Please give a detailed calculation if you can
2006-12-05 06:36:13 · 14 answers · asked by RP 1 in Business & Finance ➔ Careers & Employment
Hello people who havw said I should be able to do it or i am not worth it, Let me tell you that I am new here and I do not exactly know the taxation procedures here
2006-12-05 08:08:33 · update #1
$3500/mo = $42,000/yr. If you are single and in the US, you are in the 25% tax bracket. This means your tax is $4,090 plus 25% of $12,300 (due to the exemption and the lower percentage for the bracket ending at $29700/yr). Your federal tax for the year is then $7,165 so you're left with $34,835 for the year or $2902.92/mo. You have to subtract state tax and any local income taxes as well (for the locality you work or live in, whichever is higher). Let's say that's 4% and 2% respectively. Now you're left with $2692.92. You need to take out any insurance benefits that come out of your check. For me, it comes out of a flex spending account not figured in with my pay. Also any contributions to a 401k must be deducted. I think I put in about $150/mo for that. So roughly, you will net $2500 but this is really just a guesstimate, not an exact figure since you haven't provided any more information.
2006-12-05 06:40:10 · answer #1 · answered by Geoff S 6 · 1⤊ 0⤋
I have to agree with David B, but the answers are right from the first 2. Taxes are 27% for that income level, so you would multiply the amount times .27, then subtract that amount from 3500. that's the amount you make. In short you would take home a little less than 3000 / month.
2006-12-05 06:40:23 · answer #2 · answered by Rob 3 · 0⤊ 0⤋
The salary/remuneration for a particular job is the market value for a particular profession and designation at the city/town where the office is located. Job postings at websites like Monster, Yahoo HotJobs and Careerbuilder carry information about salaries. The Govt Dept of Labor, (www.bls.gov) Bureau of statistics has information about median salaries for different professions and details of additional compensation offered. Other online resources are salary.com and payscale. Your salary will also depend on your educational qualification and how you handle your career. More details and links to relevant websites available at http://tinyurl.com/rndxq
2006-12-05 19:24:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well, you didn't say which state you're from, if you're married or single and what your filing status is like your witholding. And how many times you get paid in a month.....because these will affect your net pay.
But here's an idea:
If you're single, and live in California, your status is 1 and you get paid once a month:
Your Net pay is $ 2,603.69
Let me know what your actual status is and I can recalculate this for you.
2006-12-05 06:41:10 · answer #4 · answered by aw03172001 3 · 1⤊ 0⤋
Impossible to say-
Need to know city, state and local taxes that will be deducted
Federal taxes and SS taxes are standard but the others are not. How many deductions are you claiming? Are you married or single? Will health insurance premiums or pension contributions
be deducted? There are too many unknowns to even begin to calculate with the info you've provided (or have'nt).
2006-12-05 06:40:06 · answer #5 · answered by GEEGEE 7 · 3⤊ 0⤋
About 1240 after 27% taxes and deductions are taken out
2006-12-05 06:37:55 · answer #6 · answered by god knows and sees else Yahoo 6 · 0⤊ 0⤋
Well, figure out your yearly income, figure out what Uncle Sam is going to bite off and what you have left is your salary after taxes. If you would like, you may then subtract all you bills and debts to determine your discretionary income. Typically that last is done monthly, just don't forget your taxes.
2006-12-05 06:39:49 · answer #7 · answered by DJL2 3 · 0⤊ 0⤋
12 months X $3500 = $42000 is the GROSS not the net.
For the net you would have to know the exact amount of all the deductions from the gross pay and these vary depending on if you have health insurence, etc.
2006-12-05 06:39:12 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Do you have a recent paycheck? You can calculate your percentage withheld from all of your deductions by dividing your take home pay from your gross pay.
Then multiply that number into $3500.
Example:
Gross Pay = $3000, Take Home Pay = $2000
2000/3000 = .66667
3500 x .66667 = $2333 from your new job.
2006-12-05 06:48:47 · answer #9 · answered by Anonymous · 0⤊ 1⤋
If you're so ignorant that you can't figure it out for yourself, then I can assure you, that you will NOT be making that kind of money anytime soon. You need to set your sights a little more realistically, like convenience store clerk...
2006-12-05 07:02:20 · answer #10 · answered by tycobb99999 2 · 1⤊ 1⤋