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Started By
Message
Raise and New Taxes--Net Pay Question
Posted on 1/31/13 at 12:04 pm
Posted on 1/31/13 at 12:04 pm
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.
I didn't change any deductions or my filing status.
5
Posted on 1/31/13 at 12:07 pm to lnomm34
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.
Posted on 1/31/13 at 12:08 pm to OnTheBrink
No. I get paid once per month.
Posted on 1/31/13 at 12:10 pm to lnomm34
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.
Posted on 1/31/13 at 12:11 pm to lnomm34
Then no, IMO it doesnt sound right. Maybe someone will be along shortly to better help you. I am no tax expert either.
Posted on 1/31/13 at 12:11 pm to PurpleAndGold86
I'm direct deposit. I haven't seen my stub yet. I'm on the road, can't wait to see the stub.
Posted on 1/31/13 at 12:17 pm to lnomm34
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?
Have you had changes to you health or dental insurance premiums? Any other allocation changes? FSA's? 401k's?
Posted on 1/31/13 at 12:22 pm to lnomm34
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.
Posted on 1/31/13 at 12:25 pm to wiltznucs
No. I didn't change anything.
Posted on 1/31/13 at 12:31 pm to C
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.
Posted on 1/31/13 at 12:32 pm to lnomm34
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.
Posted on 1/31/13 at 12:32 pm to lnomm34
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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