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$4000 / 24 pay periods is $166, so yes that is how the math works. Although I am curious what tax bracket you are in as you should see some taxes withheld? Also unless you maxed out 401k, that should be coming out as well from the $166 per period.
Ernst & Young LLP™️
Rising Star
Someone struggles with math. Wait until your tax kicks in. And then wait until all our taxes shoot up under the next administration. Your $4k pay rise will disappear!
McK 1 might be the exception here....
Chief
Wow, so I was expecting more like a $300 increase for the month, but I forgot its just one pay period I'm looking at so for this month it's actually $160x2 = $320
This is why I shouldn't do anything before 7am
Pwc1- I may have to agree with you there
Chief
Per paycheck? That sounds right
.
Chief
Please tell me you're not on the accounting side.
Chief
Yeah just rolled off the Wirecard account
You can transfer that $160 to me if you don’t want it ;)
Doesn’t sound right. You should be receiving about $220 extra /mo (post tax) by any tax standards. My guess is you have about 15% of the new income being invested into 401k automatically so you aren’t noticing it in your bank account. But it’s in your investment account!
MATH: 4000/12 = $333. ; .66(333) = $220; 220-160=60; 60/333= [18% to 401k plus benefits]
SM1- how do you explain only a 4% tax rate after state and federal taxes are applied? Still seems off to me. I’m holding by my logic. This assumes OP is using the term NET salary correctly. I think after learning it’s biweekly they meant $160 GROSS paycheck
That’s 160x24= 3,840 a year. So you’re paying $160/year in taxes on it. Sounds like a steal...
This same thing happened with me and I got a $10k raise 🤣 I got an additional $200 net pay increase lol
That’s kind of how annual salary translates into biweekly pay.
Math bruh.
160 a year? Or paycheck?
Did you get promoted?
Rising Star
I’m having a hard time understanding the issue? $4000 is $77 a week. Bi-weekly or bi-monthly paycheck makes that right around $160
Chief
The issue was I was thinking paychecks are monthly but they are biweekly
Sorry for your loss(gain). Welcome to salary hike aka peanuts
How’d you get a raise, is that from a promotion?
Math is hard