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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I earn a gross salary of $60000 in New York City. How much ...

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I earn a gross salary of $60000 in New York City. How much money will I actually get paid each month after all the tax and other deductions?
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.
HiCustomer Thank you for asking your question on Just Answer. The other experts and I are working on your answer. By the way, it would help us to know:

-What is your filing status - married/single? any dependents? How many allowances do you claim on W4 form?
-Do you deduct any amount to 401K or health insurance?
-Are you paid weekly/biweekly?

Thank you again for trusting us with your problem. Please reply as soon as possible so that we can finish answering your question.





Customer: replied 8 years ago.
Reply to Lev's Post: Hi there. Thank you for your prompt response! I start work next month and I will be filing under the married status and I have no dependents. For now I would like you to work under the assumption that I do not deduct any amount to either the 401K or health insurance. My husband can add me onto to his health insurance plan at no cost so that is what I intend doing. I will be paid on a biweekly basis. Do let me know if you have any other questions or clarifications. About the allowances claimed on the W4 form, I am a recent graduate and an international on an H1-B visa and am not as yet very familiar with the W-4 form and what allowances I can claim on it. Please do make a general assumption regarding the claims and if possible state these allowances claimed in the final response. If it should help, I am to be an Information Technology Auditor with one of the Big 4 Accounting firms. Thank you again for your time!
Expert:  Lev replied 8 years ago.

Your salary of $60000 will be /26 = $2308 gross biweekly paycheck from which all withholding should be taken. As your husband is working your W4 filing should be Married with only one allowance.



Net pay would be $1684


Here is W4 form (including instructions) - http://www.irs.gov/pub/irs-pdf/fw4.pdf The more allowances you take - less taxes would be withheld, but you are also risking to owe more taxes at the tax time. Assuming you will fime jointly with your husband - this will depends also on combined income, deductions you have (educational expenses, student loan interest etc), withholding your husband has at his work, and so on.

Customer: replied 8 years ago.
Reply to Lev's Post: Does this mean that I will receive a net pay of $3368 each month assuming I file jointly with my husband?
Expert:  Lev replied 8 years ago.

This will be your net pay with assumed filing of W4 (married with one allowance.


This is the amount you will receive every two weeks (in month it would be a little more because you will have 26 pay periods - not 24). Your net pay per year is expected to be $1684 * 26 = $43,784, or per month - $43,784/12 = $3,648 - this is more exact amount.


The actuat taxes will be calculated at the time you file tax return based on your combined income and deductions. You may receive a refund if calculation would show that you overpaid, of additional taxes might be due if you underpaid.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 23166
Experience: Taxes, Immigration, Labor Relations
Lev and 2 other Tax Specialists are ready to help you

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