| Caveats
1. State
Income Tax - The Estimator WON'T calculate
your state income tax (if you are in a state where your
are unfortunate enough to have state taxes). The
calculations differ from state to state...it was just
too complex. However, you can insert your results
into the spreadsheet once you figure your state taxes
out.
2. Excel
Spreadsheet - The Estimator is an Excel 97
spreadsheet. If you have an earlier version, it
may not work for you.
3. An Estimate
Only - Due to the differing ways that companies
compute taxes, etc., the estimate that you receive with
our estimator may not be precise. I tested it out
with my own paycheck, and I was about $2 off.
However, you should be able to come pretty close (that
is why I call it an estimator!).
4. Semi-Monthly
Pay Only - Due to the complexity of the
calculations, I only included the ability to compute net
pay for those of us who get paid 2 X a month. If
you get paid every 2 weeks (or some other time period),
your net pay estimate will be less accurate in the
income tax component. However, every other
component should be ok...so you will still have a decent
estimate, though it won't be as close.
5. Withholding
Allowances - You need to be able to calculate how
many withholding allowances that apply to you.
Follow the directions carefully.
6. Other - If you
have some other type of deduction that is
"pre-tax" medical deduction, make
sure and include it in the spreadsheet.
Net
Pay Estimator (135 K) Note:
"Right-Click" on this link and then
press "Save Target As"...then proceed to
save it on your hard drive.
If you try to just
click on this normally, it will ask you for a user name
and password. In that case, just select
"cancel" and you will still be able to
download it.
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