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Subject:Net/Gross Income From:"Michel R. Gallegos" <michel_gallegos -at- QUINTON -dot- COM> Date:Mon, 27 Apr 1998 06:05:12 -0800
re:
Does anyone know a formula for figuring out net and gross income? Say,
for instance, if you are offered a job at $20/hr, how would you
calculate yearly gross and net income from that?
Thank you!
Margery Saaski
----------------------
The easy answer is this: Multiply hourly income by hours worked per
year. That gives you gross income. Subtract your expenses. That
gives you your net income on which you have to pay income tax and
(assuming you are working for yourself) self-employment tax. If you
are single, have no other income and make less than $30,000 a year --
subtract $6900 and multiply the rest by 30% to get a rough estimate of
your tax liability. Anything over $30,000 would have to be multiplied
by 43%.
The above is a VERY ROUGH estimate. Obviously the most important part
is keeping track of expenses and mileage.
My expertise? January through April I enter another fantasy life as a
tax preparer in addition to my regular technical writing job. It's
just another puzzle to solve!
Michel Gallegos
Sr. Technical Writer
Quinton Instrument Company
Bothell, WA 98021
