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Need some math help - raise related

post #1 of 5
Thread Starter 
Hey all,

I am about to have my annual review with my boss next week..I am going to ask for a raise..and I want it to clear an extra $100 per paycheck after taxes..

How do I figure this out?

I get paid twice a month..but I have no idea what tax bracket I am in..

Anyone know the formula to figure this out as a percentage? (without me telling you my salary)

post #2 of 5
Look at your gross weekly pay (or bi-weekly) divide the taxes (?) that they take out and you can then get the % tax bracket you are in. Then you should be able to do the same thing with the $100 per week. Example: if they are taxing you at 25%, then to net $100, you would want a gross of $125. I think that should give you a pretty close estimate. Also, go online (like MSN, etc) and they probably have an employment section that will figure this out for you!
PS, Good luck with the raise!
post #3 of 5

Go to page 266 (Tax Rates) and they can give you an idea of what is needed...

Then starting on page 253 is the 2007 Tax Tables. Look for your total taxable gross income and filing status and that will let you know how much FEDERAL TAX you need taken out total to break even.

You must also account for FICA which should be and additional 7.65% if you are considered an employee which it seems you are. If not, then make it 15.3%

Look up your state tax rate (if applicable) and account for that too.

If you don't how to figure it based of info above....

Just go to the TAX RATES page.... Take your total income and subtract:
If your SINGLE w/ no dependents and do not itemize: Subtract $8,750 from your total income and look on that chart.... that will let you know your tax bracket for federal... I will just assume your single w/ not dependents and under the age of 65... unless you post otherwise... hope this helps...
post #4 of 5

Start at what you think the extra will be (say $125ish) and work it up or down from there, include 1/24th-26th (depending if you are biweekly or on certain dates of each month) of your average bonuses / commissions to include that to get the right tax bracket even if you don't get it every pay
post #5 of 5
Thread Starter 
Cool guys, thanks for the ideas...
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