Are military guys paid monthly or bi-weekly?
When you begin active duty, you'll get half of your salary on the 1st and the other half on the 15th of every month.
Corporate Finance: Which is a better payroll schedule for businesses, semi-monthly or bi-weekly?
Choosing between semi-monthly and bi-weekly does have a big impact on the finance department and of course your employees. Here’s a breakdown of the pros and cons of each.Semi-Monthly PayrollPros:Less payroll processing (24 vs 26)No extra payroll runs in leap yearsCons:Less employee friendly—as they may want to be paid more oftenBi-Weekly payrollPros:Predictable for employeesEasier to runCons:Doesn't coincide with calendar monthsSome months require 3 payroll runs (can cause challenges with your monthly budgets)Check out The Payroll Blog to learn more: Differences between bi-weekly and semi-monthly payrolls.
How can you calculate your bi-weekly income before and after income taxes?
Your gross wages (what you earn before taxes) will either be determined by the number of hours you work and the amount you are paid per hour, or you have a set gross salary per week that you and your employer have decided on.Paid by the hourWorked 80 hours (40 hours per week) x $13.oo per hour = $1040.00 GrossNet wages (what you are paid after taxes) are figured first by determining your payroll taxes:$1040.00 gross wages x 6.2% for FICA (Social Security) = $64.48 $1040.00 gross wages x 1.45% for Medicare = $15.08Subtract these 2 amounts from the gross $1040.00 - $64.48 - $15.08 = $960.44Then you have to figure out your federal withholding amount. This is based on the number of deductions you take on your W4 form and how often you are paid.First you need to take a look at The Federal Withholding Tables for 2015(These tables change every year)Go to the table for Biweekly Payroll Period. Look for the amount of your gross in the pay ranges on the left side of the sheet. For this example the pay range would be At least 1040 But less than 1060. Say you took zero (0) deductions (slide to the right) then your withholding would be $126.00Subtract that from what is left over once you have taken out the payroll taxes $960.44 - $126.00 = $834.44 Net Pay, this would be your take home Now the more deductions you take, the less you pay in withholding. Deductions refer to your dependents (children, spouse) If your spouse also works, only one of you may want to use the children as deductions. For example, say you decide to take 2 deductions for your 2 children then your withholding would be $80.00. Just remember that if you decide to take the maximum number of deductions and not pay withholding, you will owe all your federal taxes at once at the end of April of the following year. It's an easier burden if you pay it incrementally. You may also want to take less deductions if you have a large gross. If you decide not to pay withholding you will still have to pay payroll taxes and they will be automatically deducted from your check (if your employer knows what they are doing.) If you are self employed then you will be responsible for payroll taxes in April and you will have to pay double the amount that an employee pays because their payroll taxes are matched by their employer.
Where and how do you invest your monthly salary?
Hi All,Awasum answers across from many intellectuals. Thank you for that.My answer’s context is India.Here is my answer and I KIS (keep it simple).Here is some back ground, a married with one 9 year old and staying with my parents. House is paid off and no loans.Age: 36Working Experience- 13 yearsQualification- M.TechI generally do not believe in loans until recent. one of my adviser told me to take home loan and use that money for buying another property as it will give me money at effective rate of 7 % after deducting Tax benefits.I have bought a real estate property again in tier 1 metro city (1.1 Cr.) which is on rent. No loans and fully paid off property.Pointers-I do not buy new phones, all my and wife’s cell phones are used one, I take utmost care while getting a used one, mostly from online portals. I straight away save 30% as I find some phones which are used for just 2- 3 months and available at very cheap rates, I bought a VIVO NEX almost new at 28KWe live frugal, lower middle class life style. Not much fancy and sometime boringMe and wife both believe in simple living and high thinking, we invest in books, holidays, great and quality food and experiencesWe invest in health and things which adds value to life and not lifestyle, we have joined a gym which is nearby but the cheapest in our area. Primary reason is, if the gym is far after a while it will be boring to go everyday. I have never missed 4 days gym in past 5 yearsMy son goes to international board, again nearby my home so no bus expenses, wife goes to drop and pick himSon goes to extra curricular activities everyday- learning chess, guitar, grammars and spoken English etc.No expenses for parents, they take care of them selvesNo liabilities, no loans~70% income goes in savingsPeople say I am miser, I believe them :-)Wife earns 60K a year, she does not invest, she mostly spends in charity, miscellaneous expensesI drive a Honda 2012 model, one of my bike is 12 year old and other one is 1 year oldI use bike going to office, I read some where that “If you are going alone in a car everyday to your workplace, do not consider your self educated”Suggestions are always welcome.Thank you!Edit1: thank you Venkatesh for the suggested edit
How much would I make:15.00 an hour, 35 hours a week and paid semi-monthly?
Gross Pay $ 525 weekly = $ 1050.00 semi monthly Do you want to know take home pay? That varies per state in the U.S., due to taxes. Close Estimate: $ 779.50 per pay check
If I get a job in California that pays 150k, how much money will I get to my account (after taxes)?
I'm assuming you are single (a "married" tax status is a different tax rate for federal and state purposes), since you don't say one way or the other.In my estimation, assuming you start on January 1, you'll receive a tad under $93K per year from your employer as your net, take-home pay. Please keep in mind this may not be your final tax bill when you finally do your income tax returns (but that is a question for another day). Additionally, there are variables which cannot be accurately predicted, such as elective deductions like 401K contributions, medical insurance, etc. As such, they have been omitted from the calculations below.Divide the net pay amount 24, if you are paid semi-monthly or 26, if you are paid bi-weekly and that should be roughly what your take home pay will look like. Your paychecks will be slightly smaller toward the beginning part of the year and slightly larger toward the ending part of the year, due to you reaching certain caps (i.e. the threshold where the tax no longer applies).sources:2015 Federal tax tables2015 California tax tablesnotes: Social security = 6.2% up to $118,500Medicare = 1.45% (no cap)California SDI = .9% up to $104,378
Why does my employer pay me on the 5th and 20th?
Just curious why it's not every other Friday, or the 1st and 15th, which seems more conventional, IMO. Is there some benefit to paying employees on the 5th and 20th? It sure makes paying bills hard that are due at the beginning of the month!