Easy math for retro check estimation!

[Shift 2]

Lmao actually yea! My wife started listening to him so we started doing the snow ball effect and paid a lot off and now she’s all into and we have a month budget we set and it’s been going great.

That’s hilarious my wife got a lump sum of money from her car accident and where getting a lot back in taxes so we’ll be free of $1100 in monthly payments. So I expect to be debt free be sides a mortgage with in 1 or 2 years

 

[BuckyBadger]

If you’re making less then $13/hr you still get bumped to $13 minimum.

Many in my building with under 1 year making $10.35/hr to start. $2.65/hr difference to the $13, $10.60/4hr day. $53 per 5 day week, $1,431 for 27 weeks.

Even those at year 2 will get about $1,000.

This is what I thought. No idea where this percentage calculation thing comes from. I'm expecting at least 1000...

 

[Gman33909]

What will the % of tax taken out on our retro checks be 25%?

 

[Ou812fu]

Your simple calculation is flawed, considering it doesn't figure out the over time. Easiest way is to go back and figure how many weeks you worked, and vacation weeks. That total times 40 then times..75. Then figure your total overtime then multiply it. Simple math.

 

[DriveInDriveOut]

What will the % of tax taken out on our retro checks be 25%?

IRS dropped the bonus withholding to 22% after the new tax law went into effect.

Obviously the actual taxes owed will depend on your effective tax rate so most people will get like half of that back.

 

[SameRightsForAll]

Minus about 300 in taxes.

If it's a separate check then expect all your regular per-paycheck deductions to be taken out, plus taxes. It's quite the joke which is why I kept saying that anybody voting Yes just to get their "retro check" is doing it for the wrong reason.

 

[BurningBrown]

I'm in 3rd year of progression so $3.75/hr straight time. $5.63 overtime. My retro pay is currently $4,382.80 pre-tax.

 

[BigBrown87]

Lmao actually yea! My wife started listening to him so we started doing the snow ball effect and paid a lot off and now she’s all into and we have a month budget we set and it’s been going great.

Going to his class right now called Financial Peace University, great class teaches you everything to insurance, retirement, debt snowball and more would recommend this to everybody.