I live in California, which probably says a lot already, but I didn't know taxes would be this crazy.
I'm stressing out right now because I'm taking home less than I was at my previous $80k job.
I'll share this before I share the paycheck details.
I did some calculations on additional withholdings before I started my job based on my partner's and my income. The calculator said $600 extra. That sounded high, but I added it to additional withholding. At my previous job I was withholding $200 extra.
My first week at work I got a paycheck 517.57. For 1 week at my salary! I immediately stopped the additional withholding of $600.
Is it possible that was still counted for the next two weeks? Also, my insurance costs were billed double. Do you think they back-billed for starting new? And is the state tax right?
I am taking out 401k too. I just don't understand how the taxes are so high.
Info:
Gross pay: $4,615.38
Taxes: -$2,361.68
TX Withholding Tax Federal -$1,157.33
TX Withholding Tax California -$810.94
TX EE Social Security Tax Federal -$282.09
TX EE Medicare Tax Federal -$65.97
TX EE Voluntary Disabilit California -$45.35
Pre-tax Deductions -$218.06
Health Insurance -$46.76
Dental Insurance -$19.02
Vision -$2.18
LTDI Buy Up -$11.64
Trad 401(k) Contribution -$138.46
Post-Tax Deductions -$147.70
Fitness Center -$9.24
Roth 401(k) -$138.46
Net Pay $1,887.94
Anything I can rejigger? I'm maxing my 401k contributions to get company match. I need the fitness center for health reasons. Just, are those taxes correct?
I just can't believe I'm taking home less at 120k than 80k.
Submitted October 19, 2018 at 10:48AM by mowway https://ift.tt/2yP5PI7
