after being paid weekly for over 4 years they have decided now to pay bi-weekly. my question is am i going to see a difference in what i am bringing home?i work 40 regular hrs and about 15 overtime in a week. could i just double what i bring home weekly to figure ut what i will be getting bi-weekly??
2007-04-24 04:28:43 · 8 answers · asked by kelly m 1 in Business & Finance ➔ Taxes ➔ United States
Your take-home will actually be slightly less, as the taxes will be calculated differently. Taxes are calculated on the dollar amount of the check . . . a bigger check amount will mean a bigger tax chunk taken out. It won't be THAT much of a difference, but it will be different. It'll also mean a slightly larger tax return at year's end.
2007-04-24 05:27:12 · answer #1 · answered by zoomddy2 3 · 0⤊ 3⤋
Yes, you will. You will be paid the same amount of money. You will get 2 checks per month instead of 4, generally. Sometimes, you may receive 3 checks per month, but they will be processed every 2 weeks. This happens in the annual cycle because of an odd number of days in some months . You'll get a paycheck every 2 weeks.
If your weekly check is $500 (gross), the bi-weekly check will be $1000 (gross).
2007-04-24 04:40:34 · answer #2 · answered by ne11 5 · 0⤊ 0⤋
There could be a minor difference because the weekly and bi-weekly withholding charts are slightly different. It will only be pennies different from double what you were getting in the weekly checks if you work the same amount of time.
2007-04-24 04:45:24 · answer #3 · answered by ? 6 · 1⤊ 0⤋
are you serious???!! bi-weekly means you will get exactly double what you would per week. It's not like trying to work out the difference in pay between monthly and four-weekly, it's just double.
2007-04-24 04:35:09 · answer #4 · answered by Joe S 2 · 0⤊ 0⤋
It's the same amount of money, you just get it every other week. You'll be missing out on some interest in the bank because you won't be depositing every week now. Also, your 401k and company match (if you get one) won't be going in as often so you might miss out a bit there. Take home pay will be the same though.
You may need to re-arrange your payments to creditors to account for the new pay dates.
2007-04-24 04:37:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Pretty close. Since overtime varies week to week, the numbers might not be exact, but it will be about double what you're getting weekly now.
2007-04-24 04:49:25 · answer #6 · answered by Judy 7 · 0⤊ 1⤋
For the most part, yes. The hardest thing for you is going to be having to learn how to live every 2 weeks instead of every week. It will mean redoing your budget and possibly allotting different due dates on some of your bills.
2007-04-24 04:35:19 · answer #7 · answered by mlpsq1996 2 · 0⤊ 0⤋
Yes, you have it right.
2007-04-24 04:43:59 · answer #8 · answered by ginger 4 · 0⤊ 0⤋