Need assitance figuring out my paycheck...

[Ruski]

Hi All,

 

Im hoping that you guys can provide me with some pointers on why Im getting taxed so much and how I can take more $$ home. The numbers are listed below, in my opinion it appears Im being taxed too much. I understand that I need to consult this with an accountant but any info you can can give me would be great...Im just curious.

 

My Info:

Age: 25

Status: Single

State: CA

Rent

Exemptions/Allowance: 3 state & 3 Federal

 

Rate per Hour: $22.53

Hours worked per week: 35

 

My take home is $1.066.16 based on the following:

 

 

Earnings Rate Units Current

 

Regular Pay $22.53 75.83 $1708.45

Straight Overtime $22.53 1.00 $22.53

Group Term Life>50K $0.39

Domestic Partner Dental Income $6.99

Domestic Partner Medical Income $113.73

 

Total $1,852.09

 

 

Taxes Current

Federal Income Tax $143.74

Social Sec (FICA) $108.78

Federal Medicare $25.44

California Income Tax $42.78

California State Disability $14.03

 

Total $334.77

 

Pre Tax Deductions Current401K 170.85 (10%)

Pre Tax Dental $3.07

Pretal Dental $42.00

Transit Plan Transportation $52.50

 

Total $268.42

 

After-Tax Deductions Current

Group Term Life> 50K Offset $0.39

Offset Domestic Part. Income $120.72

Post Tax Transportation $61.63

 

Total $182.74

 

Net Pay $1,066.16

[autoxer]

Did you try the IRS Witholding Calculator?

http://www.irs.gov/individuals/article/0,,id=96196,00.html

[Misha]

Why do you pay twice for transportation? You pay $122 a month for post tax transportation and $104 a month for Transit Plan Transportation.

 

I also don't understand the pretax dental and the pretal dental. Not sure why there are two charges for that.

 

I have never heard of Offset Domestic Part. Income, but that's a whopping charge for it so I hope it's good.

 

Maybe you should check to make sure your exemptions are 3. My exemption is 1 and I have about $130 taken out in federal taxes on a $20/hr salary.

[Zamura]

It looks correct to me, actually.

[gregcjackson]

You actually arent getting taxed much. It's all the other deductions. Taxes look like less than 20% COMBINED.

[hlburi]

You actually arent getting taxed much. It's all the other deductions. Taxes look like less than 20% COMBINED.

 

 

I agree.

 

It's not the tax

 

Its those transit plans and the 401K and the dental and medical

[noblegray]

Actually, in looking at just your tax calculations based on what you've shown, I can't back into your Medicare or Social Security numbers (taxed at a fixed rate of 1.45% and 6.2% after pre-tax deductions, respectively). I would have a sit down with your HR or payroll people to have them go over it with you - working in accounting and with various payroll systems, I know they certainly aren't infallible.

Edited September 1, 2006 by noblegray

[JaCC]

Actually, in looking at just your tax calculations based on what you've shown, I can't back into your Medicare or Social Security numbers (taxed at a fixed rate of 1.45% and 6.2% after pre-tax deductions, respectively). I would have a sit down with your HR or payroll people to have them go over it with you - working in accounting and with various payroll systems, I know they certainly aren't infallible.

 

Agreed. I can't back into the social security and medicare either. I calculated your gross to net payroll on my payroll program at work and it is within $5 of your total. The social security and medicare are the only things off. Those other deducts are what are hurting you so bad.