Here's a good calculator where you can play with all the inputs.
http://www.paycheckcity.com/netpaycalc/n鈥?/a>Does anyone know how to figure out what your pay will be after taxes? Is there some kind of formula?
Multiply your gross wages by 7.65%. This is your social security and medicare witholding. Then, get a IRS Circular E, and find what tax bracket you fall into. Locate your state tax witholding tables on the internet and again, find your bracket. Subtract the social security and medicare, federal witholding, and state witholding from your gross wages. This will leave you with net wages, and your take home pay. If you have insurance or some other deduction, you will have to factor that in, but it is pre tax so take it out before you make all of the calculations. (insurance is pre tax)
You need to figure out what you are worth, not what you need to live on.
However, if you can't find a comparable job to compare yours with, just figure on losing at least 25 - 30% to state, federal, and local taxes.
I've always safely used the 30% mark for all taxes, social security, Medicare and local taxes. It's not exact, but figure 30% of your total gross pay for tax deductions.
It depends upon your tax bracket and how many dependents you are claiming, but on average they take out about 25% for taxes from your check. So if you make $1000 a week, your net income (after taxes) will be approximately $750. If they offer health insurance and you have to pay anything for it, that will come out of the check, too. Keep that in mind if it applies.
Basically, you may need three things - Federal Tax rate, State and Local Tax rate, and FICA/Medicare (generally, 7.65%) rates. Typically, all of these added together may equal 25% - 30%. You may also have to account for Health Insurance deductions or some other type of deductions.
So, for example, using a salary of $50,000 and a 30% tax rate, the net take home for the year would be $35,000 ---- (50,000 x .30 = 15,000, and 50,000 - 15,000 = 35,000)
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