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Vault says my summer salary is going to be ~7900 semi-monthly (every two weeks), prorated that comes out to 205k/year. Is this normal, did they raise it, or is vault just wrong? My offer letter said prorated to 190k. Thanks.

24 semimonthly vs 26 biweekly paychecks a year. $7900*24≈$190k.

lawschoolurk2020 wrote: ↑

Tue Feb 16, 2021 4:22 pm

Vault says my summer salary is going to be ~7900 semi-monthly (every two weeks), prorated that comes out to 205k/year. Is this normal, did they raise it, or is vault just wrong? My offer letter said prorated to 190k. Thanks.

It's not every two weeks, it's twice a month (usually the 1st and 15th or 15th and last day), so slightly less frequently than every two weeks. 190k/24 = ~7900. Hope that helps!

My V10 pays associates on the 15th and last day of each month, or on the last business day before those dates if they fall on a weekend/holiday. This month’s paycheck on the 12th (because of Monday the 15th being a holiday) was one of the earliest I’ve gotten.

If you're in NYC, it should be about 4600 after taxes (but expect a big refund).

Bump up your federal allowances so you don't have as big a refund (as many as 10+). Money now better than money later.

EminentDumain wrote: ↑

Wed Feb 17, 2021 10:20 pm

If you're in NYC, it should be about 4600 after taxes (but expect a big refund).

How big of a refund usually?

purplegoldtornado wrote: ↑

Thu Feb 18, 2021 2:26 am

EminentDumain wrote: ↑

Wed Feb 17, 2021 10:20 pm

If you're in NYC, it should be about 4600 after taxes (but expect a big refund).

How big of a refund usually?

I think when I was a summer, my refund the following spring was like 6 grand. Obviously that wont be the case when you're a full time associate, just as a summer.

You can do the math if you want... assuming you dont work during the school year, your take home pay is about $37k, but the taxes will be taken out of your paycheck as if they were anticipating you were going to make $190k. Of course this all depends on your allowances and stuff too.

M458 wrote: ↑

Thu Feb 18, 2021 1:58 am

Bump up your federal allowances so you don't have as big a refund (as many as 10+). Money now better than money later.

No longer allowed on post-tax-reform W-4s. New summers will have to wait for refunds.

Last summer as an SA was able to bump up allowances to avoid huge tax return later, not a tax expert but that was my situation last year