If I get paid $150.00 weekly, how much money will I make in one month taking off taxes?

Question

I will turn 16 in 4 months. Starting next week, I will work at $5.30/ hr at Papa Johns. If I work 30 hours a week, how much money can I make in one month after taxes and other stuff like that are taken off.

(P.S) I dont know what tax rates, or any thing else like that are. So an explanation would be helpful.

Answer 1

depends on your tax rate, DUH

Answer 2

You'll gross about a$159 a week and will pay social security tax of around $12 a week. I assume at your age your parents are supporting you, so you might pay some income tax starting next year - since you'll be starting pretty late this year, they might take out a little, probably under $10 a week, but this year you'll get most of it back, since income taxes for the year depend on what you make in the calendar year. Next year you won't get much back.

Depending on where you live, there might be state and local income taxes that you also have to pay. This will probably also be under $10 a week, or maybe nothing if you live someplace that doesn't have these taxes.

So you'll probably get somewhere around $130 a week, which is around $559 per month. This would be a good time to start saving part of it so when you're a little older and you want money for school, a car, or an apartment, you'll have some put back. Try to put at least $25 a week into savings - more if possible.

And don't work so many hours each week that your grades slip or you're too tired to do your schoolwork, or have no time to have fun. I know, I probably sound like your parents.....

Good luck.

Answer 3

it's hard to say as I don't know if at that wage if your employer would hold back a week or two from your pay for when you do make an exit from their company or if they will pay you the entire amount. I also don't know at your $5.30 level what percentage tax is taken out of your pay nor do I know if you pay health insurance or unemployment comp or anything at that wage. Since you can't ask your employer at this point, figure the least amount possible and don't spend your money before you get it. 6 hours a day (5 days) x $5.30 per hour x 23 usual days worked per month = $731.40 less all kinds of stuff. If you're getting $150 ($5 an hour) per week (the extra 30 cents probably goes for taxes, ins, etc.) = $690 per month (if they didn't take out for one week then this should be the amount you'd receive).

Answer 4

$5.30/hr x 30hr= $159/wk x 52wk = $8268/yr.
Assuming your parents can still claim you as a dependent, you standard deduction is $5000. Your taxable income is $3268 and your tax due is $328. $328/52 = $6.31/wk. If you claim 0 exemptions on you W-4, they will withhold $11.00/wk and your refund at the end of the year should be $244.00. If you claim 1 exemption, Withholding should be $5.00/wk and you will owe $68.00.

Fica (social security) tax is 7.65% or $12.16/wk

After Federal taxes, you should have $135.84 to $141.84 per week. That comes to $543.36 to $567.36 per month.

You did not mention your state, so I can't comment on state taxes. Other deductions are also not covered by you question.

Answer 5

It's hard to tell without knowing your specific situation (e.g. state, tax rate, deductions on your W4), but a decent rule of thumb is to figure that you'll lose about 1/3 of your check to federal, state, local, and Social Security taxes. There may be other deductions involved as well.

Answer 6

$ 5.30 a hr
$ 5.30 x 30hr = $ 159.00

Taxes will take up 22% to 34%

That will leave you with about $120.00 to $130.00 per wk.