how much taxes are taken out of your wage per year?

Question

if i make 18.00 an hour for 40 hours a week. if i work 50 weeks a year for a grand total of 36,000 a year. $720 every 40 hour week. no overtime. i am single with out any children. i want a range of what taxes they would take out. it dosen't need to be very exact. a persentage would be perfect. the state is Texas, and it is a hypathetical because i don't live there yet. i am not working there yet but i will be just after the first of the year. any help i could get would be better than none. thanks!

Answer 1

$142.52 will be taken out per week.

6.2% is taken out for Social Security - $44.64

1.45% is taken out for Medicare - $10.44

Nothing will be taken out for Texas income tax because Texas doesn't have an income tax.

Finally, the federal government gets a certain amount depending on what you put on your W-4 and how much you make and how often you get paid. Someone selecting Single 1 on their W-4 will have $87.44 taken out each week.

What you ultimately owe to the IRS (your tax liability) is determined by such things as your total income and the number of people you support, but not by what is on your W-4. The amount withheld from your paycheck each pay period (which goes towards paying off this tax liability) IS determined by what is on your W-4. If you withhold too much, you get back the difference (refund) in April when you do your tax return. If you withhold too little, you will owe the IRS money in April.

Answer 2

Federal income tax 2005
1)Single
2)AGI $36,000.00…………****
3)Deduction $5,000.00…….****
4)Exemption $3,200.00……..****
5)Taxable income $27,800.00….****
6)Tax is $3,944.00…………..****
7)Credit?……………………..****
8)Withholding ?……………..*****
9)Refund?……………………..*****


Your federal tax is around $4,000.00 in 2006
You should have on your W-4 line 5 set as –0-

Here is ideal how federal tax works
There are in general 9 elements in a federal income tax return.

1.Filing Status
2.AGI
3.Minus Deduction
4.Minus Exemption
5.Equal to Taxable Income
6.TAX is base on taxable income
7.Minus Credit
8.Minus Payment
9.Equal Tax due/ Refund

1) Filing status how U.S. government declare you under a particular category, it may be “Single”, “Married Joint”, Married Separate”, or “Head of Household”

2) AGI (Adjusted Gross Income) or another word INCOME. Any and all income be it from selling stock to wages.

3) Deduction, there is 2 kind and they are Standard and Itemized.
If you use Standard deduction for the year 2005 and if you are US legal resident and filing status is single then it is $5,000.00. which mean if you earn $5,000.00 or less it’s not taxable.

You use "Itemized Deduction" only if you can beat "standard deduction" the Itemized Deductions other wise known as Schedule A has 7 components and they are the following
1.medical and dental expenses
2.tax you pay
a.Income tax (on your W-2) or Sale tax (Need Receipt)
b.Real estate Tax
c.Personal Property taxes (car and boat tax)
d.Other tax (TDI)
3.Interest you pay
a.Home Mortgage inerest (copy of 1098)
4.Gifts to charity
5.Casualty and theft losses
6.Job expenses
7.Other miscellaneous

4) Exemption is something every one has however if you are dependent under the age 18 then they can take your exemption for them self. In the year 2005 the exemption is $3,200.00 that means if you earn less then $3,200.00 then there will be no tax.

5) Taxable income is the result when you take AGI minus Deduction minus Exemption. If your Deduction and Exemption are greater than your AGI then you have no Taxable income.

6) TAX is base on taxable income; you may be using a tax table or a schedule to find that amount,

7) Credit is there to reduce your taxes, Credit is better than Deduction and Exemption because it reduce tax

8) Payment is any money pay into the federal income tax accounts are it withholding or estimated tax.
Please also note that some credit is treated like payment like (EIC) because they are payment from the government.

9) Tax due/Refund is result from the calculation. If the tax is greater then credit and payment then it is a tax due. If the tax is less then credit and payment then it is a Refund or a –0- balance.

Good luck