Promotion and a Raise!
Posted on September 08, 2006 by Him and tagged employment, income, taxes
A few weeks ago I was promoted! There were a hints dropped by my supervisor, as well as rumors from the higher-ups at my company. Hey, when you work at a small company of 30 people, word tends to travel pretty fast. It was pretty awesome to get a new batch of business cards with my new title on it.
With the promotion came a salary increase. In fact, this would be the third pay raise in a little under two years. Since I've started, my pay has increased by 42.5%. This year alone my pay has increased twice, I got a bonus for referring a co-worker, a summer bonus, and I'm expecting another bonus in the winter. Including all of these bonuses, Her and I will breach a six-figure gross income this year. Whoa.
The downside to all of this? I haven't checked to see how these pay increases will affect the amount that I owe on taxes. I'm going to run all of my numbers through the IRS Withholding calculator and see how I'm doing. I'll provide an update on Monday.
Comments/Trackbacks
Trackback URL: http://www.makelovenotdebt.com/MT/mlnd-trackbacks.cgi/992
Congratulations! I need to check my IRS W4 too. I owed a little bit last year and will owe more this year, but keep forgetting to change it.
Kate | Sep 8, 2006
Congrats on the promotion and raise!
My income has gone up 30% in the last two years due to a promotion and 2 raises AND I lost my last extra exemption (read: child) this year. I lowered my W4 number and have been saving money in an emergency fund because there are just too many variables this year to make a truly educated guess on what my taxes will be.
Young Finance Guy | Sep 8, 2006
Congrats!!!! Go Celebrate!
Reply to this comment