How much after taxes?

Question

Okay I am changing to getting paid bi-weekly instead of weekly here is the layout to help:
Right now I get 520 before taxes and 430 after taxes
If I start getting paid bi-weekly and get a small .25 cents raise and end up getting 530 a week before taxes and that is 1060 every two weeks, I am claiming 1 on my taxes, I want to find out if anyone may be able to tell me about how much I will get every two weeks after taxes and if there will be a big change of the amount taken out. I know my mother said that it will change because I will be getting more on a single paycheck since it is every two weeks and that I will get a lot less then I normally do from 430 every week after taxes. Thanks

Answer 1

Okay, here's a simple way to "quess"-timate the answer.

$520 Gross = $430 Net (means: what you get to keep)
*or about 17.3077% is what is "going away" from the total of everything "withheld" from your paycheck.

You will get paid the same...weekly or bi-weekly...the percentage wouldn't change....EXCEPT for the "increase in pay"...so to figuire that out....

25 cents per hour...assuming a 40 hour week (you didn't say)...means about $10 more per week.

So your new calculation would be: $530 - 17.3077% (assuming the same percentage) = your new "net" (money you get to keep) would be $438.26

Now...since you'll be getting paid bi-weekly....you should get "approximately" (within a dollar or so) $876.53 (after "everything").

Summary:
$520 + $10= $530 Gross
$530 x 17.3077% = $91.73 (approx. total withheld)
$530 x 2 weeks = $1,060
$1,060 x 17.3077% = $183.46 (both numbers are just doubled)
***so...your total pay scenario is:...***
$1,060 (biweekly gross) - $183.46(total withheld) = $876.54 (net: yours to keep)
(approximately)

Answer 2

If you didn't get the raise, then your bi-weekly check would be very close to twice what your weekly check is now, and they'd withhold twice as much. Withholding is based on how often you're paid, among other factors - they adjust what's taken out for the less frequent pay period, so the total doesn't change except maybe by rounding for a few cents.

With the $10 a week raise, you'd probably see about $17 of it biweekly after taxes, so your new check, biweekly with the raise, should be around $877.

Answer 3

You should get double what your weekly check was, plus a bit more for the .25 raise -- probably on the order of $10 - $14 or so.

The withholding amounts for bi-weekly checks are exacly double the ones for weekly checks so it won't make any difference at all.

Without the raise you'd see take home of $860, double what you got weekly.

Answer 4

Ok here is the computation from the IRS website:

530 X 52 (weeks) = 27,560 (Annual)

For a single adult the rate is 782.50 + 15% of the amount over 7,285.

Computed as follows:

27,560 - 7,285 = 20,275

20,275 X .15 (15%) = 3,041.25

3,041.25 + 782.50 = 3,823.75 (Annual Tax)

3,823.75 / 26 (# of bi-weekly pay periods in year) = 147.07 (Bi-weekly Tax)

1060 - 147.07 = 912.93

912.93 / 2 = 456.47

Your take home pay will be slightly more. Try not to spend it all in one place.

Answer 5

your total tax amount per check will go up, but you won't be paying any more per week, you'll just be paying 2 weeks worth on each paycheck. your take home pay should just about double per paycheck so it will all work out the same, the .25 per hour raise will only be $10 per week so it won't make a huge difference.

Your take home for each paycheck will be about $860 just double what you were getting before with weekly pay.

Answer 6

OK SO YOU NET 1060.00 EVERY TWO WKS, IF YOU CLAIM SINGLE WITH ONE DEPENDANT....THEN THESE ARE YOUR SUBTRACTIONS AND YOUR TAKE HOME.....
FICA TAX - $65.72
MEDICARE - $15.37
FED W/H - $110.00


YOUR TOTAL TAKE HOME WILL BE - $868.91

WWW.MGCPA.COM IS THE WEBSITE I USE FOR MY EMPLOYEES PAYROLL. JUST MAKE SURE AND REMOVE THE CHECK MARKS ON THE OREGON TAXES IF YOU'RE NOT IN THAT STATE. AND IT WILL CHANGE IF YOU HAVE ANY ADDITIONAL WITHOLDINGS THAT ARE NOT INPUTED IN MY CALCULATIONS, THIS WEBSITE IS DOWN TO THE PENNY. SO SAVE IT ON YOUR FAVES.

HOPE I HELPED!

CONGRATS ON YOUR RAISE!

Answer 7

Count on aroung 800 each check. Maybe 850

Answer 8

Subtract roughly 1/5th of what you would make before hand.