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re: Question about my taxes...
Posted on 11/3/10 at 3:12 pm to LSUCrawdaddy
Posted on 11/3/10 at 3:12 pm to LSUCrawdaddy
In that case, all you need to do is take the amount from your last check 'stub' for Fed W/H, state W/H and FICA and multiply them by 4.
Subtract the sum of those amounts from the $6,800 and that should be the net you will be paid for the combined four pay periods.
I'll repeat what I posted earlier: if your employer treats the four pay periods' amount as if it is for ONE pay period, you will have a much larger amount deducted for taxes resulting in a much lower net pay.
In other words, if they forget to change the "frequency" of pay periods to reflect that the gross amount of your pay is for two months (semi-monthly X 4) and they keep the frequency at semi-monthly, the computer will base the taxes on the $6,800 as if that is your normal semi-monthly pay amount rather than pay for two months.
I've got to ask out of curiosity, why would your company pay everyone for four pay periods all at once? Are they going to pay everyone in advance for two months? Or are they going to make everyone wait two months to get their 4 pay periods pay?
Subtract the sum of those amounts from the $6,800 and that should be the net you will be paid for the combined four pay periods.
I'll repeat what I posted earlier: if your employer treats the four pay periods' amount as if it is for ONE pay period, you will have a much larger amount deducted for taxes resulting in a much lower net pay.
In other words, if they forget to change the "frequency" of pay periods to reflect that the gross amount of your pay is for two months (semi-monthly X 4) and they keep the frequency at semi-monthly, the computer will base the taxes on the $6,800 as if that is your normal semi-monthly pay amount rather than pay for two months.
I've got to ask out of curiosity, why would your company pay everyone for four pay periods all at once? Are they going to pay everyone in advance for two months? Or are they going to make everyone wait two months to get their 4 pay periods pay?
Posted on 11/3/10 at 4:16 pm to LSURussian
The employer wants to pay everyone in advance. The goal is to pay everyone on 12/15 for all of December and January. This will make January’s paycheck as taxable income for the 2010 tax year but only making the taxable amount for 2011 based on 11 months of income instead of 12. That is of course unless the employer decides to do the same thing again.
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