Is there a tax bracket where your paycheck isn't eaten away from the deductions taken out? Remember that fire I went on? Well, I had like 54 hours of overtime during that fire. We worked 15 hour days. Come Saturday, when our pay period ended, I already had 80+ hours. So I figured and knew my paycheck was going to be loaded. And guess what? Compared to my other paychecks, this one is going to be.
The Federal government, the biggest paper waster I know, is trying to cut down by not sending out paystub any more. Heck, you can barely get a normal paycheck--it is direct deposited which I don't mind really. Anyway, you have to go online and pick up your paycheck and then print it out if you want a hardcopy. So I decided to start printing them from the office so technically they are still paying for the paper. Anyway, the initial page you get to shows how much your paycheck is going to be. I am one of those lowly paid GS-5s so I don't make that much really so when the pay check is bigger I get excited. And then I opened the hardcopy.
My gross was over $2500 for the two-week pay period. The final amount I will be receiving is just over $1500. And the deductions that were taken out were just over $1100. Now, granted some of those deductions are things like an apartment I never live in, thrift saving program that I can't get the money from unless an act of congress, and medical. But nonetheless those deductions just made my heart drop.
But I can't complain too much because it is the money for Costa Rica, a new camera, and play money at REI (a conspiracy store). But still the deductions just blew me away. I am so glad I have a job where I pay a third of my salary.