Hey Everyone, Is This Right?

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Anonymous User
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Hey Everyone, Is This Right?

Postby Anonymous User » Sun Dec 10, 2017 11:05 am

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.
Last edited by Anonymous User on Sun Dec 10, 2017 11:32 am, edited 1 time in total.

Anonymous User
Posts: 327223
Joined: Tue Aug 11, 2009 9:32 am

Re: Hey Everyone, Is This Right?

Postby Anonymous User » Sun Dec 10, 2017 11:23 am

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.


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
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Re: Hey Everyone, Is This Right?

Postby Anonymous User » Sun Dec 10, 2017 11:33 am

Anonymous User wrote:
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.


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.


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.

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PeanutsNJam

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Re: Hey Everyone, Is This Right?

Postby PeanutsNJam » Sun Dec 10, 2017 11:43 am

How many personal exemptions did you claim on your W2?

You should be looking forward to a pretty fat tax return.

Anonymous User
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Re: Hey Everyone, Is This Right?

Postby Anonymous User » Sun Dec 10, 2017 12:03 pm

PeanutsNJam wrote:How many personal exemptions did you claim on your W2?

You should be looking forward to a pretty fat tax return.


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)

Mr. Peanutbutter

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Re: Hey Everyone, Is This Right?

Postby Mr. Peanutbutter » Sun Dec 10, 2017 2:37 pm

Anonymous User wrote:
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.


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.


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.
Last edited by Mr. Peanutbutter on Sat Jan 27, 2018 4:21 am, edited 1 time in total.

Mr. Peanutbutter

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Re: Hey Everyone, Is This Right?

Postby Mr. Peanutbutter » Sun Dec 10, 2017 2:38 pm

Anonymous User wrote:
PeanutsNJam wrote:How many personal exemptions did you claim on your W2?

You should be looking forward to a pretty fat tax return.


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)

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.
Last edited by Mr. Peanutbutter on Sat Jan 27, 2018 4:21 am, edited 1 time in total.

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star fox

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Re: Hey Everyone, Is This Right?

Postby star fox » Sun Dec 10, 2017 2:56 pm

Why don't you check your Pay Statements on the online system?

ur_hero

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Re: Hey Everyone, Is This Right?

Postby ur_hero » Mon Dec 11, 2017 8:29 pm

Mr. Peanutbutter wrote:
Anonymous User wrote:
PeanutsNJam wrote:How many personal exemptions did you claim on your W2?

You should be looking forward to a pretty fat tax return.


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)

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.


This. You'll get a nice tax return next year.

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.)

EliotAlderson

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Re: Hey Everyone, Is This Right?

Postby EliotAlderson » Mon Dec 11, 2017 9:40 pm

Did your firm give you a salary advance before you started? Gets paid back with post tax dollars and hurts a bit.

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Hey Everyone, Is This Right?

Postby Anonymous User » Mon Dec 11, 2017 10:15 pm

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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