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clemson.edu/career
CENTER FOR CAREER AND PROFESSIONAL DEVELOPMENT
/ClemsonCCPD
63
CHANGING YOUR MIND AFTER ACCEPTING
After interviews with several top companies, you accept a job
offer from Corporation A to begin work a week after graduation.
Then, XYZ Startup, a company that just began recruiting new
college graduates, interviews you and offers you a job to begin a
week after graduation.
You want to work for XYZ Startup, but what will you do about
the job you’ve already accepted at Corporation A? Companies
hire and fire people all of the time, you think. You’ll just let
Corporation A know that you’ve changed your mind.
Before you pick up the phone to renege on your job with
Corporation A, consider this: Your choice today may ruin your
choices tomorrow.
Truth: Some employers keep a running list of names of students
STEP ONE
BUDGETING 101
So you’ve accepted a great job offer and are ready to get to
work. You have been living on a student budget for so long and
it is tempting to believe your money problems are now over. You
rush out and lease a fancy apartment and buy a new car, right?
Wrong! The salary offer you received and the amount of money
that actually shows up in your paycheck are drastically different.
Here is why:
Annual Salary:
$30,000
Federal Taxes:
$4,500
Sliding percentage based on base
salary (15% tax bracket applies
here)
State Taxes:
$2,100
In SC, 7% Income tax
Social Security Withholding:
$ 2,300
Current federal rate is 7.65%
Insurance premiums:
$ 1,500
Your contribution for health,
dental and other insurance will
vary – be sure to ask!
Retirement
$ 1,500
It is essential to save for retirement.
Join your employer’s retirement plan
ASAP. 5% illustrated here.
Other withholdings
???
Employers could withhold fees
for parking, uniforms, use of the
corporate health center, etc.
Total withholding
$11,900
Take home pay
$18,100 Salary minus withholding
Monthly pay check
$1,508 Some employers pay monthly and
you have to budget your salary for
the entire month!
Bi-weekly pay check
$696
Other employers pay bi-weekly or
twice a month, stretching your
paycheck thinner!
Weekly pay check
$348
Few employer pay weekly, but this is
what remains!
STEP TWO
FIGURE YOUR ESTIMATED TAKE HOME PAY
Annual Salary:______________
Federal Taxes:
15% tax – $7,550 to $30,650 ............................................. _____________
25% tax - $30,650 to $61,850 ........................................... _____________
28% tax - $61,850 to $94,225 ........................................... _____________
State Taxes:
In SC, income over $12 K per year is taxed at 7% .............. _____________
Social Security Withholding:
Current federal rate is 7.65% ............................................ _____________
Insurance premiums:
Nationwide average is 5.6% .............................................. _____________
Retirement: Estimate 5% .................................................. _____________
Other withholding:
Employers could withhold fees or parking, uniforms,
use of the corporate health center and others .................... _____________
Total withholding:............................................................... _____________
Take home pay....................................................................
Subtract your total withholding from your
annual salary. This is your annual “take home” pay.
Monthly pay check
Divide your annual take home pay by 12 ............................ _____________
Bi-weekly pay check
Divide your annual take home pay by 26 ............................ _____________
Weekly pay check
Divide your annual take home pay by 52 ............................ _____________
who’ve reneged after they’ve accepted a job offer — a “do not
call” list. Even without a list, recruiters will remember you.
If you are offered a job, it’s because you stand out in the crowd of
applicants. The recruiting and hiring manager see and hear your
name over and over during the interview and hiring process.
Universities value their corporate partnerships, and they do not
want to risk having companies stop recruiting new graduates
and alumni. That means, if you renege on a job acceptance, your
name may end up on a “no services” list. If your school finds
out that you’ve reneged — and they will — you may be denied
access to university job boards and alumni career services when
you need help finding your next job.
Credit: Kayla Villwock—Intern Program Manager for SAS Courtesy of the National
Association of Colleges and Employers