I should be more excited right now. I mean, I am happy… super happy, but WTF! Is it really necessary to take that much money out in taxes??
I need to elaborate.
I just found out that we are finally getting our bonuses at work for 2008. Woooooo hooooo!! I haven’t mentioned it at all because I didn’t want to jinx it. There had been talk around the office for the last few weeks, so right after our last pay period ended, I went into our payroll system and changed my exemptions from 1 to 5, thinking this should help soften the blow from the tax-man. Our finance chick sent me a text message last night saying that my bonus was 17% of my annual salary! I suck at math, but my calculator says it should be about $8200 give or take! Awesome! I’ll be able to pay off at least 2 of my credit-cards!
When I got into work this morning, the finance chick printed out my prelim pay-stub for this week, my gross pay is listed as $10,110.38 (SCORE!)… I scan the printout trying to find what will actually be deposited into my account…
I almost fainted; $6886.44.
Okay, I don’t want to sound ungrateful but this amount not only includes my regular bi-weekly pay, it also includes my expense return from my Dallas trip. This means, that out of my $8200 bonus, I get $4602.91. COME ON! That is ridiculous! That’s effin’ 45% paid in taxes!!!
Don’t get me wrong, I am still very excited, because it is money that I didn’t have. But just the thought, if I would have changed my withholdings to exempt instead of freaking 5 I could have paid off TWO credit cards plus some!! (Okay, I might have been pissed come tax-return time next year... but I still would have made out better!)
No point in dwelling on what ifs.
Now that I have gotten that off my chest, I can focus on the positive.
I do have $4600 to work with, so I will pay off Credit Card #1 ($418.15 from my expense return, so I’ll have to take $735.39 from my bonus.) That leaves me with $3865, so I will put that towards Credit Card #2 bringing my balance down to $3822. Not too shabby! I’ll have to plug in the numbers, but this also means that I will have my credit card debt paid off earlier than I anticipated!! This is really good news!
Okay, I’m happy again! =-)