I'm just trying to figure out how much the gubment be takin out my check. I'm trying to figure out what my monthly budget will be. (I'm a teacher being paid on a 10 month schedule and I'm trying to be precise about how much I will need to take out of each paycheck to equalize it over a year.)

Anyway, is there a web program that can tell me how much exactly will be taken out?




Also, can a single person claim head of household?

8/27/2007 6:13:00 PM

You haven't really provided enough information to give any concrete answers.

My first paycheck was itemized showing exactly how much was taking out for each thing, federal income tax, state income tax, fica, etc.

Most likely you can not claim head of household.

http://www.fool.com/school/taxes/taxes15.htm

8/27/2007 7:21:53 PM

Look at your second pay check. Don't make any big purchases before them.

8/27/2007 8:19:46 PM

Gross - Income = Taxes

8/27/2007 9:07:06 PM

i had no idea how much i made in 2006 until i submitted my taxes & asked my accountant

8/27/2007 11:07:17 PM

How is that possible? Do taxes not get taken out of your paycheck?

8/28/2007 9:09:13 AM

Gross * 0.30 = roughly taxes

8/28/2007 9:31:20 AM

google paycheck estimator

http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp. It's pretty close when I put my info in. It's good to know what all the insurance, 401k and crap like that adds up to so you can enter that info up front.

8/28/2007 2:27:53 PM

it really depends on you're allowances
since i bought my condo i'm bringing home another $100 per check .

8/29/2007 12:22:40 AM

http://www.payroll-taxes.com/calculators.htm

9/3/2007 2:56:33 PM

whoops, wrong board, wrong thread!


[Edited on September 3, 2007 at 5:33 PM. Reason : ]

9/3/2007 5:33:00 PM

Can't you just read your paycheck stub? It should have a section for net pay. At the very least you should know how much is being deposited in your account. Just multiply the net pay by the number of times you'll get paid in a year and divide that number by 12 to get the monthly net average.

9/4/2007 10:10:39 AM

^you still have to consider insurance and retirement that you won't be contributing to for those 2 months of the summer. Teachers are paid on a 10 month salary but have insurance paid through the summer and retirement taken out for those 10 months. But he's wanting to set it up through the NCSECU summer pay program (I assume), so he may need to set it up before he gets paid.

You can also go to turbotax.com take your paycheck and figure out how much taxes and stuff is taken out for the year and estimate from their 2006 taxes how much you'll get back for 2007. This is especially good if you bought a house, got married or had a kid. I think I'm going to change my deductions because I'm set to get back abut 3.5-4k for 2007.

[Edited on September 4, 2007 at 10:27 AM. Reason : edit]

9/4/2007 10:16:40 AM

yeah, i was trying to figure out how much i wanted to save monthly. that's easy enough to do, but i wasn't sure about the taxes. I got my first paycheck last week though, so i guess it's a moot point.


now what all do you have to do to claim head of household?




^ok, i figured it out. I'd have to have a family member living with me for more than half of the year, and my dog doesn't count.

[Edited on September 6, 2007 at 2:33 PM. Reason : ]

9/6/2007 2:26:16 PM

move to Texas or Florida, not state income tax

but they make it up in real estate taxes

[Edited on September 6, 2007 at 6:32 PM. Reason : w]

9/6/2007 6:31:39 PM

they make up for it by being shit holes.

9/6/2007 7:37:42 PM

both texas and florida have very desirable places to live.

9/7/2007 9:15:20 AM

didn't read most of this

but a single person can't claim head of household

I think it boils down to having to have dependants

9/7/2007 8:51:45 PM

Quote :

"How is that possible? Do taxes not get taken out of your paycheck?"

taxes get taken out but i have some cost of living adjustments and some other income increases that arent part of my base salary. i also get a bonus in march, so i dont know how much i make until i do my taxes but i have a rough estimate

9/7/2007 11:37:31 PM

Smath74, does your county not offer 12 month salary schedules? My mom works for Guilford County Schools and she has it set up to get paid to distribute her salary across all 12 months. You might want to ask around, it could save you the trouble of doing it yourself.

9/8/2007 12:20:52 PM

no, I work for Wake County, and they don't offer 12 month anymore (unless you teach year-round.)

9/10/2007 9:36:35 AM

Federal takes so much taxes

10/24/2007 10:19:27 AM