some serious confusion about the tax that i pay from my earnings. I work as a s/w devloper. Plz can you make some time and do some calculations as per the numbers that reflect my paystub. Below mentioned pay is for 2 weeks(15 day) period pay details.
SALARAY::: Gross $ 4160
TAXS & DEDUCTIONS:
FICA 318.24
FED WT 807.44
VA ST 216.69
TOTAL Deductions = 1342.37
Net pay is : $ 2817 ( 4160- 1342.37)
The pay roll is run by ADP. In W4 form filled by me, option A,B,E are checked by me.
As per deductions i see, that tax cut seems to be around 33%. Why is it much high.?
Plz can some one explain about the deductions and reason for why am i paying more tax than my frnds who are equal to my gross pay. I hear that , at the end of year when we claim taxes, federal Withholding would be crediting back some amount if it feels they owe me ..Also, during a complete Tax year, what would be the avg tax that i would be paying.. I keep hearing from others that on avg 23-25 % goes in tax. bit i pay now >33%
2007-09-05
16:10:34
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4 answers
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asked by
CNU
1
in
United States