Friday, October 28, 2011

How much money should i make in my first paycheck?

How much money should i make in my first paycheck?
I get paid minimum wage (7.50) in New Mexico. I worked 49 and a half hours. That includes taking off for 35 minute breaks when I work 6 or more hours. Considering how much they take for taxes (for living at home with parents still) about how much will I make?
Mathematics - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
about half of what you expect
2 :
If it's your first paycheck and your still looking for help solving basic word problems, you shouldn't be working 49.5 hours. Unless that is for 2 weeks. Do you get time and a half for OT? Premium for weekend or nights? How many times in that pay period did you take the 35 minute break? If there are no unknowns, at face value, 49.5*7.5 = $371.25 You can probably drop that a bit due to breaks, so lets just say $350. Depending on how you filled out your tax forms, multiply that by .7 to account for the 30% the government will take (remember that when you start voting...) and your looking at about $245-$260. Oh, and if your as young as I'm guessing you are. Save that money. At least 10-20% per check, of the gross amount. If your company offers ANY 401k matching or anything like that, jump on it. It's going to suck saving large percentages of your money today. After all that work only having about $200 left or less for yourself. But in 10, 15 years you can e-mail me your thanks after you've discovered the wonderful world of savings and compound interest.
3 :
wow! I think it's very small wage..I really don't know how much you can make with that.