Internship Pay after taxes (Financial Services)?

<p>Hi,</p>

<p>I am going to be interning at a financial services firm this summer and it is my first official internship, let alone, job experience, so I was wondering if I could get insight into how the pay after taxes work. </p>

<p>The base annualized salary is $70,000 which equates to about $1346 per week for 10 weeks. But I plan to also work overtime at least 2 hours each weekday, and the overtime rate is $50.28, which would mean $502.8 overtime wage each week, also for 10 weeks.</p>

<p>How exactly would the total earnings for the ten weeks after tax look considering the base salary as well as the overtime expectation? I heard that working overtime might also push one up to a higher income tax bracket and such. I am pretty new to all these concepts and I would really like to learn as much as I can about this through my current situation.</p>

<p>Has anyone experienced a similar internship? How exactly did the pay situation play out for you guys? </p>

<p>Thanks for any help you guys can provide!</p>

<p>^I'm getting paid the same this summer. I'm assuming you've got an IB or S&T gig at a bank in New York. I included your overtime approximation.</p>

<p>Annual Gross Pay
$18,488.00</p>

<p>Federal Withholding
$1,646.95</p>

<p>Social Security
$1,146.26</p>

<p>Medicare
$268.08</p>

<p>New York
$481.93</p>

<p>NY SDI
$31.20</p>

<p>City Tax
$319.43</p>

<p>**
Net Pay
$14,594.15**
<a href="http://www.paycheckcity.com/NetPayCalc/netpayCalcResult.asp%5B/url%5D"&gt;http://www.paycheckcity.com/NetPayCalc/netpayCalcResult.asp&lt;/a&gt;&lt;/p>

<p>Nice giants92!!! I may have signed some clients and I was just thinking about my wealth being redistributed the other day. I'm entering a new tax bracket. </p>

<p>Since my LLC gets the check I'm hoping to purchase some rental property if I have time to try to reduce my net ebit. Obama's going to make me a real estate mogul. :D</p>

<p>Yea it's a nifty website. Congrats. Do you mean reduce your EBT?</p>

<p>Yea - ebt. I'm getting a mortgage. Definitely, definitely getting a mortgage. Gotta stay well leveraged.</p>

<p>Thanks for the help! I actually remember using the website before but I can't seem to replicate your numbers for some reason. How did you come up with that final net pay number?</p>

<p>And I'm actually not working in IB or S&T, not that that would make a difference in the pay anyway. But yea I'm in NY.</p>

<p>Also, do you by any chance know how the tax returns will work for the next year? Is the amount that you provided through the website typically less than with what I would get back through the returns? I heard that they tend to overtax you at first. I am not really familiar with how the returns work either. Sorry if I'm really naive about this.</p>

<p>Thanks again for the help!</p>

<p>bump..........</p>

<p>You just type in the total amount you'll earn, (1346+502.8)*10, and then elect "Annually".</p>

<p>Yes, normally more is withheld than ultimately necessary.</p>

<p>What are you doing if not IB or S&T? AM? PE?</p>

<p>Are you sure the company will allow you to do the overtime work? I know at many companies you need your supervisor's permission in order to get overtime hours since you're generally compensated at a different rate than your normal hourly wage.</p>

<p>Yea, sometime it's "frowned upon" to file for overtime pay in finance.</p>

<p>oh really? i heard from a lot of people though that they were able to rake in a lot of money through working overtime till past 12am and stuff!! crazy. But i guess they had to get permission first.</p>

<p>Just check to make sure it's not frowned upon wherever you're working.</p>