I'm 17 years old and just got my first paycheck of $2500. What's the wisest thing to do?
I would inspire you to take a seven way approach with this amount of money. Investing: Save a third of it and invest it in an index fund. The reason for inspiring you to invest some money is so that you learn investing at a really early age. Your money would grow bit by bit in an index fund, and if you continue this practice, by the time you are about ~ 45, you would already be tremendously rich. Library membership: Spend 50 dollars our of that money to get membership of a library and get from that library as many books as you can on programming, management, math, physics, economy, finance, entrepreneurship, and start reading them from cover page to cover page. Mattress: Buy yourself a really nice mattress ~ about 800 dollars should buy you a really amazing mattress. You spend a third of your life on a mattress, and by just a third of your money, you can make your one third life better for many years to come. Toastmaster's membership: Spend ~ 50 dollars, and join a toastmaster's club, and learn public speaking. Bike or something you like: Spend some of the money to buy yourself one thing that would save you the most amount of time. Say ~ if you don't have a bike, and you walk everywhere, invest some money on a 100-200 dollars bike, and it would improve your effectiveness. Gym membership: Get yourself a gym membership, and learn from someone how to exercise. Computer: Buy a computer for rest of your money, and start learning programming. Here is a table of what this would look like:
Just got my first paycheck, and I don't recognize this tax. What is MD3190 tax?
And tomorrow take it in hand and ask som one that does work in the HR pepartment or the payroll epartment or the employeer there what the MD3190 does mean on your paycheck at this time in your life. Hope that you find the above enclosed unforation useful. 03/24/2013
How much usually is your first paycheck after BMT and after taxes? ?
Im going into the USAF and was just wondering how much will my first check be. I know we have to pay for uniforms and stuff. And i know im going to sign up for the G.I. Bill so i know they'll take like a $100 as well. So yeah does anyone know an estimate or even the approx. of what my paycheck will be.
Too much taxes taken out of paycheck?
Nope. Sounds about right. They have to take 6.2% in Social Security, 1.45% in Medicare, and whatever Fed & State income taxes based on what you claim on your W-4. (Single, Married, # of exemptions, etc). Your friend may claim something different on his W-4, and he also may have a slightly different pay cycle (weekly vs bi-weekly). Your net pay of $182.35 sounds right in line. Such is the privelage of working in the great United States! edited to add: if you want less money taken out of your check, claim more exemptions on your W-4. Jsut be prepared for what this may do to you come January tax time.
Did walmart take out too much taxes off my paycheck? HELP?
- Live in North Carolina. Student who lives with parents - Got a part time job at Walmart close to the end of August - For my W4 form, I put "1" where it said hat no one else can claim you as a dependent - Got paid for orientation and the times i was doing CBL's. I only got $16 taken off for taxes for my first check. - Working weekends due to the fact I go to school full time for 5 days a week. Work on weekend nights from 10:00 pm to 7:00 AM. specifically saturday+sunday -Pay is $8.45 an hour, with a night differential pay of $1.00. Which would be $9.45 an hour....right? - I calculated it for 8 hours a day(this is excluding lunch break obviously) and 9.45 an hour for two weeks, and I get $302 before taxes from calculations - Look at bank account, see that the money that went into my account(I signed up for direct deposit) is only $192 This is my first job and I don't understand some things(naturally), so I'll just be blunt and ask before I get my paystub tomorrow. Is around $100 taken off of taxes normal for walmart? Especially when you work only two days a week? Am I miscalculating something? Or should I just get another job and get rid of this one ASAP?
Getting my first paycheck tomorrow! Tax question?
Unless you have other income (say interest on college savings), you won't owe federal taxes until your year to date income is more than $6100. I don't know how you got 3% since fica/mc is 7.65% and required to be withheld.
I got my first "real job" and first paycheck. Is it normal to get really upset by how much the government is taking out?
Upset over what exactly?It means that you're working.Your salary is what you have negotiated. Your loans is what you have signed up for. Are you blaming the government for those?The deductions are standards for all working persons, and are proportionate to their income.Your loan amounts are your own - so you should have thought about them before taking them out, and you should have researched the starting salaries before you had graduated (and you should have waited for a better offer than the one that you got).Some deductions are on a federal level - such as income tax (paid in installments to IRS, so that you don't end up with a huge bill at the end of the year and risk going to jail if you had not saved enough. You are welcome).Some deductions are state-based (and it's your responsibility to check if you absolutely must remain in this state or if you are open to moving to another state with lower taxes).Another thing is that the unemployment portion is what keeps people going when they lose their jobs over no fault of their own, and they get some money for a set period of time if they don't find jobs right away.Without that reserve built in, there will be no money in case of sudden job loss (money does not appear out of nowhere, and someone needs to pay into that fund).You are just out of school. You do not appear to have a brilliant accounting/finance background. You do not list any years of extensive experience in your field. So, you don't have any skills that you can use as a leverage to increase your paycheck.What did you expect?Oh, let me guess - in school you were receiving trophies for participation.Well, welcome to the real world.(If you are pushing the voting card, I doubt that your knowledge of politics is as strong as your sense of taxes: the only group that's diligent about research on issues and voting is retirees, not newly graduated crowd).
Why did the government take almost half my paycheck?
I'm a single male. I get paid hourly. I worked over 90 hours in one week. The government took out almost half my paycheck in the form of taxes. They literally took 40 hours from my life - plus that is money I would have spent or invested that they are going to squander away. How much of my paycheck goes to services I will use (roads, public education, and maybe border defense) and how much of it gets wasted? And why do they take so much money out of my paycheck when they supposedly care about the economy so much?
Why do i get taxed more for bi-weekly than weekly?
I just started a new job. I started it in the middle of a payperiod (they pay bi-weekly). wehn i got my first check (for 40 hours) it was 520(gross) and 471.41(net). but now this week when i got my check for working 80 hours my check was 1040(gross) but only 861.23(net). why am i getting taxed more just because of when they cut checks?