Post-April 15th, it becomes brutally apparent how much taxes eat into your take-home pay. Don’t take it lying down! Be proactive and ride that wave of fiscal indignation – start preparing to negotiate for a better salary. But this time, go in prepared for that tax bite. Take these steps before approaching your boss:
Step 1: How Much Do You Need…and Want?
First, consider what you owe: You have your credit card bills, student loans, housing, car payments – and that doesn’t even begin to cover food to live and funds for a social life. How much do you want to save each month?
Next, ask yourself how much you want left over after your monthly needs are met.
Step 2: How Much Will the Government Take?
Tax salary calculators aren’t 100% accurate, but at least you’ll be able to ballpark how much of your salary goes to taxes. Give yourself a nice surprise down the road and estimate high.
Try some of these free online tax calculators:
Turbo Tax Tools
IRS Withholding Calculator
Step 3: Negotiation!
Once you know how much you need and want, and have compared it to how much of your salary goes to taxes, you should have an idea of a number you’d like to negotiate with your employers.
Remember, when you walk into a negotiation, your desire for more money isn’t relevant – neither is your ego. Now that you know what you’d like your income to be, prepare solid reasons why your company should agree.
Ask yourself these important questions:
Have I gone above and beyond my job description?
How much should I be earning in my position?
Don’t let Tax Day scare you into hiding – let it spur you towards the higher salary you deserve.
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