My pay schedule is going to change from weekly to bi-monthly. Im under the impression (and hopefully im wrong), that a higher percentage will be taken out because the check will be bigger, even though im still making the exact same amount yearly. Hope this isnt true because it would mean that my take home pay would be less now. Im looking for clarification from someone who knows about this.
2007-12-26 05:08:13 · 4 answers · asked by darko_d1 1 in Business & Finance ➔ Taxes ➔ United States
While the numbers may not match up perfectly, the total for the year will be about the same. So no, the percentage won't change.
If you really want to know, go look at publication 15 at irs.gov.
2007-12-26 05:11:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, it'll be the same percentage, although it will be a larger amount since your gross will be a little over twice as much per paycheck. The IRS has separate tables for different pay frequencies. There may be a dollar or so difference because of rounding, but basically the same amount will be deducted overall.
If you make twice as much and still got paid weekly, then the percent would go up substantially.
2007-12-26 05:27:59 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You're being taxed the same amount on a yearly basis.
2007-12-26 05:27:25 · answer #3 · answered by scodrinon 3 · 0⤊ 0⤋
nope next question
2007-12-26 05:15:36 · answer #4 · answered by spicy girl 1 4 · 0⤊ 0⤋