How to figure this out! thank you?

Question

SO I am getting a $2 dollar raise. So its a 20% increase. Right now i make 700 every two weeks after taxes so do i multiply 700 by.20 to figure out what my checks will be looking like with my yearly raise???? thank you

Answer 1

Wow, there's some bad math out there! It looks like your current tax rate is 12.5% (assuming you work 80 hours every 2 weeks).

Your new gross pay will be $12/hr. $12/hr x 80 hours = $960, gross (before taxes). You will NOT be in a higher tax bracket, so apply the same tax rate 960x(1-.125)= 840 per paycheck.

And yes, that's exactly the same as your calculation (which is really the same thing) 700x1.2 = 840.00.

Good for you and congratulations on a rocking raise!!

Answer 2

Well, sort of. You actually multiply it by 120%. So, 700 times 120 equals 840. But that might put you into a higher tax bracket. Also, when you look at your checks, some of the deductions don't have anything to do with taxes, but with other things like health insurance deductions.

But in short, I would think that a 2 dollar an hour raise will actually seem more like a 150 to 160 raise per hour. So, just multiply that by your total hours. And if you work 40 hours then it would be about 60 to 64 more dollars take home per week, or 120 to 128 per two weeks.

Answer 3

Take the total amount of money that you will be making per hour and multiply it by the number of hours per week. That will give you your gross pay. then remove taxes from that.

On average you will see about $70 of every $100 you make, after taxes.

Answer 4

Your gross pay will be multiplied by 1.2
But your take home pay will be multiplied by a little less than 1.2 because of tax.
It will probably be around 810

Answer 5

Nope , because the tax man gets part of that 20% too .

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