For any here in North Carolina, maybe you can help me out here…
Recently moved to the area, started a new job where I’m grossing $880/wk.
Could anyone help me out in figuring out what my net income will be after state/fed taxes and all that fun stuff? I am completely clueless in matters of knowing what tax bracket I fall into, etc. Trying to work out a budget and would like to be working with an actual 'net amount so I don’t have to guestimate.
Much appreciated…
Thanks!
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Worked for me, accurate to within 2% in the case of my paycheck, and I think the only reason it was off at all is I wasn’t sure how to enter one of my employer’s payroll deductions for proper tax credit.
Rule of thumb: estimate 25% will go to taxes, health insurance, etc.
Don’t forget to participate in some type of 401(k) planning - which will reduce your net (but also reduce your taxable income).
Not a bad rule. I’ve got pretty decent benefits and insurance on my wife plus me, and I’m at 28%. Of course… the way insurance cost sharing is headed, that’s likely to go up.
That rule of thumb has a corollary- if you’re contributing the max to a 401(k), figure your take-home will be about 66-67% of your gross.