Getting paid 'biweekly'?
You need to ask whoever does payroll where they are on their pay-cycle. Every company has a different schedule, so they would be the only authority to answer this question. The two scenarios are: 1. If you started in the first week of the cycle, then you will have worked last week and this week, and will get paid on whatever pay date follows after the pay period ends. In other words, 3 weeks from the beginning of the pay-cycle. Or, 2. If you started in the second week of the cycle, you will get paid your first check for any hours worked from the time you started to the end of that week (Essentially a partial check) on the pay date following the pay period. Once you get this check, then you will be paid bi-weekly for two weeks of work.
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When you are paid bi-weekly you will receive 26 checks in a year versus 24 when you are paid semi-monthly. Being paid bi-weekly you are going to have to do a little more planning BECAUSE, typically, your bills are due monthly.There is more than one way to handle this, but the simplest approach is to manage your budget based on receiving two checks every month. That, occasional, EXTRA, check can be reserved for various uses, e.g. property taxes (paid every six months), a vacation fund, Christmas, etc.
How exactly do taxes work?
1. the reason we pay income taxes is to provide for the public services available to us such as the military, federal roads (the interstate system), the FBI, CIA, national forests, etc. I will be the first to agree that much of those funds are wasted and misused but the services exist because of income taxes. 2. Taxes are taken out of your pay because the government would like to get its funds up front to use as working capital all year loong and so that you don't have to pay a huge sum at the end of the year. The W-4 simply tells your employer what you feel your appropriate level of withholding should be. Social Security and medicare taxes are a set amount so there is no reason to have to estimate exemption amounts. 3. Your tax return is simply your balancing sheet at the end of your work year. The tax return calculates how much tax you actually owe based on your level of income and eligible deductionss, exemptions and credits. If you have paid too much in, you are refunded the overage. If you paid in too little, you owe the balance. If you owe TOO much, the IRS penalizes you unless you have a very good excuse. Too much is generally more than $1,000 unless there is a large descrepency between this year and last year's income. Sure hope this helps and answers your questions adequately. If you are very satisfied, feel free to give me a best answer. Have a great evening and good luck
Do you pay more tax if you get paid Bi-weekly vs Weekly?
There should be no difference in taxes regardless of frequency of payments. If you got paid $40,000 once a year, your taxes will be the same as if you were paid weekly. Taxes are determined based on amount of yearly income. There's something else going on and you need to know what. First, do your calculations to make sure you're right, then go to your boss and show them what you mean. He or she should be able to explain it and if not, you can contact the IRS about it. If you don't really care, just go with the weekly payments.
Getting paid weekly vs. biweekly?
You might want to ask payroll dept how come it jumped from 15% to 21%. It shouldn't change if your company went from weekly pay to bi-weekly pay. You are getting paid twice as much per paycheck as you were getting before, but that's because you're getting paid half as often as you were before. You should still be getting the same net pay in your bi-weekly paycheck as you were with adding two weekly paychecks together. Either something changed with your payroll dept, your math is not correct, or they are not doing something correctly. No, you aren't making more money if you were paid weekly, you still get the same amount of gross pay over the course of a year. As far as taxes go, federal withholding is based on income level, and what you had put down on W-4 form, social security is 6.2% of gross paycheck, medicare is 1.45% of gross paycheck, and state is based on state version of W-4.
How exactly does being married to a woman make a man more responsible?
Expecting a generally irresponsible man to suddenly become a responsible husband/father is idiocy. Coming to the insurance thingy -- The discount is automatic, after you both are on the same policy. It isn’t a “marriage” discount. Meaning just because you are married you get a discount, if you both have different policies. The discount comes from the wife expectancy to drive a portion of the time on the mans vehicle. Thus, his rate goes down. On the other hand, the wife's goes up as they expect the husband to drive her car at some point. Generally, unless the wife has a terrible driving record, this is a decrease of some sort across the board.
Technically, the more pay periods, the more the value of the money is to the employee because of the Future Value of money.If you’re an employer, and you pay (worst case scenario) an employee $100,000 a year. But you only pay him once - at the beginning of the year. The future value of the $100,000 you paid at the beginning of the year (at 9% interest) would be $109,000. Essentially, the employer loses that $9,000 in value by borrowing and paying once. FV = $100,000 x (1+9%/1) ^ (1*1)]If you pay monthly, that future value is $109,380 [FV = $100,000 x (1+9%/12) ^ (1*12)]. So, it costs the employer $381 MORE dollars per year to pay monthly rather than once a year.If the employer pays bi-weekly, then k=26. It costs the employer $401 more to pay bi-weekly than once a year.If the employer pays weekly, then k=52. It costs the employer $409 more a year to pay an employee weekly (plus the costs of transferring or mailing the paycheck) instead of once per year.And while the $9 difference between paying monthly or bi-weekly isn’t a huge difference, if you’re employing 10,000 employees, it’s $90,000 in total future value of the money you have. An employer could be using that $90,000 to pay down debt instead or investing in his company.
Biweekly pay check with new job?
It depends. In most cases, you will get paid next week, because the company runs payroll every 2 weeks and lags 1 week behind. i.e. you started on week 1, and this coming week is week 3. If payroll ran week 1, then everyone got paid for the two weeks before that where you hadn't worked. If payroll ran week 2, you should have gotten paid for week 1 then. Week 3 runs if week 1 ran, and you should get paid for week 1 and 2. There are places that are lagged 2 weeks, though, in which case you may not be paid until week 4. I worked a job like this once and that first month sucked. Ask your manager when your first check is coming, they know you get paid to work there.
I remember that paychecks came every two weeks. The pay period ended on Sunday with the checks paid the following Friday. If you happen to start on the Monday at the beginning of the pay period, which is the worst case, you get the first paycheck after two weeks and four days.