paycheck and taxes question
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name: Melissa
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paycheck and taxes question
my DH received his first check, but since he started in the middle of a pay period he only got paid for one week. I know what his take home is for that one week. How much of a difference in taxes will it normally be do you think it will be when you take home 2 weeks worth? Can I multiply the one week's paycheck by 2 and this is what he'll take home every 2 weeks? I'm so confused? Do they take out more in taxes because it's for 2 weeks? Everyone is saying to double the taxes but to me that doesn't make sense. I was just looking at it in the way that since they took out the taxes already that his take home would be the same. I know very STUPID question and I'm sorry. I just hate the tax details with all of this. I used the take home calculator you use and it's saying that he should be bringing in a bit less than what he brought home even for 1 week. I was just wondering because we would love the extra money every month we weren't expecting. Any thoughts? Thanks!
Message edited 3/7/2007 4:38:41 PM.
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Posted 3/7/07 4:38 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name: Beth
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Re: paycheck and taxes question
it's normally alittle less when it the 2 weeks together- they take more taxes
congrats on your husband getting a job- it must be a huge weight off your shoulders!
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Posted 3/7/07 4:45 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
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Re: paycheck and taxes question
Not sure about the taxes but also take into consideration that he probably doesn't have benefits or 401(k) taken out yet...that will impact future pay checks.
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Posted 3/7/07 4:47 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: paycheck and taxes question
It really depends on how the payroll dept handled this paycheck.
If his current paycheck was reported as 1/26th of his annual pay then he will be paying a bit more then double of what was withheld this week since he won't be in the correct tax bracket.
For example, if his annual salary is $52,000 his bi-weekly pay would be $2,000 per period. If he was paid $1,000 at the bi-weekly tax rate, he will be in the $26,000 tax bracket because it will appear that he's paid $500 per week, not $1,000.
If his current pay was reported as one week's pay, then doubling the amount would get you pretty close barring any deductions for benefits.
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Posted 3/7/07 4:54 PM |
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