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Retro check amount
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<blockquote data-quote="Underallowed306" data-source="post: 4047808" data-attributes="member: 75913"><p>You guys suck at math. The only way to calculate your amount is to take the total hours straight time worked, multiply it by .7. Then take the total number of hours of overtime worked, multiply it by 1.05. Add the two numbers together. That is the only way to find the GROSS amount. The ONLY way.</p><p></p><p> Now there is some debate about the tax rate. I’ve read the IRS taxes bonus and retro pay the same way, which according to their website, is 22%. You also have to add social security and Medicare tax(7.45%) and state income tax if you have it. Then there is retirement contribution. But, hopefully, as some of you have said, retro pay will be taxed as a normal weekly check. I guess we’ll see.</p></blockquote><p></p>
[QUOTE="Underallowed306, post: 4047808, member: 75913"] You guys suck at math. The only way to calculate your amount is to take the total hours straight time worked, multiply it by .7. Then take the total number of hours of overtime worked, multiply it by 1.05. Add the two numbers together. That is the only way to find the GROSS amount. The ONLY way. Now there is some debate about the tax rate. I’ve read the IRS taxes bonus and retro pay the same way, which according to their website, is 22%. You also have to add social security and Medicare tax(7.45%) and state income tax if you have it. Then there is retirement contribution. But, hopefully, as some of you have said, retro pay will be taxed as a normal weekly check. I guess we’ll see. [/QUOTE]
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