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Paycheck Update: 6/15/2016

My 2-Wk Paycheck For June

 

My gross income year-to-date has surpassed $118,500, which is the maximum taxable earning for 2016 based off which SS taxes are calculated.

As a wage earner this means that I will no longer be taxed on earnings beyond that $118,500  for the calendar year. Therefore, my paycheck was slightly higher.

Medicare will continue to tax, there is no income limit for medicare taxes. And as an added benefit I will pay an extra 0.9% once I surpass $250k of gross earnings.

My travel expenses will go up a little since I want to see my lady in NorCal. I’m gonna set aside $3k in my checking for traveling.

$2,200 might seem like very little but it’s a good chunk of change to be able to set aside from one 2-wk paycheck. That’s going straight to buying some international and some US stock index funds.

I’m still getting my 401k match, my money purchase plan, HSA and cash balance plan. The next paycheck will be the last $1,500 that will be withdrawn for my 401k for the year.

Since I’m dropping down to part-time my paychecks will be cut in half. I’ll be losing some stipends worth $1,300/mo gross. So I figure the paychecks will be in the $4k range every 2 weeks.

Moving forward I’m going to want to start a new category of micro-philanthropy. I don’t tithe or do any kind of volunteer work yet. I want to build a stash which I can donate to good causes but I don’t think it will be on an institutional level. I’ll figure out the details and talk about it later.

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