Now that you have worked hard and found your dream job, it is also important for you to know and understand what you are being paid for all the hard work you put in. It means, you must be aware of the various benefits and deductions associated with your pay check. Sometimes, deductions associated with local, federal or state taxes can be confusing and hard to calculate.
The good news is that there are tools and resources to help you determine exactly what amount you would take home. These tools can also help you decide on various things like how much you need to contribute for your PF or how much you need to deduct to cover tax amount.
Here are 10 extremely useful tools or resources for salaried citizens.
PaycheckCity.com is a website the offers a collection of paycheck calculators to make an employees life easier. The tools offered by the website are sometimes called paycheck modeling tools. They are used by organizations and individuals to make quick and accurate paycheck-related calculations. They are free of cost and are sometimes used to compute paychecks under different circumstances.
2. IRS Withholding Calculator
The IRS Withholding Calculator can help an employee determine whether or not to submit the W-4Form to the employer. This will help you avoid having too little or too much deduction of Federal income tax. The results given by the calculator are useful when filling out the form.
This calculator is extremely useful for
a) Workers who need to change their withholding
b) Workers with non-wage income that exceeds deductions and adjustments and for those who like to have tax on that additional income.
Payscale.com is an online portal for salary, compensation and benefits information. This is a free service that gives a comparison report, so that users can obtain statistically accurate and real-time salary information. You will have to reveal your salary data and job profile and the tool uses this information to make the comparison. The tool can also be used by employers to determine what a good pay is for a specific position.
4. Overtime Calculator
The tool is offered by the US Department of Labor to help employees determine if they are eligible for overtime payment. It is also used by them to calculate how much overtime they may receive for a specific period of time.
5. AMT Assistant
Tax payers can check whether or not they are due for Alternative Minimum Tax, using the AMT Assistant tool. According to IRS estimation, the new application can help most taxpayers get an answer in just five to ten minutes.
6. Employer Identification Number
The EIN or Employer Identification Number is a 9-digit number assigned by the IRS to business entities. This number is used by the IRS to keep track of tax payers who may have to file business tax returns. It is also used by proprietors, employers, corporations, trusts, non-profit organizations, estates, partnerships, and government agencies.
7. EITC Assistant
Earned Income Tax Credit Assistant is yet another tool offered by the IRS. It helps in determining if an employee is eligible for EITC. Their eligibility depends on many factors like income level, filing status and the number of children they have. The tool is also helpful in determining an employees filing status and estimating credit amount.
Salary.com offers salary reports that cover virtually every job title and details that include salary, negotiation, benefits and issues related to human resource. Employees can use this tool to compare salaries for a specific job across different places. This will help you while making a shift or being transferred.
9. Indeed.coms Salary Search
The Salary Search tool offered by Indeed.com, is another great tool for comparing jobs and salaries across different places. You can search and compare salaries for more than 50 million jobs in the past years. The website allows you to make multiple comparisons at a time.
10. Facebook Salary Calculation apps
Was the list helpful? If you are aware of any tool or calculator that can make the life of salaried people easy, please share them in the comments section below.