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Hey guys, sorry if this is obvious, but assuming the $3,077 per week rate, how much do summer associates actually get (roughly) per week after taxes?

Thanks!

Anonymous User wrote:Hey guys, sorry if this is obvious, but assuming the $3,077 per week rate, how much do summer associates actually get (roughly) per week after taxes?

Thanks!

Depends on market and whether you claim dependents.

My first summer I was lazy and they taxed me at whatever the rate is for an annualized $160,000 salary, which meant I gave the Government a pretty sizable interest-free loan payable whenever I filed my taxes the next year. My second summer I filled out the paperwork necessary to have taxes withheld based on the salary I would receive during my 10 weeks with the firm.

Simply put, first summer: even though I made $32k (or whatever), I got taxed as though I was making $160k. Second summer I got taxed as though I was making $32k because I filled out the necessary paperwork with the firm.

Stanford4Me wrote:My first summer I was lazy and they taxed me at whatever the rate is for an annualized $160,000 salary, which meant I gave the Government a pretty sizable interest-free loan payable whenever I filed my taxes the next year. My second summer I filled out the paperwork necessary to have taxes withheld based on the salary I would receive during my 10 weeks with the firm.

Simply put, first summer: even though I made $32k (or whatever), I got taxed as though I was making $160k. Second summer I got taxed as though I was making $32k because I filled out the necessary paperwork with the firm.

Interesting. I didnt know you could do this.

AlanShore wrote:

Stanford4Me wrote:My first summer I was lazy and they taxed me at whatever the rate is for an annualized $160,000 salary, which meant I gave the Government a pretty sizable interest-free loan payable whenever I filed my taxes the next year. My second summer I filled out the paperwork necessary to have taxes withheld based on the salary I would receive during my 10 weeks with the firm.

Simply put, first summer: even though I made $32k (or whatever), I got taxed as though I was making $160k. Second summer I got taxed as though I was making $32k because I filled out the necessary paperwork with the firm.

Interesting. I didnt know you could do this.

I'm not sure if this is an option at every firm, and it may not have been an option my first summer which would explain why I didn't do it. I imagine it's a hassle for the firms to do.

Use the IRS's withholding calculator. If you're making $3100 per week but only working 10 or 12 weeks, you should be claiming at least 25 exemptions, closer to 35 if you qualify for Lifelong Learning credit or other education credits.

I'm not sure if this is an option at every firm,

Sure it is, just complete a federal form W4 and submit it to HR/payroll.