by guest2011 » Fri Aug 19, 2011 9:36 am
I too have not seen any activity in my bank account, so I am a bit concerned. Regarding the 15% for taxes, I would put aside more than that. With the summer pay for say 10 weeks and even with the lowest pay grade, you are looking at 37,000 for the year. For everything you make above 34,500 you pay 25% in taxes. That means you pay 25% on about 2500 but 15% on between like 8k and 34,500. (meaning once you add it up, yes 15% is fine for federal, but then you have to pay state and local taxes on top of that). If you make even more than that, say you're a grad student or even have completed your qualifying exam, with the weekly pay for the summer internships, you could make about 48000. In this case, you would pay about 17% of your total (once you add it up) and still have to pay state and local (for me the state is like 4 or 5% and local is 3%). Play it safe and save at least 23%, but Im personally saving more. If you have left over once you pay taxes, consider it a tax refund :-)
I too have not seen any activity in my bank account, so I am a bit concerned. Regarding the 15% for taxes, I would put aside more than that. With the summer pay for say 10 weeks and even with the lowest pay grade, you are looking at 37,000 for the year. For everything you make above 34,500 you pay 25% in taxes. That means you pay 25% on about 2500 but 15% on between like 8k and 34,500. (meaning once you add it up, yes 15% is fine for federal, but then you have to pay state and local taxes on top of that). If you make even more than that, say you're a grad student or even have completed your qualifying exam, with the weekly pay for the summer internships, you could make about 48000. In this case, you would pay about 17% of your total (once you add it up) and still have to pay state and local (for me the state is like 4 or 5% and local is 3%). Play it safe and save at least 23%, but Im personally saving more. If you have left over once you pay taxes, consider it a tax refund :-)