Having a handle on your monthly income is a great way to stay on top of your finances as a whole, so take the time to calculate it and know where every dollar is going.
To get the average, add up the amount of money spent for 12 consecutive months, then divide by 12. This will give an average of how much has been spent per month. A more general idea of expenses involves only keeping track of expenditures for one month. Every time a purchase or ...
Multiply your base pay by 4.35 to calculate your gross monthly income if you are paid weekly. The average month has 4.35 weeks. Advertisement Step 4 Multiply the base pay by 2 to calculate your gross monthly income if you are paid twice per month. Step 5 Repeat the process for each addit...
To calculate the gross monthly income, add every month's figures together and divide it by 12. Using the example above, the total of all monthly income is $39,500. When that’s divided by 12, you get $3,291.67, your average gross monthly income. ...
Calculate Social Security tax Social Security tax is 6.2% on $147,000 of earned income. The maximum Social Security tax for employees is $9,114 per year. To calculate your Social Security tax amount, simply multiply: paycheck gross pay * .062 ...
Here's a real-life example. If you earn $15 per hour, and you work 40 hours each week, your gross weekly income is $600 per month. Multiply $600 by 52 (weeks per year) to get a total of $31,200. Now divide this total by 12 to calculate your monthly gross income of $2,600...
Let’s say you have $150 withheld each pay period and get paid twice a month. That would be $3,600 in taxes withheld each year. If you’re single, this is pretty easy. If you’remarried filing jointlyand both of you work, calculate your spouse’s tax withholding too.In this example...
The first step to calculating payroll taxes is to begin with gross pay for a pay period, then to calculate the federal income tax withholding, other payroll taxes (FICA), deductions (health insurance, etc.), until you reach the net pay for that period. ...
If an employee leaves your SME, it's important you know how to calculate their final pay. Get up to speed with this simple how-to guide.
How to calculate the required minimum distribution You need to calculate the required minimum distribution for each retirement account individually. You can make the total withdrawal from one account, however, or a combination of accounts.