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SuperNet9
Go Ninja,Go Ninja Go..
Premium
join:2002-10-08
Schaumburg, IL
kudos:5

1 edit

If someone makes 50k a year, how much his/her check be?

If someone makes 50k a year, how much his/her check be on the 10th and 25th of the month?

How much is taken out for tax,ss,etc in the state of IL?
They claim 0

Take out 65.00 a paycheck for ins, and 50.00 for 401k (pre tax?)

Thanks

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boogi man

join:2001-11-13
Jacksonville, FL
kudos:1
well at 26 checks a year that's about 1900 per pay cycle minus the 115 mentioned above leaves 1785 as for state taxes i have no idea fed taxes depend on the number of dependants claimed.
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thegeek
Premium
join:2008-02-21
right here
kudos:2
reply to SuperNet9
depends on how many exemptions are claimed for state and federal tax, plus if there is any local tax.

rough guess: 50000 / 26 checks a year * 75% = ~ $1,442.31. YMMV


drslash
Goya Asma
Premium
join:2002-02-18
Marion, IA
reply to SuperNet9
For a single person claiming 1 exemption (self) for federal and state with a 50,000 annual salary getting a paycheck twice a month:
Gross pay $2,083.33 for SS, Medicare, and net calculation
Gross pay $2,033.33 for federal and state tax calculation
Federal income tax $273.18
Social Security $129.17
Medicare $30.21
Illinois $58.50
Insurance $65.00
401(k) $50
Net pay $1,477.57

There are several variables that could change the amounts but this should give you a good idea. If married the federal and Illinois tax would go down. If more exemptions are claimed the federal and Illinois tax would go down.

Note: the OP said there are 2 checks per month not 26 per year
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Frank
Premium
join:2000-11-03
somewhere
reply to SuperNet9
said by SuperNet9:

If someone makes 50k a year, how much his/her check be on the 10th and 25th of the month?

How much is taken out for tax,ss,etc in the state of IL?
They claim 0

Take out 65.00 a paycheck for ins, and 50.00 for 401k (pre tax?)

Thanks

use this to find out.

»www.paycheckcity.com/NetPayCalc/···ator.asp

but... bear in mind... some places have city income tax as well as state and federal.
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CylonRed
Premium,MVM
join:2000-07-06
Bloom County
reply to SuperNet9
Sounds like you are a contractor and not an employee....

wth
Premium
join:2002-02-20
Iowa City,IA
Reviews:
·Mediacom
reply to SuperNet9
said by SuperNet9:

Take out 65.00 a paycheck for ins, and 50.00 for 401k (pre tax?)

You need to set aside more than $50 x 24 pay periods in a year into your 401k. Doubling it would equal about 5% of gross salary.


Majestik
World Traveler
Premium
join:2001-05-11
Tulsa, OK
At least that much.
And max the Roth IRA every year.
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The Pig
I know you want to be me
Premium
join:2009-09-11
reply to SuperNet9
After out beloved government gets done raising taxes to pay off the bailout/stimulas money lost and so on you should be taking home about $125 a week!


Ken
Premium,MVM
join:2003-06-16
Markle, IN
reply to CylonRed
said by CylonRed:

Sounds like you are a contractor and not an employee....

Why do you say that?


CylonRed
Premium,MVM
join:2000-07-06
Bloom County
Since they are not taking out items or I am not reading this part correctly "They claim 0"

I guess that claim 0 is ona W4 but the OP is unclear as it sounds ot me like the company is making the claim that 0 comes out for SS and the like. That would make sense if he is a contractor (non-1099 I think) where the employee is responsible for all taxes essentially.
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jester121
Premium
join:2003-08-09
Lake Zurich, IL
Contractors aren't eligible for a 401(k), and generally don't have taxes withheld. Pretty sure the "claim 0" refers to W-4 withholding.


TomWaits

join:2002-07-21
Canada
$50,000.00 will get you a take home around $30,000.00 (or more-ish).

Rough estimate but applicable most places in USA and Canada.
$30,000.00 divided by 52 weeks equals $575-ish take home per week. That is over $100.00 per day for 8 hours regular. This amount of money will keep you just above poverty levels if you have no dependants living in a city.

If you live (At Home) with no mortgage or rent, then you will be far better off.

Have a kid or two and then you are screwed. You need to be rich in America! Just kidding, you can get by on pennys too...not easy though.

Living further away from city centers means more bang for your buck. Eveybody knows this already.
Expand your moderator at work


Frank
Premium
join:2000-11-03
somewhere
reply to TomWaits

Re: If someone makes 50k a year, how much his/her check be?

said by TomWaits:

$50,000.00 will get you a take home around $30,000.00 (or more-ish).

Rough estimate but applicable most places in USA and Canada.
$30,000.00 divided by 52 weeks equals $575-ish take home per week. That is over $100.00 per day for 8 hours regular. This amount of money will keep you just above poverty levels if you have no dependants living in a city.

If you live (At Home) with no mortgage or rent, then you will be far better off.

Have a kid or two and then you are screwed. You need to be rich in America! Just kidding, you can get by on pennys too...not easy though.

Living further away from city centers means more bang for your buck. Eveybody knows this already.

this is true, there are parts of nj where if an individual makes less than $57k a year gross they qualify for low income housing.
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PX Eliezer70
Premium
join:2008-08-09
Hutt River
kudos:13
Reviews:
·callwithus
·voip.ms
reply to SuperNet9
said by SuperNet9:

How much is taken out for tax,ss,etc in the state of IL?
They claim 0.

Bull.

Only way that happens is if the person is an independent contractor (income reported on a 1099 form) rather than an employee (income reported on a W-2). In that case, the person MUST set aside their own money for these taxes, and file quarterly payments with the state and the IRS ("estimated tax payments").

And BE ADVISED that the rules for being an independent contractor (rather than an employee) are TOUGH and are getting tougher!

»www.irs.gov/businesses/small/art···,00.html
»abcnews.go.com/Business/wireStory?id=9809352


CylonRed
Premium,MVM
join:2000-07-06
Bloom County
We believe that the 0 probably refers to the number of exemptions not how much money they take out. Look up a couple of posts...
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Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain


tango_bob
VIP
join:2001-12-16
Evanston, IL
reply to SuperNet9
In IL, should be about $1300 per pay period.


SuperNet9
Go Ninja,Go Ninja Go..
Premium
join:2002-10-08
Schaumburg, IL
kudos:5
reply to SuperNet9
Thank you everyone


Hayward
K A R - 1 2 0 C
Premium
join:2000-07-13
Key West, FL
kudos:1
reply to SuperNet9
Guessing even BASIC math was never your strong class.

roughly $1K/wk then just do the rest, for where ever you are much varies state to state, but fed is same everywhere.
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M A R S
Premium
join:2001-06-15
Long Island
kudos:1
reply to thegeek
said by thegeek:

depends on how many exemptions are claimed for state and federal tax, plus if there is any local tax.

rough guess: 50000 / 26 checks a year * 75% = ~ $1,442.31. YMMV

Wow, you are spot on
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AVD
Respice, Adspice, Prospice
Premium
join:2003-02-06
Onion, NJ
kudos:1
said by M A R S:

said by thegeek:

depends on how many exemptions are claimed for state and federal tax, plus if there is any local tax.

rough guess: 50000 / 26 checks a year * 75% = ~ $1,442.31. YMMV

Wow, you are spot on

In the NY region, the basic rule of thumb is base*.5/26. You might still have to pay at Tax Time.
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