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07-18-2011, 07:06 PM
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Calculating payroll taxes
Hi. I recently landed my first post-school job and I'm looking to figure out my actual take-home pay. I'm starting to formulate a budget and want to know what I'll have at at my discretion.
I live in California and my salary is just over $54,000. How would I go about figuring out my take-home pay? 
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07-18-2011, 07:11 PM
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__________________
-JPG `It is more blessed to give than to receive.' Acts 20:35b
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07-18-2011, 07:17 PM
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Ah, thanks. I'd been looking at this earlier but wasn't sure about allowances, withholding, deductions, etc. My lack of tax knowledge is rather embarrassing, and something I've always been meaning to enhance, but it's still rather abysmal.
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07-18-2011, 10:30 PM
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Just use 1 for your withholding. If you're going to be contributing to an employer-sponsored 401K, make sure you take that pretax contribution into account as well. I recommend contributing the max if you can manage it- $16,500 for this year.
BTW- congrats on the first job! This is a tough market to land any job in, so kudos to you.
__________________
President of Creditnet.com, rock climber, ultrarunner, and eater of large quantities of sushi.
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07-19-2011, 06:33 AM
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The IRS Withholding Calculator can tell you what allowances to claim for your situation.
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07-19-2011, 07:44 PM
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Quote:
Quote:
I searched and did not find a paycheck calculator at IRS.gov - though I do already know about the withholdings calculator. (IRS Withholding Calculator) But the withholdings calculator will not tell you your paycheck, and the OP needs paycheck, not withholdings. OP - just use 0 or 1 as suggested above. It's an estimate. You don't need to the penny. Once you get your actual first paycheck, then you can adjust. So for your first month, just budget based on $3500 or $3600. It'll get you close enough. You only need the estimate for the first month anyways.
__________________
-JPG `It is more blessed to give than to receive.' Acts 20:35b
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