Quick Salary Question

[jmacman]

Hi, I had a quick question about police salary. The local department here states that the salary of an entry level officer is about $40,000 for the first 6 months. However, how much do you actually get at the end of the year after taxes are taken out and everything, or does this figure include those deductions? Is it more like $35,000 or lower? Thanks for any info.

[mavriktu]

Hahhhhhhhhhh ,hahhhhhhhhhhh, hahhhhhh, ohh my side is hurting ,ohhhhhhhh,I think my appendix just burst,Hahhhhhhhhh,ohhhh now I cant breathe ,hahhhhhhhhhhhhh,now my eyes are blurry,

[Redders]

Depending on your tax deduction status you'll take home about 70 - 75% of your pay check. Anyway that's what the math says on mine. One thing I've learned? Claim zero on your w2......always, I'd rather get back .25 then have to pay in.

[Tim Dees]

Hi, I had a quick question about police salary. The local department here states that the salary of an entry level officer is about $40,000 for the first 6 months. However, how much do you actually get at the end of the year after taxes are taken out and everything, or does this figure include those deductions? Is it more like $35,000 or lower? Thanks for any info.

At that income level, most people will lose at least 20% to taxes. 21% of my taxable income (I stick a huge chunk into our company's 401K) is deducted for taxes, and I live in a state with no state income tax. I also pay about 5% for my share of health insurance, and our company's benefit plan is very generous. Many people pay a LOT more. You might also be required to contribute to your state's retirement plan. All told, a $40,000 gross might net you only $25K or so.

An important factor is the amount of overtime, premium pay, holiday pay, and so on that you might expect to get. In some agencies this is close to zero, and in others it's huge. At my old agency, just about everyone can expect 5-10% above their base salary for these things, and a hard charger could almost double his income.

The stated salary in a job announcement will always be the "before deductions" figure. Figuring your precise take-home is much more difficult, as it varies with each individual situation.

[Fëanor]

As a rule of thumb I usually expect about 75% of my income. The federal government steals 20-25%. I don't pay a state income tax but if you're in Oregon you can expect the State to take it's cut out of your pay as well.

Also depending on your needs, you may have significant deductions for health/dental/vision insurance, a 401k (or IRA), etc.

[ArkansasFan24]

Generally speaking the 30-40% range is what is witheld in taxes and other salary deductions. Count on at least 30% of your pay being held out.

[jmacman]

Wow, taxes take out way more than I was expecting, thanks for the replies!

[TheOrteganator]

Wow, taxes take out way more than I was expecting, thanks for the replies!

What jobs have you worked in the past. I'd think you would have had a couple of previous jobs if you are now looking at applying as a police officer.

[Smurfette_76]

I lose 1/3 of my salary to taxes and everything else.

[pf217]

With everything taken out, I get 69% of my hourly pay. That's why when I work overtime, I just call it taxed-free working. I actually GET my base hourly pay plus 70 cents when I work OT.

[LeanG]

Taxes is just a portion of what you'll lose off of your paycheck. Expect your net income to be anywhere from 60-70% of your gross income (depending on your many deductions)....And then here comes the bills

[jmacman]

I've had a few part-time jobs and full time during a summer a few years back, but I'm still a few years off from pursuing a career as a police officer, have to finish my degree first.