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Post Info TOPIC: Retroactive pay
Alikat


Kate Spade

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Posts: 1181
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Retroactive pay
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I'm supposed to be receiving a pay raise (a long with everyone else in my union) that will be retroactive from Oct 1, 2005 to the current paycheck when its ratified.


I'm wondering whether the pay (which is a 8.5% increase) will be calculated from my gross or net pay...  Anyone have an idea? 


TIA!



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Andrea Julia


Coach

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Posts: 1811
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Well, they would calculate it from gross, but it is possible that your net would go up 8.5% as well unless you are entering a new tax bracket.



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Deuce


Dooney & Bourke

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It should be calculated on your gross pay. They will take taxes out of the difference that you receive. In a rare instance that amount could be enough to put you into a higher income bracket and your taxes would be higher, probably not the case though. Yeah for more $$$!

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Alikat


Kate Spade

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Thanks!  I'm trying really hard not to "pre-spend" any of this money!

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