Does anyone understand how to translate gross income into net? For example, if I were earning $75K per year (paid monthly) and placing 6% into a 401k, 1.5% into a city tax and another $200 into insurance, what calculation(s) will bring me to net income? I know that 401k contributions are pre-tax, social security is 6.2% and medicare another 1.45%. That being said, does 401k come out before or after SS and medicare?
Ultimately, I'd like to set up a spreadsheet that can run this calculation.
2007-10-28
15:21:24
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2 answers
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asked by
marko
1