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Update to "I was way off" Post

October 1st, 2008 at 10:58 pm

Well, my husband brought home his paystub so I can now figure out why my estimate of what his new take home pay would be is so off (I am off by $200/paycheck!).

It looks like it's a combination of my error and his company's error, but mainly mine. I took federal tax withholding into account (we don't have state income tax), I even estimated high for that, but apparently forgot about social security and medicare, or somehow combined the three and really underestimated them. I'm not quite sure how it all happened, but that's that bulk of the mistake. His company also needs to pay us about $25 more per pay period for them to be paying him the new raise. I'm not sure why their accounting is off, but my husband will go and talk to HR tomorrow and find out what's going on. $25 may not sound like much, but with 24 pay periods a year that comes to almost $600 and I want that $600! Smile

So, it's back to the drawing board as to the budget. Well, not really, I really just have to change how much money will be going to debt repayment (that's about $400 LESS a month than expected) and readjust our estimated payoff date...bummer. That's really discouraging. I could stop the Freedom Account we just started in order to have more money per month to put towards debt, but in the end that defeats the purpose of doing any planning since those unexpected expenses would come out of the debt repayment money anyway. No, I'll keep the Freedom Account and at least we will then have more of an accurate payoff date.

So, anyway, that's the long and short of it. I messed up, but at least it's more money that we had coming in before this promotion! That's the bright side. I'll post the new budget and estimated payoff date soon.

4 Responses to “Update to "I was way off" Post”

  1. homebody Says:

    Check out: http://www.paycheckcity.com/netpayhratescalc/netpayHRatescalculator.asp

    Click on calculators, basic and there is a salary calculator too.

  2. creditcardfree Says:

    I agree that you should keep your Freedom acct. It will sure help the budget and keep you on track for debt repayment.

  3. Debt Reduction Says:

    No big deal. I just caught it myslef too.

  4. Personal Finance Student Says:

    Thanks everyone!

    Homebody - thanks for the link, I'll have to try it out!

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