I’m thinking about switching jobs, and I’m trying to figure out what my net pay would be, but I’m stumbling a bit… [MI]
(I’m remembering why I hated my accounting courses in college!)
I’m currently an hourly employee, and, as the number of hours per week I work fluctuates greatly, so does my net pay. I’m thinking about moving into a salaried position in another company, and I’m trying to figure out what my net pay would be there. There are some numbers I don’t know and can’t work with (costs related to HMO, dental, parking, etc.), but I’m looking to get a grasp on the amount per paycheck that I should be deducting for taxes.
Using 2004 rates as a assumption, this page
tells me that my pay would fall into the 25% category for Federal taxes ($29,051 to $70,350). And this page
tells me that my Mass taxes would be 5.3% (as I would be making more than $24,000 a year).
Is it as simple as taking yearly salary, diving by 26 (pay periods per year) and then subtracting 30.3%? Or am I missing something?