Paycheck calculators

IRS Withholding Calculator:
http://www.irs.gov/individuals/page/0,,id=14806,00.html

Net Pay Calculator:
http://www.paycheckcity.com/netpaycalc/ ... ulator.asp

[houseelf]

How accurate are these for you?
I found that these were a bit on the high estimates compared to our actual salaries. Of course, I think that this is calculated for Arizona and Minnesota is known for high state tax.

What is your experience with this?

Kelly

Not that I obsessively calculate what we'll be bringing home next year or anything. Really. I'm not obsessing.

[Vanquisher]

Kelly, you can change it to your state. I have found it to be quite accurate. Paycheck city, anyway.

[houseelf]

OMG, I'm such a dork. You click on the tab that says "State".

I didn't realize that there was an IQ test with it.

Kelly

[SoonerTexan]

Sorry--I know this is old, but I didn't want to start a new thread. I tried to use these calculators to figure out what our after-tax monthly income will be but I'm still so freakin' lost. Can anyone recommend any websites that explain some of the withholding and allowance info?

[MarissaNicole]

Sorry--I know this is old, but I didn't want to start a new thread. I tried to use these calculators to figure out what our after-tax monthly income will be but I'm still so freakin' lost. Can anyone recommend any websites that explain some of the withholding and allowance info?

The way I figure our budget is that I multiply my yearly salary by .66 (taking out roughly a third for taxes) and then divide by 12 (for the 12 months in the year). That is how I estimate my monthly income/budget. Not sure if that helps or not? And it is on the conservative side, I think my income actually ends up being more than that.

[scrub-jay]

The way I figure our budget is that I multiply my yearly salary by .66 (taking out roughly a third for taxes) and then divide by 12 (for the 12 months in the year). That is how I estimate my monthly income/budget. Not sure if that helps or not? And it is on the conservative side, I think my income actually ends up being more than that.

That is a handy trick! Thanks!

[SoonerTexan]

Good to know. Makes me sad though

[oceanchild]

For what it's worth, I plugged my info into the second calculator and got a fairly accurate representation of what I get paid.

Something to consider: your taxes are going to be a little tricky next year, because your parents are probably claiming you as a deduction right now. I remember lots of back and forth with my father sorting out deductions that year.

[NYCHoosier]

Also, Sooner - don't forget to account for your 401(k). I'm assuming since you'll be at a big company that you'll have the pre-tax option. So, take that out first (max is $16,500) and then go from there. Hope that doesn't sound condescending! I've just been using paycheck calculators a lot lately...

[scrub-jay]

I was going to throw in: take advantage of the other pre-tax perks. My company offers flexible spending for dependent care (not applicable if you have no dependents obviously), health care AND commuter costs. (Just remember, on those it is use-it-or-lose-it!) And ROTH(401K) is a good option to look into too if your company offers it.

I agree with NYH - don't breeze past the 401K stuff, many companies have a match that is essentially free money!!

[poky]

I agree with NYH - don't breeze past the 401K stuff, many companies have a match that is essentially free money!!

Absolutely. Always always always take advantate of matching funds to the fullest extent possible.