I know there are some formulas to figure out FICA, and federal taxes, as far as paychecks go. Does anyone know the formulas? For example, i wanna find out how much my paycheck will be on friday, when i get paid for working only 32 hours instead of 40.
2006-08-27 22:27:00 · 4 answers · asked by snafu1 2 in Business & Finance ➔ Taxes ➔ United States
7.65% for FICA
apply the % from your last paycheck for federal W/H to the new earning.
Do not forget state tax (for most states) and premiums for medical/dental ins are going to be the same
2006-08-31 06:33:52 · answer #1 · answered by Tanya E 2 · 0⤊ 0⤋
Congress has investigated and pondered and committeed this to death, almost, and it is up for the 7th vote in a session! IT eliminates the HUGE burden upon the middle class and jpoor, in paying such a high portion of the Federal waste funding.
when it passes, this session, you will take home your entire paycheck. You will receive your entire current deduction of personal sustenance level, as a rebate upon any taxes collected.
The GAO has spent $4.5 Million, to hire Harvard and Stamford financial analysts in investigating, and approval stamping this:
http://fairtax.org And, if it doesn't pass, you can blame these idiots who are the big problem: http://cagw.org
2006-08-27 23:53:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
the actual formulas are really complex. it really depends on what you claim for tax purposes. i claim single and zero and usually about 22% of my check goes to taxes. you can also look at your previous checks and find an average percent that was taken out and use that to figure what will be taken this week.
ex: 40 x wage = ?
deductions/total = % taken
32 x wage = ?, ? - (% x ?) = total on check
2006-08-27 22:36:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Use Publication 15 to figure out your Federal withholding. Start at page 34. For Social Security Taxes, use 7.65% of your gross pay.
http://www.irs.gov/pub/irs-pdf/p15.pdf
2006-08-29 12:23:31 · answer #4 · answered by Steve 6 · 0⤊ 0⤋