If I Net $550/week, what is my yearly Gross Income?

Question

I live in Louisiana if that matters.

I claim single and one, I am 25. The only deductions from my check each week are Federal and state taxes, Fica, and medicare.

I get an hourly check that i receive weekly, but a monthly commssion check and i am trying to negotiate a salary at a new job.

Answer 1

i would have to guess... right around 37,000 but it depends on you exemptions

Answer 2

I think net is what you bring home, gross is what you actually made. To figure out your annual gross we would need to know what your weekly gross is. You and the person next to you can make the same hourly, and work the same amount of hours. You've grossed the same, but depending on your exemptions it's possible one person brings home (nets) more than the other. If you net $550/wk, you multiply that by 52 weeks per year and thats your yearly NET. Do the same thing for your GROSS after looking at your check stub and finding out what your gross amount is.

Answer 3

Well 550 Net is after taxes. 28600 would be your Yearly Net Income. I believe anyone under 30000 has a 10% tax bracket. The tax rate changes to 25% at 30000 so I'd guess you federal would be a little higher. I have no idea what Louisiana taxes are though. I'd just estimate 40% and that would put you at about 40000.

It would be easier to just multiple your week gross by 52. Aren't employers required by Law to provide pay stubs?

Answer 4

Forgive me if I have this wrong, but if you are implying that your net take home is $550, it's kind of hard to extrapolate and guess your gross, because your net is not only after taxes, FICA, medicare, but you may also have other voluntary deductions coming out of your pay for hospitalization, dental, insurances, etc. etc.

Where is your weekly statement? It should have your gross pay. If you multiply by 52, you will have your annual gross income.

Answer 5

Your yearly gross income would be $550 plus whatever was taken off your check for taxes, medical, etc., and multiplied by 12 to yield your yearly gros sincome.

Answer 6

You need to know your weekly gross to figure out annual gross. Your weekly gross is what you get paid before taxes and any other deductions (such as medical insurance) are taken out. Then just multiply by 52.

Answer 7

We need to know how much you gross per week, not how much you net per week. There's no way to figure the problem out from your information because we'd never be able to add up the various taxes without getting way too personal.

Answer 8

$550 x 52 = about $28,600

Answer 9

your gross income is what you get paid before anything is taken out.

so, if you are paid 550/wk BEFORE taxes, then your gross yearly is 28,600.
if 550 is what you bring home, then you need to look at what you make before taxes.

Answer 10

You would have to take your gross pay and multiply it by the number of weeks in a year (I expect you to do some thinking for yourself).