Raise and New Taxes--Net Pay Question | TigerDroppings.com
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lnomm34
USA Fan
Louisiana
Member since Oct 2009
8115 posts
Online

Raise and New Taxes--Net Pay Question

I'm no tax expert. But, I got a raise of about $430 per month. My net pay has increased by $166 per month. Does that sound about right?

I didn't change any deductions or my filing status.


OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4535 posts

re: Raise and New Taxes--Net Pay Question
Do you get paid twice a month? Maybe $166 per paycheck? If it was $166/paycheck, that would sound about right. As you have it written, no, it does not.


lnomm34
USA Fan
Louisiana
Member since Oct 2009
8115 posts
Online

re: Raise and New Taxes--Net Pay Question
No. I get paid once per month.


PurpleAndGold86
Member since Jun 2012
11036 posts

re: Raise and New Taxes--Net Pay Question
quote:

raise of about $430 per month


quote:

net pay has increased by $166 per month


quote:

Does that sound about right?


No, not at all.


OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4535 posts

re: Raise and New Taxes--Net Pay Question
Then no, IMO it doesnt sound right. Maybe someone will be along shortly to better help you. I am no tax expert either.


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lnomm34
USA Fan
Louisiana
Member since Oct 2009
8115 posts
Online

re: Raise and New Taxes--Net Pay Question
I'm direct deposit. I haven't seen my stub yet. I'm on the road, can't wait to see the stub.


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wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7981 posts

re: Raise and New Taxes--Net Pay Question
A $5K increase in your annual pay could certainly bump you to another tax bracket. As rule of thumb some say to expect to lose 40% to Federal, State, SS, etc. This usually overestimates what you'd lose but keeping 60% would put you at $258 per month.

Have you had changes to you health or dental insurance premiums? Any other allocation changes? FSA's? 401k's?


C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22714 posts

re: Raise and New Taxes--Net Pay Question
quote:

My net pay has increased by $166 per month


Remember SS kicked back up this year so you are paying up to $260 more in that. So that gets you to $426.


lnomm34
USA Fan
Louisiana
Member since Oct 2009
8115 posts
Online

re: Raise and New Taxes--Net Pay Question
No. I didn't change anything.


wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7981 posts

re: Raise and New Taxes--Net Pay Question
quote:

Remember SS kicked back up this year so you are paying up to $260 more in that. So that gets you to $426.


There was a 2% increase in SS taxes for 2013 but for the average individual making $50K this should translate into less than $100 per month in additional taxation. If you are markedly higher than $50K this could be your explanation.


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PurpleAndGold86
Member since Jun 2012
11036 posts

re: Raise and New Taxes--Net Pay Question
quote:

No. I didn't change anything.


Regardless of whether or not you changed anything, if you are allocating to a 401k, that eprcentage is also going to come out of the paycheck in addition to the taxes. However, this still does not sound right that you are netting 1/3 of your gross.


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elposter
Alabama Fan
Member since Dec 2010
9369 posts

re: Raise and New Taxes--Net Pay Question
2% increase in payroll tax and possible increases in insurance premiums or other "benefits" could easily account for what otherwise looks like too little net pay increase for your raise.


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