Impact on paycheck

[skives]

I'm trying calculate the impact my 401k contributions on my weekly paycheck. The calculator online asks for pre and post Miscellaneous deductions. What would these be? I have medical, dental, union dues, short term disability and life insurance come of of my pay each week. Which of these are post and pre deductions? Thanks.

[bjl584]

401K comes out before taxes. That's why you pay taxes when you start to take distributions in retirement.

[skives]

I know that what about the other things I listed. Are they pre or post?

[Like2Plan]

I'm trying calculate the impact my 401k contributions on my weekly paycheck. The calculator online asks for pre and post Miscellaneous deductions. What would these be? I have medical, dental, union dues, short term disability and life insurance come of of my pay each week. Which of these are post and pre deductions? Thanks.

Can you take a copy of your current pay slip and look at each item?
Medical and Dental could be pre-tax (or they could not be depending on your employer).

The others--if I had to guess, I would say post tax, but it's just a guess--your pay slip should tell you for sure.

[feh]

I'm trying calculate the impact my 401k contributions on my weekly paycheck. The calculator online asks for pre and post Miscellaneous deductions. What would these be? I have medical, dental, union dues, short term disability and life insurance come of of my pay each week. Which of these are post and pre deductions? Thanks.

You really don't need a calculator for this, as 401K is taken out pre-tax. Just divide your annual contribution by 52 and subtract that from your weekly paycheck.

Of course, your take-home amount will not be reduced by that much, because you're being taxed on a smaller amount now. We can't tell you what your new take-home number is without knowing your tax rates.

[kv968]

I'm trying calculate the impact my 401k contributions on my weekly paycheck. The calculator online asks for pre and post Miscellaneous deductions. What would these be? I have medical, dental, union dues, short term disability and life insurance come of of my pay each week. Which of these are post and pre deductions? Thanks.

If you're just trying to see only the impact of the pre-tax 401k contribution all you have to do is take whatever you're getting deducted, or plan on getting deducted, and multiply it by (1 - your tax rate).

So if you're in the 25% tax bracket and you want to contribute $150/week, in order to see how much your paycheck would decrease:
$150 * (1 - .25) = $150 * 0.75 = $112.50.

So for that $150 you put in, your weekly take home pay will go down only $112.50. Of course it would be even less if you factor in state taxes but that'll give you an idea.

[LizfromtheBronx]

There are websites that will calculate your take home pay based on all of your parameters (salary, pay frequency, state, etc) that also allow you to model different deductions (401k, health insurance, etc). I'm not sure if I have enough posts for a link...but the one I have used extensively is PaycheckCity. I've found it to be pretty accurate, predicting my take-home within a few dollars.

[skives]

This is the calculator I am using. http://www.calcxml.com/do/pay02

[LizfromtheBronx]

That calculator looks similar.

All of those things SEEM to me like they would be pre-tax, but as stated above, the only real way to check would be to look at a pay stub...pre-tax and post-tax deductions are listed in separate areas, and are very clearly labeled - at least on any pay stub I've ever seen

[Petunia 100]

I'm trying calculate the impact my 401k contributions on my weekly paycheck. The calculator online asks for pre and post Miscellaneous deductions. What would these be? I have medical, dental, union dues, short term disability and life insurance come of of my pay each week. Which of these are post and pre deductions? Thanks.

Union dues are post tax. Medical and dental could be either, depending on whether or not your employer has a qualified plan, such as a Section 125 Cafeteria Plan. Ditto for disability insurance and life insurance.

[autoxer]

Although the calculator can tell you exactly what the take home amount will be, it won't be able to tell you how much tax you should be withholding. The more you contribute to your 401k, the less your tax liability will be. You may need to adjust the allowances, so that you can take home that difference, instead of waiting for the tax refund.

[paystub]

There are some websites which can calculate your weekly paycheck, and these websites are very easy to use and user friendly, i personally using Pay-stub.co and i found it very useful and it is far better than online calculator.