In more detail
A 5% raise on $60,000 is $63,000, an extra $3,000 a year or about $115 more per biweekly paycheck before tax. Repeating a percentage raise compounds, so three years of 5% is $69,458.
Glossary
Finance
Pay raise
A pay raise is an increase in pay, expressed as an amount or as a percentage of current pay.
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See also
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Glossary
Net pay
Net pay, or take-home pay, is what you receive after taxes and deductions are subtracted from your gross pay.
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Glossary
Marginal tax rate
The marginal tax rate is the rate applied to the next dollar of income, as opposed to the average rate across all your income.