I can't remember if it is the W-4 or that is something different, but you don't have to opt for 25% or something. I opted for 10% and still got a small refund on yearly wages of 27 minus the deductions. In my opinion you want neither a huge tax bill nor a huge refund. Small refund is good.


Is this new? I have never seen a w4 or the like that asked for the % you want withhold. They ask how many allowances you want to claim and if there is any additional fixed amount you want withhold per paycheck.

Maybe you are talking about a state specific form?

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Glock
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Re: Net Summer Associate Weekly Pay

Postby Glock » Wed May 02, 2012 10:44 am

CyLaw wrote:
Glock wrote:
Anonymous User wrote:What is the right withholding amount?



You should fill out a tax form on which you elect what % you want witheld. I can't remember if it is the W-4 or that is something different, but you don't have to opt for 25% or something. I opted for 10% and still got a small refund on yearly wages of 27 minus the deductions. In my opinion you want neither a huge tax bill nor a huge refund. Small refund is good.


Is this new? I have never seen a w4 or the like that asked for the % you want withhold. They ask how many allowances you want to claim and if there is any additional fixed amount you want withhold per paycheck.

Maybe you are talking about a state specific form?




I think it is optional and many places just have their bookkeeper set it for you, but the form has been around forever. My family's business has to use it all the time because we often employ people who make a killing for 3 months but are off the rest of the year. Shitty withholding rates murder them.

randomdandom
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Re: Net Summer Associate Weekly Pay

Postby randomdandom » Wed May 09, 2012 4:33 am

I think glock is pretty spot on. Personally I will be taking 25 deductions this summer and I expect my refund/taxes owed to be ~0. (I am married and my wife works so regarding the 25 deductions, ymmv)

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bceagles182
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Re: Net Summer Associate Weekly Pay

Postby bceagles182 » Wed May 09, 2012 4:51 am

Is this really that complicated? If you're single and supporting yourself, with no additional income, can't you just put 1 allowance and be fine? I've done this with every job I've had previously.

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Na_Swatch
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Re: Net Summer Associate Weekly Pay

Postby Na_Swatch » Wed May 09, 2012 4:56 am

bceagles182 wrote:Is this really that complicated? If you're single and supporting yourself, with no additional income, can't you just put 1 allowance and be fine? I've done this with every job I've had previously.


if you put down one allowance they tax you as if you were making 160k that year... ur only making 30k. So you'll get taxed at least 4x the amount you actually need to be.




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