September 22, 2007

Wife's 1st Paycheck At New Job

My wife just received her 1st paycheck at her new company. The $1,211.54 check she received was for 9 days of work. For the 1st 3 months of her employement, she is 1099. Therefore, her paychecks will not have any taxes taken out. After 3 months, she will be a salaried employee with taxes taken out of her check automatically. That being said, we will deposit $300 per check to our savings account while she is 1099 to ensure that we have enough for taxes in April.

After recieving her paycheck, we deposited $500 into our savings account ($300 for taxes and $200 to boost our savings) and contributed another $500 to my Roth. We have only $500 more to go to reach my 2007 max contribution of $4000.

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