Before Changing Jobs, Consider These 7 Hidden Expenses

Jobs

By

The majority of us change jobs to improve our situation; often resulting in an increase in compensation. However, compensation is not just all about salary. When evaluating a new job, multiple factors such as benefits, commute and healthcare comprise the total package. While your salary may increase with the new venture, hidden expenses could negate some of that increase. I’m not saying any of these costs should make or break your decision, but it’s important to be aware and prepared for them.

Taxes:

For 2017, employees must pay 6.2% on the first $127,200 in pay (there was a large increase in the wage base in 2017, from $118,500 in 2016). After you reach that point, your employer stops withholding the tax. But, if you move to a different job, the new company must withhold the tax again until it has paid you $127,200. However, this is not lost money; any additional you pay over $7,886.40 (6.2% of $127,200) will be refunded to you when you file taxes. Just keep this in mind when planning for short term cash flow and budget needs.

Read the Full Article at www.forbes.com >>>>

It's only fair to share...Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInShare on RedditShare on TumblrEmail this to someone

Related Posts


Comments

All content herein is owned by author exclusively. Expressed opinions are not necessarily the views of VT Jobs, VT Jobs, authors, affiliates, advertisers, sponsors, partners, technicians or Veterans Today Network and its assigns. In addition, all images within this post are the full responsibility of the author and NOT Veterans Today Network. Notices

Posted by on 9:07 pm, With 0 Reads, Filed under Economy. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

 

 

You must be logged in to post a comment Login


TOP 50 READ ARTICLES THIS MONTH
From Veterans Today Network