If I get pay $1,000 how much would I approx take home - do you guys know a formula? I'm looking for a new job and want it look at all my financial expenses.
Thanks, in advance,
Marc
2007-05-17 10:31:28 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
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2007-05-17 10:36:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Take home pay incorporates a number of factors:
-what you will pay for any employee-paid benefits - this can vary drastically from job to job
-what you claim on your tax exemptions - the more exemptions you claim, the less tax will be withheld. You can look on www.irs.gov or www.ftb.ca/gov for more info on how taxes are calculated
-any tax-deferred or other programs in which you participate which can affect your gross pay - flexible spending, 401(k), pension plan, union dues, and so on.
As you can see, there is no "one size fits all" formula to determine what you will take home. Check with a tax preparation firm like H&R Block if you want an answer that is more tailored to your situation, and do remember to check the approximate costs of your employee benefits with the HR department at the new company.
Good luck.
2007-05-17 10:39:19 · answer #2 · answered by Mel 6 · 0⤊ 0⤋
It really depends on how many deductions you take and what percent income tax you pay in California. But I would estimate you will probably take home around $800 after taxes a month.
2007-05-17 10:40:50 · answer #3 · answered by *Cara* 7 · 0⤊ 0⤋
it's close to 30%, depending what you claim on your taxes.. i used to take home about $300 out of $370 checks at my last job.. so that is technically 19%, but it could be due to what i claim.. maybe you should figure that between 200 and 300 dollars will probably be taken out, so just figure about 250$.. did i help or confuse you?? lol p.s. i live in southern cali..
2007-05-17 10:41:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There are several factors involved. Does your employer take anything out for retirement or medical benefits? What kind of W-4 deductions are you claiming?
Anyway, in my example, forgetting the 401k deduction, I get about 70% of my gross salary.
2007-05-17 12:42:37 · answer #5 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
As an ex-Admn/Cfo, i would guesstimate (atleast 25%),deduct taxes,ins & please take out a 401k(I did & in 7 years i took home $14,000.00)try to get as much into your acct. as much/as soon as possible! You also should start a savings acct.(with interest). Invest in a money market acct. too.
2007-05-17 10:58:42 · answer #6 · answered by Mr. Tom 2 · 0⤊ 0⤋
i live in illinois and i always overestimate. i assume that 30% of my income will be in taxes. not sure how it is in cali though.. good luck!
2007-05-17 10:36:21 · answer #7 · answered by magikstah 2 · 0⤊ 0⤋