What is a 5% raise mean?
Answers:
What a 5% raise does NOT mean is that your take-home pay will increase by 5%. Taxes are funny that way. I once actually had a take-home cut after receiving a small raise because I was right on the border of an IRS table for calculating taxes.
An additional 5% of your gross income
Example: If you were making $10,000 a year...now you will be making $10,500.
If you are making $10.00/Hr and get a 5% raise, that would be 50cents per hour more .
Not bad, not GREAT but better then nothing.
5% more than you make now, so if you make 300.00 you'd be getting a 15.00 more a week.
5% of what you are making now
An increase of 5% of your gross annual salary.
If you make $10/hour, you now make $10.50/hour (or on an annual basis, you went from making $20,800 per year to $21,840 per year.)
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