Archive for the ‘Taxes’ Category

First Week of Having a Salary

June 13, 2009

My first paycheck, which consisted of one week’s salary, was direct-deposited into our checking account. Thankfully, my withholdings were corrected, and only 20% was taken out.

I netted $1570.76.

It’s still a little amazing to me how much I make. For the past several years, when I was in school, I knew how much I would be earning post-graduation, but it’s just so different to actually see that money.

We’re still set to close on our home in a few short weeks, so all of our money is going to that. Soon, though, we’ll have to start deciding what to do with all of our new income.

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First Post-Graduation Paycheck

June 6, 2009

Today my paycheck was direct-deposited into our main checking account.

Gross Pay: $2557.05

Net Pay: $1786.02

After a quick calculation, I realized that 30% of my pay was withheld!!

I specifically filled out a new W-4 to reflect that I’m married now and wanted 1 exemption, but it wasn’t updated in the system. I’m really irritated because I was doing this to get more cash now for our house. Fortunately it will be fixed before my next paycheck.

I find it very hard to guess how much to withhold. We’ll probably tweak with our W-4’s again. I want money now, but don’t want too large of a tax bill next April…