about us | workshops | message boards       
quarterlifecrisis.com    people blur   
a one-stop info-shop for recent grads & beyond      
   lifeworkplay   


Page 1 of 6 123 ... LastLast
Results 1 to 15 of 76
  1. #1

    So after taxes and all that...how much do you REALLY make?

    I finally got a job offer the other week! I'm ecstatic, because it is in a industry that I am well and truly interested in working for.

    But I'm concerned whether or not it will pay the bills. It's $12.50 an hour, and at around the typical 40 hours a week salary, it's approximately $26k in one year.

    Now, if I really got 26k a year, I wouldn't be concerned, but I know that there's income tax and social security and medicare and all that lovely stuff that gets taken out every two weeks.

    I live in Chicago, IL. Can anyone else living here let me know how much gets taken out, or if there are any websites where I can calculate this?

    I'm estimating that I've got rent, cooking gas, electricity, cable, insurance and student loans to pay off every month. Anything else that I'm missing?

  2. #2
    Join Date
    Dec 2001
    Location
    The Oregon Trail
    Posts
    42,345
    It could be tough, depending on where you live, and your housing situation. Six years ago, I was making about 22K, living in a then-reasonably priced neighborhood (it's not anymore), and splitting rent/associated housing costs with a roommate with a similar income, and it was still borderline unaffordable for us.
    "Even when I've f*&%ed up, I've spun it into a learning experience that's brought me to bigger and better things."

  3. #3
    I was making about that (25K) a few years ago, and I believe my paychecks ended up being in the low $900's, and this was without participating in the health plan (I had coverage elsewhere), or the 403(b). . . the only deductions I had were taxes and Social Security. Thankfully, I was living in a then-affordable part of NYC. . . .

  4. #4
    Join Date
    Dec 2004
    Location
    Chowdatown
    Posts
    7,270
    Quote Originally Posted by AshleyJordan
    I was making about that (25K) a few years ago, and I believe my paychecks ended up being in the low $900's, and this was without participating in the health plan (I had coverage elsewhere), or the 403(b). . . the only deductions I had were taxes and Social Security. Thankfully, I was living in a then-affordable part of NYC. . . .
    I made slightly more than 25K when I started working, but my paychecks were in the 700s, I think (and I didn't have NYC tax). However, I did participate in health insurance (~$40/week)

  5. #5
    Low 900's...every two weeks right? Not every month?

  6. #6
    Oh yes, every two weeks!

  7. #7
    Quote Originally Posted by yankeeyosh
    I made slightly more than 25K when I started working, but my paychecks were in the 700s, I think
    Just curious-- what sort of work was this? I thought only the nonprofit sector had starting salaries that low!

  8. #8
    Er, entertainment. Specifically, video games.

    Edit: Whoops, I thought you were talking to me, ^^;

  9. #9
    Join Date
    Nov 2005
    Location
    Washington, DC
    Posts
    984
    I dunno. I know what my take-home pay is, obviously, after taxes deducted from my paycheck, but I don't know if I'll end up owing extra come tax time (I've only been in the job for a few months).
    "Spare me your space-age technobabble, Attila the Hun!"

  10. #10
    Join Date
    Dec 2001
    Location
    The Oregon Trail
    Posts
    42,345
    Quote Originally Posted by AshleyJordan
    Just curious-- what sort of work was this? I thought only the nonprofit sector had starting salaries that low!
    Journalism starting salaries (and quite often, ending salaries) are lower than many nonprofit salaries. Believe me, I've worked in both and job searched in both.
    "Even when I've f*&%ed up, I've spun it into a learning experience that's brought me to bigger and better things."

  11. #11
    Quote Originally Posted by SpaceMonkey
    I dunno. I know what my take-home pay is, obviously, after taxes deducted from my paycheck, but I don't know if I'll end up owing extra come tax time (I've only been in the job for a few months).
    Really? Would you need to pay more eventually? I always thought they automatically took everything out, and then if you're lucky, you'd get some of it back in the tax returns... :o

  12. #12
    Join Date
    Dec 2001
    Location
    The Oregon Trail
    Posts
    42,345
    I had to pay in like $4 this past year to the state of IL. Federal, I've always gotten something back.
    "Even when I've f*&%ed up, I've spun it into a learning experience that's brought me to bigger and better things."

  13. #13
    Shucks...I really thought that was all there was to it...$4 isn't bad at all though...

    Are you living in Chicago too, Wordsmith?

  14. #14
    I've always gotten something back, too. If you have all of your paystubs and an idea of what your deductions will be, it might be worthwhile to check out the IRS' withholding calculator, but only if you have all of that info. I certainly hope it's accurate, because I used it the other day and it suggested that I'm due for a big refund this year!

  15. #15
    Join Date
    Nov 2005
    Location
    Washington, DC
    Posts
    984
    Quote Originally Posted by AshleyJordan
    I've always gotten something back, too. If you have all of your paystubs and an idea of what your deductions will be, it might be worthwhile to check out the IRS' withholding calculator, but only if you have all of that info. I certainly hope it's accurate, because I used it the other day and it suggested that I'm due for a big refund this year!
    Yeah, I used that to figure out what allowances I should take when I first started the job, but my tax situation is always more complicated because I also hold shares in a family-run LLP.
    Last edited by SpaceMonkey; 10-29-2006 at 11:30 PM.
    "Spare me your space-age technobabble, Attila the Hun!"

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •