What I did with my 2-week paycheck in August
I didn’t expect a paycheck since I gave my notice at work, but it doesn’t quite work that way I guess. I am still in my 90 day notice period so my paychecks are going to keep coming in. And since I’m going to be doing some virtual visits still for my medical group I suppose these paychecks will keep coming even after that notice-period.
To catch some of you up, I gave my notice to my medical group that I wanted to stop working but I got sucked back in and now I’m doing a few virtual visits. Essentially I am doing telephone patient-visits without working in the urgent care in person – we’ll see what I’m gonna do long-term. A part of me really wants to return because I miss it and another part wants to move on.
My gross paycheck for the first 2 weeks of August was $9,858.
Payroll and federal/state taxes were $3,435, or 35%.
My employer contributed $2,128 on my behalf into retirement accounts, out of their own pocket.
My net paycheck was $6,137 without the retirement stuff, and $8,265 including the retirement contributions – not too shabby.
My effective tax rate then becomes 28.6%.
I kept most of the money in my checking account, just to continue having a buffer for the next few months since I am anticipating no income. Though the reality seems to be that I’m going to keep making income one way or another.
I’ll summarize my net worth in the next paycheck post.