Want to ask a question?
Visit Yahoo! Answers
Small Business Newsletter
Sign up for our free email newsletter
Question
If I need to bring home 40K a year what should I ask as gross pay?
For a new job, I need to bring home (NET) 40K per year. How much should I ask for Gross pay? What is the percentage taken out of annual salary. I claim 1 dependant and I live in Virginia
2 months ago - 2 answers
Best Answer
Other Answers
Figure on a minimum of $55,000 gross. Part of this will depend on whether you will be saving for retirement, have health insurance withheld, etc. However, at a minimum, 6.5% will be withheld for Social Security, another 5% ($720 plus 5.75% of the taxable income over $17,000 - about $2900 on $55,000) for state tax and 15-20% for Federal tax, that adds up to a minimum of say 25% and 1/4 of $55,000 is about $14,000. This also assumes there are no local income taxes or other deductions the employer or you may make. These numbers
by Steve D- 2 months ago