If I get a 7% raise, how would would the net be after taxes ? Figures inside (percentage, interest)

[heydade]

I will be getting a 7% raise soon...which would be an extra 467/month gross. How much of this would be taxed. Base salary is 80,500.

[8 SNAKE]

It doesn't sound like your tax bracket will change. Look at what your current gross and net incomes are. Figure out what percentage of your gross income you take home (net income/gross income). Take that percentage and multiply it by your projected gross income after your raise.

As an example:
$80,500 annual pay
$6,708/month gross income (rounded off)
$5,031 net income (just an assumption here)

5,031/6708 = 75%

$86,135 annual pay after 7% raise
$7,178/month gross income (rounded off)
$5,383 net income (based off of 75% ratio)

Net monthy increase of $352/month.

[heydade]

thanks Snake

[8 SNAKE]

You're welcome.

[Mathguy]

Now might be a good time to throw and extra point or two into your 401k if you don't have it pushed up pretty high already? Not a bad way to hold on to some of that extra cash for a while and earn interest off of it.