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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.

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 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.

How many personal exemptions did you claim on your W2?

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

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)

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.

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.

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

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.)

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

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.