Help! Was offered a job and have no clue about "TAKE HOME PAY"?

Question

I am new to the country and cannot find information about how much the "take home" pay is for a certain salary, or in other words, how high are the deductions. I was offered a job and need to answer soon... I am afraid that I will end up earning the same as my daughter that is just a babysitter, but would be accepting a multilingual very challenging technical job with shifts which implies a very long drive (which also means I need to buy a car, with the ensuing expense!). I would be earning 40K to start. If there is a website where I can find the information I will also be grateful for it!

I am a mother but my children are grown and studying, I do not know whether that has any effect on the deductions? Also not if my age is relevant... I am 46.

Thank you very much for your help!!
Maria

It is in Toronto, ONTARIO, I think this is important. Thanks!.

Answer 1

It depends on what state you are in and the level of income taxes they impose. You also have to allow for federal taxes and deductions like social security, healthcare and possibly a retirement plan. A rough figure would be that you would take home $30,000.

Answer 2

Depending on what state you live in, (states have different tax rates, some states have no income tax) you'll pay around 25% to 30% of your wages in taxes. This could vary depending on how many dependents you have and what state you live in.

You could ask the question again with information about income, dependents, and state and someone in your area could give you a more exact answer. Or you could just ask your potential employer.

Answer 3

The easiest think to do is to evaluate what you think you are worth for the experience and education that you have and then you need to !) ask the company what the pay scale is, and, if that is not satisfactory, 2) tell the company what you wish to receive. The company may already offer more than you need. If so, take it and laugh all the way to the bank. If not you need to say exactly what you are expecting and maybe a comprise can be reached.

Answer 4

Generally figure about 25% of your income is deducted.

The main deductions from CRA (Canada Revenue Agency) are for Employment Insurance, Canada Pension Plan, and income taxes.

Here's a site with explanations of deductions:
http://www.medhunters.com/articles/understandingYourPayrollDeductionsCanada.html

Answer 5

Take Home Pay is what will be yours after taxes come out. For example, you may be making $2,000 every two weeks. There will be income taxes, maybe pension, and other benefits that will be taken out automatically by the company from every check, therefore you may be making $2,000 every two weeks but you may only be taking home $1,600 every two weeks..... I hope this helps.

Answer 6

There is no crime in asking. What if after taking the job you later realized you spend above your earnings?Do you resign outrightly or you continue with the job?

You ought to have asked at the time you went for a chat/interview with the new company.You try to know more about the company even before you resumed. Its advisable you ask .

Answer 7

40K is a pretty good starting salary. Your in the 25% income tax bracket, so you can figure about 10K a year in total deductions from your taxes. However most of it goes monthly, so your looking at gross 3333.33/mo and you'll bring home about 2500/mo. Welcome to the wonderful world of taxation.

You can't deduct children after the age of 23 unless they are handicapped and you are the primary care giver.

Answer 8

here in the united states -- figure 20 percent for taxes..(you get some back when you file at the end of the year).


why did you apply for a job that now you are questioning?

good luck