My gross is $880.00 with $50.00 being pulled from that and put into a separate account and then $26.69 being pulled for insurance. I am not 100% but I think both of those are pulled before taxes. I usually net $691.45. Is this correct?
Also, I have another check that I just got, with overtime. The gross on it is $970.75. Same deductions as above. My net was only $703.60. Is that correct?
I am filing single with 0 allowances in Texas. I have been to paycheckcity.com and checked on it but its figures arent matching mine at all. I kind of wanted a second opinion before I said something to HR. Let me know what you think please. If more info is needed I will give. Thanks in advance.
2006-09-18 10:25:51 · 7 answers · asked by kozmeauxsyss 1 in Business & Finance ➔ Taxes ➔ United States
The statement should show you how much federal tax and social security you paid as well.
2006-09-20 06:13:07 · answer #1 · answered by Steve R 6 · 0⤊ 0⤋
Nope that sounds about right. The more money you make the more they take out. Just for round numbers you have 800 dollars after they take insurance etc. When you claim zero you are actually paying less in taxes. The average single person files one which takes out about 20%. 20% of 800 is 160. If filing one you would only be getting back 640. But since you are claiming 0 they are taking less taxes out. If you claimed 2 they would take about 25%. Just be warned that filing 0 on your taxes might cause you to owe the government money when you file your taxes.
With the second total your gross was probably enough so that they took more out. The general gist is the more money you make the more they will take out of the check.
I think you are getting about what you should be with filing 0. My recommendation is that you file 1. They will take enough out for taxes that you'll get something back when you file for taxes but they don't take out too much.
2006-09-18 17:39:18 · answer #2 · answered by butterflykisses427 5 · 0⤊ 0⤋
I just wanted to let you know that "butterfly gave you wrong information.
The more you claim the less they take. So if your claiming 2 you would get more money in your check and maybe end up owing at end of year.
If you claim "0" they tax you at a higher rate and you will get less money in your check, and a good chance of not owing tax at end of year.
I also went to paycheckcity and any way I figure it, it is wrong.....you should be getting less and you are getting more.
Ask Hr to explain to you how they are figuring it. They only way to get back what you are getting is they are NOT taking out as if you were claiming 0 but actually 1 or maybe 2. If you don't itemize your deductions at end of year you may end up owing.
2006-09-18 20:16:40 · answer #3 · answered by ? 3 · 0⤊ 0⤋
the $50 and $26.69 is taxed first then taken out
only 401k deductions are not taxed first then taken out
you figure it out by the hours worked multiplied by hourly wages= gross
for the other check.. its regular wages divided by 1/2 then that figure is added to the regular hourly wage to equal one hour of overtime
calculate how many hours of overtime mutiplied by the overtime wage= gross
2006-09-18 18:36:14 · answer #4 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
Your overtime puts you into a higher tax bracket normally, so doing lots of overtime doesn't always pay. Don't worry about going to HR, they are there to answer your questions.. just be calm and ask them to please explain the deductions, and at what amount you are taxed at a higher percentage.. it is a perfectly normal inquiry to make..it is after all your money.. Don't be shy.
Good Luck.
2006-09-18 17:33:51 · answer #5 · answered by oneblondepilgrim 6 · 0⤊ 0⤋
Don't feel squeamish about talking to HR. If you're unsure about values on your paycheck they'll be happy to help you out.
2006-09-18 17:35:12 · answer #6 · answered by BobbyD 4 · 0⤊ 0⤋
multiply hours worked by pay per hour
subtract taxes according to what you claim on your W2
2006-09-18 17:33:28 · answer #7 · answered by brandidy56 3 · 0⤊ 0⤋