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Salary question

A

Al Neri

Diamond Member
If I want to use just a generic formula, is 66% of your salary a good rule of thumb to use with salary? (I wouldn't mind overestimating taxes, trying not to underestimate)

I guess what I am getting at is will there ever be instances of > 33.3% of your salary going to Uncle Sam under usual circumstances?
 
god i remember when i saw what my salary per month before taxes was...my eyes lit up. then, that first paycheck i was like "wait, there must be some mistake!"
 
There's no real way to answer that. How much are you making, what exemptions, benefits, investments, state tax, etc?

I take home almost 100% of my pay in a state with no state tax when I'm making 24k or under and not paying for benefits or investments. In Oregon (where there's tax) with beneifts and investments and making roughly 30k I took home about 50%.
 
Originally posted by: robothouse77
god i remember when i saw what my salary per month before taxes was...my eyes lit up. then, that first paycheck i was like "wait, there must be some mistake!"
Click to expand...
Yeah....it's depressing. Worst part is that taxes have risen over the years to match inflation and inflation, in turn has made wages worth less to the employees. 🙁
 
yeah that pretty normal, if living in CA its even more...
Get married have kids and buy a home... you can get back some of it !!
 
Originally posted by: robothouse77
god i remember when i saw what my salary per month before taxes was...my eyes lit up. then, that first paycheck i was like "wait, there must be some mistake!"
Click to expand...

Your post made me laugh - I've seen that plenty of times. I can now explain every deduction on a paycheck.

I have a lot of new people in our department and about 75% of the time, a new employee will come to me when he/she gets the first paycheck and that's always what they think - "There must be some mistake!" No one is ever prepared for the onslaught of taxes!

"So... you're saying I only keep about 75% of my paycheck? This is normal?"
"Yep, that's true. You didn't run out and buy a new car when you got this job offer, did you?"
"Uhhh...."
 
Originally posted by: kranky
Originally posted by: robothouse77
god i remember when i saw what my salary per month before taxes was...my eyes lit up. then, that first paycheck i was like "wait, there must be some mistake!"
Click to expand...

Your post made me laugh - I've seen that plenty of times. I can now explain every deduction on a paycheck.

I have a lot of new people in our department and about 75% of the time, a new employee will come to me when he/she gets the first paycheck and that's always what they think - "There must be some mistake!" No one is ever prepared for the onslaught of taxes!

"So... you're saying I only keep about 75% of my paycheck? This is normal?"
"Yep, that's true. You didn't run out and buy a new car when you got this job offer, did you?"
"Uhhh...."
Click to expand...


So true. After 401k contributions and medical insurance, I'm only taking home ~55-60% of my paycheck. I remember my first year out of college, it didn't hit me until I did my taxes. I made 50k and paid ~15k between state and federal taxes. I paid as much in taxes as I did for the truck I had just bought.

Income tax has to be one of the most depressing and oppressing things ever. I could have bought a small house for what I've paid the government in the 5 years I've been out of school and working.

FairTax gets my vote .. too bad we'll never see it.
 
I remember when I got my offer for coop. I was set to make a little under $900 a week. Then they took out taxes and I only got a little under $600 a week.
 
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